The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1894-04-04


the necessity of preserving this parity
is obvious. Such necessity has been re.
pettedly conceded in the platforms OF
both political parties and in our FEEDER
al statutes. 1t is now here no more
emphatically recognized than in the re
cent law which repealed the provision
under which the bullion now on HAND
was purchased. This law insists upon
the maintenance OF the parity in value
of the coins of the two metals and the
equal power of every dollar at all times
in the markets and IN the paymen;
of debts"
The Secretary of the Treasury has
therefore for the best reasons, not only
promptly complied with every demand
for the redemption Of the Treasury
notes il gold, but the present situation
as we'll as the latter aad spirit of the
law, appear plainly to justify, if they dc
not erjoin upon him, a continuation OF
such redemption. The conditions /
have endeavored to present may be
thus summarized:
First. The government has par,
chased and now has on hand sufficient
silver bullion to permit the coinage OF
all the silver dollars necessary to re-
deem, in such dollars, the Treasury
notes issued for the purchase Of SAID
silver bullion and enough besides to
coin, as gain or seigniorage. 55,l56,68l
additional standard silver dollars.
Second. There are outstanding and
now iu circulation Treasury notes is
sued on the payment Of the bullion
purchased amounting to S152,951, ,2SO.
These notes are legal tender in pay
ment of all debts, public and private,
except when otherwise expressly stipu-
lated, they are receivable for customs.
taxes and all public dues, when held by
banking associations, they may be
counted as part of their lawful reserves
and they are redeemed by the govern.
ment III gold at the option OF the hold
ers. These advantageous attributes
were deliberately attached to these
notes at the time of their issue, they
are fully understood by our people to
whom such notes have been distributed
as currency and have inspired conf
dence il their safety and value and
have undoubtedly thus induced their
continued and contenGed use as money
Instead of anxiety for their redemp-
tiOn.
Having referred to some incidents
which deem relevant to the subject,
it remains for me to submit scientific
statement of my objections to the bill
under consideration.
This bill consists Of two sections, ex'
cludiug one which merely apprcprlates
q SUN sufficient to carry toe Act into
If. c.. The first section provides for
the immediate coinage Of the silver
bullion in the Treasury, which repre-
senss the so-called gain or seigniorage
or which would arise from the coinagr
of all the bullion on hand, which gain
or saieniorage this section declares to
be $50, ,156,6Sl. I5 directs that the
money SO coined or the certificates Is,
sued thereon shall be used in the pay
ment of public expenditures and pro
yides that If the needs of the Treasury
demand it the Secretary of the Treas
ury may in his discretion issue silver
certificates il excess Of such coinage
not exceeding the amount Of seIgnIor
age in said section authorized 10 De
coined.
The second section directs that as
soon as possible after the coinage o.:
this seigniorage the remainder OF the
bullion held by the government shajL
be coined into legal tender standard
silver dollars and that they shall be
held in the Treasury for the redemp
tior Of the Treasury notes issued in the
purchase of said bullion. It provides
that as fast as the bullion shall DO
coined the redemption OF said notes
shall not be reissued, but shall be can
celled and destroyed in amounts equal
to the coin held. at any time n the
Treasury derivaa9 from the coinage
provided for, and that silver certificates
shall be issued on such coin IN the
manner now provided by law. 1t IS,
however, especially declared in SAID
said section that the ''Act shall not be
construed to change existing laws re-
lating tc the legal tender character or
mode of redemption OF the Treasury
notes issued for the purchase of the
silver bullion to be coined.
The entire bill is most unfortunately
constructed. Nearly every sentence
presents uncertainty and invites con-
trcversy as to its meaning. and intent.
The first section is especially faulty IN
this respect, and 1t is eIE&melY doubts
full whether its language will permit
the consummation of its supposed pur-
poses, am led to believe that the pro-
moters of the bill intended IL this Sec
tion to provide for the coinage of stan
dare silver dollars, and yet there Is pos
itively nothing in the section to pre-
vent its coinage in any description OF
silver coins now authorized under any
existing law. 1 suppose this section
was also intended, in case the needs OF
the Treasury called for money faster
than the seigDiorage bullion could act
ually be coined to permit the issue OF
silver certificates in advance OF such
coinage, but its language would seem
to permit the issuance of such cert1h-
cates to double the amount of selgnlor
age as stated, one-half of which would
not represent an ounce Of silver 10 the
Treasury. The debate upon this Sec
ton in the Congress deveieped in ear
nest and positive difference of opinion
as to its object and meaning. In any
event, I am clear that the present per.
piexiJ,ss and emb@r" assmsnts OF the
Secretary OF the Treasury ought not to
be au2mented by devoIyiDg upon him
the execution of a law so uncertain
and confused.
I am not willing, however, to rest
nv objection to this section solely on
these grounds; In my judgment sound
6n4nce dues not commend fur her ln-
'uJnn of silver into our currency at
this time unaccompaDied by further
aoe oeeuate provlsion for the maintain
ance ia our Treasury Of a safe gold r.
sery.. DOUBTS also arise IS to the
m-aolng ard construction Of the Sec
oud sectlcu Of the bill. If the SILVER
dollars therein directed to be coined
are, as ta- section proVl0rs,
0 be aeld 10 the Treasury for refemp:
ton of Treasury notes it Is suggested
LIAR, st,ic' ~ speaking, c-rtlG:.tss can-
not be Issued ou such coin IN he Man
Ter TO- provided by law, because
these 6ollers are money held L. ne
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