The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1894-04-14
SILVER BILLS.
Congressman Myers to Introduce q
Bill as Outlined in the Message.
Coinage Of the sciEniorngc with Power
60 Issue Bonds to Maintain the Gold
Reserve for the Redemption OF
United states Treasury Notes.

WASHINGTON, April Q. - President
Clcveland's suggestion, contained in
his veto OF the Bland seigniorage bill,
that he might approve another meas
ure for coming the seignioragc If 1t
were accompanied by a provision for |
the issue of bonds at low rate of in.
terest has moved Representative Myers |
of Louisiana to prepare such bill
which he will introduce in the house at
once.
Mr. Myers enjoys the almost unique
distinction of being a gold democrat
from the south. He proposes to accom-.
pany the coinage of seigniorage with a
provision amplifying the power of the
secretary of the treasury under the act
of 1873 for the issue of bonds to main.
tain the gold reserve for the redemp-
tion of the United States notes. This
ampliRcation will consist of authority
to sell bonds to maintain the parity be.
tween gold and silver, and in this
will be included the right of the secre.
tary of the treasury to use the proceeds
of the sale of such bonds as he may
deem proper.
An amendment to the act of 1878,
which Mr.. Myers will offer, provides
for a bond at n lower rate of interest
than either 5s, AIS or As author
lied by that act. Mr.. Myers said Thurs
day:
81 have talked with a number OF
members of the house, including mem.
bers of the coinage committee, who
| represent both sides of the silver ques-
ton, and while / have no assurance
that such bill will pass, feel very
hopeful of it's favorable consideration.
II am aware of the general senti.
ment in the house against bonds, but
my proposition need not, / think, ex.
cite that antagonism. ! do not pro-
pose any increase in the bonded debt,
but simply give the secretary of the
treasury discretion to make n wider
use of the bonds already authorized by
law"
Chairman Bland. of the committee on
coinage, weights and measures. was
asked Thursday what he thought OF
Mr.. Myers bill. Mr. Bland replied:
1.-THE bill will of course be refcrred to
this committee, and no bill containing
any provision for the issue of bonds
either old or new, will ever be re
ported"
Mr.. Bland said Thursday he proposed
to report bill for the free coinage o.
silver from his committee as soon a!
the appropriation bills, which are nov
occupying the time of the house, ar,
out of the way. He said he had n.
doubt of his ability to bring such bill
from the committee whenever the tim,
seemed opportune.
His proposition will be the free coin
age of silver, pure and simple, through
the enactment of the law of 1887 Mr.
Bland added: 'Of course, 1 have th
strongest hopes that a free coinage bill
will pass this congress by u large ma
jority. However, 1 have not made
canvass of the house, so that do no
, pretend to speak with absolute knowl
edge.
1T is suggested that the bill woul'
/ meet with new support growing OIL
of the increasing number of convert
to what is called bimetallism. Their
. can be, however, in my opinion, N
, bimetalism which does not place silve
q upon an absolute equality with gold.
'"This government does not wan
bonds. Let it coin all the gold an
silver offered at the mints on cqua
terms, and issue paper money, dolla
for dollar, against coin. Then tn
holder of paper money could at an
h time redeem it in coin, and there woul
. be absolutely no need of bonds.
Bond legislation is gold legisls
y ton. You sell bonds for gold. The
e your gold disappears, and you Sc
i more bonds to get it back again, an
:. this process can be repeated ad infini
S um. This is just what Wall stree
l. wants. BY Wall street l do not mea
# New York City alone; mean the cap
l. talized interests represented in ever
h large center of population, whether
l. be Boston, New York, Cincinnati {
g New Orleans"