The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1894-03-30
VETOES The SEIGnIORAGE BILL.
Continued from page L.

| by our recent repeal Of the provision
| forcing silver bullion purchases. that i,
would weaken, If it did not destroy, re.
turning faith and confidence in sound
financial tendencies, and that as q con.
| sequence, our progress to renewed bust.
ness health would be unfortunately
| checked, and q return to our recent DIG
tressing plight seriously threatened"
| Mr.. Cleveland then gives summary
Of the existing conditions and partial
| review of the law referred to, and con-
| tinues as follows:
Having referred to some incidents
which l deem relevant to the subject
| it remains for me to submit specific
statement of my objections to the bill
now under consideration. This bill
consists Of two sections, excluding one
which merely appropriates sum sufii
| cient to carry the act into effect.
1.-THE first section provides for the
immediate coinage OF the silver bullion
so-called gain of seigniorage or which
would arise from the coinage OF all the
bullion on hand, which, in seigniorsge,
this section declares to be SIS, ,68J.
ut directs that the money so coined
or the coin certificates issued thereon
shall be used in the payment Of public ex-
penditures, and provides that il the needs
OF the Treasury demand it, the Secretary
of the Treasury may in his discretion is
sue silver certificates in excess Of such
coinage, not exceeding the amount of
seigniorage in said ection authorized
to be coined; the section directs that as
soon as possible after the coinage of
this seignorage the remainder of the
be coined into legal tender standard
silver dollars and that they shall be
held in the Treasury for the redemption
of the Treasury notes issued in the
purchase of said bullion.
ut provides that as fast as the bullion
shall be coined for the redemption of
said notes, they shall not be reissued
but shall be cancelled and destroyed in
amounts equal the coin hold at any
time in the Treasury derived from the
coinage provided for, and that silver
Ger tificates shall be issued on such coin
in the manner now provided by law 1t
is, however, especially declared in said
section that the act shall not be con
strued to change existing laws relating
to 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 un fortunately
constructed. Nearly every sentence
presents uncertainty and invites con-
troversy as to its meaning and intent.
The first sec tion is especially faulty in
this respect, and it ia extremely doubt
full whether its language will permit
the contamination OF it's supposed pur.
poses. l am led to believe the prom ters
of the bill intended in this section to
provide for the coinage Of the bullion
constituting the gain or seigniorage, as
1t is called in standard silver dollars,
and yet there is positively nothing in
the section to prevent it's coinage into
any description of silver coins now
authorized under any existing law.
81 suppose this section was also in
tended, in case the needs of the Treasury
called for money faster than the seign-
| forage bullion could actually be coined
| to permit OF the issue of silver certifi :
Gates in advance of its coinage; but it's
language would seem to permit the
issuance of such certificates to double
the amount Of seigniorage, as stated f,
e-half Of which would not represent
an ounce of silver in the Treasury.
1.-The debate upon this section in the
Congress developed an earnest and posi-
tive difference of opinion as to its objec
| and meaning. In any event am clear
that the mbarrassments of the Secre
tary of the Treasury ought not to be
augmented by devolving upon him the
execution OF a law 40 uncertain and
CONT sed.
81 am not willing. however, to rest
my objection to this section solidly on
these grounds; in M judgment sound
hnance does not Commend further
Infusion OF silver into our currency at
this time unaccOm panied by further
adequate provision for the maintenance
in our Treasury of safe gold reserve
doubts also arise as to the meaning
and construction of the second section
Of the bill. II the 81 yer dollars there
| directed to be coined are, as the sec ton
| provides, to be held a the Treasury for
| the redemption of Tr, asury notes, it is
suggested that, strict speaking, Ger
tihcates cannot BIO sued on such coin,
in the manner now provided by law,
because these dollars are merely held
in the Treasury for tho express purpose
OF redeeming Treasury notes on de-
mand, which would ordinarily mean
that they were apart for the purpose of
| substituting them for these Treasury
| notes.
They are not, therefore, held in
such way as to furnish basis for
certificates according to any provision
of existing law. If, however, silver
rtiAcates can properly DO issued upon
these dollars there is nothing in the
| section to indicate the characteristics
and functions of these certificates.
IF they were to be the same as silver
| certificates in circulation under existing
laws they would at best be receivable
only for customs, taxes and Bill public
dues, and under the language of this
section 1t is, to say the least, extremely
doubtful whether the certificates 1t
contemplates would be lawfully re-
ceived even for such purposes.
| 81 am not insensibie to the ARGUMENTS