The times. [volume] (Richmond, Va.) 1890-1903, 1894-03-04
FOLLY. FOLLY. nIoEE FOLLY.

Three weeks ago The Times said there
was every probability the House Of
Representatives would pass Mr.. BANDS
bill to "Coln the Seigniorage" as it is
called, and now that same House, which
triumphanty repealed the Sherman law,
has done this absurd thing We do hot
believe the people, whose representatives
have passed this bill. understand what
they have done, for If they had, we
believe they would have made them I'M
derstand Enthusiastically that it was not
their will that it should be done The
thing is this in a nutshell. The Govern
ment bought d great mass Of silver,
paying for it with its promissory notes
to the amount Of sl26, 75S,2lS, which are
now outstanding and to be paid. Mr..
Bland says that If the Government coins
from this mass of silver that it purchas-
ed i2675S,2lS of silver dollars. worth
each only about fifty cents and pays off
those notes with them, there will remain
Of the silver bought enough silver to
make sJ5 156.6S1. each coin containing
legal tender standard dollar, though each
coin is in fact worth only about fifty
cents. He says the Government therefore
has a "seigniorage" or profit of $50, 1885,
6Sl in the transaction, and it will coin
up this extra quantity into 55,l56GSl coins
which it wiz call $55,l56,6Sl, and pay out
to the people az s55,l56.6Sl. 1t is not
So l56.6Si; it is in fact worth no more
than about s27.57s S4O but. says Mr.. Bland.
we will call it $5j.l56.6sl, and the people
will know no better and he will conse-
quently palm If off on them as s55.156Gs1.
There is no sort Of reason why be should
not have called it $500 100000 as well as
S5ooO.0OO. If he was going 10 attribute 10
it a value that it did not possess there
was no sort Of reason WHY he shouid |
nave limited the nominal value OF each |
coin to double its true worth. He could |
Just as well have called il worth twenty |
uihes It's true value as double its true /
Nalue. II Is based upon the supposition |
that the Government can make a thing |
dollar by stamping It as one. and |
1t Was 10 use to make silver the sub
Jcct OF tho experiment. Paper or oak |
leaves, or bits Of leather would have !
done just as we'll as silver and there |
is no reason why the demand Of MIR. |
BANDS bin should have been applied TO |
silver. He should have said the Govern
ment intends by its ipse dixit to manu-
f9cture some money to the amount OF
SIS, 100000 or 5000 700. and 1t is of no
consequence what it is manufactured
out Of; one thing viii do as well as
another so long as the Government de-
clares that it is money.
People who believe Government can
do this may very well approve Of the
action of the House of Representatives
In passing Mr.. BANDS bill. But people
who are unable TO understand how Gov
eminent can ''impart'' a value to a thing
that the thing does not Inherently possess
must look upon the passage of the bin
as one OF the most absurd things that
men pretending to have seen enough to
exempt them from a guardians care ever
did
What Will become Of the bill now?
The probabilities all are that that same
Senate which triumphantly repealed the
Sherman law Will pass 1t also WIN
the President then veto 1t or allow II
10 become a law?
The addition Of s55.oOooOO of fat money
TO our currency is a small matter In
Itself. The nation viii carry It without
knowing anything about It, The injury
Of this bin is in the passage OF It at
all 1t win cause q profound shock 70