The evening world., 1894-03-29
BLAND BILL
VETOED.

ioya'nwd rs7 Trr ieg'.
be regarI4I AZ a retrogrossIon frorn the
financial Intentions Indicated hy our re.
rDn, reI"a! Of ne provision forcing sil,
yer bullion p.f th-"r, 'hit " Won
weaken. u ~ .4II not aev'fo, r"f.rn'ts
faith ami confidence IN our ty.t4 iHa''
,iaI t.rI.-,..- and mat ~ "a rHLs"-
qu"ur" our progress - r"nc""I ht-'h"-,
health would r~ unfortunately ~. H"I
and Il return t. our r"'sEt distressing
plight ssrlD4giy thr"a'"n"I
This proposed legislation is 20 related
10 tn. currency conditions grow. .hg pA,
II the Law compelling the rgr. haze ~
silver hy N" GpYernrn"ut Mat "A CLAN"
Ht such conditions ana Tar'.al r"Fi""
~ tts Law referred ~ may hpt Le uh-
profitable.
sherman Lnv Review
. Between the lrr day Il August l'''
when IA" .dw tr' f'a" - "fd'lt', hi'i
'n. I-' day u %,'"'"1"f; -. ~ u
the ,la4s- ~ on''aIral directing %"
purchase - silver VH- repealed. if"f"
were purchased - TIE "'rr'ary o' -
Treasury NOR" than on" i4'.f"l HaI
/ siHty-.I-ht millions ~ ounces ~ Fl.'"F
bullion H. payment ipr ''ls tI!.i" n
/ tho Government lE4ueI l'- Treasury
2 notes VI various d~n .m.nn''nns autg =
! lng 20 nearly ore hundred and MY AK
millions uf dollars whi,h notes were
imm~iia,.ly add 20 'h4 currency IN
/ circulation among our T-"i'"
. such notes Wrr- 10y N" laE mad" legal
tender IN payment - all debts public
and private. except when D'h"r|i-" *
pr.s-ly stipulated and were made re-
/ o"ivnbie for customs. taxes ana al rHr.
. lie dues. ana when 50 re- -iysf. might be
| reisEueI They Uer" also permitted 70
be held by banking resolutions as a part
" their lawful reserves.
Redemption of Tr-nsur, Votes.
/ On the Iernanl ot the holders these
Treasury notes wDr" - hn r !~. mod IN
gold or silver coin IN the discretion -
the Secretary D' ~" Treasury. but IL
vas declared "a part 4 this r"1@np-
'iDn provision that u was the estab-
. lishei policy ot tr@ Tinted States =
with each other upon tn present legal
ratio. or such ratio a. may be Prov lei
by law"
Tha money coined from such bullion
after directing the !mm-iIAt" coinage q
little l@ss than 2 - 90 ounces. the
Law provided TIA. A. much Ot the r.
naming bullion sn0Ilt H. thereafter
coireI a. rnlgh: h4 res -ssary 10 provide
for the REDEMPTION ot tn- Treasury notes
issued on i's purchase. ard that any
gain pr s.irn!orage arising from such
coinage shah be accounted for and pa.
into IN" Treasury
What the s-iRniorng- Is.
This gain or selgnlorage evidently lnli-
cat. 80 rn4Cn O' tn bullion owned -
the Government a should remain after
using sufficient amount to coin "a
! many STANDARD silver dollars as should
equal In number th- dollars repTesert-,!
! by the Treasury notes issued In payment
| u the entire quantity Il bullion. These
! Treasury notes nov Outstanding and IN
circulation amount to .ljZ 81. 2sJ. and al
though there has been thus far but a
comparatively small amount of this bull
| Ion coined. yet the sJ-call"a gain or
! seignlCrage as above defined. which
/ would arise from the coinage OF the en-
/ be a quantity Il bullion sufficient 20
! make. when coined. tifty-fvs millions,
/ one hundred and hftv-siN thousand six
/ hundred and eighty-One standard silver
| dOllHrs.
Intended Parity of Metals.
| Considering the present intrinsic rela.
! ton between gold ana silver the main
! tenanc- OF the parity between the tive
metals. as mentioned in this law. ca
mean nothing less than the maint-nanc.
confidence ot the people VINO use oui
money In their daily transactions.
Manfestly the maintenance OF thi
parity en- only b" accprnpllshed. so ial
and IN the estimation OF the holders %
the same by giving to such holders. q
their redemption the coin. whether II l,
gold or silver. which they prefer.
| II follows that Will" in terms the Law
leaves the choice of coin to be paid or
such redemption. TO the discretion Of th'
| Secretary Of the Treasury, the exercise
OF this discretion II opposed to th- de
! mfnds Of he holder. is entirely incOn
sist"nt with the rffectiv" and b-ncfcia
maintenance Of the parity between th'
two metals.
Both Cola and silver Are to serve
II both gold and silver ar" to s"rve US
as money. and II they together are tC
AL
r-n"y. the ncrvssity OF preserving this
parity Is obvious. Such necessity has
been repeatedly conceded In the plat
} forms OF both political parties and IL
our Federal statutes. II IL nowher,
more cmphatiohlly recognized than ir
tn" recent law which repealed the pro
vision una r which tn" bullion now on
hand was purchased. THIS luw Insists
. upon the ' mhint"nauC" Of IN" parity II
value Of tn" coins OF tn" TWO metals
ana III" equal power Of every dollar, a
all times IN the markets and In tn,
pas m-nt OF debts"
H.drmptions Ia Cold.
} The Secretary Of the Treasury ha
therefore for the best Of reasons no
only complied with every demand 10
III" redemption OF these Treasury not.
In gold, but IN" present situation. "A
well AS the letter ana spirit OF thu law
appear plainly 10 Justify, If they do no
entuin upon him, Il continuation Of sucl
redemption.
The conditions ] haN" "nl"aNur-l L
present may De thus summarized.
Present Conditions Summarized.
FIrst-rhe Government has purcNpsc
= and now has On hand sufficient silyr
! bullion to permit the coinage Of all tn
silver dollars necessary To- redeem. /
. such dollars. the Treasury notes issu"
. for the purchase of said SILVER bulliOl
AMI enough besides to coin. "a gam q
1 s"irEiOrhg", itty-nv- million one hur
: dr"d aud tifty six thousand SIN huuGvr
and eirhty-une additional standard 81
, Yer dollars
. :. cund Thcr. are outstanding at
+, now IN circulation Treasury notes is-u.
= In payment Of the bullion purchu~e
u amounting to Sj2 Hl .2sU These not
4 are legal tender IA payment uf all deb
;, public and private, except when 9th"
! | wise expressly stipulated thcy ar" II
= CeIVablr for customs, ttN"- AMI all publ
dues, when held by banking association
r ! they may be counted a. part OF the
- lawfll reserves aul they ar" rrIr"mc
= hy IN" Government in gold at the uI
tiun Of IN" holders
= These ADVANTAGEOUS attributes wrr" d'
y lib"ratelv attached To- these notes At Il
= time Of their issue. They are fuzzy VI
= dcrstuud by our people, t. whom sue