Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-03-30

d UHEn uIaaLNUANe4 Aa N4AAGukNf G44 nave
inspired confidence 10 their safety aud
value, aud have undoubtedly thus To-
duced their continued use as money In
stead of anxiety for their redemption.
Having referred to some incidents
which I deem relevant to the subject, il
remains for me TO submit a specific
statement Of my objections TO the bill
now under consideration. This bill
consists of two sections, excluding one
which merely apprOpriates sum sufici-
ent 20 carry the act into effect. The
first section provides for the immediate
coinage OF the silver bullion 10 the
treasury which represents the so called
gain or seigniorage. which would arise
from the coinage Of all the bullion on
band which gain or seiniorage this sec
ton declares 20 be $50, 1865 Il d.
reefs that the money so coined or the
certificates issued thereon shall be used
In the payment of public expenditures,
and provides that IL the Geeds Of the
treasury demand 10 the Secretary Of the
Treasury nav 10 his discretion issue sill
YER cert 6cates TO excess Of such coin
age, not exceeding the amount Of seign-
forage in said section
AUTHORIZED TO BE COINED.
The second section directs that as
soon as possible after the coinage Of
this seigniorage, the remainder Of the
bullion held by the Government shall
be coined into legal tender standard sill
yer dollars, aud that they shall be held
in the treasury for redemption Of the
treasury notes Issued in the purchase OF
said bullion. To 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 iu amounts equal 20 the coin
held az any time in the treasury derived
from the coinage provided for and that
silver certificates shall be issued on such
coin iu the manner now provided by
law. It's, however, especially declared
in said section that the act shall not
be construed 20 change existing laws
relating Co the legal tender char
scter or mode Of redemption Of the
treasury notes issued for the purchase
OF the silver bullion 90 be coined.
The entire bin is most unfortunately
constructed. Nearly every sentence
presents uncertainty and invites con-
trOversy as 20 It's meaning and intent.
The frs section is espec tally faulty in
this respect aud 10 is extremely doubtful
whether the language viii permit the
cOnsummati0u OF its supposed purposes.
am LED 90 believe that the promoters
of the bin intend this section TO provide
for the coinage OF the bullion cOnstitut-
ing the gain or seigniOrage, as 10 is
called, into standard silver dollars, and
yet there is positively nothing in the
section 90 prevent lbs coinage into any
description OF silver coins now author
lied
UNDER ANY EXISTING Law.
Suppose this section was also intended
in case the needs Of the treasury called
for money faster than the seigniorage
bullion could actually be coined 20 per-
nit the issue Of silver certificates in ad-
vance Of such coinage; but its language
would seem TO permit the issuance Of
such certificates 20 double the amount
of seigui0rage as stated, one-half Of
which would not represent an ounce Of
silver in the treasury. The debate upon
this section iu the Congress developed
an earnest and positive difference of
opinion as 90 it's object and meaning.
In any event ] am clear that the
present perp.exiJies and endorsements
of the Secretary of the Treasury ought
not Co ba augmented by devOlving upon
him the execution of law so uncertain
and confused.
am not willing, however, to rest my
objection TO this section solely on these
grounds, 10 my judgment sound
finance does not commend a further in
fusion of silver into cur currency at
this time, uuacCompanied 10y further
adequate provision for the continuance
in our treasury OF a safe gold reserve.
Doubts also arise as TO the meaning
and construction Of the second section
OF the BIN. ~ the silver dollars therein
directed 90 be coined are, as the section
provides, Co be held in the treasury for
the redemption of treasury notes, it is
suggested that, strictly speaking, certf-
Gates cannot be issued on such coin in
the manner now provided by law, be-
cause these dollars are money held in
the treasury for the express purpose Of
redeeming treasury notes on demand,
which would ordinarily mean that they
were set apar, for the purpose Of sub
st.tuting them
FOR THESE TREASURY NOTES.
They are not therefore, held in such
way 9s 90 furnish a basis for certificates
according 90 any provision Of existing
law. III however silver certificates can
properly be issued upon these dollars,
there is nothing To these sections TO in
dictate the characteristics and functions
Of these certificates. III they were 10
be of the same character as silver Certi-
fcates in circulation under existing
laws they would at best be receivable
only for customs taxes and all public
dues; and under the language OF this
section 10 is, GO say the least, extremely
doubtful whether the certificates il con-
templates would be lawfully received
even for such purposes.
Whatever else may be said OF the I'M
certaintieS OF expression In this BILL
they certainly ought not 20 be found To
legislation affecting subjects so import
aut and far reaching as our finances and
currency
To stating other and more important
reasons for my disapproval OF this sec
lion / shall, however, assume that un-
der jtS provisions the treasury notes is
sued in payment for the silver bullion
will continue 90 be redeemed as hereto
fore, in silver or gold, at the option OF
the holders, and that II, when they are
presented for redemption, or reach the
treasury in any other manner, there are
iu the treasury coined silver dollars
equal in nom nal value 90 such treasury
notes, then and In that case the notes
will be destroyed and silver certificates
of an equal amount substituted.
am convinced that this scheme is ill-