The Portland daily press., 1894-03-30
BLAND BILL VETOED.
Continued from First Page.

~ Sl56, 900, 900, which notes were i'm
mediately added to currency in circula-
| tion among our people.
| Such notes were by the law made legal
| tender in payment of all debts, public
and private, except when otherwise ex-
pressly stipulated, and were made re-
ceivable for customs, taxes, and all pub
reinstated. They were also permitted
| to be held by banking associations as a
| part of their lawful reserves.
On the demand of the holders these
| treasury notes were to be redeemed IN
| gold or silver coin in the discretion OF
the secretary of the treasury; but it
| was declared as part of this redemp-
tion provision that it was the estab-
lisehd policy of the United States to
| maintain the two metals on parity
| with each other upon the present legal
| ratio or such ratio as may be provided
| by law" The money coined from
such bullion was to be standard sill
| yer dollars, and after directing the I'M
| mediate coinage of little less than 2o,-
| 600, 600 ounces, the law provided that
| as much of the remaining bullion should
| be thereafter coined as might be nee
essary TO provide for the redemption
| of the treasury notes issued on it's pur-
| chase, and that "any gain or seigniorage
arising from such coinage. shall be ac...
| This gain or seigniorage evidently in
| dicates so much OF the bullion owned by
| the government as should remain
after using a sufficient amount to coin
| as many
Standard Silver Dollars
as should equal in number the dol
lars represented by the treasury notes
issued in payment of the entire quanti-
ty of bullion.
These treasury notes now outstanding
and in circulation amount to $152, 95l,-
E28O. and although there has been thus
| far. but a comparatively small amount
of this bullion coined, yet the so-called
gain or seigniorage as above dehned,
which would arise from the coinage or
the entire mass, has been easily ascer-
tanned to be quantity of bullion suffi-
cient to make when coined 55,l56, 6oi
Standard sill yer dollars.
Considering the present intrinsic rela-
tions between gold and silver, the
maintenance of the parity between the
two metals, as mentioned in this law,
can mean nothing less than the mainte-
nance Of such parity IN the ESTIMATION
of the people who use our money IN
their daily transactions. Manifestly the
maintenance of this parity can only
be accomplished, so far as it is affect
ed by these treasury notes and in the es-
timat1on of the holders of the same, by
giving to snch holders on their re-
demption the coin, whether it is gold
or silver, which they prefer.
It follows that, while in terms the law
leaves the choice of coin to be paid on
such redemption to the discretion OF
the secretary of the treasury, the exer-
else of this discretion, If opposed to the
demands of the holder, is entirely lncon-i
sistent with the effective and beneficial
maintenance Of the parity between the
two metals.
E, If both gold and silver are to serve
us as money and if they together are to
supply to our people safe and stable
currency, the necessity, of preserving
this parity is obvious.
Such necessity has been repeatedly
conceded in the platforms of both poll
uical parties and in our federal statutes.
1t is nowhere more
" EmphaticalIy Recognized
than in the recent law which repealed
the provision under which the bullion
now on hand was as purchased.
This law insists upon the "c.ainte-
nance Of the parity in value of the
coins Of the two metals, and the equal
power of every dollar at all times in
the markets and in the payment of
debts
The secretary of the treasury has.
therefore, for the best of reasons, not
only promptly complied with every
demand for the redemption of these
treasury notes in gold, but the present
situation, as well as the letter and spirit
of the law, appear plainly to justify, if
they do not enjoin upon him, a contin-
uation of such redemption.
The condition as / have endeavored
to present maybe thus summarized:
First-The government has purchased
and now has on hand sufficient silver
bullion to permit the coinage of all the
silver necessary to redeem in such
dollars the treasury notes issued for
the purchase of said silver bullion and
enough besides to coin. as gain or selg-
niorage, S5,156,6S1 additional standard
silver dollars
Second-There are outstanding and now
in circulation treasury notes issued in
payment of the bullion purchased
amounting to sl52.951, $50.
These Notes Are Legal Tender
in payment of all debts, public and pri-
vate, except when otherwise expressly
stipulated; they are receivable for GUS
toms, taxes and public dues: when held
by banking associations they may be
counted as part of their lawful reserves,
and they are redeemed by the govern
ment in gold at the option of the buy
ers These advantageous attributes
were deliberately attached to these notes
at the time OF their issue, they are fully
understood by our people to whom such
notes have been distributed as curren-
cy, and have inspired confidence in their
safety and value, and have undoubted-
" thus induced thier continued and con-
tented use as money instead of anxiety
for their redemption.
Having referred to some incidents
which I deem relevant to the subject, 1T
remains for me to submit specific
statement of my objections to the bill
now under consideration.
This bill consists of two sections, ex
Guiding one which merely appropriates
sum sufficient to carry the act into
effect.
The first section provides for the i'm
mediate coinage of the silver bullion in
the treasury, which represents the SO.
called gain or seigniorage which would
arise from the coinage of all the bullion
on hand, which gain or seigniorage this
section declares to be $55, 156,6s1.
! 1t directs that the money SO coined or
the certificates issued thereon shall be