The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-04-04
THE sEIGNIoRAGE VETO.

The presidents veto of the seigniorage
bill will call forth almost as many ex-
pressions Of opinion as there are per-
sons interested in the financial question.
Some will consider it a tremendous vic
tory for gold recommendation and some
will consider II victory for bimetallism.
Between these extremes there will be all
shades Of opinion. The Sentinel has said
heretofore that both the monometallists
and the free coinage men have grossly
exaggerated the importance of the meas
ure. Mr. Cleveland has fallen into
more moderate and reasonable view. but
we think that he also has overestimated
the dangers TO be apprehended from the
has been more influenced by the intel
ligent friends of bimetallism than by the
arguments Of any other class of people.
They have seen the tremendous advance
of bimetallic sentiment in Europe aris-
ing from the repeal of the Sherman law.
which took from Europe the hope that
this country would adopt the silver
standard, and thereby lessen the pres
sure on gold. They realize now that the
United States will do nothing of the kind
until enough other countries join in the
movement to force the world into it.
We believe that Mr.. Cleveland is more
closely in sympathy with International BIZ
metaIlism than any other financial prop
osition now before the world. We believe
he holds to the idea that the proper pol
icy Of this country is to force Europe TO
bimetallsm instead Of abandoning it al
together and going to silver monometal-
Iism. There is in his message no consola-
ton for gold monometallists. He speaks
plainly on that subject:
am not insensible to the arguments in
favor Of coming the bullion seigniorage
now in the treasury, and / believe IL
could be done safely and with advantage
II the secretary Of the treasury had the
power to issue bonds at a low rate of in
terest under authority i'm substitution of
that now existing and better suited to
the protection Of the treasury.
l hope a way will present itself in the
near future for the adjustment OF our
monetary affairs in such a comprehsn-
sive and conservative manner as will
afford To silver its proper place in our
currency: hut in the mea ntime ] am eX-
tTemely soicitOus that whatever action
we take on this subject may be such
as to prevent loss and discJura cement
To our people at home and the destruction
of confidence in our financial manage
ment abroad.
1t is also To be observed that Mr.. Cleve-
land has not been affected by the
vacuum argument. He presents plain
~ and forcibly the unquestionable fact
that * was always the contemplation of
the law that the silver bullion should
be held against the silver certificates at
its coinage value, and not at its bullion
value. He has no trouble in knowing
what is meant by ''seigniorage or gain
In short, he is not afflicted with any Of
the mental alterations peculiar to the
gold monometallists or governmental
warehouse men Of this country On the
other hand, we think his fears OF the
with silver certificates is unfounded
Any money the government issues,
whether silver or paper or nickel or cop
per, is redeemable in gold. We have no
other standard and no other money Of
ultimate redemption. It was foolish to
put the provision into the bill, because
it amounts to nothing. What congress
ought to do now is to pass a bill pro-
viding simply for the coinage and use
of the seigniorage. and for the issue of
3 per cent. bonds, If necessary, to protect
the credit of the government.