The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1894-04-06


existing laws relating to the legal tender
character or mode Of redemption OF the treas
ury notes issued for the purchase OF the SILVER
The entire bili is most unfortunately con.
structed. Nearly every sentence presents I'M
certainty and invites controversy SIS 70 It's
meaning and intent. Tho first section - 50
peetally faulty ia this respect, and II Is ex.
treTnely dcHbtful whether its language win
permit the communication Of its supposed pur-
poses. am led to believe that she promoters
OF the bill intended in this section to provide
for the coinage Of the bullion constituting the
STANDARD dollats; and yet there is positive
" nothing ia the sSction to prevent
its coinage into any descriptions Of silver
coins now authorized under any existing Law.
suppose this section was also intended, IN
case the needs of the treasury called for
money faster than the seigntorase bullion
could actually TO coined, to permit the Issue OF
silver certificates III advance of such coinage.
but its language would seem to permit the is
sfanee OF Such certificates TO double the
arnpeHt OF Tie seigniorage as stated, cnc-haR
Of which would not fepfesert an ounce Of SIT.
yer in the treasury. The debate eFcn this sec
ton in the congress developed an earliest ana
positive difference of opinion as TO its obJ6ct
ana ai1c meaning: In any event am clear that
n the secretsry pf the treasury ought not TO be
augmented BE- defolFin9 upon him the execu-
tion of a law so uncertain End confused tenor
am not however, willing TO test my 6bJec5
ton to this section solely on these. IN fhT
Judgment sound finance does not commend "a
further Infusion Of silver into our currency at
tits time uuaccompanied by further adequate
Hfoeisi5a for tre maintenance in our treasury
Of a safe gold resefFei
struction OF the second section of the bill II
the silver dollars therein directed to be coined
are as the Section 90 De meiu "a
treasury notes II Is suggested that, strictly
speaking certificates cad lot bs issQed on
such coin I'm the manner now provided By
law" because these dollars are money held in
the treasury for the express purpose of re-
deeming treasury notes, on demand, viii h
onId tnaTfi hat hnKf VTnr got
apart for the purpose OF substituting them for
these treasury notes: They are not, therefore,
held IN stich 2 var as to furnish basis for
certificates according 20 any provision OF ex-
listing law. If even silver ceFtfficat5S can be
properly issued upon these dollars, there is
nothing in the section to indicate the char
acteriSticS and functions of these certihc ates.
If they were to be OF the same character
az silver certificates in circulation under ex-
only for customs, taxes and all public dues;
and under the language of this section il IL. "a
say the least extremely doubtful whether the
certificates 1t cOntemplates would be lawfully
received even for such purposes. Whatever
else may be said Of the uncertainties of ex-
preston in this bill. they certainly ought not
to be found in legislation affecting subj 9cts so
important and far-reaching as our finances and
currency.
In stating other and more important reasons
for nF disapprPval o. this section l shall how
ever; assunie that dndet its PROVISIONS the
treasury notes issued In Payment for silver
bullion will continue to be redeemed as here
tofore in silver or gold at the option of the
holders; ard that if when they are offered for
redemption, or reach the treasury in any other
manner, there are in the treasury coined sill
yer dollars equal in nominal value
to such treasury notes, then, and
destroyed aud silver certificates to an amount
lie substituted. | am convinced that this
scheme is ill-advsed and dangerous AS an
ultimate result of its operation treasury notes,
which are legal tender for all debts public and
Silver at the option of the holder, will be re-
placed by silver certificates which, whatever
may be their character and declaration, VIII
have none of these qualities. In an
ticipatiOn of this result and i'm
mediate effect the treasury notes will
naturally appreciate in value and desirability.
The fact that gold can be realized upon them.
and the further fact that their dest ruction has
been deer ed when they reach the treasury
circulation to be Immediately presented for
redemption or to be boarded for presentation
at more convenient season. me sequal or
both operations Will be large addition to the
silver currency in our circulation and q
corresponding reduction of gold in the
treasury. The argument has been made
that these things will not occur at once be-
cause l5ng time must elapse before the coin
age Of anything but the seigniorage can be en-
tered upon. II the physical effects of the ex-
ecution Of the second section of this bill are
not to be realized until in the far future. this
may furnish a strong reason why it should not
be passed so much in advance; but the post
ponement of its actual operation not pre-
vent the fear and loss of confidence and nerv-
Gus precaution which would Immediately follow
it's passage and bring about its worst conse-
quentes. L regard this section of the bill as
embodying plan by which the government
will be obliged to pay out its scanty score of
gold for no other purpose than to force I'M
natural addition Of silver money in the hands
of our people. This is an exact reversal of the
policy which safe finance dictates if We are to
preserve parity between gold and silver and
maintain sensible bi-metallsm.
We have now outstanding more than $685.
100000 in silver certificates issued under exist
ing laws They are serving the purpose of
money usefully and without question. Our
gold reserve amounting to only little more
than 100000 900. is directly charged with the
redemption of S3460O00O0 of United States
notes. When it is proposed to initiate our sill
yer currency it is time for strengthening
our gold reserve instead of depicting it. 1 can
not conceive of longer step toward silver
monometallism than we take when we spend
our gold TO buy silver certificates for circula-
ton, and especially in view of the practical
difficulties surrounding the replenishment of
our gold.
This leads me to earnestly present the de-
STABILITY of granting, to the secretary
now exists to issue bonds to pro-
tect our gold reserve, when for any
in such confused condition, and our financial
affairs are apt to assume at any time so critical
a position, that it seems to me such a course is
dictated by ordinary prudence,
lam not lnsensfble to the arguments in favor
of coming the bullion seigniorage now in the
treasury, aud 1 believe it could be done safely
and with advantage. If the secretary of the
treasury had the power to issue bonds at a low
rate of interest, under auth GRITTY, in substitu-
tion of that now existing, and better suited to
the protection of the treasury.
l hope a way viii present itself In the near
future for the adjustment of our monetary at
fairs in such a comprehensive and conserva-
tive manner as will accord to silver it's
proper place in our currency; but in
the meantime 1 am extremely sOliCitious
may be such as to prevent loss and discourage
ment to our people at home and the destruc-
ton of confidence IN our hnaneIaI management
Executive Mansion. March 20, 1891