The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-02-15

vhst Re W.T. Do wfsk ssss sesgaiuvxxs bill
sAonsd = ever pAss sonx~sss sad cozne b.
fore him for srp~Uval.
IL - yperhsps necessary sr.in - exrs zzs
thzs usxier ske .s-eaisea Sherman srs Of
Jnlv. 1sz1 ste treasury hzs gurrhnsed
ee~ss&n sssves buEsi1a skirs. by express
rrnvsxioa Of that lar. 4 Is required 60 hoi6
sxsknst the new treasury n1ses issnea h
fss purchase. The atna.ns of notes issusd
exaesly represented the market rsiue os
the Susiicn VIXEN purchased, which VS.
less BY sb0aE sSs 60 go than rse number
Of standard silver dollars which could Do
coined from the same button II that metal.
now ssIlinr for a5ozt e. reuts rer osnee.
should BE reckonsd worth *L2ss. per
ounce
Upon the false prstenss tina. the bul1ion
hxs vslas greater by ss5 90. 90 thsn the
snm actually paid for Il. Mr. Bland pro-
poses 70 issae SIS oa1, DT more paper eer-
t3Ecstes. redeemsbls ia silver osiy. IL
would take years 70 coin the bullion. but
Mr.. Bland proposes 20 as once intlass the
paper currency By issusng sll the notes
risseh On bis false pressnse could be issued
sexsnst the bullion II IL were al reduced
&C the fern Of standard dollars.
senator John Ehermsn has already
pointed cut that the scheme 10 dishonest
because 10 breaks contract with holders
o. new treasury notes, who were assured
by express terms Of law that the silver
bHElion which has actually cost 81 should
be bed against every dollar Of such notes
Issued. BY holding. not the bullion which
costs u. bat enough silver 70 make .
standard doiIsr now worth only 50 cents.
the government robs its creditor Of part Of
his security.
senator sherman biuntiy says that the
BIZ is utterly disnossss in its psstenss
that the old act authorizing issues Of sil-
yer certificates against standard silver
dollars coined and circulated aud after
ward deposited IN the treasury. can be
properly extended to justify an issue Of
silver certaAcates against standard dollars
which have not been deposited, and IN
deed are not now in existence.
Furthermore the pretense that athe
country needs more money" 10 absurd
when there are SIS. ooo. GO lying idle in
the New York banks alone. 20 say nothing
Of the banks of other cities. This m oney
secumulstes and lies idle because there 10
not enough business 20 retslr and keep in
use all the money there 10 In circulation.
The minis have never been able 20 coin
more than s3 .eoo. o1o month in standard
dollars. and at that rate Il would take al
most three years to coin the bullion In the
treasury. The coinags is nothing but
fraudulent pretext for initiating tbs paper
circulation by issuing more notes. which
the country has no uss for. and which
would only tend to dsprcciste other paper
currency Ia circulation. The Issue Of
more aslver paper would no, increase the
demand for silver or the use Of silver, and
this seigniorags scheme Il only supported
by the silver men because they are all In
rationists.
IL would be Q 6ne exhibition OF fool
and knave for q Democratic congress 70
pass this seigniorage bin in February after
enscting the repeal Of the silver purchase
law of 1890 in November. Perhaps il is
the fools revenge tor being persuaded by
executive pressure to repeal the law Of
1880 70 take Secretary Carlisle at his word
and initiate the currency by the issue of
SIS 900 900 Of silver paper.