Daily independent. [volume] (Elko, Nev.) 188?-1915, 1894-03-30

Il Sou0OSt Ouofof'SoE'O " I1OuO VI V0U0mp-
ton Of the treasury notes issued for
the purpose OF the silver bullion TO be-
coined. The entire bill is most UNI
Fortunately constructed. Nearly every
sentence presents uncertainty and in.
yites controversy rs to its meaning
and Intent; the first section is espec-
is'ly faulty .in this respect and it is
extremely doubtful whether it's Ian
guage will permit the consul IN maticn
of It's supposed purposes.
II am led to believe that the pro-
uoters. of the bill intended in this
section to provide for the coinage of
bullion constituting gain or seig-
nicrage .as it is called, into standard
silver dollars, and yet there is posi-
lively nothing in the section to pre-
vent its coinage into any description
OF silver coin now authorized under
any existing law Isuppose this Sec
ton was intended In case the needs
OF the Treasury called for money
faster than the seigniorage bullion
could actually be coined, tn permit
the issue of silver certificates in ad-
vance OF such coinage, but ehis. Ian
gusge would seem to permit the issu-
ance OF such certificates To doHble
the amount'ot the seigniorage, and,
| as stated, one half of which would
not represent an ounce OF silver in
the Treasury.
"The debate upon this section in
Congress developed an earnest and
positive difference of opinion as to its
| obiectan meaning. In any event, 1
Fam sure the present perplexities and
| embarassments Of the Secretary Of
the Treasury ought not to be aug.
mented by devolving upon him the
execution OF q law 30 uncertain and
confused. am not willing, however,
to rest my objection 70 this section
solely on these grounds. In my judy
ment solid finance does not commend
the further infusion of silver into our
| currency at this time unaccom panied
by further adequate provision for
the maintenance in our treasury OF a
Bufe gold reserve.
tDodb;s also arise as to the mean
ing and construction OF the second
section Of the bill. It silver dollars
therein directed to bs coined are, as
the section provides, to be had 10 the
TREASURY for, the redemption Of treas
ury notes, it is suggested that, strictly
speaking, certificates cannot be issued
on such coin, IN the manner now pro-
vided by law, because these dollars
are money held in the treasury for the
express purpose OF redeeming treasury
notes on demand, which would ordi-
narily mean they were set apart for
the purpose OF substituting them for
these treasury notes. They are not,
therefore, held in such way as TO fur
nish. Q basis for the certificates &C
cording to any provision Of the exist.
ing law. II, however, silver certi6.
Gates can properly 10 issued upon
these dollars, there Is nothing in the
eection TO indicate the characteristics
and functions of these certificates.
II they were to be Of the same charac-
ter as the silver certificates in circu-
lation under existing laws. they would
ut best be- receivable only for cus.
toms, taxes and all public dues; aud
under the lang Of this section il
1870 say the least, extremely doubt
ful whether tho certificates It con-
templated can be lawfully reserved
even for such a purpose.
whatever else may be said Of The
uncertainties OF expression 10 this
bill, they certainly ought not to be