The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-02-27
FOR AND AGAINST.

Inc squabble over the Bland PROPOSE
ton for the coinage of the silver seig-
niorage in the United States treasury.
is disgraceful alike to the Democrats
and the Republicans who have par
ticipated in the 1libustering which las
INSTRUCTED business in the House Of
Representatives. AS to the merits of
the bill there is a wide difference of
opinion. The chief objection to it on
the part of the gold standard men is
that il would prove a step towards
free coinage. And of course that is
one Of its recommendations to the adj
vocates of silver. Following are a few
press comments on either side:
The New York Journal of Commerce
Ind) says:
If Congress is prepared to compel
this increase of $50 millions in our sill
yer money, there not only is no guar
antee that it may not later go seri-
ously beyond that buc there is the
strongest probability that it would Ill
timateiy adopt free coinage, and even
without the backing of European CO.
operation. The thoughtful conserva-
tive element Of our people will Unhesi-
tatngly conclude that if this thing is
to be done, the strongest possible prob
ability is established that the gold
basis, in this country, viii be abolished
and the silver basis substituted, at no
very distant day. No man who under
sands the extreme and earnest sensi-
tiVeness Of credit on this matter and
the Importance which the great invest
ment and banking interests attach to
all payments being distinctly payable
in gold or its equivalent, can have
moments doubt as to what their
course will be in prospect of the policy
which this measure foreshadows.
This is from the Chicago Herald
Dem1:
The secretary of the treasury wants
no such legislation as Mr.. Bland pro-
poses. Neither does any one else who
does not also want to degrade our cur
rency to the silver level. We have now
in circulation over 1S,000,O 900 more
currency than we had year ago. CT
$1.2S more per capita. So far from
scarcity there is redundancy. The
straightforward way to meet the de-
felt is to provide sufficient revenue CT
issue bonds. These are the only safe
ways.
The Chicago Tribune (Rep) has this
to say:
The coinage value" of the silver in
the National Treasury is about one
hundred and eightytwo millions, but its
bullion or real value is only a trifle
over ninety-seven million dollars. To
coin that silver as if it were worth
81. 29A per ounce would be to increase
nv airr 17t Ia Il Of oh
legation carried by the Government at
a time when the burden already is
close to the limit of safety. The aim
is to force an abandonment Of the
standard of currency values which has
been in exclusive use for so many
years and substitute for it the silver
standard, the unit Of values in which
would be little more than half that of
the gold standard
This is what the New York World
Oem.) thinks:
The passage of the Bland bill cannot
serve the silver cause. 1t viii not
change the legal status of silver as a
money metal. 1t viii merely add about
$50 geo of paper money to the cur
rency that will eventually take the
place in the Treasury of the gold that
is realized from the sale of the five
per cent bonds.
Against that the st. Louis Republic
Oem) remarks:
The seigniorage silver is an asset of
the Treasury over and above the
required for redeeming out
standing Treasury notes under the law
of the issue of notes. To use this asset
for the relief of the Treasury is a to-
tally different proceeding from buying
bullion, and should not be permitted
to become confused in the public mind
with the cowardly makeshift of 1890.
Turning an idle stock of silver into
available money is good business.
The Nashville American tDem) is in
the same mind; it says:
There. is no valid plea under which
any Democrat can oppose the bill
pending before Congress for the coin
age Of the seigniorage. In the straits
into which the United States Treasury
has been plunged by Republican NAL
administration more than $4,000, 900
which the seigniorage would yield
would be a vast relief
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