The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-03-16


The Bland seigniorage bill has passed
the senate. IL passed the house BY vote
Of 100 fo- and 1873 against. The vote in
favor was composed OF i49 Democrats and
Populists and 70 Republicans; the vote in
opposition OF 20 Democrats and 80 Repub-
licans.
The bill - IL passed the house was
therefore Democratic measure. the Re-
publicans who favored it being from the
silver and Populist states, and the Demo-
Gratis who opposed IL being for the most
part representatives. of Northeastern con-
stituencies. The bill will add about $50. :
100000 of silver dollars or silver certifi-
Gates to our circulation. Seigniorags
strictly means coinage charge exacted at
the mint from the individuals offering
metal for coinage. \
Under the silver coinage provided by
the Bland law of 1878 the United States
government bought 37lH grains of pure
silver, added 4lI grains of alloy and
coined q 4t2js grain silver dollar nine
tsnths fine.
The difference between the output OF
silver dollars and the 81, 10000 worth Of
silver bullion purchased every month I'M
der the Bland law from April. 1878. TO July,
1891, when coinage was suspended under
the provisions of the Sherman silver pur-
chase act of July. 1890. is what lie meant
by the ssigniorags under the pending
legislation. This difference during tho
last few years OF tho Bland law amounted
10 nearly million dollars monthly; that
In. the 100000 worth of silver bullion
purchased monthly under the Bland act
OF 1878 was converted into nearly three
millions of silver dollars. The Sherman
silver purchase law OF $50 did away with
the seigniorag~. Instead of silver dol
lar containing 3sii. grains OF pure silver,
which were worth considerably less than
dollar. IL provided for the purchase of a
dollars worth Of silver bullion and the
issuance thereon OF dollar treasury note.
four and a half million ounces of bullion
being purchased every month. These
purchases Of silver bullion continued from
July Is, isol. TO November l. 1879. three
years and three and a half months.
The government has on hand the bullion
which was purchased under the Sherman
Law and not coined. which amounts to
leo 0oo. 90 ounces. aud is represented in
the circulation by the treasury notes which
were issued in its purchase The Hand bill
proposes that the government should sub
stteie for the treasury note now IN ciFcula
l ton Bland siiver dollar: that s5il. grams
of silver should he taken ont of the amour.
Of silver represented by each treasury note
and the remainder of the bullion regarded
- "seigniaTags." In thls manner enough
seigntorag. silver buiieu could bs secured
81 make s.. go oo Bland silver dollars.
The Bland -cieniorsgs bill IL therefore
an imitation measure. which proposes 10
increase the quantity while IL deprecia,es
the quality of tho money in circulation
4, proposes taat the treasury notes issued
between issso aud 1875 should he converted
into B,and dollars. and thus add So. 0uo .oOc
% the circulating medium. OF course,
this bill was voted for by the free silver
men aud hy the iniis,ioalsts. and was
opposed BY all sound money men because
IL IS aa increase in the number OF dollars
obtained at the expense of the value OF
esea individual dollar. II merely puts
more paper money ia circulation, and
paper money thai has nothing behind it;
that IS, fias monev.
Ii is vicious hiil. bat /, Is BY no means
CERTAIN that President Cleveland sin veto
H. for Secretary Carlisle favored the pur.
pose 81 the hlu in his annual report. and
even proposed 10 issue she " hole So l.sl t,.l
81 paper a. once against tie seisatoraxs
and coin the bullion Shen convenient
The Bland dollar IS worth today al the
market price 81 silver bullion about a
ecnss. aud Mr.. BlAai proposes by bis e,.l
to add Ao,no. 100 Of these hshs weigh;
dollars to our inflated currency. lie pro-
roses a. have the treasury issue s. ono.
eSS.coa. 90 in certificates against bullion
on ~hseh treasury notes have bees Issued
far in excess Of as present value. Tal,
proposition john sherman describes a,
virtual enhancement. slace ia proposes Il
water the treasury notes 10 iEs extent q.
IS. o.. coo. when the faoe vsias of shose
notes already Qua exceeds the balboa va "a
Of tie silver by Sc, Cno.e.o
The loss 81 the treasury By the sissty
decline Of ne marke, price Of siiser sr-
eests the alleged setgniersge en- which
tAs hlaEd hll proposes 10 issue paper.