The Dalles daily chronicle. [volume] (The Dalles, Or.) 1890-1948, 1894-03-30
serve, and are redeemed by the govern
ment in gold at the option of the holders.

serve, and are redeemed by the govern
ment in gold at the option of the holders.
ADVANTAGEOUS ATTRIBUTES.
These advantageous attributes were
deliberately attached to these notes at
the time they were issued; they are,
fully understood by our people to whom
such notes have been distributed as cur
rency, and have inspired confidence in
their safety and value, and have un-
doubtedly thus induced their continued
and contented use as money, instead of
an anxiety for their redemption.
ITS FAULTY CONSTRUCTION.
The entire bill is most unfortunately
constructed; nearly every sentence pre-
sents uncertainty, invites controversy as
to it's meaning and intent. The first
section is especially faulty in this re-
spect, and it is extremely doubtful
whether its language will permit the
consummation of its supposed purposes.
am led to believe that the promoters
of the bill intended in this section to
provide for the coinage of the bullion
constituting the gain, or seigniorage as
it called, into standard silver dollars,
and yet there is positively nothing in
the section to prevent it's coinage into
any description of silver coins now au-
thorized under any existing law. 1 sup
pose this section is also intended, in
case the needs of the treasury called for
money faster than the seigniorage bull
lion could actually be coined, to permit
the issue of silver certificates in advance
of such coinage; but its language would
seem to permit the issuance of such GER
'tifcates to double the amount of the
seigniorage as stated, one-half of which
would not represent an ounce of silver
in the treasury.
THE SECOND SECTION.
Doubts also arise as to the meaning
and construction of the second, section of
the bill. If the silver dollars therein
directed to be coined are, as the section
provides, to be held in the treasury for
the redemption of the treasury notes, it
is suggested that, strictly speaking, GER
tifcates cannot be issued on such coin
in the manner now provided by law, be-
cause these dollars are money held in the
treasury for the express purpose of re-
deeming treasury notes on demand,
which would ordinarily mean that they
are set apart for the purpose of substitut-
ing them for these treasury notes. They
are not, therefore, held in such a way as
to furnish a basis for the certificates
according to any provision of existing
law. If, however, silver certificates can
properly be issued upon these dollars,
there is nothing in the section to indi-
cate the characteristics and functions of
these certificates. If they were to be of
the same character as the silver cert1fi-
Gates in circulation under existing laws,
they would at best be receivable only
for customs taxes and all public dues,
and under the language of this section it
is, to say the least, extremely doubtful
whether the certificates it contemplated
would be lawfully received, even for
such progress. Whatever else may be
said of the uncertainties of expression in
this bill, they certainly ought not to be
found in legislation affecting a subject
SO important and far-reaching as our
finances and our currency.
OTHER REASONS FOR DIsAPPRovAL
In stating the other and more import
ant reasons for my disapproval of this
section, l shall, however, assume that
under its provisions the treasury notes
issued in payment for silver bullion will
continue to be redeemed as heretofore
in silver or gold, at the option of the
holders, and that if when they are
in the treasury in any other manner,
there aie in the treasury coined silver
dollars equal in nominal value to such
treasury notes, then and in that case the
notes will be destroyed and silver eertifi-
Gates to an equal amount substituted.
am convinced this scheme is iIl-advised
and dangerous. AS an ultimate result
of its operation, the treasury notes which
are legal tender for all debts, public and
private, and which are redeemable in
gold or silver at the option of the holder
which be replaced by silver certificates,
which, whatever may be their character
and description, will have none of
these qualities. In anticipation of this
result and as an immediate effect, the
treasury notes will natura lily appreciate
in value and desirability. The fact that
gold can be realized upon them, and the
further fact that their destruction has
been decreed when they reach the treas.
ury, must tend to their withdrawal from
general circulation, to be Immediately
presented for gold redemption, or to be
boarded for presentation at more con-
venient season. The sequel of both