St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-02-10
Mr.. BLAND is CONFIDENT.
HIS Sill COINAGE Bill LIKELY
TO PASS THE HOUSE.
SESSION OFTIREsOME DEBATE.

EOm ShkOs
Some of His Colleagues Bray
Like Jackasses.
WASHINGTON, Feb. 9.-The entire
day in the house was consumed in de-
bate or the Bland silver seigniorage bill,
the speakers being Messrs. Bland, C..
w. Stone Pa.), McKeighan. Harter and
kllgore. The debate Will be interrupted
tomorrow at 2 o'clock by the special
order setting aside the rest of the day
for eulogies upon the late Representa-
tive O'Neill, of Pennsylvania. 1t Is
expected a vote on the bill will be
reached by Tuesday at the furthest,
and Mr. Bland is confident that it will
pass. This opinion is generally shared
by the leaders on both sides. although
there probably will be some modifica-
tions of the DILL that will make it more
acceptable to the Democrats who are
now opposing it.
"A tangle growing out Of an error in
the important roll call by which the
house yesterday went into committee
of the whole on the Bland bill,
opened the proceedings Of the house
this morning. Mr.. Babcock (Wis.)
explained that he had not voted on that
roll call, and Mr.. Tracey and Mr.. Reed
attempted to make the point that this
broke the quorum, and the subsequent
proceedings of yesterday were there
fore vitiated. 1t was discovered, how
ever, tha Mr.. Marshall, of Virginia,
and Mr.. Shell. of South Carolina. were
rnnnrnQd Nd
votes would complete the quorum. no
further objection to the approval of the
journal was made. After some unim-
portant routine business, on motion of
Mr.. Bland, the house went into commit
tee of the whole for the consideration of
THE sEIGNIoRAGE BILL.
Mr.. Bland explained in a few words
that he had never agreed, as stated in
some Of the public prints, to striking
out th second section of this bill (which
provides for the coiEage of all the
bullion in the treasury. Aside from
the question of raising revenue, he re-
garded the second section as more i'm
porta than the first.
''lt we are to deal with the bullion in
the treasury" said he, "let us deal with
it as a whole. We have already repealed
the purchasing clause of the Sherman
act. No more will come into the treas
ury, Why should we not coin what is
there? 10 coin only the seigniOrage
(S55, ,000.0OO) would be tantamountto de-
claring that the rest should remain there
as worthless. 1t would be dedicated to
monetary use. As far as am concerned,
Inever will consent to stop halfway"
"What advantage" asked MIR. Coo mbs
Oem.. N. ", would accrue ftom the
coinage of this bullion, which no one
wants?'
"The people want every dollar they
can get" replied Mr.. Bland. "The
difficulty is that there is not enough
money in circulation"
''Is it the intention, after this bill
goes into effect" inquired Mr.. Tracey
(Dem., N. ", ITO redeem the silver
certificates in gOld?"
"Do you understand that siver certifi-
Gates are redeemable iu gold?" asked
Mr.. Bland i'll turn.
81 do.'
"Well," replied Mr.. Bland, "the secre-
tary of the treasury has maintained
that all that was necessary to keep all
classes OF our currency at par was to
keep the greenbacks at par. They are
gold obligations. and therefore inter-
convertible, and while silver certificates
have not been
REDEEMED IN GOLD,
greenbacks have never been refused for
them. This keeps all our currency at
par. am speaking now from the
standpoint of gold mono metallist."
Proceeding, he declared that it was only
necessary to keep enough gold in the
treasury to meet foreign exchanges.
Under the Sherman law, he insisted
that every dollar Of the treasury notes
outstanding was redeemable in silver.
"And if [ were secretary of the treas
ury, should so hold" he added en-
phatlcally. II would not use my dis
cretion in the interest of the gold gam
blers Of this country. This bill, however,
he continued, 'does not go as far as the
Sherman bill in this respect. 1t only
provides that having been redee med lin
gold, or otherwise 0hese notes shall not
coin shall take their place. In other
words. the holder will no longer be able to
force their redemption again and again
in gold"
Mr.. c. W. Stone. of Pennsylvania,
who is at the head Of the minority of
the committee on coinage, weights and
measures, replied to Mr.. Bland.
He agreed, he said, with Mr.. Bland that
if the first section of the bill were to
be passed. the second section should be.
"lf we are prepared to agree to the
practical enlightenment of trust fund
in the first section. we should not hesi-
tate at the irregularity in the second
section"
He contended that there was 10 ex-
isting seignibrage; that it was purely
imaginary as yet. SeigniOrage, he said,
was the profit arising to the govern
ment by the
COINAGE OF BULLION.
But the bullion not having been coined
there was no seigniorage. There might
be In time. but there was not now. One
might as well take out of tank ten
gallons of oil, and say this Is paraffine,
and the other is oil; or chop off pounds
OF bullock, and say this is leather,
and that is beef, because in future proc
ess so much paraffine or SO much
leather could be separated from tank
of oil, or bullock, as to claim that
there was so much bullion, and so
much seigniorage before the bullion was
coined. To coin this imaginary seign-
forage would be breaking faith with
holders of the treasury notes issued
against all the bullion which declared it
would be sacred for their redemption.
There were in the treasury 140699,S ,S53
ounces of silver, on which had been is
sued $153, ,0S5, 151 treasury notes. 1t cost
the government S126. $50, and its
coinage value was S1S1, ,914, 1851, and Its
present market value but 500, 1860
To coin this alleged seigniorage would
be virtual embezzlement of $50, OO0,00O
worth of bullion behind the treasury
notes: His apprehension was that this
policy would involve the Country in
financial ruin.
Ii $50. 5.000.000 Of additional treasury
notes were issued as required by the
provision of this bill, without dollar