The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1894-02-10
BLAND's SE|GNIORAGE BILL,
A Lively Discussion of 1t in
the House.
An Explanation of the Measure by
Its Author.
Harter of ohio and c. a. Stone Make
Strong Fight Against the
Bll-,Its Passage Assured
Nevertheless
By the Associated Press.

In the house was consumed indicate on
the Bland silver ssigniorage bill, the
speakers being Bland, Stone of Penneyl-
vania, McKeighan, Harter and Kilgore.
The debate will be interrupted tomor-
row at O'Clock by the special setting
aside the rest OF the day for eulogies
upon the late Representative O'Neill OF
Pennsylvania. 1t is expected vote on
the bill will be reached by Tuesday at
the fsrthest, and Bland is confident it
will pass. This opinion is generally
shared by theleaders on both sides. al
though there probably will be some
notifications of the bill that will make
1t more acceptable to the Democrats now
opposing it.
The house was in a tangle immedi-
ately after opening over the Bland bill,
several members insisting that they had
been wrongly recorded. 1t looked at one
time as if yesterdays proceedings in
committee OF the whole might be viii
ated. 1t appeared that Babcock, re-
corded as voting on roll call for going
into committee of the whole, did not
vote, which would have broken the
quorum, but Marshall and Shell, not
recorded IS voting, declared they voted,
which restored the quorum and the in
cident ended. The house then went into
committee of the whole on BANDS seig-
niorage bill.
Bland explained in few words that
he never agreed, as stated in some
public prints, to striking out the second
section of this bill (Which provides for
q III
ury). Aside from the question OF rails
ing revenue he regarded the second Sec
ton as more important than the first.
'sIf we are to deal with the
bullion in the treasury" said he
s'Iet us deal with it as a whole.
We have already repealed the purchase
clause of the Sherman act. No more
bullion will ccme into the treasury.
WHY should we not coin what is there
To coin only the seigniorage 1856, ZOO, 000)
would be to declare that the rest should
remain there "a worthless. 1t should be
dedicated to monetary use. So far as
am concerned, never will consent to
stow half way"
"what advantage" asked Coombs
(Dem.) OF New York. would accrue from
the coinsge of this bullion when no one
wants it ?"
1.-THE people want every dollar they
can GET" replied Bland. "The diff
Guilty is there is not enough money in
circulation"
lis it the intention, after this bill goes
into effect" inquired Tracey (Dem.) of
New York, ito redeem silver certificates
Do you understand that silver GER
ti6cates are redeemable in gold ?" asked
Bland in return.
81 do"
''Well," replied Bland, ''the secretary
of the treasury never 80 held. The sec
rotary has maintained that all that was
necessary to keep all classes of our cur
rency at par was to keep greenbacks at
par. They are gold obligations, and
therefore interconvertible, and while
silver certificates have not been re-
deemed in gold, greenbacks never have
been refused for them. This keeps all
our currency at par. 1 am speaking
now from the standpoint of gold mo-
nometallist."
He declared it was only necessary to
keep enough gold in the treasury to
meet foreign exchanges. Under the
Sherman law, he insisted, every dollar
of treasury notes outstanding was re-
deemable in silver. sand if l were
secretary of the treasury l should so
hold" he added emphaticslly. 81
would not use my discretion in the in
tsrest Of the gold gamblers Of this
country"
''This bill, however," he continued,
"does not 90 as far as the Sherman bill
in this respect. 1t only provides that,
having been redeemed in gold or other
wise,' these notes shall not be reissued
but be destroyed and coin shall take
their place. In other words, holders
will no longer be able to force their re-
demption again and again in gold.''
@. w. Stone OF Pennsylvania, at the
head of the minority committee on coin
age. replied to Bland. He agreed, he
said, with Bland, that if the first section
of the bill were passed, the second Sec
ton should be. SIT we are prepared to
agree to the practical embezzlsment OF
the trust fund in the first section, we
should not hesitate at the irregularity
contained in the second section"
He commended that there was no exist
ing seignioFage; that it was purely imsg-
mary as yet. Seigniorsge. he said, was
the profit arising to the government out
Of the coinage of bullion. But the bull
lion not having been coined, there was
no seigniorage. There might be in time,
but there was not now. One might as
well take ont of tank 10 gallons OF oil
and say this is paraffine and the other
oil, or chop off 80 pounds of bullock
and say this is leather and that
ID beef, because in future processes
so much parafiine or go much leather
could be separated from the tank OF oil
or bullock, as to claim there was SO
much bullion and 30 much seigniorage
before the bullion was coined. To at
tempt to coin this imaginary seigniorage
would be breaking faith with the hold
era OF the treasury notes issued against
all the bullion. He declared it should
be held sacred for their redemption.
There were in the treasury 140, 699, 1853
ounces OF silver. on which had been
issued $l5,085,1 5l treasury notes. 1t
cost the government $126, 1853 $50, and
it's coinage value was $751; ,9l4 96I. Its
present market value was but $97, 1856
072. To coin this alleged seigniorage
would be the virtual embezzlement Of
$4,000, 900 worth OF bullion behind
treasury notes. His apprehension was
that this policy would involve the coun-
try in financial ruin.
Stone commended that the coinage OF
seigniorage was in effect watering treas
ury notes to the exten. OF $55, 600, 900.
He referred to the disturbance in Eng
land and pruaata ouer aiIvar and caid 4.