The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1894-02-17
SILVER BILL.
hr. BANDS Measure is Takon Up in
the House.
Tho Coinage OF the Hciguicragc Seems 10
Bc Quite Popular idea Among Con.
eressmcD, and IL Is Wrought That
1t VIII Surely tie Ordered.

WASHINGTON, Feb. s.-.The free sill.
ter men of the house Thursday won
HE first victory of their campaign for
'he coinage of silver us proposed in
The Bland seigniorage act, by muster.
.ng quorum. Speaker Crisp had his
famed called and voted with Mr..
Bland. His vote was unnecessary, as
ihe result of the vote was 177 in favor
If taking up the Bland bill and four
against it, showing the presence of two
more votes than was necessary to make
tquorum. The speakers action indi.
:ated that he is friendly to silver and
.hat Mr.. Bland can depend upon the
committee on rules for cloture reso.
ution if the filibustering of the anti
silver opposition becomes dangerous.
The new points for argument that
.omo up under the bill are discussions
Of the legality of the proposed coming
of the so-called seignoirage. and the
condition of the treasury with respect
TO the issue of bonds for the restoration
Of the gold reserve.
An Objectionable feature of the bill
Is the compulsory clause which directs
the secretary of the treasury to issue al
once the entire amount of certificates
against the seignoirage. This objec
tion was met by MIR. Bland Thursday
with statement that it would not be
necessary to issue the entire amount al
once, and that he was willing to make
the issue of certificates proportionate
to the capacity of the mints.
The second section provides that
when treasdty. coin notes are presented
for redemption, they shall be redeemed
in silver in case the silver coin in the
treasury exceeds the amount of gold
coin. This feature of the bill is strong.
ty opposed by eastern democrats, and
from the remarks of Mr.. Bailey and
other silver men, it is more than prob.
able that some modification of this sec
ton will be made, the nature of which
will be to protect existing treasury
notes from enforced redemption in sill
YER
Opposition to the entire project o1
the coming of seigniorage that will be
made on the floor of the house is based
on the argument of certain bankers
who point out that nearly all the $780,.
900, 600 of treasury notes issued by the
government are held by national banks
as portion of their legal reserve
Against these $3.50, 600, 600 of treasury
notes the entire amount of silver now
in the treasury is pledged. Tt
reduce this by issuing certificates
against $1,000 600 of it as alleged
seignorage is to reduce the value of the
collateral that much. The immediate
result will be, they threaten, that ev
cry bank will at once proceed to re
deem it's treasury notes in gold, ano
the gold reserve, which Secretary Car
Isle has, after infinite la Dor, succeeded
in restoring to its normal condition
must be again invaded, this time ever
more disastrously than before.
The outlook for the passage of the
Bland bill, modified by it's friends
seems excellent. 1t was noticeable
Thursday that many of the democrat!
who had been forced by Presiden
Cleveland into supporting the bill fol
the unconditional repeal of the pur
chasing clause of the Sherman ac
Thursday supported Mr.. Bland. OF th,
fourteen democrats in the Ohio delega
tion five, Messrs. Donovan, Hare, Rich
ards, Pearson and Ritchie, who hat
been unconditional repealers, voted TO
Mr. Bland's bill. Similar detection
are noticea bic in other delegations.