Mississippi leader. (Jackson, Miss.) 1892-1895, 1894-03-20
PASSES THE SENATE.

Wednesday evening by vote of Al
yeas to 81 nays.
The following is the detailed vote:
YEAs-Allen, Bate, Berry, Blackburn,
Blanchard, Butler, Call, Cockrell, Coke.
Colquitt, Daniel. Dubois, Faulkner,
George, Gordon. Hansbrough, Harris,
Hunton, Irby. Jones of Arkansas, Kyle,
Lindsay. McLaurin, Martin, Mills,
MITCHELL of Oregon, Morgan, Pasco,
PETER. Perkins, Pettigrew, Power, Pugh,
Quay, Ransom, Roach. Shoup, Stewart,
Teller. Turpie, Vest, Voorhees,, White,
Wolcott-total Il.
AYs-Aldrich, Allison, Brice, CAT
ferry, Carey, Chandler, Cullom, Davis,
Dolph, Frye, Gallinger. Gibson. Cor
man, Hale, Hawley, Higgins, Lodge,
Mcmillan. Mcpherson, Henderson,
Mitchell of Wisconsin, Morrill, Murphy,
Palmer, Plat. Proctor, Smith, Stock
bridge, Villas, Washburn, Wilson, to-
tai 81.
The pairs we're: Camden for, with
Gray against: Hill for, with Dixon
against; Jones of Nevada, for, with
Hoar against; Vance for, with Sher-
man against.
Senators Squire and Cameron did
not vote. On yesterday Squire voted
in favor of the bill and Cameron was
paired in its favor.
OF the forty-f four Senators who voted
for the bill, thirty were Democrats, II
Republicans and 3 Populists. Among
the Democrats who voted yea were
the two new Senators, McLaurin of
Mississippi, and Blanchard of Louis
lana. and several who voted for the re-
peal of the Sherman Silver purchasing
act. The vote against the seigniorage
bill was cast by nine Democrats, and
twenty-five Republicans.
As many are not familiar with the
subject. it may be we'll to explain what
the coinage of the seigniOrage means.
Under the provisions of the Sher-
man law, before it was repealed last
fall, the Government purchased Sl2o,-
100000 worth of Silver bullion, upon
which it issued S125,OOO.00O in silver
certificates. If the bullion should be
coined into silver dollars, it would
make 100000 silver dollars, and the
government would have 55,000000 more
silver dollars than there are silver GER
tificates outstanding. 1t would, there
fore. gain s55,OO0O0O by the coinage
and that simply stated, is the purpose
of the Bland bill If it should pay out
the silver surplus over the amount re
ouired to be held to redeem the out
standing silver certificates, it could re
duce the taxation by 100000.
Following is the text of the bill:
SECTION l. That the Secretary of the
Treasury shall Immediately cause to
be coined as fast as possible the silver
bullion held in the Treasury, purchas-
ed under the act of July IA, 1890, emit
tied "An act directing the purchase of
silver bullion and the issuing of Treas
ury notes thereon, and for other pur-
poSeS." to the amount of the gain or
seigniorage of such bullion, to-wit:
The sum of $50, 156,OS1, and such coin
and silver certificates issued thereon
shall be used in the payment of public
expenditures, and the Secretary of the
Treasury may, in his discretion, if the
needs of the Treasury demand 1t, issue
silver certificates in excess of such
coinage; provided, that said excess
shall not exceed the amount Of the
seigniorage as herein authorized to be
coined.
SEC. ,. After the coinage provided
for in the first section of this act, the
remainder of the silver bullion pur-
chased in pursuance of said act OF July
IA, 1890, shall be coined into legal ten
der standard silver dollars as fast as
possible, and the coin shall be held III
the Treasury for the redemption OF the
Treasury notes issued in the purchase
of said bullion. That as fast as the
bullion shall be coined for the redemp-
ton of the said notes, the notes shall
not be reissued, but shall be cancelled
and destroyed in amounts equal to the
coin held at any time in the Treasury
derived from the coinage herein pro
yided for. and silver certificates shall
be issued on such coin in the manner
now provided by law; provided, that
this act shall not be construed tC
change existing law relating to the lie
gal tender character or mode of re
demption of the Treasury notes issued
under SAID act of July II, 1890. That
sufficient sum of money is hereby
appropriated to carry into effect the
provisions of this act.
1t is estimated that it will take the
Government minis two or two and q
half years to coin the seigniorage. un
Loco their capacity is greatly increased
so that it will be long while, SHOULD
the bill become law, before all OF the
silver bullion in the treasury can be
coined.
1t is quite currently believed that
President Cleveland, to whom the bill
has now gone, will veto it, and if he
does. that will settle its fate, as il
could not be carried through either
house over his veto
But whatever may be done with the
bill, it is pretty certain no other i'm
portant financial legislation will be at
tempted by this Congress. If it should
become law the silver men would be
satisfied until the coinage could be ac-
complished, or the people could eX-
press their will, and if defeated, it
would be waste of time to again as
sault the Cleveland Sherman financial
policy, while the former is President
without sufficient strength should be
Eall RI