The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1894-03-30

maintenance OF u party DelWctu thc NNo
metals as mentioned in this law can mean
nothing less than the maintenance Of such
parity in the estimation and confidence
OF the people who use one money IN their
daily transactions. Manifeslly the MAIN
tenancc of this parity can only he accom-
plished. so far as it is affected by these
treasury notes and in the estimation OF
the holders of the same, by giving such
holders on their redemption coin, whether
gold or silver, which they may prefer. IL
follows HAT while ia terms the law leaves
the choice Of coin TO he paid OIL such re-
demption to tho discretion of the secrc-
tary OF the treasury; the exercise OF III $
disc' elton, il opposed To the demands Of
the holder, Is entirely inconsistent with
an effective beneficial maintenance of
parity between the two metals. II both
gold and silver are to serve MS as moEey,
aud If they together are 10 supply TO our
people n safe, stable currency, the nercs-
sity of preserving this parity is obvious.
Such necessity has been repeatedly con-
cedcd in the platforms OF both political
parties and in our federal statutes.
Ii is nowhere more emphatically
recognized than in the recent law which
ltllttitI liit TtoN'sipu wv
bullion now on hand was purchased. This
law insists upon tho maintenance OF
parity in The value of the coins OF tho two
metals and the equal power of every dol
lar al all times in the markets and in the
payment of debts.
The secretary of the treasury has there
fore for the best Of reasons not only COM
piled with every demand for the rcdemp-
ton of these treasury notes In gold, but
the present situation as well as the letter
and spirit of the law appear plainly TO
/ justify, il they do not onjoin upon him.
the con tinuation of such redemption.
The conditions | have endeavorcd 10
\ present may he thus summarized: First
| Tho government has purchased and nov
has on hand sufficient silver bullion 10
permit the coinage Of all silver dollars
necessary to redeem in such dollars the
treasury notes issued for the purchase OF
said silver bullion. and enough besides 10
coin as gain or seigninrdge, s55, ,l56,6M IN
additional standard silver dollars.
| Second-There are outstanding and now
| in circulation treasury notes issued in pay
ment of bullion purchased, amounting 10
Si52 2.35l, ,.sJ. These notes are legal tender
in payment of all debts, public and pri-
vate. except when otherwise expressly
stipulated. They are receivable for Gus
toms, taxes aud all public dues; when
held by banking associations they may he
counted as part of their lawful reserve,
and they are redeemed by the government
in gold at the option of holders. 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 ms currency, and have inspired
confidence in their safety and valGe, and
have undoubtedly thus induced their con-
tinucd and contented Use as money, in-
stead of anxiety for their redemption.
Having referred TO some incidents which
] deem relevant to the subject, il now re-
mains for me 10 submit specific state
ments Of my objections 10 the bill under
consideration. This bill consists OF Two
sections, excluding the one which merely
approprlates sum sufficient to carry tho
act into effect. The first section provides
for the immediate coinage OF silver bui.
lion IN the treasury which represents the
so-called gain or seigniorage, which would
arise from the coming OF all bullion on
hand. which gain or seigniorage thus scc-
ton declares 10 be SIS, ,6Sl. Ii directs
that the money SO coined. or certificates
issued thereon. shall be used in payment
of public expenditures and provides that
il the needs of the treasury demand il, the
secretary of the treasury may, in his dis
cretion. issue silver certificates in excess
of such coinage not exceeding the amount
OF the seignioragc in said section
authorized 10 DO coined. The second
section directs that as soon as possible
after the coinage of this seigniorage, tho
remainder of the bullion held by the gov-
crnment shall be coined into legal tender
standard silver dollars and that they sha l
be held IN the treasury for the redcmp-
ton OF treasury notes issued in the pur-
chase OF said bullion. IL provides that ns
fas, as the bullion shall be coined for the
redemption of said notes they shall not be
reissued, but shall he Cancelled aud de-
siroyed in amounts equal to the coin held
at any time in the treasury derived from
coinage provided for and that silver ccrti-
iicates shall be issued on such coin in the
manner now provided by law. II is, how
ever, especially declared in said section
that the act shall not be construed la
change existing laws relating 10 the legal
tender character or mode OF redemption
OF treasury notes Issued for the purchase
of silver bullion to be coined.
The entire bill is most unfortunately
constructed. Nearly every sentence pre-.
scnts uncertainty and invites controversy
as To its meaning and intent. The first
section is especially faulty in this respect
and it is extremely doubtful whether its
language will permit the consummation
of its supposed purposes. am led TO he.
lieye the promoters OF the bill intended in
this section TO provide Tor the
coinage of the bullion CON
stituting the gain or scigniornge, as it is
called. into standard silver dollars and
yet there is positively nothing in the sec
tion 10 prevent its coinage into any de
scription OF silver coins now authorized
under any existing law. suppose this
section is also intended in case tho needs
OF the treasury called for money fasteI
than the seisnioragc bullion could actu
ally be coined, TO permit the issue OF sill
yer certificates in advance of such coin
age; but its language would seem tf
permit the issuance OF such certificates tC
double the amount OF seignioragc a