The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-04-03

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statement of my objections to the bill
now under consideration.
This bill consists of two sections, ex-
Guiding one which merely a~ppropriates
a sum sufficient to carry the act into
effect. The first section provides for
the immediate coinage Of the silver
bullion in the Treasury which repre-
sents the so-called gain of seigniorage,
or which would arise from the coinage
of all the bullion on hand, which gain
on seigniorage this section declares to
be $55, 156, 681. 1t directs that the
money so coined, or the certificates
issued thereon, shall be used in the
payment of public expenditures, and
provides that if the needs of the Treas
ury demand it, the Secretary of the
Treasury may in his discretion issue
| silver certificates in excess of such
coinage, not exceeding the amount OF
seigniorage in said section authorized
to be coined.
The second section declares that as
soon as possible after the coinage OF
this seigniorage the remainder OF the
bullion held by the government shall
be coined into legal tender standard
silver dollars and that they shall be
held in the Treasury for the redemp-
tion of the Treasury notes issued In the
purchase of said bullion. 1t provides
that as fast as the bullion shall be
coined for the redemption of said notes,
they 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
provided for, and that silver certlh-
Gates shall be issued on such coin in
the manner now provided by law. 1t
is, however, especially declared in said
section that the act shall not be con-
strued to change existing laws relating
to the legal tender character or mode of
redemption of the Treasury notes issued
for the purchase of the silver bullion
to be coined.
The entire bill is most unfortunately
constructed. Nearly every sentence
presents uncertainty and invites con-
troversy as to it's meaning and intent.
The first sector is especially faulty in
this respect, and it is extremely doubt
full whether it's language will permit
the contamination of its supposed pur-
poses. I am led to believe that the
promoters of the bill intended in this
section to provide for the coinage of
the bullion constituting the gain or
seigniorage, as it is called, into stand
ard silver dollars; and yet there is
positively nothing in the section to
prevent its coinage into any descrip
tion of silver coins now authorized IN
der any existing law l supp ose this
section was also intended, in case the
needs of the Treasury called for money
faster than the seigniorage bullion
could actually be coined, to permit the
issue of silver certificates in advance
of such coinage; but it's language would
seem to permit the issuance of such
certificates to double the amount of
~seigniorage as stated. one half of which
would not represent an unce of silver
in the Treasury. The debate upon this
section in the Congress developed an
earnest and positive difference of Opin-
ion as to it's object and motive. In any
event 1 am clear that the present per
plexities and embarrassments of the
Secretary of the Treasury ought not to
be augmented by devolving upon him
the execution of a law so uncertain
and confused.
/ am not willing, however, to rest
my objection to this section solely on
these grounds; in my judgment sound
finance does not commend a further
infusion of silver into our currency at
this time unaccOmpanied by further
adequate provision for the mainten-
ance in Treasury of a gold eserv
Doubts also arose as to the meaning
and construction of the second section
of the bill, If the silver dollars therein
directed to be coined are, as the section
provides, to be held in the Treasury
EOtes, it is suggested that, strictly
speaking, certificates cannot be issued
on such coin, 'in the name now pro-
vided by law" because these dollars
are money held in the Treasury for the
express purpose of redeeming Treasury
notes on demand, which would ordi-
narily mean that they were set apart
for the purpose of substituting them
for these Treasury notes. They are not,
therefore, held in such a way as to
furnish a basis for certificates accord
ing to any provision of existing law.
If. hOReYer. silver Certificates can