The Caucasian. (Clinton, N.C.) 188?-1913, 1894-04-05

Cont urd from first page

.Ila .u =aa--r So. 90 80. and
although -a~r, ass bee. thus far but
= comparatively small amount OF
F fh.- nu1.or coined. Vet the 9o-ca!lsd
/ ~ or's.-P r.orage, a. aooy. dcfn-
d, "b.r: voa'd sr.-e from the coin
+ - - The 'Lf.Ir mass, Las trrn cas-
. IS rs,-T'-4h-d - be Il quantity 81
naiIiru ~ut,.-I.nt L. MAKE y ten coin
/ - b.. i,o.n-l standard silver dollars.
Considering the present Inlrinsi"
/ relation between gold and silver, the
maintenance Of tie parity between
/ the two metals, "a mentioned III tins
law, can mean nothing less than the
maintenance OF such parity IN the
estimation and confidence OF the peo-
pie who use or money IN their daily
/ transactions. Manltestly the main
tenance OF this parity can only be
accomplished, 50 far as II Is affected
! by these Treasury notes, and IN the
/ estimation Of the holders OF the same.
redemption, the con-, whether ii Is
| gold or silver, which they prefer. 1t
/ follows that while IN terms the law
leaves the choice OF coin to be paid
on such redemption to the discretion
of the Secretary OF the Treasury, the
exercise OF this discretion, If opposed
| TO the demands OF the holder, Is Ell
/ tlrely inconsistent with the effective
and beneficial maintenance of this
| parity between the two metals.
If both gold ana silver are to serve us IS
money, and Ii they together are to supply
to our people d safe and stable currency,
| the necessity OI preserving the parity is OBJ
| vlous. Such necessity has been repeatedly
conceded in the platforms Of both political
parties and III our Federal statutes. Iti no
where more emphatically recognized
than IN the recent law which repealed the
provision under which the bullion now on
hand was purchased This law insists upon
the coins OF the two metals and the equal
power of every dollar at all times in the
markets and in the payment OF debts"
The Secretary of the Treasury has there
lore, Tor the best OF reasons, not only
promptly complied with every demand for
the redemption OF these Treasury notes in
gold, but the present situation, as we'll as the
letter and spirit OF the law, appear plainly
to Justify, ii they do not njoin upon HIM
a continuance Of such redemption.
The conditions | have endeayored 10 pre-
sent may he thus summarized:
First. The government has purchased and
now has on hand sufficient silver bullion to |
permit the coinage Of all the silver dollars |
necessary to redeem, III such dollars, the |
treasury notes ISSUED for the purchase of |
SAID silver bullion and enough besides to
com. as gain or seigniOrage, tifty-1ive million
one hundred and tifty-six thousand, SIX
hundred and eighty-one standard silver
dollars.
Second. There are outstanding and now
III circulation Treasury notes issued in pay
ment OF the bullion purchased amounting
to Sl52, 1881, 80. These notes are legal tender
III payment of all debts public and private,
except when otherwise expressly stipulated;
they are receivable for customs, taxes, and
all public dues, when held by banking asso-
cations they may be counted as a part of
their lawful reserves, and they are redeemed
by the government in gold at the option OF
the holders. These advantageous attributes
were deliberately attached to these notes at
The time of their ISSUE they are fully under
stood by our people to whom such notes ;.
have been distributed as currency, and have
inspired confidence in their safety and value I
ana have undoubtedly thus induced their :
continued and COntented use as money i'll
stead OF anxiety for their reden ption.
Having referred to some incidents which |
ieem relevant % the sub, ct, it remains for
he to submit a specific statement of my OBJ
ectiOns to the bill now under consideration.
This bill consists of two sections excluding I
me which merely appropriates a sum sutti- T
lent To carry the act into effect. The first
ectlOn provides for the immediate coinage of
he silver bullion in the Treasury which
epresents the so-called gain or seigniorage,
II which would arise from the coinage of all
he bullion Oh hand, which gain or seignior-
ge this section declares to be 500, 156, ISL 1t
lrectS that the money SO coined or the GER
lticates issued thereon shall be used in the
ayment OF public expenditures, and pro-
ldeS that if the needs of the Treasury de-
land 1t, the Secretary of the Treasury NAV
4 his discretion issue silver certificates in ex-
mount of seigniorage in said section author y
,ed to be coined
The second section directs that as soon as
osSible after the coinage of this seigniorage =,
he remainder Of the bullion held by the |
overnment shall be coined into legal-tender
andard silver dollars, and that they shall $
e held in the Treasury for the redemption
/ the Treasury notes issued i'll the purchase
said bullion. 1t provides that as fast as
lie bullion shall be coined for the redemp-
on OF said notes, they shall not be reissued,
ut shall be cancelled and DESTROYED in
mounts equal to the coin held at any time +
| the treasury derived from the coinage pro-
ded for, and that silver certificates shall be a
sued on such coin in the manner now pro-
AIRED i'll said section that the act shall not
: construed to change existing laws relating
the legal tender character or mode of re-
empnon OF the Treasury notes issued for
lie purchase of silver bullion to be coined.
The entire bill is most unfortunately CON q
ructed. Nearly every sentence presents
1certainty and invites controversy as to its
Gaming and extent The first section is 81
peciallv faulty in this respect, and it is ex- m
emely doubtful whether its language will F,
'rlnlt the conSummation of its supposed m
rpOseS. L am led to believe that the pro-
oters of the bill intended in this section to
divide for the coinage of the bullion con-
ltuting the gain or seigniorage, as it is call
, into standard silver dollars; and yet there
positively nothing in the section to pre-
mt its coinage into any description of silver
ins now authorized under any existing