The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1894-03-30

Language will permit this eonsummaiion Of
ita supposed purposes. ! am led 10 boiieNo
the promoters Of the bill intsudsd. In this
section, 90 provide for tho eoinaRs OF tho
bullion constituting the gain. OF seigniorhRo
"a 10 II called. into standard silver dollarh
and yst there 10 positively nothing Ia she
section 20 prevent ita coinage into any de-
scfiptiOn OF silver coins nov authorized
under any eHistinR law. i suppose THIS
section also intended IN case the needs OF
the treasury called for money faster than
asignioTags bullion could Hotually be
coined, 10 prsvent ths Issue OF silver eerth-
Gates Ia advance Of such coinage. bot tta
language would seem % permit tue issuance
OF such os tincatea 10 double the amount Of
the soiRniorsRe As stated, one-hAlf Of which
would not represent an ounce Of silver In
the treasury.
Debate upon this section in congress de-
veoped an earnest, positive difference OF
opinion as 10 its object and meaning. In
any event. l am clear that the present per
DleIitloa aud embarraasments OF the seore-
tary Of tne treasury ought not 10 be aug
mented by devolvtaa upon him the execu-
tion OF a Law 90 uncertain and confused.
In my judgment. sound finance does not
commsnd the further Infusion of silver into
our currency at this time, unaoeompanied
by further adequate provision for tho
maintenance. In our treasury OF safe gold
reserve.
Doubts also arise Is to the meaning and
construction Of the second section OF the
bill. Nearly every sentence presents un-
certainty and invites controversy as TO its
meaning and intent
IL, however silver certificates can prop
etlv be iesued upon those dollars there ~
nothing ia the section to indicate the char
actsristics and functions Of these eertih-
Gates. II they were TO be Of the same
chataoter Oh the silver certificates In circu-
lation under existing laws they would at
best be Tsceiyable only for customs taxes
and all public dues. and uader the Ian
guaRe OF this section 10 10. to say the least.
extremely doubtful whether the certificates
| IL contemplate should be lawfully received
even for such purposes.
Whatever else may be said OF she uneer-
taintios OF ths expression In this bill, they
certainly ought not TO ba found IN ieRiala-
tion affecting a subject 90 farfeaching as
our finances and economy.
lam convinced that this scheme is i'll
advised and dangerous. As the ultimate
result of It's operation treasury notes,
which are legal tender for all debts, public
and private, and which are rsdesmable IN
gold or silver, al the option OF the holder,
will be replaced by silver oe tihcates.
which, Whatever may be their character and
description, will have none OF these quail
ties. In anticipation of this result, and as
| an In mediate effect. treasury notes Will
naturally appreciate in value and dstira-
bility. The fact that gold can DO realized
upon them must tend to their withdrawal
from general circulation. TO be tmmedi-
ately resented for gold redemption.
Ire sequel Of both operations will be a
lafge addition TO the silver currency In our
circulation. and a CORES, onding reduction
of gold In the treasury. / regard this SEQ
tion Of the bill as embodying plan by
which the government would be obliged to
pay out its aeanty store OF gold for no
other purpose than to force an unnatural
addition OF silver money into the hsnds of
our people This Is an exact reversal OF
the policy which safe finance distates, II We
are TO preserve q parity between gold and
silver, and maintain sensible bimOtsllism.
/ can not conceive of alonRer step toward
silver monomstallism than we take when
We spend our gold TO boy silver certificates
for circulation, especially In view OF the
practical difficulties surrounding the re-
punishment OF our gold.
am not inssnsibls TO the arguments in
favor of coming the bullion seigniorsRe
now in the treasury. and / believe 10 could
be donO safely and with advantage II the
secretary of the treasury bad power %
isaue bonds al a low rate of interest. under
authority In substitution OF that now eE-
istine. and better suited 10 the protection
Of the treasury. ! hope a way will present
itself In the near future for she settlement
/ of this crave issue.