The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-02-20

-. -. Hence. there ara IN circulation
rev - Or Is ia excess OF the MARKET
vssGe Of the sslvsr. Bat Mr.. Blsnd and the
standardization propose 20 add 70 THAI ex-
cess ever So, ooo,0so more
The Biand ssiEniorzgs BIZ Is Al stternps
20 deceivs tie pubsic By issairg Gs: rncney
sad pretending that IL represents bullion
IN the treasury. Furthermore, this bill
provides for the retiring Of the silver
treasury notes ard issuing in their stead
silver certificates. The outstanding frsrs-
arg notes s-s payable In gold or silver Al
The discretion Of the treasury. Bat under
the pending measure these treasury notes
are 70 be replaced by certificates redeem
abs IN silver oniy.
II wil be remembered that the report
last spring that Secretary Carlisle pro-
posed 10 pay these silver treasury notes
IN silver only helped 10 precipstats
financial panic Under this Bland bill for
coming the seigntorags the Democrats in
cor grexs. With the apparent approval OF
the administration, propose TO substitute
for these treasury notes certificates payable
in silver en.y. II this bill becomes Law
by the approval Of President Cleveland 10
means another long step toward putting
this country On silver basis. Under this
Bland Bill sio8, rs, go Of treasury notes
will DC retired, and either standard silver
dollars or silver certificates substituted for
them. and in addition there will be tat
issue Of SIS, IS. ssl in silver certificates.
That is, this bill, with the approval Of
Secretary Carlisle. proposes 70 add $751;, 9i5.-
IA 20 the certificates and silver dollars now
outstanding or in the treasury. And this
10 the kind Of financial legislation that the
country may expect from the Democratic
party in congress, for It is entirely con-
sisten. With its record in the past. Il tried
10 prevent gold payment of our bonds in
1858; it tried TO enac. tat money in shape
the Bland lightweight dollar act in 1878;
IL tried to enact free silver coinage in 1890.
aud came within an ace of succeeding; 1t
opposed the repeal Of the silver purchase
act of 1890 last November. which was only
accomplished by the aid Of Republican
votes in house and senate, and now IL In
likely to enact this Bland fat money bill
with the approval of Secretary Carlisle,
and, 1T is reported, of the president him
self.
The Bland scheme Of coming seigniorage
10 nothing but making money out Of moth
ing instead Of honestly raising the requi-
site revenue by taxation. 1t Is entirely
WnrShy nf Dar,aa&ratsn arH ID
ministration that, instead of enacting o
tariff for revenue enacts one for deficit,
and 10 bond-issuing and money.borrow-
ing instead of revenue-raising govern
ment. To borrow money by the sale Of
bonds on the market Is at least an honest
and business-like method. To issue $751;
100000 Of fiat money is q forced loan,
vicious, pernicious finance that il only
excusable as a military necessity.
There is no Disgusting the fact that Sec
rotary Carlisle's financial administration
has been contemptibly weak from the
start He favored deficiency instead of
q revenue tariff: and then met this UNI
necessary emergency by borrowing, and
today advocates this Bland fiat money
bill, whose clear purpose is an inexcusa-
bic, unnecessary, unwarrantable, dishon-
est imitation of our present enormous
volume of paper money. This language
correctly describes q bill which provides
that the treasury shall Immediately issue
silver certificates to the amount of $55. 1885,
ISL. which Is declared TO be the amount of
seignIorage If all the silver bullion were
coined. These certificates are made imme-
diately available for current expenses, and
the seignlorage which they are claimed to
represent Is to be coined and held for their
redemption.
Let il not be forgotten that while the
silver bullion In the treasury cost the gov
eminent sl26, Us, $50. its coinage value is
$751;. Oh. o5i. the difference being the
segniorege which IL is now proposed to
turn into cash; that the market value of
this bullion is only $o7. o0o. 900: that paper
money has already been issued represent
ing the whole amount of silver bullion
and exceeding its real value by over s5s.-
600. 900.
John Sherman points ont that against
every ounce of this bullion as il was
bought there already stands its paper
representative; that the Bland scheme of
putting forth more paper on the same
basis is to use the same pledge twice over.
For the t56. GO, 900 of silver certificates
proposed TO be issued under this bill not a
dollar of silver has been deposited. The
new certificates declaring that for every
one n silver dollar had been deposited
would proclaim falsehood.
On these grounds John Sherman from
the beginning has pronounced this meas
IRE indefensible. as II involves the crea-
ton OF. S., 00o.ooo of fat money without
basis and without warrant.