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

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h"Ht hFa~tDs Ins~rv.s "a t..ta.--ra
: iaii tsst "T thr uv..ASv.
!. /" IN" House Of Representative:
.c / rr'asu without nav approval
House bali nam hrr.d 1855. entitled
An act directing the coinage Of the
SILVER bullion held il the rreasur,
"nd -or other purTu~es."
Ny strong desire t. avoid disarr.e.
mvut With those IA both uotfs.. ,r
Congress Who have supported th,.
! hl1i, w"uld lead me to approve i i
could believe that THE publc good
would hot toe thereby endangered
aud that such action on nv uart
would be a proper discharge of nv
"ihciaI duty. lnasmnch. however.
a. ! Hm unable 10 satisfy myself that
the proposed legislation j. either wise
or oppor'un". my conceptions of the
Obligations aud sponsibiiitles At.
J tachcd 10 the great Office | hold for
: bids the indulgence OF my personal
desire, and lprNorahlv confines M.
TO that course which Is dictated hy
my reason and judgment, and point
ed out by sincere purpose to pro
tect aud promote the general lutcf-
ests of our people.
The financial disturbance which
swept over the county during the
past year was unparalleled in it's
severity and disastrous CO sruuen-
ccs. There seemed TO be almost an
entire displacement Of faith m our
financial ability and loss of conf
dence IN our fiscal policy. Among
those who attemrted to assign causes
Tor our distress II wts very generally
conceded that the operation of a
provision of law then IN force which
required the government TO purchase
monthly large amount of silver
bullion and issue lis notes in pay
ment therefor, was entirely, or 10 a
large extent, responsible for our con
dIron. This led to the repeal, on the
first day of November, 1893, of this
statutory provision. We bad, how
ever, fallen So low in the depths of
depression, and timidity and arprc-
I hcnsIon had so completely gained
! control III financial circles, that our
rapid recupcratIon could not Toe rca-
/ sonably expected. Our recovery has.
nevertheless, steadily progressed.
and though less than five months
have elapsed since the repeal of tho
mlSchIcvous silver purchase REQUIRE
ment, IA wholesale Improvement ia
Enthusiastically apparent. Confidence
~ our absolute soivency * to such
an extent relnstated and faIth in our
disposition to adhere 20 sound finan-
clal methods is so far restored. ns TO
/ produce the most encouraging re-
suits both at home and abroad. The
wheels of domestic industry have
been slowly set IN motion aud the
tide OF foIuIgu investment has again
started in our direction.
Our recovery being 50 we'll under
way, nothing should be done to check
our cunvalc-ccncc nor should We
forget that relapse at tins time
would almost surely reduce us 10 II
lower stage Of financial distress than
that from which we are Just emtrg-
ing.
! believe that If the bill under con
slderation should become "A law If
would be regarded as rctrogression
from the financial intentions indica-
ted by our recent repeal Of the pro
vision forcing Sil Ser bullion pur-
chases, that II would weaken, if il did
not destroy, returning faith and con
tidcnce in our sound financial tend
encIcs, and that rs "a consequence
our progress 10 renewed business
health would be unfortunately
checked aud return to our recent
distressing plight seriously threat
encd.
This proposed legislation is related
to the currency conditions growing
out Of the law compelling the pur-
chase of silver by the government
that glance at such conditions aud
u partial review Of the law referred
to may not be unpr0fitable.
Between the l4th day Of August.
1890, when the law became opera
tive, aud the lst day OF November,
1893, when the clause il contained
directing the purchase of silver was
repealed, there were purchased by
the Secretary Of the Treasury more
than lGS, 900, 900 ounc es OF silvel bull
lion. In payment for this bullion
the government issued its Treasury
notes of various denominations.
amounting TO nearly lJG ,00O, 900 Of
dollars, which notes were Immediate
ly added to the currency in circula-
tlon among our people. Such notes
were by the law made legal tender
IN payment Of all debts, public and
private, except when otherwise ex-
pressly stipulated, and were made
receivable for customs, taxes, and
all public dues, and when so received
might be re-issued. They were also
permitted 10 he held by banking as
sOclatlOns as a part OF their lawful
reserves. On the demand of the
holders these Treasury notes were to
be redeemed in gold oi silver coin in
the discretion Of the Secretary Of the
Treasury but il was declared as u
part of this redemption provision
that 1t was 1.-The established policy
of the United States 10 MAINTAIN the
two metals on parity with each
other upon the present legal ratio or
such ratio az may be provided by
law" The money coined from such
bullion was to be standard SILVER dol
lars, and after directing the immedi-
ate coiuage Of little less than D.
100000 ounces, the law provided that
as much of the remaining bullion
should thereafter be coined as might
be necessary to proviae for the re-
demption Of the Treasury notes Is
sued on its purchase and that "any
gain or seiguioragc ari sing from such
coinage s1all he accounted for and
paid into the Trea sury." This gain
or seigniorage evidently indicates so
much of the bullion owned by the
government as should remain after
using sufficient amount to coin as
many standard silver dollars as
should equal in number the dollars
represented by the Treasury notes