Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1894-04-05

rea1alhuer OF the bullion 49,,
silva shail De coined into legal ~ the govern
as, uoiars' and thatthey Shall m standard
notes issued in redemption of the tra IN the
PROVIDES that as fast as tba OF said bullion
shall NOT no 70 exemption of said nota 'it De
and destroyed in but shall be canc sheX
oo;s Iilne IN the treasury DEUS coln.held
shall he Tor, and that silver rom the
De issued on such coin in tha certificates
provided by law. 1t is. how M ahe manner now
~, SAID section that the oot de-
the 1aesI 20 change existing laws sra not be
ton Of the treasnr aracter or mode OF redemn.
The anr; 'i h.,1r Dulllon to be coined Po1
structed MI. vi is most unfortunatelv oon
certainty and nyit every sentence presents un
fng1t an9 intent The first section is .n mean
doubtful wh ns respect and it is extremely
contamination of its supposed nm mrra permit the
hi, am IN led to believe that the nromot es.
coinage of the bu 1hIS section to provide for the
SIorage as 1T is called into standard I'll ii VI
sact;n' u yet tnere is positively nothing in tho
ton Of s ST Its coinage into any descrip
;haola.lS law. suppose this section was aIso
imienaed IN case the needs of the nas a,so
bullion 'of cd money faster than the seignorage
permit the issue Of silver co onrtfa 10
-! ~ advance of such co,na@a. h .ot
of sncb ua a would seem to permit the issuance
nj thn
seisniorage as stated, one half OF which would
NJ i5plesent an ounce of silver in the treasury
vaonad upon this section in the Congress de-
ooiOPeu an earnest and positive difference Of
OPINION as to its object and meanino ", an.
en eve, am clear that the present perplexities
traa o,a1 OF the secretary of the
tain and confused ~" 0o uiio0i-
81 am not willing. however, to rest nv objection
10 inns secuon solely on these grounds: in nv
luugment sound finance does not commend =
this EN- INFUSION OF silver into currency at
tnls time, unaccompanied by further adeouate
provision Tor the maintenance in our treasury of
a safe gold reserve. -
Doubts also arise as to the meaning and con-
structlon OF the second section of the Hill IF
the silver dollars therein directed to be coined
are, as the section provides, to be held in the
is suggested that, strictly speaking certificates
cannot be issued on such coin ''in the manner
nov now provided by law because these dollars
are money held in the treasury for the
express purpose of redeeming treasury
notes on demand, which would ordinarily
mean that they were set apart for the
purpose OF substituting them for these treasury
notes. They are not, therefore, heldlin such a
way as to furnish basis for certificates accord
ing to any provision of existing law. Ii, how
ever silver certificates can properly be issued
upon these dollars there is nothing in the sec
ton to indicate the characteristics and func-
tions of these certificates If they were to be
OF the same character as silver certificates in
circulation under existing laws they would at
best be receivable only for customs, taxes and
all puDllC uueS, ana unQer language OF this
section it is to say the least, extremely doubtful
whether the certificates it contemplated would
be lawfully received even for such purposes.
Whatever else may be said OF the uncertainties
of expression in this bill, they certainly ought
not to be found in legislation affecting subjects
so important and far reaching our finances
portant reasons for my disapproval of this sec
ton, l shall, however, assume that under it's
provisions the treasury notes issued in payment
for silver bullion will continue to be redeemed
a heretofore gold q of no
holders, and that if, when they presented for
redemption or reach the treasury in any other
coined silver dollars equal in nominal
value to such treasury notes, then and in that
case the notes will be destroyed and silver GER
tifcates to an equal amount substituted. I am
convinced that this scheme is ill advised and
dangerous AS an ultimate result of its opera
ton treasury notes, which are legal tender for
deemable in gold or silver at the option OF the
holder. will be replaced by silver certificates
which, whatever may be their character and in
scription. will have none OF these qualities In
anticipation OF this result and as an i'm
mediate effect, the treasury notes will
naturally appreciate in value and desirability.
The fact that gold can be realized upon them,
and the further fact that their destruction has
been decreed when they reach the treasury,
must tend to their wlthdrawaa IRON general era
redemption or to be boarded for presentation at
q more convenient season. The sequel of both
operations will be large addition to the silver
reduction of gold in the treasury. The arg1-
ment has been made that these things will not
occur at once because a long time must elapse
before the coinage of anything but the seignior-
age can be entered upon. II the physical effects
of the execution OF the second section OF this bill
are not to be realized until tar in the future. this
nav furnish a strong reason why it should not
be passed SO much in advance; but the postpone
ment of its actual operation cannot prevent the
fear and loss of confidence and nervous prostra-
ton which would Immediately folloWlts passage
and bring about its worst consequences.
| regard this section of the bill as emDodylng
a. plan by which the government will be obliged
to pay out it's scanty store of gold for no other
purpose than to force an unnatural addition OF
silver money into the hands Of our people. rms
is an exact reversal of the policy which safe
finance dictates, if we are to preserve parity
between gold and silver and maintain senslole
bi-metallism. 5000 ooo
OJO in silver certificates issued under existing
laws They are serving the purpose OF money
usefully and without question. oar gold re-
serve amounting to only little more than
S1no COO COO is directly charged with the redemp-
ton of 1916 900 900 of United states notes When
it is proposed to initiate our silver currency IL IS
a time for strengthening our gold reserve m
stead OF depicting it, l cannot CONCEIVE OF Il
longer step toward silver moromefalllsm than
we take when we spend our golo 60 cuy sllIef I
certificates for circulation especially IN NleWoI
the practical difficulties surrounding the re-
plenishment of our gold.
This leads me TO earnestly present tue oesllt-
hility of granting to the secretary OF the treas
,,ry q .better power than now exists 10 issue
bonds to protect our gold reserve When lor any
reason it should be necessary. our cuIiencs -
in such a confused condition. and our hnanclaI
affairs are apt to assume tany time SO critical
position that it seems to be such COURSE -
dictated by ordinary prudence. =, favor
am not insensible to the arguments In iat -, ~
of coming the bullion seigniora,ge now IN f ine
treasury, and believe it could be zone saiels
end with advantage if the secretary OF the
had oG on st
at hot now existing and better suited to the
projection of the treasury ,.. ~ moor
hope way will present Itself IN ahu lle az
future for the adjustment OF our monetary ai
fa;rs in such comprehensive and conservative
manner as will afford to silver its proper as
in orr currency but in the meantime l am e IA
to,nnly solictous that whatever action we saAe
subject may be suen bessie aS 20 1t home and
an destructiOn of confidence i'll our 1llialicia
, .,e lament abroad GROVER CLEVELAND
ExECuTIyE MANSION, March y, le9i.
cuED BY THE ST. PAUL.