The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1894-03-30

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the equal power of every dollar. ct ell
times, in the markets and In the pay
ment OF debts
The secretary Of the treasury has
therefore, for the best reasons, not only
complied with every demand for the re-
demption of these treasury notes in gold.
but the present situation. as well as the
letter and spirit OF the law, appear
plainly to justify, il they do not enjoin
upon him. . continuation OF such re-
demption.
Conditions SUNNI srixed.
The conditions | have endeavored to
present may be 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, in
such dollars, the treasury notes issued
for the purchase Of said silver bullion.
and enough besides to coin, 10 gain or
seigniorage, SIS, 1876. esl additional stand
ard silver dollars.
Second-There are outstanding and
now in circulation treasury notes issued
in payment OF the bullion purchased
amounting to s152. 9s1 $50. These notes
are legal tender in payment OF
all debts, public and private,
except when otherwise expressly
stipulated; they are receivable for cus
toms. taxes and all public dues; when
held by banking associations they may
DO counted as part of their lawful re-
serves, and they are redeemed by the
government in gold, nc the option OF the
holders. These advantageous attributes
were deliberately attached to these notes
at the time Of their Issue, they are fully
understood by our people to whom such
notes have been distributed as currency,
and have inspired confidence In their
safety and value, and have undoubtedly
thus induced their continued and con-
tented use a money, instead OF anxiety
for their redemption.
speeiac Statement Of Objections.
Having referred to some incidents
which / deem relevant to the subject, il
remains for me to submit O specific
statement of my objections to the bill
now under consideration. This bill
consists Of two sections, excluding one
which merely appropriates Q sam sufi-
cient TO carry the act into effect. The
first section provides for the immediate
coinage of the silver bullion In the
treasury which represents the so-called
gain or seigniorage, which would arise
from the coming Of all the bullion on
hmnd wNyhSmh nuSw nm anS~ns~an~m &hSm
section declares TO be $55, 158, 6S1. It
directs that the money 30 coined, or the
certificates issued thereon, shall be used
in the payment OF public expenditures.
and provides that If the needs Of the
treasury demand it the secretary OF the
treasury may i'm his discretion issue
silver certificates in excess Of such coin-
ago not exceeding the amount of
s~eigniorage In Subtraction authorized 20
be coined.
The second section directs that as
az possible after the coinage OF this
seigniorage the remainder of the bullion
held by the government shall be coined
into legal tender standard silver dollars,
and that they shall be held in the treas.
ury for the redemption OF the treasury
notes issued in the purchase of said bull.
lion. II provides that as fast as the bul-
lion shall be coined for the redemption
Of said notes they shall not be reissued,
but shall be cancelled and destroyed in
amounts equal to the coin held at any
time in the treasury derived from the
coinage provided for. and that silver
certificates shall be issued on such
coin in the now provided by
law. 1t 10, however, especially declared
in said section, that the act shall not be
construed to change existing laws relat.
ing to the legal tender character OF
mode of redemption OF the treasury
notes issued FOR the purchase OF the sill
yer bullion TO be coined. Tho entire
billis
Mo~t Unfortunately Constructed.
Nearly every sentence presents uncer
tainty and invites controversy al to III
meaning and intent; the FIRST section i
especially faulty in this respect, and i
ia extremely doubtful whether its Ian
guage will permit the contamination d
it supposed purposes.
More Power tn the Secretary.
After some further argument TO show
that the depletion Of gold in the treas
ury would naturally follow the final en-
actment and operation Of the law, tn
president concludes:
This leads me to earnestly present TIL
desirability Of granting to the secretar,
of the treasury D better power than nov
exists TO issue bonds to protect our gol,
reserve when for any reason II shout,
be necessary. Our currency is In sue
d confused condition and q financial
affairs are apt to assume at any time .
critical position that it seems to m
such o course is dictated by ordinar,
prudence.
] am not insensible TO the argument
In favor OF coming the seignioraqe silve
bullion now in the treasury, and / b
lieve II could be done safely and wit
advantage IL the secretary Of the tres
sury had the power to issue bonds at
low rate Of interest under authority i
substitution of that now existing, IN
better suited to the protection of ii
treasury.
! hope o way win present itself Ia III
II