The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-02-13

Nr. BlhnuS Latest scheme.
In the bill which no got through his
committee Mr.. Bland proposes to coin
and use tho silver seiGnioraGe in the
troasury. The treasury needs money
for the current expenses OF tho govern
ment and Mr. Bland asks Congress to
provide it in this way. What Mr.. Bland
and his committee propose to turn into
silver dollars is the supposed profit the
government would make on the silver
bullion it owns ii that were coined.
Since no has been made to understand
that this delusive profit cannot be said
to exist until the bullion has been
coined, Mr.. Bland has agreed to offer at
some stage Of tho discussion an amend
ment to his bill providing that tho
profit shall not BIO coined until tho sill
yer out of which it is to come shall
have been coined.
In other words, tho profit is not to DO
taken until it has been earned; which
is good deal OF q concession from Mr..
Bland TO tho side OF tho question which
is supported by business practice, good
morals and the decision of the attorney
general. Even this modification of the
original proposition leaves it still dis.
honest measure iraught with great dan
ger to the country.
Under tho Sherman act the treasury
has purchased in round numbers lG9,-
100000 ounces OF silver costing Sl65, OOO.-
900. Under the law the treasury notes
outstanding shall represent "tho cost OF
the silver bullion and the standard
silver dollars coined therefrom and
held in tho treasury for the purpose OF
tho redemption OF such notes." The
issue has been l55,0OO,000. and these
notes with the exception OF $1,000, 900
are outstanding
The l40,000.0O0 ounces OF silver bull
ion and the silver dollars in the treas
ury coined unuer the act OF 1890 are
there to redeem tho treasury notes
which they represent. The treasury
holds in trust the bullion and the dol
lars and cannot use either without do
ing something that would send an indi-
vidual trustee to tho peniIentiary. The
Bland proposition is to take from the
bullion enough to coin So. 100000, about
100000 ounces, and devote it TO the
ordinary uses OF the government This
would leave the redemption fund ut
least S300O0.0O0 short of tho laws re-
quiremcns, and every dollar OF it would
represent dollar unlawiulIy taken bv
the trustee and appropriated to his own
use.
Ono does not have to be skilled in
finance to get hold OF the moral cues.
ton involved in this immora! scheme.
Tho bullion and the dollars in the
treasury held under the act OF 1890 be-
( long TO the holders OF the notes issued
against them under that act.
It is not to DO supposed ior momen,
that Congress can take up with this
dishonest dodge without striking the
public credit Il blow. It is inconcciy-
able that it could be done without pro.
ducing \ tremendous monetary commo.
ton that would not be recovered from
30 easily rs that oil last summer, when
cheeks were bIanched that have hardly
yet got back their color.
There is another view OF tho question
which cannot, OF course, be exnected to
have any weight with Mr.. Bland and
others who take no stock in intrinsic
vRlue and look only to tho government
stamp. At tho present market price OF
silver the bullion that would so.iato
Mr.. Blani's 55,O0O,0O0 dishonest dollars
can be bought for $25,OOO,oOo, and every
disc stamped one dollar would be worth
Z fraction less than forty-eiyht cents.
The dollars already coined have lust
this intrinsic value. They buy hundred
cents worth because you can take them
to tho treasury and get gold dollars ior
them. The moment this exchange be.
comes impossible tho standard silver
dollar will pass at its bullion value and
no more, ana there will be crash such
as this generation has not seon.
An infinitely more homes. scheme
would be to Issue straight fat paper
dollars, Tor however inexpedient their
issue might be there would DO no pre-.