Mexico weekly ledger. (Mexico, Mo.) 1855-1956, 1894-04-05

recent law which repealed the pro-
vision under which the bullion now
on hand was purchased. This law
insists upon the 'maintenance of the
parity in value of the coins of the
two metals and the equal power of
every dollar, at all times in the
markets and in the payment OF
debts"
The Secretary of the Treasury has,
therefore, for the best of reasons, not
only complied with every demand
for the redemption of these Treasury
notes in gold, but the present situa-
ton, as well as the letter and spirit
of the law, appear plainly to justify,
il they do not enjoin, upon him a
continuation of such redemption.
The conditions | have endeavored to
present may be thus summarized:
CONDITIONS SUMMARIZED.
/, The Government has parchas-
ed 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, as gain or seigniorage, $55,-
l56, ,6S1 additional standard silver
dollars.
=. There are outstanding and
now in circulation treasury notes
issued in payment Of the bullion
purchased amounting to 1852, ,951 >
$50. These notes are legal tender in
payment of all debts, public and
private, except when otherwise ex-
pressly stipulated. They are receiv-
able for customs, taxes and all
public dues. When held by banking
associations they may be counted as
part of their lawfal reserves and they
are redeemed by the Government in
gold at 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 distrib-
uted as currency, and have inspired
confidence in their safety and value,
and have undoubtedly thus induced
their continued and contented use as
money, instead of anxiety for their
redemption.
Having referred to some incidents
which l deem relevant to the subject,
it remains for me to submit a specific
statement Of my objections to the
bill now under consideration.
SPECIFIC OBJECTIONS.
This bill consists of two sections,
excluding one which merely appro-
PIRATES sum sufficient 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 coinage of all the bullion
on hand, which gain or seigniorage
this section declares to be $55, 1885,.
6S1. 1t directs that the money SO
coined, or the certificates issued
thereon, shall be used in payment oi
public expenditures, and provides
that if the needs of the Treasury
demand it, the Secretary of the
Treasury may, in his discretion
issue silver certificates in excess oi
such coinage not exceeding the
amoun: of seigniorage in said sec,
ton authorized to be coined.
The second section directs that as
soon as 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 treasury for the
redemption of the treasury notes
issued in the purchase of said bull.
lion. Itprovides that as fast as the
bullion shall be coined for the re-
demption of said notes, they shall
not be reissued, but shall be cancel.
ed and destroyed in amounts equal
to the coin held at any time in the
treasury derived from the coinage
provided for, and that silver certifi
Gates shall be issued on such coin ir
the manner now provided by law
1t is, however, especially declared ir
said election that the act shall not be
construed, to change existing laws
relating to the legal tender character
Or mode of redemption of the treasury
notes issued for the purchase of the
silver bullion to be coined.
UNFORTUNATELY CONSTRUCTED.
The entire bill is most upfortun
ately constructed. Nearly every
sentence presents uncertainty ant
invite controversy as to its meaning
and intent. The first section II
especially faulty in this respect ane
it is extremely doubtful whether it
language will permit the consumma
ton of its supposed purposes.
| | am led to believe that the pro
tectors Of the bill intended in thi
section to provide for the coinage Q
the bullion constituting the gain-o
Iseigniorage, as it is called-int
standard silver dollars land yet ther
lis positively nothing in the sectiol
to prevent its coinage into any de
SJI 5!TII:,