The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-03-29

constructed Nearly every sentence pre-
sents uncertainty and invites controversy
as 70 its meaning and intent Ihe first
section is especially faulty In this respect
and it is extremely doubtful whether its
language VIII permit the contamination
of its supposed purposes
81 ana led To believe that the promoters
Of the bin intended in this section to
provide for the coinage Of the bullion
constituting the gain. or selgnlorage, G, as
It Is called, into standard silver dollars.
and yet there is positively nothing in the
section 70 prevent its coinage into any
description Of silver coins now author
led under any existing law.
..i suppose this section was also in-
tended, in case the bids Of the treasury
called for money faster than the seign-
forage bullion could actually be coined,
to permit the Issuance OF silver certln-
Gates i'm advance of such coinage; but its
language would seem to permit the issu-
ance of such certificates TO double the
amount of seigni0rage as stated, one
half Of which would not represent an
ounce of silver in the treasury.
"Ihe debate upon this section in the
congress developed an earnest and posi-
tive difference of opinion as to fits object
that the present perple1ities and mbar-
rasaments of the secretary Of the treas
my ought not TO lie augmented by de-.
volving upon him the execution of a law
SO uncertain and confused.
II am not willing. however, to rest my
objection to this section solely on these
grounds. In my judgment sound finance
does not commend further Infusion of
silver into our currency at this tIme un-
accompanied by further adequate provi-
sions for the maintenance Of our treasury
for a safe gold reserve.
Faulty Construction or the BIlI
Doubts also arise as to the meaning
and construction Of the second section Of
the bill If the silver dollars therein
directed to be coined are, as the section
provides, to be held in the treasury for
the redemption of treasury notes, 1t Is
suggested THAT strictly speaking certif-
Gates cannot be issued on such coin, in
the manner provided by law. because
these dollars are money held in the
treasury for the express purpose of re-
which would ordinarily mean that they
We're set apart for the purpose 9f SUBJ
stItutlng them for these treasury notes.
They are hot. therefore. held in such
q way as to furnish a basis for certih-
Gates according TO any provision of eX-
Gates can properly be issued upon these
dollars, there is nothing in the section to
indicate the characteristics and func-
tIons of these certificates.
"If they were to be Of the same char
acter as silver certificates In circulation.
be receivable only for customs, taxes, and
all public dues; and under the language Of
this section, it is to say the least. ex-
Iremely doubtful whether lie certificates
II eontem lated FoaId ba lawfully re-
celved even for such purposes
-NN hatever else may be said IF the mn
certalntes of expression in this l.they
certainly ought not to be found in leuis-
laliou affecting subjects so important
and far reaching as our finances and
currency.
sin stating other and more important
reasons for my disapproval of this sec
uon, shall. however, assume that under
these provisions the treasury notes is
sued in payment lor silver bullion viii
continue " Pr redeemed, as heretofore,
in silver On gold at tile option 0f the
holders and that II. when they are pre-
sented for redemption, on reach the treas
ury in amy manner. there are I'D the
treasury coined silver dollars equal in
nominal value to such treasury notes
and in that case, the notes viii be de-
str0yed and silver certificates to an equal
amount be substituted
~ am convinced that this scheme is
ll-advised and dangerous. AS an ulti-
mate result Of its operation treasury
notes, where legal tender for all debts
public and private, and which Are re-
deemable ia gold or silver at the option
ot the holder viii be replaced by silver
certificates, which whatever may be
their character and inscriptions Will have
none of these qualities in anticipation Of
this result and as an Immediate effect.
SIN effect the treasury notes Will natur-
ally appreciate in value and desirabilitv
The fact that gold can be realized upon
them and the further fact that their de-
struction has been decided when they
reach the treasury must tend to the with
draWal from general circulation to be
Immediately presented for gold redemp-
rsrf fr tr ft4s Fl.s.
a more convenient season.
~Ahe sequel Of both operations viii be
2 large addition 70 the silver currency IT'D
our circulation and d c0rrespondina re-
duc,ion of gold in the treasury
.Ihe argument has been made that
these things VIII not occur at once be-
cause long time must elapse before fhe
coinage of anything but the sefgniorare
can be entered upon.
.-If the physical effects Of the execu-
ton OF the second section of this bin are
not TO be realized under far In the Future
this may furnish a strong reason why Ii
should not be passed so much IN advance;
but the postp0nement 0f its actual orer-
alton cannot prevent the fear and loss of
confidence and nervous prCstrati0n which
woul0 Immediately follow its passage
and bring about its worst cOnseruanres
II regard this section of the bill as
embodylng plan by which the
government viii be obliged to pay
out It's scanty store of cold
for no other purpose than to force
an unnatural addition of silver money
into the hands Of our people This is an
finance dictates. If we are to preserve
parity between gold and silver and main
tain sensible bfmetaIlism
-.ANe have now outstanding more than
three hundred and thirty y-eight millions
Of dollars In silver certificates issued un-
l4n