Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-03-30


ing the Bland seigniorage bin:
10 nc House Of Representatives:
return without my approval House
Bill No. 1896
My strong desire to avoid disagree
ment With those 10 both Houses Of Con-
gress who have supported this bill
would lead me to approve it If I could
believe that the public good would not
be thereby endangered, and that such
action on my part would be a proper
discharge Of Official duty.
The financial disturbance which swept
over the country during the last year
was unparalleled in its severity and dis
astrous consequences. It was very gen
orally conceded that the operation or a
law which required the government 70
purchase monthly a large amount Of
silver and issue notes in payment was 20
large extent responsible. This led TO
the repeal Of this statute. Our recovery
HAS STEADILY PROGRESSED,
and though less than FIVE months have
elapsed, a wholesome improvement is
Enthusiastically apparent. Confidence is
30 far restored as 20 produce most en-
couragIng results both at home and
abroad
The wheels Of domestic industry have
been SET in motion aud the tide OF for
sign investment is again TO our direc-
lion.
Our recovery being so weil'under way
nothing should be done 90 check our
,0nvalescence, nor should we forget
that a relapse 40 this time would almost
surely reduce us 60 lower stage OF
financial distress than that from which
Ee ere just emerging.
believe that is this b.l should be.
come law It would be- retrogresSiOn
and that 10 would weaken or destroy re-
turning confidence and that our prog
rsss would be unfortunately checked
and return Co our recent distressing
plight seriously threatened.
This proposed legislation is so related
30 the currency conditions that a partial
review may not be Improbable.
Between the fourteenth day of Au-
gust. 1890, when the silver purchase
law became operative, and the first day
OF Novem Der 1893, when 10 was repealed.
there were purchased by the Secretary
OF the Treasury los. 600, 600 ounces OF
silver bullion. Iu payment o. this the
government issued treasury notes for
Sl56, 600, 600 which were added 20 the
currency iD circulation. Such notes
were made legal tender, except when
otherwise expressly stipulated. Ga de-
maud OF the holders these notes we're to
be
REDEEMED rs GOLD OR SILVER,
~butit was declared as "a part Of this re-
demption provision that 10 was 'the
established policy OF the United States
90 maintain the two metals on parity
with each other upon the present legal
ratio, or such ratio as may be provided
by law" The money coined from such
bullion was 90 be standard silver dollars,
aud after directing the immediate coin
age of q little less than tweRty-eight
million ounces, the law provided that as
much of the remaining bullion should
be thereafter coined as might be neces-
the treasury notes issued on it's Uur-
chase, aud that "aDy gain or Seigni0rage
arising from such coinage shall be aC-
counted for and paid into the treasury
This gain, or seIgUi0rage, evidently tn-
dicates so much Of the bullion owned by
the government as should remain after
using a suffcien' amount TO coin as
many standard silver dol airs as should
equal in number the dollars repI esentet
by the treasuary notes issued iu pay
ment OF the entire quantity OF bullion.
These treasury notes now outstanding
and flo circulation amount Co Sl52, 95l,-
ESQ, and although there has been small
amount OF this bullion coined yet the so
called gain or Seigni0rage as above de-
fined, which would arise FROM the coin
age OF the entire mass, has been aSCer-
tanned 90 be 50, 165, 6sl silver dollars.
Considering the present intrinsic rela-
tions between gold and silver, the main
tenance of the parity between the TWO
metals as mentioned in this law can
mem nothing less than the maintenance
Of such parity In the estimation and
confidence of the
PEOPLE WHO USE OUR MONEY
m their daily transactions. Mauifestly
the maintenance of this parity can only
be accomplished, so far as 10 is affected
bv. these treasury notes, and in the esti-
nation OF the holders Of the same, by
rivinQ. 10 such holders, on their redemp-
tion. the coin, whether 10 is gold or Sil-
YER. which they prefer. TO follows that
while in terms the law leaves the choice
Of coin 20 be paid on such redemption 90
the Secretary Of the Treasury, this dis
erection, IL opposed 20 the demands of
tbe holder, is entirely incOnsiStentiwith
the maintenance Of the parity between
the two metals, 10 both gold aud silver
are 90 serve as as money, and u they TO-
gether are 90 supply 20 our people safe
and stable currency the necessity OF
preserving this parity is obvious. 10 is
more emphatically recognized 10 the
recent law which repealed the pro-
vision under which the bullion now Ou
mad was purchased. This law insists
anon the maintenance OF the parity in
value of the coins OF the two metals and
the equal power OF every dollar at an
times Go the markets and in the pay
ment Of debts
The Secretary Of the Treasury has
Tor the best of reasons not only COM
piled with every demand for the re-
5emption of these treasury notes To-
sold. but the present situation as well
~ the letter and spirit OF law appear
plainly TO justify 10 they do not enjoin
upon him a continuation of suCh re-
demption.
The conditions I have endeavored TO