The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-03-30


yent It's cciaaes into sny description OF
silver coins nov ssshorixed undsr any ex-
listing saw. supposs this section 10 afso
tuten1ed. in case the needs Of the tfeasufy
called for money faster than tie sssznSoss
oRs buiIfou covid actually b COINED. 70
permit the issus Of silver csstsAeaks
ID advances Of such coina<s. bus ~ isn-
euags would ssesn 20 res0i: the issuaace
0f such certificates 10 double the amount
81 the seignsorsgs - stated. ons-hah o.
which wonid not represent % 0uncs OF
silver In the treasury. The eenats poo
ehis section Ia congress deytIcred IN
oaxnsss and positive dsfssrencs Of opinion
. 70 iss obtscs and meaning In any
ovsns Is 10 clear that the present. perpsexs-
eses and embarrassment ct the secretary
81 the treasury ought not b augmented oy
devoivfnR upon htrs the executson OF
Law 90 uncertain and confused. l ara Dos
NtllsrR however. 10 rest nay co5scstnns 70
this section solely on tssese grounds. In
my iudrsnens sound Enancs does NOS
ecmsnsnd tbs further infusion OF silver
into our eurreeey 1t this time, unscco1-
ranied by inrsher adequate provision tor
The mainsenancs In our treasury Of safe
9oId reserve. Doubts aseo arse - 70 the
meaning and construction Of tbs second
esction Of the ball. Ii tho silver dollars
thersin directed 70 b coined are, ~ the
section provides, 20 b held in the treasury
for the redemption Of treasury notes,
Il 10 suggested thai. strictly speak.
ing. certificates cannot Be sssues.
on such corn in the manner now provided
by lay. because these dollars are money
hsid Ia shs treasury ios the exprsss pur-
poee Of redse ming treasury notes on de-
msnd. which would ordinarily mean that
they are NOT set apart for the purpose Oh
Substituting them for these treasury notes
They are not, therefore, held In such
way - 10 furnish . basis for certificates
seeofdins 70 any prov'sson Of sns ss.s.
can properly BE- issued upon these dollars.
there In nothing in the section 10 indicate
the characteristics and functions Of thess
certificates. il they were 10 b Of the same
character ~ the silver certificates In cireu-
lsssou under existing laws they would ~
bsst be receivable only for customs. taxes
and ali public dues. and under the lam
gusge OF this section IL 10. 10 say the least,
extremely doubtful whether tbs certifi-
Gates it contsmpIasss could bs lawfully re-
estvsd for such purposes. Whstsver else
may be said OF the uncertainties OF sxpfes-
sion In this bill. they certainly ought not
20 b found In the legislation affecting n
subject 30 important aud far reaching as
our finances and currency. In stating
other and more important reasons for my
6isapprovsi Of this section l ahaii,
vislons the treasury notes issued in
payment for SILVER bullion would
continue 70 be redeemed ~ heretofore IN
SILVER or gold at the option Of the holder.
and that IL when they are presented for
redemption or reach the treasury In any
other manner there are I'm the treasury
coined silver dollars equal In nominal
value 90 such treasury notes. Then. and
In thsf case. the notes will be destroyed
and silver certificates TO IN equal amount
substituted. l am convinced that this
scheme 10 iii-ad vised and dangerous. As
IN ultimate result OF Its operation treas
ury notes, which are legal tender for ali
debts. public and private. and which are
yedeemabie in gold or silver ut the option
Of the holder. will be replaced by silver
certificates, which, whatever may be their
character and description. will have mono
OF these qualities. In anticipation Of this
result, and ~ sn immediate effect, treas
ury notes will naturally appreciate in
vaius and dssirabiIity. The fact that gold
can be realized upon them. and the further
fact that their destruction has been de-
creed when they reach the treasury. must
tend TO their withdrawal from general cir
ssntsd for gold redemption or TO
b. boarded for presentation at .
moro convenient season. The sequel of
both operations would be large addition
20 the silver currency in our circulation
and corresponding reduction Of the gold
in the treasury. The argument has been
made that these things will not occur at
once, bscauss . long time must slapss be-
fore the coinage OF anything bat the seign-
forage can b entered upon. II tho phys
ical effects OF the execution OF the second
ssction Of this blu are not TO he realized
until far In the future, this furnishes q
strong reason why IL should not bs passed
% much In advance, but postponsmsnt of
Its actual operation cannot prevent the
fear and less Of confidence aud nervous
prostration which would Immediately fol-
low its passage and bring about its worst
consequences regard this sec,ion of the
bill ~ smbodying . plan by which the gov.
eminent would be obliged TO pay out its
stors OF gold for no other purpose than 20
force an unnatural addition of silver money
into the hands Of the people This is an
exact reversal Of the policy which safe
finance dictates IL We are to preserve a
parity between gold and silver. and main
tain 4 sensible hi-mstailisfn. We have
row outstanding more than $s3s. o0o, 0ou In
silver certificates Issued under existing
laws. They are serving the purpose oi
money, and without question. Our gold
reserve. amounting TO only little more
than tI0o. ooo, 900. 10 directly charged with
the redemption OF sst6 ooo,oO Of United
eta,es notes. vet II Is proposed 10 initiate
our silver currency ~ time for siren Il n.
ening our gold reserve instead of depict
ing IL.
II cannot conceive Of longer step to
ward silver mono-mctalsism than we TAX
when We spend our gold 80 bur silver GER
tincatts Tor circulation, especially In vie
OF the practical difficulties. surrounding
the replenlshment OF eur gold. This leads
ma 10 earnestly present the desirabIlitv
of granting The secretary OF the treasury
better power than now exists te
issue bonds to protect cur gold reservs
when for any reason 10 should he ueces
sary. Our currency is in such a confused
condition and our financial affairs apt &
assume at any time so critical position
that 1t seems To me sneh n course il die
tssed by ordinary prudence. | am not in
sensible TO the arguments in favor @: coin
ing tho bullion seigniorsga nos in tn,
treasury. and | believe IL could he don.
safely and with advantage Il the secrefar,
Of the treasury bad power 20 issue bond
at low rate Of Interest under authority
tn substitution of that nov existing ana
better suited 10 the protection Of the treas
ury. hope way will present itself IL
the near future for an adjustment OF on
monetary affairs in such a connsehenslhl,
and conservative manner as wiil afford {,
silver its proper place in our currency. hu
In the meantime aEn extremely sclictsou
that whatever action 80 take en- this SUIT
tset may be such a. TO prevent loss an,
encouragement 10 our people At home ans
destruction ~ confidence ia our nahneia
management abroad.
'SxovEs CrxyxtAHn."