The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-03-04
rHx BLAND sxrexroKAsE BILL.

10 Republicans and 8 Popuiisss, q total of
1e7. voted for it, and 50 Republicans and so
Democrats, q total of 100. voted against it.
The nineteen Republicans who voted for
the dill included Ellis and Hermann Of
Oregon and Wilson and Doolittie Of Wash
ington. Of course. after voting for the
free silver or for the re-enactment of the
Bland bill amendments to the Sherman
silver purchase repeal bull, these Republic
cans could easily swallow BANDS infia-
ton bill. The sblest Democrats in the
house, such ~ II arter, sickles. Cum
mings. Coombs. Tracey. Outhwaite. Sperry
and Strauss voted against the bill.
The bill is an absurd act. The attorney
general Of the United States has just rem
dered his official opinion to Secretary Car
Isle that silver certificates are lust what
they purport TO be-" in effect mere ware
house receipts for certain silver deposited:
and "shey attest the fact that the United
States has on deposit SO many silver dol
lars which will be paid to the holders
upon the presentation and surrender of
such certificates" He adds that. it they
can be regarded as money at all. sit is
only because the United States agrees to
receive them for customs. taxes and all
public dues, and only to that extent and
for those specific purposes" He there
fore holds that they are not lawful money
and 1t follows that they cannot be held as
such by banks as part of their reserve, nor
can anybody be compelled to receive them
in settlement of any claim excepting dues
to the government
Mr.. BANDS proposed silver seigniorage
certificates are to represent an imaginary
gain to the treasury when in fact there
has been loss. A silver certificate says:
This cersifes that there have been de-
posted in the treasury of the United
States - silver dollars, payable 10 the
bearer on demand" No such inscription
could be placed on one of Mr.. BANDS
seigniorage certificates, for no silver dol
lars have been deposited in the treasury
to correspond with them. Tho bullion
bought by the government under the
Sherman act is not worth as much - it
cost by 25 per cent. The bullion in the
silver dollar is worth today less than so
cents. If the treasury stock was offered
for sale it would knock the bottom out of
silver. Seigniorage represents q gain to
the government over and above the value
Of the coin produced. Under the Bland
Allison act Of 1873. the government
bought. say. 100000 ounces of silver bull
lion at 81 per ounce and coined $129. 900
out of II. The extra SIS. 900 was seignior-
age.
This seigniorags had q real existence;
the public bought those dollars and paid
gold for them, dollar for dollar. and then
redeposited them and took out silver GER
tiicates, but Mr.. BANDS seigniorage GER
tificates are fairly described as the mere
shadow of q name: there Is nothing be-
hind them; they arc as completely an in
fiaiion Of the currency as if congress
should tomorrow issue $56, o00. 600 addi-
tionai greenbacks.
Under the pretense of "coinins the
seigniorage' the Bland bill would en-
power the secretary to put out silver GER
tificates without waiting for the coinage
of the bullion. thus issuing false certiii-
Gates that the United States actually has
on deposit silver dollars which have not
yet been coined. Sound business men.
like John Sherman or Harter. of Ohio,
fairly say that In order TO get q shadow Of
excuse for such an issue of false certificates
the Bland bill would violate the pledge
81 ~ ala
chased with treasury notes should a, all
times be held against them. The object
OF the measure is to initiate the paper cir
culaton. There is no dearth of currency.
but the currency is locked Up. aud it will
afford the country no relief 10 issue more
currency; what is wanted is the relief of
congestion. the distribution OF currency.
aud this will not take place until a re-
ncwal of public confidence unlocks money
and distributes it through the ar,erial cur
rent OF revived business.
Certificates Issued under the Bland Hill
would be lies on the face OF them, and the
government could not pay them out with
out gross violation Of good faith There
are in the treasury l40 $50. s53 ounces of
silver on which had been issued SIS. osS.-
l5i treasury notes. Is cost the govern.
ment Sla6. 75s $50 and its coinage valne
was sisi, sii,ssii. and its presen, market
value IS aooat saS, go. COO To CON this
alleged seignsorage woaid be a virtual en-
hegxlenent OF So go. 60 worth @. the but.
hon behind the treasury notes
Behind each silver certificate was q sill
yer dollar. II ss5.0.o.oo of additional
treasury notes were issued as required by
the iiFs. section Of this bill without d dol
lar for which certificate, were issued being
depos.sed in the treasury each certificate
would bear on its face a he.
In eiIec. the Band bill is Initiating the
treasury notes TO the extent Of sas.ele on
when the face value OF these notes already
exceeds the market va.ne OF the bullion
security behind iaem by over So cocoa
The imitation Is proposed at tine n hen
our god reserve Is confronted with the oh
LEGATION of redeemlng $40, Joo. 90 In god
certificates, sStQ 90, os.o in green backs and
sli6.6ss9, 900 in silver certificates.
Ii these notes we're redeemed In gold IL
would wipe out al the god reserve and
force another bond issue. and If in silver
'ee puelie credit sogld SUITE. and another
panic lie invited by further stride toward
xl.ytT iaaailon.
This Mas the snanswesable argument Of
Republican Congressman Stone against
Mr.. Hands attempt 10 inaate ,hs cur-
rsnsy Sy adding 10 j; a fresh supply of
ssaoao9a Of tat money and light weight
del4Ars. Mr.. usrier, Dem. from phIo