The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-01-17

Jonns's Bill.
"Jores's hybrid currency bill" Is the
apt tito given by the Chicago Tribune
to the measure prepared by Senator
{ Jones, OF Nebraska, TO settle tho cur,
rency question" The provisions OF the
Jones proposition are briefly stated as
follows:
1tprovides ior FIVE hundred million
dollar bond issue at .! per cent, pay
able in gold, aud to be used both for
the purpo,e OF meeting the current e1.
penses of tho government when nece,-
sary and redemption OF United States
notes and treasury notes. These bonds
are to be used up to their par value as
the basis Tor national bank note cir
culstion in denominations OF not less
than SEQ. Note. for less than so each
are to be provided in the shape Of sill
yer certificates issued against silver dol
lars which arc to be coined for auy and
everybody who will sell silver bullion
+ to the mint at its gold value and take
for 1t his pay in silver dollars OF the
+ present weight and fineness. So the
only restriction to free coinage allowed
By the bill would be that silver bullion
must not be presented to the mint in
less than stated quantity or below a
named standard OF fineness. and that
the government shall take as "seignior.
age" the difference between the bullion
and face value OF the silver Going.
The Tribune thinks that tho fret
proposition would be all right if it stood
by itself, excep. the feature limiting
bank notes TO not less than SEQ each.
The second feature, however, is open to
the most serious criticism. Those who
have studied the question see in it a
means through which the parity be-
tween gold and silver coins has been
maintained would be broken down.
Senator Jones, being radical free sill.
yer man, it is belieYed counts on thi,
result. Commenting on this phase OF
the question our contemporary says:
The silver mine owners would have market
provided for all their product al Its bullion
value rs proposed by Senator Jones. but would
Z be paid for Il with paper having full valuc be-
prices for their product wheh the fear OF dcpre.
ciniion OF the currency through silver purchases
was abolished. Jones had no right TO object
Z that on the Window plan there would moi be
much additional circulation for silver dollars:
innSmrch ca his proposition provides for the
suSe OF paper currency In place oil silver dollars
and he knows By experience that the people
prefer bills OF small denominations to the silver
dollars II Is true tho issue paper for the bullion
value OF the silver. such paper 10 be redeemed
in full value with silver at the time OF redemp.
tlou. wonld not give TO the government q big
s "seIgn!oragc." But Il would permit the GOV.
ernacnt to DO gamer 10 the full extent ina.
silver appreciated In value while held In tho
treasury. that being no small amount II the sill.
vermcn arc honest In claiming that free coin.
age would restore silver TO 4 value OF one.s!I-
tecpth that of M equal weight Of gold and IL
would olTlatc vast danger. arising from the
fact that the proposed "Seigniorage' would be n
debt which must be paid somG time or other
unless 1t were formerly repudInted.
In regard to the further effects OF tho
plan proposed by Mr.. Jones, the Nov
York Tribune. which jumps onto i. quite
as severely a, its Chicago namcsako,
says:
The iSsuc OF silver certificates against bullion
miuted will. OF coursc. DO unimlted In amount
and it Is provided that these shall be OF aeuom.
inations less thun go. while bank. treasury and
= legal tender nO.c2 OF less than so shall be re.
( tired. This would substitute currency re-
dcenable In silver only for nearly Nil the notes
.a.IN. la sIW .FN
bankers and capitalists would have for their use
. notes redecmaDle In gold. II tho wngc.enrncry
should be yalSned with MI inferior kind of
money. It would be still grave objection thnt
the volume oil practically lrrcdeGmable currency
would be vastly !ncrchsed-fOr paper that Is cur
i rent nj 100 cents md fCdCCmabc only In metal
intrns!cnlly worth 10 cents is practically ire.
4 deemahe. How long divergence between 81.
huch circumstances. one can only guess.
1t is not, therefore. the bankers and
{ tho capitalists alone who arc vitality in.
teredted in tho matter. As soon as tho
silver paper and coin, under tho Jono,
plan, come to DO ut discount in gold
E the holder OF silver bullion would 70.
ceivo it's value in deprecated paper.
Tho poor men. tho wage carners. then,
would havo the deprecated money and
be mt the mcrcy OF n shave by tho money
7lenders in order to get tho botler cur.
rcncy.
Financial authorities, who have OK.
nmined tho Jones bill, do not ace in 1t n
scheme by which tho parity OF gold and
allycr can be maintained. Only upon