The morning times., 1896-11-24

Some very conservative members-clect
of the Fifty-firth Congress have brought
forward a new and unique financial proi osi-
tion by which it is claimed the perpetual
advocates OF free coinage could bc given
such an overdose of their own medicine as
to effect permanent cure.
The plan suggested is to repeal the act
of August 4, 1886, by which it is made
mandatory upon the Secretary of the
Treasury to issue silver certificates in
denominations OF ore, Two and five dollars
III exchange for silNe dollars, the ceruri-
Gates to te Tclssued Upon redemption
The act or 1875, unGer which ten dollar
silver certificates are issued, will either
be repealed or construed 10 tie optional with
the secretary, as the word may" occurs
i'll The law, and such wording leaves it
discretionary with the Secretary as to
whether he shall or shall not carry out It's
provisions.
AFTER SMALL BILLS
But it is not intended to fight the ten
dollar certificate so much as those rep
reseniing the denominat,t IFS Up 10 i've dol
lars Upon repeating one or LOth of these
acts IL is proposed TO pass law requiring
the Secretary Of the Treasury to destroy
silver certificates when redeemed, with
out reissuing, as is now the custom, thus
gradually bringing into circulation the three
hundred ana sixty nmiiICn SILVER dollars
stored in the vaults OF the Treasury De-
par,ment and held for the redemption of
ceruficates now outstanding o that value
By this legislation paper money for ordi-
nary purposes Would practically be with
drawn from circulation, except bills of
large denomination, gold certificates and
greenbacks. Silver dollars to the num-
h. .,T i.ttn
OF currency IN all minor business trdnsac-
tions.
IN TINS way all the inconvenIences of free.
coinage would be illustrated without apy
OF It's detrimental erfeC.s being manifested
The primary idea is to thoroughly disgust
The people. who handle IN oney in GONNA ra-
lively small quantities. with The theory of
Tree silver coinage and eventually wean
them from their delUsion.
TWO REAL BENEFITS.
But in addition wo real benefits are sug-
gested as dependent upon this educational
ooJect icssuaI. one Is lnat the Treasury
vaults will be relieved OF their enormous
hoards, thus affurding room in the DuI,dlpp
that is now needed for other Legitimate.
purposes. The other is hat In the even,
OF financial disaster and panic the liability
OF the government would be lessened by
nearly two hundred million dollars.
Ia 'lIs'i N'Ht!s. tilt Deo ,tUb,UuO silver
dollars would he in circulation upon their
own responsibility and should any circum-
stances iris. 10y wnicn they We're reduced
To their Taluc as metal. thereby becoming
worth only fifty cents each, or less. there
2ouid be no juggling OF the word COIN
50 as To procure REDEEM ption i'll other money
representing iull dollar.
I.S..S.-. DcPu. -...,.., officials Regard
me latter argument us iar-Ictched. lie, a 81.
Cllt OtliEDtlpn the
with the redemption oi the silver certiIi-
cate IN the silver dollar now in the
vaults, and hence II is difficult to see by
what process they could be made other
Wise redecinable.
WHAT TREASURY OFFICIALS SAY.
The original proposition To cease the
reissue or silver certificates thus bring
ing the coin into circulation, they view
AS SIMPLY question OF legislation. IL is
even admitted that the issuance of tie
seI-uoliar silver certificate, under the act
OF 1873, might be construed as optional
instead OF mandatory.
As matter OF fact, although not Eener-
ally Enuwu- some of the best-InIorIl.cd OF
ilcia!s connected with the Treasury, who
have made the subject of finance, Il life
long study, and nave been charged with
theexecutcn of manylaws rCiatingtnrr
believe that the immediate solution lies
in the repeal of the act of August 4, +,
1856, by which silver certificates are
issued in denominations of one, two. and
II We dollars, thus ma king the lowest
certificate call for not less than ten silver
dollars.
Such Legislation, they hold, would large
iy increase the use Of silver and comply
with the original intention that 1t should
be the chief medium for transacting minir
business. For other purposes the ten
dollar certificate would be available and
convenient.