Hopkinsville Kentuckian. [volume] (Hopkinsville, Ky.) 1889-1918, 1896-05-19
BEFORETAKING.
CONTINUED from First Page ]

IN favor OF UNLIMITED COINAGE OF BoTI
METALS upon terms of exact equality
No discrimination should be made il
favor of one metal and against tht
other; nor should any discrimination
be made in favor of the holders o
either gold or silver bullion anc
ragainst the great body of the peopl,
who own other kinds of property. A
great government should treat all it,
citizens alike, and whenever it at
tempts to do otherwise it will engen
der spirit of discomfort which soon
er or later must disturb the harmony
ii not the peace Of society
But, sir, we are told that if free
coinage is permitted, the silver dol
lars, as rapidly as they are issued
from the mints, will go into the hands
of the people for immediate use in
their business, while under the Sen
ate amendment they will go directly
into the hands of the Secretary. OF
the Treasury, and be boarded by him
as a part of the fund provided by law
for the resumption of specie pay
ments. For instance, the gentleman
from Ohio TMr. EwINGb after object
ing to the amendment because 1t does
not provide for the coinage of all the
the silver we might possibly be able
to procure from Mexico and South
America, as we'll as all of our own
production of about 100000 per
annum says:
| But these are not all the repulsive features
these amendments The country is in an
agony of business distress and looks for some
relief by a gradual increase OF the currency
The House bill authorized rot only unlimited
! coinage, but coinage Of silver bullion owned
by citizens for immediate use in business.
Y his bill authorizes no coinage except for the
Government. Two millions of silver bullion
per onth are to be bought by the Secretary Of
the Treasury. How will he buy it? There are
no SURF lu- revenues. But tie resumption law
authorizes the issue OF bonds to prepare for re-
sumption. Under that law only can he make
the purchase. and only by the issue of bonds;
thus sadfling the people with at least twomtl-
li ms per month of new bonded debt. And
when silver bullion is so bought the resumpt-
ion act under which he will issue the bonds
requires that the resulting coin n ust be hoard
ed in the Treasury for the redemption of green
backs. Thus this bill, instead Of giving the
people more currency. gtves them only more
bonded debt. Instead Of being a bill TO relieve
them from the terrible effects OF contraction
and resumption. IL reinfoTces the resumption
firm and resist all efforts to repeal TT.
| confess my establishment that
any gentleman who has carefully read
the proposed amendment could be so
totally mistaken as to its meaning
and effect. protest against such
construction, and submit that the
Secretary of the Treasury, who is
we'll known to be hostile to the pur-
pose of this bill, ought not to be en-
couraged by a false Interpretation
from such high authority as the gen
tleman from Ohio. No gentleman
can point to a single word in the
amendment authorizing the Secretary
to purchase bullion for the minis by
the issue of bonds, or to a single ex-
preston that can be so tortured as to
countenance such a proceeding. The
whole authority conferred upon that
officer to purchase bullion to be coin
ed into silver dollars is contained in
these words:
And the Secretary Of the Treasury is author.
lied and directed to purchase, from time to
time, silver bullion at the market price there
Of not less than two million dollars worth
per month. nor more than four million dol
lars worth per month, and cause the same to
be coined monthly, as fast as so purchased, in
to such dollars and a sum sufficient to carry
out the foregoing provision Of this act is here
by appropriated out of any money in the Treas
ury not otherwise Appropriated. And any
gain or setgnorage arising rom this coinage
shall he accounted for and paid into the 7 cas-
dry, as provided under existing LAYS relative
to the subsidiary coinage.
Now there is not one word here
N l~o,,t tba ;eo,,a IF hopIs ar1 ,oL o,,S>
word about Surplus revenues" On
the contrary, the money for the pur-
pose of the bullion is appropriated
actually and Internationally appro-
priated out of the Treasury-just pre-
cisely as money is appropriated from
time to time by Congress to support
the Army and Navy and to defray the
ordinary expenses of the Government.
1t is not question of construction,
for there is absolutely nothing to be
done except to abide by and execute
the plain language and command of
the law. There is no sort of ambig-
uity in the provision, and it might as
we'll be commended that the Secretary
can issue bonds and increase the in
OF the Government to pay
the salary of the President or of mem
bers of Congress, or his own salary,
as that he can do so for the purpose
of purchasing silver bullion under
this bill when it becomes law; and
80 it might as we'll be contended that
he can not pay out appropriations
made for the support of any branch
of the public service unless there are
revenues as that he can only
pay for bullion in money when there
are surplus revenues. In all cases the
are made in the same
terms, that is, "out of any money in
the Treasury not otherwise appropri-
ated," which means out of any fund
not specifically appropriated or ded.
icated to some other purpose.
The act of January ID, 1875, to pro-
vide for the resumption of specie pay
ments, has no connection whatever
with the subject to which this bill re-