The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1898-06-18
SILVER AND BONDS.
The Cheap Money Men Have Again
shown Their Disregard of
National Veal.

The senate has again surprised the
people and demonstrated what an un-
certain and untrustworthy body 1t is.
When IL rejected the corporation tax
and the German substitute Its action
was construed by all reasonable OBJ
servers to indicate the defeat Of every
one of the peculiar and preposterous
amendments of the democratic silver
com bination of the committee. But In
the senate IL is the unexpected which
generally happens. Recently the propo-
sitions to issue greenbacks was voted
down and the republican provision for
an issue of bonds and treasury certifi-
Gates substituted therefor. The motion
to this effect was carried by the decisive
vote of As to 81, seven democrats and one
populist supporting the republicans.
Without their votes the bond PROPOSE
ton would have been rejected, and il is
a pleasure TO commend their sagacity
and fairness.
But while the approval of loan is
gratifying, the concession to the silver
sentiment embodied in the absurd and
vicious amendment for the coming of
the so-called silver seigniorage is as
dangerous as il is unexpected II is
not the mere addition of So, 900, 900 of
"silver greenbacks" to the present
amount OF this form Of currency that is
most Objectionable; it is the principle
that is pernicious and intolerable. The
"seignorage" is misnomer and de-
fusion. 1t is misuse Of an economic
term that cannot be apphed TO the pres
ent case at all. To coin the "seignior-
age" is to coin vacuum, TO mistake an
actual loss to the government for II
gain.
What is this seigniorage? Under the
silver purchase act of 1890 the govern
ment issued treasury notes in payment
for a certain quantity of silver bullion.
These notes are redeemable in coin. The
reasoning Of the silverites Is as follows:
Since the silver dollars in which the
notes are redeemable have higher face
value than an intrinsic commercial
value, the difference is clear profit to the
government. 1t will need only about
155, 100000 silver dollars to redeem the
aggregate amount of the notes, where
as the bullion purchased can be coined
into over els ,0S4,000 silver dollars. The
silverites have estimated the profit" to
the government at this moment from
the segniorage at $42,000,000 and they
want this profit coined into standard
dollars. The fact that the silver dollars
circulate at face value only because
the government indirectly insures their
redemption in gold does not trouble the
silverites. They do not admit that sill
yer dollars are now mere promises to
pay, "metallic greenbacks."
And it is this "seigniorage" which
As senator's have voted to coin. 1t ia
this absurdity which such men as Gray,
Lindsay and White 1democrats) and
Thurston and Wolcott (republicans) en-
courage and indorse! 1t is generally
believed that the senate will not recede
from this amendment and that the
house will be forced TO accep; it as the
price eXacted from il for passing the
bond and treasury certificate PROPOSE
tons. 1t is said that this stop TO the
"bimetallists" was necessary in order
to do away with obstruction and in
definite delay. If so, it only shows tha:
even war cannot cause the senate ma
jority to sink partisanship and forget
politics. They are determined to wiring
and eXtort concessions" at any cost to
the naticn.-Chicago Post.