The times. [volume] (Richmond, Va.) 1890-1903, 1898-05-01
SUNDAY. MAY !. 1895.
SUPPORT PUBLIC CREDIT.

SUPPORT PJ BLlC CttDli'
The House OF Representatives did the
wise thing last. Friday to pass the wan
revenue bin with new taxes sufficient to
add one hundred millions OF dollars
year TO the annual revenue and with an-
thorIty to the Government TO sell It's
bonds 10 raise whatever additional money
the demands Of the war might make
necessary. II Is too late to discuss now
The question whether We ought or ought
not 10 have embarked in this war. We
are in 1t ana every man, woman, ana
child I'm the United States must give the
Government his or her entire and un-
qualified support. and we must cheerful
~ contribute from our enormous aggre-
gate wealth whatever is necessary TO
meet the demands OF the case ana II is
10 be contributed with a liberal and not
with A niggardly hand. The Spanish land
and naval forces must De met promptly
at every point, and they must be met by
ships and by men that are perfectly
.ouipped according TO the latest devices
of science and art. We can depend upon
the men themselves 20 do their duty, and
they must not be embarrassed by needing
anything whatever that money can sup
ply. This ought TO be the sentiment OF
every American and particularly Of every
congressman. No doubt. the average con-
gresham has this sentiment I'm as strong
degree as is consistent with weather
eve TO future elections but some of them
in the Democratic ranks had the strang-
est sort of way OF showing it when the
war revenue measure was before the
House. First they wanted the bin loadeo
with the ruinous proposition that
The Government should issue $lj00oOOOO
more of greenbacks chat is. of fiat paper
money. TO that amount when they saw
the Government staggering along ana
banks staggering. with the present
amount OF its demand obligations, while
they were threatening its credit with
their free silver theories Of destruction,
that the country so happily stamped un-
der foot I'm November, 1896. Then they
wanted to embarrass the Government
and ruin our re-established credit by
lacking on a provision FOR "coning the
soignorage," which is nothing but g pro-
position that we should put out forty
eight millions OF coins worth about So
10000. and force people 20 take them as
forty-eight millions OF dollars due TO
them. These two propositions were so
happily treated by Mr.. Donlver. Of Mich
igan in his answer 20 Mr.. Bailey. of
Texas. that We cannot forbear TO quote
what ne said of them. lie said:
In the next place he proposes to coin
the seigniOrage i'm The Treasury OF me
United States That. also. sounds ike
qhc temperance OF an old Viend in THIS
Chamber. | have been studying Tor hNe
years TO make out what the seignlorase
ds: and from all / can understand, Cover
nor Dingley has the definition exactly
right. II is the profit arising from the
coinage Of money, owing 10 The diner
ence between the cost OF the material
and the nominal value OF the coin.
Yet these gentlemen make no PROPOSE
ton TO coin the bullion I'm the Treasury
II they made that proposition mere
might be something in IL. l would be
willing TO 20 with them in the enactment
Of a law TO direct the mints or the
United states to coin into our subsidiary
coinage al least 100000 OF the bullion
tn the Treasury. But what sort OF pro-
position Is this? II IS a proposition 70
support the United States out of the pro-
hts OF our silver business during the last
ten years.
what are the facts? We have in the
Treasury of the United States l09, S6i54l
fine ounces OF silver We paid for IL the
sum OF 500 1872. IL is worth to-day
hardly half what We paid for II. Yet
these gentlemen. with characteristic
junction. propose 90 maintain TINS war
and keep our armies In the field and
our Navy upon the sea boy realizing on
ahe profits OF a transaction that has al
ready Melted TO the Treasury OF the
United States the loss have just stated.
My friends. a proposition like that, so
far as ] am able 90 comprehend ana
fathom 81. indicates on your part frame
OF mind that swims In humbug like FISH
in water O.aughtcr). There Is no sense
3n a. Surprising this imaginary seignior-
age OF $i2.6s7 32G we're set apart for coin
age. Il would take all our mints at the
least sixteen months TO do the work.
What else do they propose? They pro-
pose. as the gentleman from Texas says
90 exercise the nOn-interest- bearing
credit OF the United States" With de-
aapd liabilities approxmating billion
dollars already outstanding, they ask M
10 run AuiS Wal upon pfNHiSNpiN HoNtT'
Yet they know, as every intelligent bus
iness man in the United States knows.
that there is no way. and never has been
any way in tho history OF the business
os the world. 80 maintain the value OF a
promissory note unless you pay Il OF
stand ready 10 pay A. And there Is nc
way government cal stand ready "a
pay these promissory notes issued under
circumstances such as now surround us
chat VIII not be more costly IN the loas