Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-06-11
WHY SO UGLY TEMPERED.

example or an etfort TO make the best O
something that IS very distasteful.
The selgniorage clause. as 1t came from
the Senate Committee, provided for tn
coinage OF $i2000,0O0 and the immediat
issue Of certificates against that amount
This was so amended in the Senate as {,
J provide for the coinage at the rate of 81,
100000 per month. and the reason for thu
amendment was explained by Senate
Wocott (Silver Republican,. in discuss
ing the matter on June Sd. In reply to Z
query from Senator Mills as to why he
desired to 'limit the coinage" Mr.. VOL
colt said:
"The reason is that possibly the Secre-
| tary of the Treasury would view with
| some difference an order which required
him TO coin the seigniorase generally at
once. and a specific law of Congress re-
| curing him TO coin at a minimum 1900,
| 900 a month. On the appropriation bills
we can make the proper appropriations
| for the coinage Of the seigniorage. and
| II we designate a minimum OF 100000 a
month 1--WE know that the capacity of the
minis Is nearly S5.O0O.Ooo a month";, we are
certain to get that much out"
Again:
81 think we both want 10 reach
the same end-that is. to get the seignior-
age out of the Treasury and into circula-
ton. There are a number of senators on
this side of the Chamber who want that
seigniOrage out They are anxious. how
ever. that instead of issuing at once A.
10000 of paper money, of certificates,
while the bullion is still uncoined, We
shall coin II as rapidly as possible and
issue the certificates upon 1t as soon as
coined and at the rate Of $4CO0,WO a
month it gets it out in ten months We
get it out as speedily as it could other
wise be gotten out"
And again:
"There is a further reason for the
amendment 10 which / wish to call the
attention OF the Senator from Arkansas.
Under existing law we have a provision
that certificates shall be issued against
all the silver bullion purchased. not
counting the gain, or seignioragej that
the bullion shall be coined as rapidly as
may be necessary for the purpose of re-
deeming the silver certificates when re
demption is called for. Now, II we ex-
haust the capacity of the mints for
time to come, we apparently ignore or
inferentially repeal, certainly postpone,
that provision of law which calls upon
the Secretary of the Treasury TO coin
this bullion as redemption may be de-
manded.
Therefore we can have it all coined
with the saving provision at the end or
the section that the dollars, as coined.
shall stand as we'll for the redemption of
these certificates as for the certificates
heretofore issued under the act of 1890;
we avoid any possible legal complication.
/ do hope that the Senator from Arkan-
sas will yield, to the extent of the i'm
mediate issuance Of these certificates,
10 this suggestion, in order that those
who want that silver coined into dollars
and put In circulation may vote to-
gether."
The following, however, is the provision |
in regard to silver bullion coinage as it
comes from the Committee of Confer |
ence:
"The Secretary of the Treasury is au-
thorized and directed to coin into stand |
ard silver dollars, as rapidly as the public |
interests may require, to an amount, how
ever not less than $l,500.000 in each !
month, all of the silver bullion now In the
Treasury purchased in accordance with |
the provisions of the act approved July II,
1890, entitled An act directing the pur-
chase of silver bullion and the issue Of
Treasury notes thereon, and for other
and said dollars, when so coin
ed shall be used and applied in the man
ner and for the purposes named in said
act"
So much for the history OF the silver
bullion provision. Now for the temper in
which our gold contemporaries receive
he compromise, and what their COM
nents signify.
The New York Journal of Commerce
declares that the agreement Of the Con-
ference Committee is a contemplate
with the enemies of the
who infest the United States
Senate and are not lacking in the House
II Representatives, and who are deter
mined TO reduce the finances OF the
United States TO the level of those of
spain, If 1t Is possible" but would con-
sole itself with the reflection that it isn't
much OF silver flood after all.
The New York Tribune wakes a little
vroth on general principles. but says
hat the concessions 10 the silver men
re not so important as some persons |
Gem. disposed to think. The compromise,
dds the Tribune means a small increase
+ the silver notes. but our contemporary
rows happy in remembering that the
ecretary of the Treasury has power to
urtail silver notes of other forms quite
$ much, so that no rea} expansion of
would result without his as
ent."
The New York Herald reminds its read !
.t,V | d.
.gisIation is needed the silver senators 7
present their pistol at the heads of the
eople with the demand that they shall
10 something for silver'-something
hich shall, TO greater or less degree, !
Ifate the circulating medium and
eaken its basis" Yet like its contem-
1raries, the Herald manages to pick
D grain of comfort. "This time" it
Ids. thanks to the determined atti-
Ide of the House conferrees and the eX-
bition Of temper by the public, we have
II off pretty cheaply."
The New York Times assures the public Il
AT the amount to be coined doesn't "
mount to anything, but at the same
ne it shrleks Historically to the Presi- v
mt not 10 sign any Oiii ulreStihB luIlner r.
image OF the silver bullion in the Urea
~. 20
Now. what is the significance OF this
orus. In which, by the way, many other 4
Id papers unite In perfect harmony? Y
le answer is suggested In the question,
the compromise doesn't amount to any "
ing, why are our gold contempo-
ries so ugly tempered about it, and