Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1898-06-15
BONDS AND SILVER.
The Cheap sioncy Men HIVE Again
shown Their Disregard OF
National Veal.


The senate aas again surprised the
people and demonstrated what an I'M
certain and Enthusiastically body i; j..
Wheu it rejected the corporation tax
and The German substitute rs action
was construed by all reasonable OBJ
servers TO indicate the defeat of every
one OF the peculiar and preposierous
amendments of the democratic silver
com biuation of the committee But in
the senate II Is the unexpected which
generally happens. Recently the propo-
siiions to issue greeubacks 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 - TO 81. seven democrats and one
populist supporting the republicans.
Without their woes the bond proposi-
ton would have been rejected. and IL is
a pleasure 10 commend their sagacity
and fairness.
But while ;he approval OF a loan is
gratifying. the concession 10 the silver
sentiment embodied In the absurd and
vicious amendment for the coming Of
the so-cllled silver seiguiorage is as
dangerous rs {; is unexpected. IL is
not the mere addition of $4,000. 900 of
'silver greenbacks" TO the present
| amount OF this form OF currency hat is
most Objectionable: il is the principle
that is pcrnicious and inlolerlble. The
"seigniorage" is n misnomer and a de-
| fusion. II is n misuse Of an economic
term that cannot be applied TO the pres
ent case at all. To coin the "seignior-
age" is 20 coin vacuum. % mistake an
actual loss to the government for a
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 Us follows:
Since the silver dollars in which the
notes are redeemable have a higher face
value than an Intrinsic commercial
value, the difference is clear profit to the
| government. II will need only about
lj5.930,00O silver dollars TO redeem the
aggregate amount of :he notes, where
as the bullion purchased can be coined
into over 2lS,0s 1000 silver dollars. The
| silverites have estimated the profit TO
the government "A; this moment from
the seigniorage at S42,OOO.oO0 and they
want this profit coined into standard
dollars. The fact that he silver dollars
circulate AT face value only because
the government, indirectly insures their
redemption in gold does not trouble the
silyerites. They do not admit that sill
yer dollars are now mere promises TO
pay, metallic grcenbacks."
And it is this "seigniorage" which
IS senators have voted to coin. II is
this absurdity which such men as Gray.
Lindsay and White (democrats) and
Thurston and Wolcott (republicans) en-
courage and indorse, II is generally
believed that the senate will not recede
from this amendment and that the
house Will be forced 10 accep. IL as the
price eNacted from il for passing the
bond and treasury certificate PROPOSE
tons II is said that this stop 10 the
'bimetallists" was necessary in order
to do away with obstruction and in
definite delay. If so, 1t only shows tina:
even war cannot cause the senate ma
jority TO sink partisnnship and forget
politics. They are determined TO wiring
and eNtort concessions" AZ any cost to
the nation.-Chicago Post.