Newspaper Page Text
THE ROME TRIBUNE.
VOL. VI. NO. 1.9a9
CHAS. F, CRISP
Telegraphed Gov. Northen Last
Night He Could Not
ACCEPT THE APPOINTMENT
He is Grateful for the Honor,
But Thinks It His Duty to
Stay in the House.
Atlanta,March 30—(Special)—Speaker
Crisp declines the- appointment as sen
ator. He telegraphed Governor Northen
► tonight saying that he was profoundly
grateful for the honor but felt it his duty
to remain in the house. It has been his
ambition to go to the s mate but cannot
gratify that ambition now. The truth
is the democrats of the house wouldn’t
let him resign. He was elected by a
unanimous vote. If he resigned a bitter
fight might ensue over his successor.
Both factions of the democratic party
insisted that Crisp should decline the
senatorship. Governor Northen may
give out a new name tonight.
Atlanta, March 30.—The announce
ment of the appointment of Speaker
Crisp to fill the unexpired senatorial
term of Alfred H. Colquitt, deceased,
was a surprise to everybody who had
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’- SPEAKER CRISP.
been interested in the selection of a
senator.
A long list of names from the most
prominent politicians in the state had
been placed before the governor; and
each aspirant was backed by a strong
delegation of friends. But from none of
. these was a selection made.
The name of Charles F. Crisp had not
been mentioned in connection with the
appointment; it being understood that
Governor Northen would go outside of
the list of those who would, possibly,
be before the next general assemby for
election to fill the remainder of the term
and for the full term beginning next
March, and among these the name of
Speaker Crisp was prominent. From
information received at the state cap
ital. too, it was understood that it would
perhaps, be several days before the gov
ernor announced the selection; there
fore, when at 10:30 p. in. there was sent
out from the executive mansion a little
yellow slip, the contents to be wired to
Speaker Crisp, few people wore pre
pared for the surprise that the morning
had in store.
The following is the telegram:
Offered to Crisp.
The Honorable Charles F. Crisp. Speak
er of House of Repretentntives. '.'.'ashing
ton, D. C.: I have appointed you to fill
the vacancy in the United Slides senate
caused by the death of Senator A. lire I IL
Colquitt. I beg that you will at mice ten
der me your resignation, so that I eon for
ward your commission in time for you to
take your place in the s-nite and take
part fn the discussion and settlement of
the tariff measure soon to come before the
. senate.
I am pleased to tender to you this ap
pointment, because your distinguished
services in the house have eoi.:in:i tided the
* admiration and the endearment of our
• people, and 1 bun quite sure that my ac
tion will be most Heartily applauded by
them. (Signed)
W. J. Norviien, Governor.
The Speaker Replies.
Two hours later tiie governor received
the following from Speaker Crap:
WASHINGTON. March 30.—Am profound
ly grateful, but taken by surprise. Had
no idea such a thing was in contempla
tion. Must confer with the Demu rats in
the house before 1 can decide wl» ther I
can accept or not. Charles F. Crisp.
SIXTEEN ' PRETTY GIRLS.
They Swooped Down on the Senate Finance
Committee—Voorhees Rap.
Washington, March 80.—The sixteen
handsome young women representing
New England industries, and marshall
ed under the banner of “Protection” by
Mrs. J. Ellen Foster, charged npon the
sen ate wing of the capital and put to
flight Senator Voorhees, chairman of the
senate finance committee, and compelled
Senator Harris to barricade himself in
the committee room. Senator Voorhees
heard that the young women were com
ing and fled to his up town residence,
but Senator Harris was slower than his
colleague.
\ He Was caught by Mrs. Foster and
her band before he could escape from
the capital. The irascible old gentle
man ■- om Tennessee retreated to bis
committee room and sent word to Mrs.
Foster that, so far as he was concerned,
the young women would not be per
mitted to appear before the finance com
mittee. To the urgent request for a few
in which to make their nlea
tsenator Harris repiieu: -T taeKieit I
some young women from New England I
once before.
“They wanted to talk to the commit
tee, and agreed to answer any questions
that might be put. I think the young
women got the best of it—in general
effect, if not in logic. I don’t mind ex
amining a lot of men, but I must de
cline to make any more experiments
with New England’s girls.”
Mrs. Foster’s amazons are buxom,
bright faced, “wage earners,” as they
delight to call themselves. They have
a wholesome, well-fed and well cared
for air.
THE LADIES AROUSED.
They Are Circulating a Petition Asking for
Breckinridge’s Impeachment.
Lexington, March 30.—The ladies of
this city and county are circulating a
petition to congress praying that body
to impeach Colonel W. C. P. Breckin
ridge. The petition says that his pres
ence in congress is a dishonor to the
womanhood of his state, and that he
ought to be impeached.
The petition has been in circulation
only a short time, but it has been signed
by some of the best women in central
Kentucky, including Mrs. William Cas
sius Goodloe, widow of Hayes’ minister
to Belgium; Mrs. Cassius M. Clay, Jr.,
wife of Lincoln’s minister to Russia and
the famous southern abolitionist; her
daughter, Miss Laura Clay, the widely
known woman’s rights speaker who has
addressed congress on several occasions;
Mrs. James B. Clay, Sr., and Mrs.
James B. Clay, Jr., aunt and cousin re
spectively of Colonel Breckinridge’s first
wife; Mrs. Frank B. Hunt, Mrs. B. W.
Dudley, wife of the noted physician;
Mrs. Catherine B. Acres, and other
leading women.
It is their purpose to circulate this pe
tition throughout the Seventh district.
So far only one lady of prominence has
refused to sign It, and she was a warm
personal friend of the late Mrs. Breckin
ridge.
Passenger Kates to Be Restored.
Chicago, March 80. —Passenger rates
from Pacific coast points will be ad
vanced April 8, and on April 15 west
bound rates will follow suit. This re
sult was accomplished after a long con
ference between the Atchison, North
western and Union Pacific. The effect
of the agreement will be to send all pas
senger rates back to the figures in effect
before March 1.
About Oklahoma’s Divnice Mill.
Guthrie, March 30.—Judge Dale has
appointed a committee to find out what
lawyers are advertising Oklahoma as
the place to secure divorces, with in
structions to bring the facts fully before
the court, in order that all attorneys im
plicated could be disbarred.
MOREWAR CLOUDS.
Hondurans Are Reported to Bo Again
in a Turmoil.
New Orleans, March 30. There
may be another revolution in Spanish
Honduras in a short time. The city of
Dallas has reached this city from Be
lize, bringing a number of passengers,
among them several Hondurans. It
seems that the people are dissatisfied
with Bonilla, and Nicaragua will take
a hand in ousting the present rulers of
the government.
When the recent revolution was in
cited, Nicaragua aided and abetted and
supplied Bonilla with men from that
country, provisions, arms, ammunition
and money. Their object in doing this
was'txTg'.in a solid foothold in Hondu
ras, and in a short time to control
the small country. About two weeks
ago Bonilla ordered the Nicaraguan sol
diers to go to their country as the revo
lution was at an end, but they -did not
seem anxious to do so. This was proba
bly the cause of the trouble, and the
natives and the foreigners there are
much opposed to General Bonilla, as
they claim he is unjust and overtaxes
the people.
Bonilla has ordered the execution of a
number of Vasquez soldiers since the
end of the trouble. Already there have
been 12 or 20 men shot by the orders of
Bonilla. There is no courtmartial, and
when a batch of prisoners are safely
landed, the captors inform the presi
dent, and if he is engaged in conversa
tion with a friend, ho will excuse him
self for a moment and order the execu
tion. Vasquez may return in a few
months and try to regain his office.
There will probably be an election for
government officers in a short tins,
which will no doubt incite another revo
lution.
CHEERING CRISP.
The Speaker Was Euthnslastlcally Greet
ed in the House.
Washington, March 30.—When Mr.
Crisp appeared in the house he was
greeted with tumultuous applause from
both Democratic and Republican mem
bers. There was no trace of the storm
that had brooded over the chamber.
Every one appeared to be in a good
humor.
As the speaker ascended the steps to
his seat at the desk, the galleries took up
the applause that started on the floor,
and it rapidly swelled into huzzas which
were kept up several seconds, while the
speaker gently rapped for order. After
the reading of the journal, Mr. Reed
suggested that it should be amended to
show that the speaker has overruled for
no reason stated the the point of order
made by Mr. Payne, of New York, that
one of the votes taken be reported by
but one teller, when the rules require
two. Mr. Springer moved the previous
question on the amendment. Ou a divi
sion the vote was ayes 13G, nays none.
The point of no quorum was made and
the yeas and nays were or lered. The
result of the call was yeas 178, nays 1.
The previous question was ordure I.
The question was put on the proposed
amendment—yeas, 07; nays 148. Mr.
Rend demanded the tellers and Mr.
Springer demanded the yeas and nays
and tua latter were ordered.
KOME-UA,. SATURDAY MORNING. MAttCHal.
LET STATES DECIDE.
Mr. Bryan on the Popular Elec
tions of Senators.
NO COMPULSORY PLAN,
The Argument Advanced in
Favor of Leaving the A/latter
to the States.
Washington, March 30.—The Bryan
joint resolution proposing an amend
ment to the constitution providing for
the popular election of senators, proba
bly will be reported favorably to the
house. Representative Bryan argued in
its support before the committee hs ving
the resolution before it.
Mr. Bryan favored leaving it oi onal
with each state to adopt or reject popu
lar elections of senators.. He did not
believe a compulsory plan could be car
ried, as the senate would not agree to it
unless there was some provision prohib
iting federal influence in the elections,
and the Republicans would oppose any
resolution involving the sacrifice of one
of their party’s principles.
“While I believe that there is a great
public demand for this change among
the people,” Mr. Bryan said, “yet I
know that it will be combated. I know
there will be opposing influences and
forces, and I am anxious that we shall
adopt that proposition which will have
the most chance of being accepted by
the people. The optional feature ought
to be most acceptable to both sides of
this house, whether they favor the elec
tion of senators by the people or not. If
you are opposed to it, if you believe that
your state does not favor it, then you
should favor the optional feature, be
cause it leaves your state free to accept
or reject it. If, on the other hand, you
are in favor of the election of senators
by the people, as I am, then you ought
to have confidence that, if it is left to
the people to say, they are wise enough
to decide for themselves. You simply
give them the privilege in each state of
adopting this method if they see fit, and
I believe the result of such a proposition
would be that in a short time every
state in the Union would be electing its
United States senators directly by the
people.
“If you once give the people of this
country or the people of a state the right
to elect their senators. I do not think
you can ever take that right from them.
The people do not yield up the rights
that you put into their hands, and you
can safely depend upon it that neither
caprice nor chance will change the form
of election. The amendment which we
propose gives to both sides a fair chance.
It does not take from the south and
from those who fear a force bill any
safeguard which they have now. If a
force bill should come and an attempt
be made to apply it to the election of
United States senators, they ate free un
der this amendment to go back to the
election of senators by their state legis
latures and have every security they
have today. An i if, on the other hand,
there are those who are in favor of the
government controlling elections in the
states, I say to them that in this meas
ure they are not yielding up a single
right they have today. If you adopt
this measure it gives each state the right
to determine for itself how it will elect;
and I ask you if it is not proper that a
state whose representatives are sent here
to represent the state as a whole should
not have the right to say in what man
ner it will elect the senators who repre
sent it?
“It is not at aIT like the election of
presidential electors, because you may
have such a condition as that a few
states will elect electors by congress
ional districts, and other states elect
them by the state at large, and the ac
tion of one state may affect the general
result. But there can be no such oper
ation here. What difference can it
make to the state of Nebraska whether
the state of Virginia or Vermont elects
her senators directly or by legislature?
It will not, probably, change the politi
cal complexion. It simply changes the
character of the men whom they send to
the senate, and it leaves the state free
to do what it pleases without imposing
any obligation on other states or sub
jecting them to any disadvantages.
“This proposition, in order to become
a law, must first pass by a vote of two
thir is of "noth houses, and then be rati
fied by three-fourths of the states of this
Union. If 12 states object to a compul
sory law, then the other states are de
nied the priv.lege of electing their sena
tors by the people, if they wish. But if
you will p:t£ it in this optional form, a
state will not put itself in the attitude
of denying io c:u.t states the right to
do as they choos-. If Maine, New
Hampshire or New York does not want
to elect senators by the people, her legis
lature will certainly not object to Ne
braska, Missouri or Kansas electing by
the people; and it seems to me if you
will adopt this optional plan you will
gain in time all the advantage that you
will gain under the compulsory plan,
and will be more certain to have the
resolutions passed by both houses of
congress and ratified by three-fourths of
the states.”
Caught Just In Time.
Los Angeles, Cal., March 30.—The
chief of police here has received a tele
gram from cue of his detectives, inform
ing him that young Newkirk, alias
Thayer, the clerk who absconded from
Bay City, Michigan, with funds of the
Bay City Savings banks, had been ar
rested. The detective reports that he
captured the refugee within two miles
of the Mexican line.
Emperor* Grateful to the Pope.
London, March 30.—A dispatch from
Rome to The Chronicle says Emperor
William and Emperor Francis Joseph
have sent telegraphic messages to the
pope thanking him for issuing his re
cent encyclical to the Polish, Hungarian,
Prussian and Russian bishops.
PRESIDENT’S VETO.
The Bland Seigniorage Bill
Returned Not Approved.
THE PRESIDENT’S REASONS
He Would Favor Coining if the
Secretary is Given Authority
to Issue Bonds.
Washington, March 30.—The follow
ing is a full text of the president’s mes
sage vetoing the Bland bill:
To the House of Representatives:
I return without my approval house
bill numbered 4956, entitled “An act
directing the coinage of silver bullion
held in the treasury, and for other pur
poses.”
My strong desire to avoid disagreement
with those In both houses of congress
who have supported this bill would lead
me to approve it if 1 could believe that
the pulbic good would not be thereby
endangered and that such action on my
part would be a proper discharge of offi
cial duty.
Inasmuch, however, as I am unable
to satisfy myself that the proposed legis
lation Is either wise or opportune, my
conception of the obligations and re
sponsibilities attached to the great
office I hold, forbids indulgence of my
personal desire and inexorably confines
me to that coarse which in dictated by
my reason and Judgment, and pointed
out by sincere purpose to protect and
promote the general interests of our
people.
The financial disturbance which swept
over the country during last year was
unparalleled In its severity and disas
trous consequences. There seemed to be
almost entirely a displacement of faith In
out finaucia 1 ability and loss of cons
dence in our fiscal policy. Among those
who attempted to assign causes for our
distress, It was very generally conceded
that the operr *. ion of the provision ol
the law then in force which required the
government, to purchase monthly a
large amount of silver bullion and issue
its notes in payment therefor, wes either
entirely, or to a large extent, responsi
ble for our condition. This ied to the
repeal, on the first day of November,
1893, of this statutory provision. We
had even fallen so low in the depths of
depression and timidity and apprehen
sion, had so completely gained control
in financial circles, that our rapid recu
peration could not be reasonably ex
pected. Our recovery has, nevertheless,
steadily progressed, and, though less
than five months have elapsed since the
repeal of the mischievous silver purchase
requirement, wholesome improvement
Is unmistakably apparent.
Confidence in our absolute solvency is
to such an extent re-instated, and faith
in our disposition to adhere to sound
financial methods la so fur restored as
to produce most encouraging results,
both at home and abroad. The wheels
of domestic Industry have been slowly
set in motion, and the tide of foreign
investment has again started in our di
rection.
Our recovery being so well under way.
nothing should be done to check our
convalescence, nor should we forget that
a relapse at this time would almost sure
ly reduce us to u lower stage of financial
distress than that from which we are
just emerging.
I believe that if the bill under consider
ation should become law, ft would be re
garded as retrogression from the finan
cial intentions Indicated by out rcceui
repeal of the provision for the coinage ci
silver bullion purchases; that it would
weaken if it did not destroj" the return
ing faith and confidence in our sound
financial tendencies, and that us a corise
qucnce our progress to renewed business
health would be unfortunately cheeked,
and a return to our recent distressing
plight seriously threatened.
Thin proposed legislation 1h so related
to the currency conditions growing out
of the law compelling the purchase of sil
ver by the government that a glance al
such conditions an J a partial review o'
the law referred to may not be unprotit
able.
Between the fourteenth day of August.
1890, when the law became operative,
and the first day of November, 1893.
when the clause it contained directing
the purchase of silver was repealed, there
were purchased by the secretary of the
treasury more than one hundred and
sixty-eight millions of ounces of silver
bullion, and in payment for this bullion
the government issued its treasury notes
of various denominations amounting to
nearly one hundred and fifty-six millions
ol dollars, which notes were immediately
added to the currency in circulation
among our people.
Such notes were, by law, made legal
tender in payments of all debts, public
and private, except when otherwise ex
pressly stipulated, and were made receiv
able for customs, taxes and all public
dues, and when so received might be re
issued. They were also permitted to be
held by banking associations as part of
their lawful reserves. On demand of
hollers these treasury notes were to bv
redeemed ki gci3 or silver coin, in the dis
cretion of the recrc/ary of the treasury,
but It was as a ]<#rt of this re
demption profusion that it was “tl
established policy of the United States t<
. maintain the two metals on a parity
with each other upon the present legal
ratio or such ratio as may be provided
by law.”
Money coined from such bullion was to
be standard silver dollars, and aftc."
directing the immediate coinage of a lit
tle less than twenty-eight- millions cf
ounces, the ISw provided that as much
of the remaining bullion should be there
after coined as might be necessary to
nrovide for the redemption of the treas
ury notes issued on its purchase, and
that “any gnin or seigniorage arising
from such coinage shall be accounted for
tind paid into the treasury.”
This gam or seigniorage evidently indi
cates so much bullion owned by the gov
ernment. as should remain after using a
sufficient amount to coin as many stand
ard silver dollars as should equal in
number of dollars represented by treas
ury notes issued in payment of the entire
quantity of bullion. These treasury,
notes now outstanding and In circula
tion amount to $152,951,280, and
although there has been thus far but a
comparatively small amount of this bul
lion coined, yet the so-called gain or
seigniorage, as above defined, which
would arise from the coinage of the
entire mass, has been easily ascertained
to be a quantity of bullion sufficient to
make when coined fifty-five millions, one
hundred and fifty-six thousand six hun
dred and etgbty-one standard silver dol
lars.
Considering the present intrinsic rela
tion between gold and silver the main
tenance of the parity between the two
metals, as mentioned in this law. can
mean nothing less than the maintenance
of such parity in the estimation and con
fidence of the people who use our money in
theirdaily transactions. Manifestly.main
tenance of this parity can only be accom
plished so far as it. is affected by these
treasury notes and In the estimation of
the holders of the same by giving to
such holders, on their redemption, the
coin, whether it is gold or silver which
they prefer.
It follows that while, in terms, the
law leaves the choice of the coin to bo
paid on such redemption to the discre
tion of the secretary of the treasury,
that discretion, if opposed to the de
mands of the holder, is entirely inconsis
tent with the effective and beneficial
maintenance of the parity between the
two metals.
If both gold and silver are to serve us
as money, and if they together are to
supply to our people a safe and stable
currency, the necessity of preserving this
parity is obvious.
Such necessity has been repeatedly con
ceded in the platforms of both political
parties and in our federal statutes, ft is
nowhere more emphatically recognized
than in the recent law which repealed
the provision under which the bullion
now on hand was purchased. This law
insists upon the maintenance of the par
ity in the value of the coins of the two
metals and “the equal power of every
dollar at all times in the markets and in
payments of debts.”
The secretary of thetreasury has, there
fore, for the best of reasons not only
promptly complied with every demand
for the redemption of these treasury
notes in gold, but the present situation
as well as the letter and spirit of the law
appear plainly to justify, if they do not
enjoin, upon him the continuation of
such redemption.
The conditions I have endeavored to
present may be thus summarized:
First, the government has purchased
and now has on hand sufficient silver
bullion to permit, the coinage of all the
silver dollars necessary to redeem in such
dollars, the treasury notes issued for the
purchase of said silver bullion, and
enough besides to coin as a gain or seig
niorage fifty-five million one hundred and
fifty-six thousand six hundred and
eighty-one additional standard silver
dollars.
Second, there areoutstanding and now
In circulation treasury notes issued in
payment of bullion purchased amount
ing to $152,951,289. These notes are
legal tender in payment of all debts, pub
lic and private, except when otherwise
expressly stipulated. They are receiva
ble for customs, taxesaud all public dues.
When held by banking associations, they
may be counted as a part of their lawful
reserves and they are redeemed by the
government in gold at the op
tion of the holder. These
advantageous attributes were deliber
ately attached to these notes at the time
of their issue. They are fully understood
by our people to whom such notes have
been distributed as currency, and have
inspired confidence In their safety and
value, and have undoubtedly thus In
duced their continued and contented
use as money instead of anxiety for
their redemption.
Having referred to some Incidents
which I deem relevant to the subject, It
remains for me to submit a specific state
ment of my objections to the bill now
under consideration.
This bill consists of two sections, ex
cluding one which merely appropriates a
sum sufficient to carry the act Into effect
The first section provides for the immedi
ate coinage of the silver bullion in the
treasury, which represents the so-called
gain or seigniorage or which would
arise from the coinage of all the bullion
on hand, which gain or seigniorage tills
section declares to be $55,156,681. It
directs that the money be coined, or cer
tificates issued thereon shall bo used it:
the payment of public expenditures, and
PRICE hIVE CENTS. <1
provides that, it the needs oi t.ne treas
ury demand it, the secretary of the treas
ury may, in his discretion, issue silver
certificates in excess of such coinage, not
exceeding the amount of the seigniorage,
in said section authorized to bn coined.
The second section directs Hint, as
soon as possible after the coinage of this
seigniorage, the remainder of the bullion
held by the government shall be coined
into legal tender standard silver dollars,
and that they shall be held in the treas
ury for the redemption of the treasury
notes issued in the purchase of said bull
ion. It provides that, as fast as the
bullion shall bo coined for the redemption
of said notes, they shall not bo reissued,
but shall be canceled and destroyed in
amounts equal to coin held at any time
in the treasury derived from the coinage
provided for; and that the silver certifi
cates shall be issued on tfr.ch coin in the
manner now provided by in ,v.
It is, however, specially declared in
said section that the net shall not be
construed to change existing law relat
ing to the legal tender character of the
mode of redemption of the treassury
notes issued for the purchase of silver
bullion to be coined.
The entire bill is most unfortunate!?
constructed. Nearly every sentence pre
sents uncertainty and invites contra
veray as to its meaning and intent.
The first section is especially faulty it
this respect, and it is extremely doubtfu
whether its language will permit th«
consummation of its supposed purposes
lam led to believe that the promotert
of the bill intended, in this section, tc
provide for the coinage of the bullion con
stituting the gain or seigniorage, as it if
called, into standard silver dollars, anc
yet there is positively nothing in the sec
tlon to prevent its coinage into any des
cription of silver coins now authorized
under any existing law. I suppose tbit
section was also Intended in case the
needs of the treasury called for money
faster than the seigniorage bulli i could
actually be coined to permit ti. issue of
silver certificates in advance of inch coin
age, but its language would seem to per
mit the issuance of such certificates to
double the amount of the seigniorage as
stated, one half of which would not rep
resent an ounce of silver in the treasury.
The debate upon this section in con
gress developed earnest and positive
difference of opinion as to its object and
meaning. In any event lam clear that
the present, perplexities nnd embarrass
ments of the secretary of the treasury
ought not to lie augmented by devolving
upon him the execution of a lawsounccr
tain and confused. I am not willing,
however, to rest my objection to this sec
tion solely on these grounds.
In my judgment sound financodoes not
commend tile further infusion of silver
into our currency at tin's time, unaccom
panied by further adequate provisions
for the maintenance in our treasury of a
safe gold reserve.
Doubts also arise ns to the meaning
and const r iction of the second section
of the bill. if the silver doll, rs therein
directed to bn coined arc, as l .o section
provides, to lie held in the t rasury for
tiie redemption of treasury n des. It is
suggested that, strictly speaking, certifi
cates cannot be issued on such coin “in
the. manner now provided by law” be
cause these dollars are money held in the
treasury for the express purpose of re
deeming treasury
which would orilirtnwfy mffifn that they
were set apart for the purpose of substi
tuting them for these treasury notes.
They are not, therefore, lic-ld in such
way as to furnish a basis for certificates
according to nny provision cf existing
law. If, however, silver certificates can
properly be issued upon these dollars,
there is nothing In the Rection to intlfcnto
the characteristics and functions of those
certificates. If they were to beef the
same character as sliver T&rtificates'Tn
circulation under existing laws, they
would at best be receivable only for cus
toms, taxes and all public dues; and
under the language of this section It is to
say the least extremely doubtfi: .whether
-the certificates it contemplates could be
lawfully received even for such :rppses.
Whatever else may be said of : ■ uncer
tainties of expression in this : til, they
certainly ought not to be found in legis
lation affecting subjects so important
and far reaching as our finances aud cur
rency.
In stating other and more important
reasons for my disapproval of this section,
I shall however assume that under’ts
provisions the treasury notes Issued in
payment for silver bullion will continue
to be redeemed as heretofore in silver or
gold at the option of the holders, and
that If, when they are presented for re
demption or reach the treasury in any
other manner, there are in the treasury
coined silver dollars equal in nominal
value to such treasury notes, then, and
in that case, the notes will be destroyed
and silver certificates to an equal
amount be substituted.
lam convinced that this scheme is ill
advised and dangerous. As the ultimate
result of Its operation, treasury notes,
which are legal tender for all dei>ti«, pub
lic and private, and which are redeema
ble in gold and silver at the option of the
holder, will be replaced by silver certifi
cates which, whatever may be tl:e!r char
acter and description, will have none ol
these qualities.
In anticipation of the result,
and as an Immediate effect,
treaeu-y notes will naturally ap
prec 'i .• tn value and desirability. The
fact ■ • --nlie realized tmnn them
[Concluded on second page.]