A,»
\-
‘W E E
For YourChild
\- We offer this beautiful (Rose Phttern)
4., Child’sSpoon
' 6462..., PREMIUM to
any one who’will cut
out the Trademark,
the PICTURE
and mail it to us with 7 (2-cent) stamps,
l4 cents.‘”Wc warrant these spoons made'rof
best nickel silver, extra plated with pure silver. Just
right also for ice-cream or egg spoons, and will do Splen-
did service for years. 6 spoons in neat plush dined
hex for 6 Doves and P. 0. order for 80¢. Address y..-
' THE 1. B. WILLIAMS co. (Premium Department). Glastonbury, Conn.
A ennrmn
IWW'
I have two very desir-
able Building Lots,cen- »
trally located, in a gen-
teel neighborho d, five
, minutes walk from the
bridge, that I will sell
at Slaughtered Prices.
to Close an estate. Ap-
ply to - ' :
G. A. FRANKIE,
AGENT.
SI'ECIA L '
filNNOUNCEMEN‘l—l
I have just
Secured the
LATEST 'IMPOBTATIONS 3
For Spring and Summer
Suitings, which I will
make up at the lowest
cash price. .
F - K O C O U R,
Merchant Tailor.
1-7 N031 MAIN STREET. So. Nouwax, CONN.
THIS MI .XY INTEREST
YOU
IT DOES lME:
We are Bouml in Live and Lei Lire!
___’——-——-
1. new Midlife Shgrtas, .................... $11732
t ' oe‘ or ....................... .
i Tigfset 1 inch and under (per set). .. . 1.539
A. Good Rim 1);: and under. (each) ...... . .15
Good Common Spokes, (each). . .p ......... .00
Good Pair Shafts. u‘oned in good shape, 4, 0
Steel Tire l 2: 3-16 and under. (each)... A0“
1 obbin at lowest living prices.
And a 15 tthX‘k guaranteec .
Yours respectfully,
William P. English,
MECHANIC STREET, lVOIi’ IVALK
"r0. nave: IN THE HOUSE.
Hale’s
Lune: ~
Balsam.
SAMPLES FREE.
H. R. HALE.
Cm. Main and Wall Streets, Norwalk.
A Few Points;
I? you want printing.
,WE no 11*.
If you want embossing. .
V715 DO IT. .
1.1} you want. colorzworlc.
wrino IT.
I? you want tliegbest work.
VVE_DO;IT.
/
NORWALK GAZETTE.
m
Horace E. Dann,
I izxc-ELsron
inner andfidesfiéblfis
.v—r
J.g-muauvuuuu~
\
Opposite Danbury Sand
Norwalk Railroad depot.
(Nor-walk, Conn. Stylish
Single or Double Teams
with or withoutldrivera.
Safe horses forllwomen
and children. . .
SADDLE HORSES A SPECIALTY.
‘ Horse Sharing.
‘ . fiEuuMflmbdhmtsken the shop in the
meals, Tnuby’so Crpssstroet. and
sprepered to do Home 8 may in a. first?
SARAOTGA. r:
- Clears the complexion and
sOftens the skin. All the mer-
‘ its. and none of the objections
: of the many torlet prepara-
tions. Invaluable forchap ed
, hands. sunburn. p1mp es,
." etc. Send 4 cents for sample.
‘ or ask your drugglst.
‘ LETTUCE 0312111“ 00..
114 Fifth Avenue.
Ne\v York.
manure.
To solicit orders for nursery stock.
Salary or commission. Cash advanced
for expenses. Write us ,for terms and
secure good territory. ‘
R. G. CHASE 85 00.,
11-18 ' Malden, Mass.
. ,
We Dye to live,
While others live to die ;
The longer we live.
The better we Dyef
The more we Dye.
The better we live.
C. P. Tocque & Sam,
Byers and manners
or LADIEs’ um GENTLEMEX'R
GARMENTS 2
‘ Made up or ripped to look like new.
Kid Gloves, Cleaned, 10 Cents Up.
All goods done at the shortest notice.
Office and Dre Works:
Broad River, : : : : Norwalk.
Goods called for and delivered free of
charge.
Lace Curtains Cleaned.
Orders by postal addressed to Tocque 8:
Son. Broad River wrll receive prompt atten-
o n
'5' ;AT'D GA
Genuine Saratoga water i block-tin
lined barrels direct from the celebran
ted spring is for sale on draught by
.__, -..._......__._.-.. . ._‘
class manner.
JOHN T. LYCE‘I‘T.
JAMES HADDEN, at the corner of
Wall and River streets.
THE WATER
Is brbught direct from Saratoga and
is dispense-‘1 in precisely the same
condition in which it flows from the
spring at Saramga and is sold at 5 ets
per glass.
OLD All!) RELIABLE,
DAILY DIRECT
REIGHT '
rN-z .
BETWEEN
NEW YORK.
SOUTH
NORWALK and
.. NORWALK. CT.
THE - .
PROPELLORS. .
em er‘nenwnx Alli! EAGLE.
Raff
Will leave Pier 23. East River (Beekman st.)
New flork, at, 5. p. m. daily; Sundays'excopted,
Freight received from 7 a. m. an 5 p. m. .
Return . boats leave Nor-walk at 5. p. m.,
and South prwplk at 6:31) p. m. -
Upon application to agents the City 9! Nor-‘
walk and Eagle Will be sent for special leads
of freight. anywhere in New York or local-
u .
{#111 persons are forbid trusting any of
the employees of the boats of this line on w-
scent of the owners thereof. '
HELMLE E. MEAD, ‘
Legal Connecticut Ag'ent for '
Fire, Lite, Accident, Marine and
Liability Insurance. ~
SEND FOR ESTIMATES.
Principal Ofiice. .
K0. 53 WILLIAM Srnnu'r. NEW YORK Cm.
.7, D. Jennings.
U nderta,ker .
i mom swans-r, » ' ‘
.opposlte Horseman-out Decor
81;!!! Ball at 0am
I work.
l _. Administrative Tariff Features.
WASHINGTON, March 30..——Messrs. John
Gibb, P. B. Worrall, Francis Gardner and
others, forming a joint committee of the
New York chamber of commerce and the
New York board of trade, had a conference
today with Assistant Secretary Hamlin at
the treasury department in regard to the
administrative features of the pending
tariff bill. ‘ The suggestions of the com-
mittee will be laid before the finance com
mittee of the senate.
Death of Baron Harmon.
. LOXDor', March 30.—Baron Hannen, lord
of appeal in ordinary, is dead, aged 73.
' Baron Hannen was previously president
of the probate, divorce and admiralty di-
vision of the high court of justice, and a
justice of the court of queen’s bench. In
1888—9 he was president of the commission
upon the charges against the late Charles
Stewart Parnell and others.
Win Vaccinate All Tramps.
FORT WAYNE, March 30.—The order re-
cently issued by the state board of health
requiring all tramps entering this state to
be vaccinated went into elfect today. Dr.
Miller, health officer here, today operated
on 30 “tourists” at the police station, and
hereafter every tramp coming here will be
subjected to this treatment.
Another Gravesender Sentenced.
BROOKLYN, March 30. —Tax Collector
Charles E. Morris of the town of Graves-
end was brought before Justice Brown, in
the court of cyst and terminer today, and
pleaded guilty of conspiracy in connection
with the Gravesend election frauds, and
was sentenced to six months in the Kings
county penitentiary.
They Fooled With a. Pistol.
TORONTO, March 30.—Joseph Murray, a
young drug clerk, met a tragic death at
the hands of Joseph \Valters. W'alters
bought a revolver andwas; showing it to
Murray, when the latter threw his hand
against that of Walters. The Weapon was
discharged, and its contents entered the
brain of Murray.
Plenty of Sugar, Little Coll‘ee.
NEW YORK, March {ill—Stuntman? George
”W. Clyde, from l-lzryttinn and Sun Domin-
go ports, brings no news: 01" a special na-
ture. All was remarkably quiet; at the
various ports at time of departure. This
season‘s co‘rl’ee crop ol’ Hayti is reported
very poor, while the sugar-crop is stated
to be a large one.
BERTIFICATE.
. I . Henry Ochs. of the City of South Norwal '
m the Town. of Norwalk. County of Fairfieldk.
and State of Connecticut, _do hereby certify
that I am engaged in the business of manu-
1 tacturlng. bottling and selling of beer, soda
water, carbonated beverages. and similar bev-
erages._and the bottling and selling of similar
drinks in bottles and boxes with my name.
mark. marks. or devices, branded. stamped.
blown. etched. or otherwise produced upon
such bottles, boxes. newborns and soda foun-
tains. and the following is a description of the
distinguishing name, names, marks or devices
used by me upon pry-bottles and boxes, siph-
ons and scoda fountains, respectively. namely:
H. .
ORIENTAL BOTTLING CO., Nor-
walk, Conn. '
JULIUS HERMAN, Norwalk, Conn.,
5 IWater street.
use and claim and have the sole rirht to
use the above do ' ‘ - E '
miribusipess. 1 :criptue names and marks 1n
yprincrpa p ace of busin '
South Norwalk, in said Toys? fifsullldlriai at
County of Eairneld and State of Connecticut-
This notice and description is made,flled
and publishe_d_1n pursuance of sections 3964
and 3965._Revrsron of 1888. of the Statutes of
Connecticut, provxdmg therefor; and forbid-
ding all persons to use or traffic in any of said
marked ottles. etc.. contrary to the laws of
said state, madeto protect the owners of
bottles and boxes used in the the manu-
facture, bottling and sale of the waters and
drinks above mentioned. and other similar
- beverages. HENR OOHS.
PM In préasence‘ov. C
TILES . onus.
{ L. s} Dated, March 24th, 189i, Norwalk.
County of Fairfi l , ' ‘ -
0' *..- errant- . u .1. 3.... m .0.
11 -us:. i ayo' 1 arcr. 1394., b
Dersonally came Henry Ochs, knownetbohie 11:8
be the individual deserrbedherein and who exe~
pggggdthfiafrfi'egomgtcgr‘tlifisate. and acknow-
- eexecu e ‘ -
pose therein mentioned. re same for the pur
STILES W.’CURTIS..
Fired March 27th. 1.99 i. mm" Pubhc'
so. at WM. 1:. snacrox. Clerk.
NOTICE.
hotlce is hereby given that the Norwalk
Horse Railroad Company, a corporation of
that name. havrng its principal office in the
Lityend Town of Norwalk in the County of
Fau‘field and State of Connecticut. will apply
t9 the superior Court within and for said
County upon the 13th day of April, 1894.. or as
.soon thereafter as occasion will permit, for
authority to, change, and an order by said
court changing its present name to “ The
Norwalk Street Railway Company.”
Norwalk. Conn. March 27th. 1891.
Elite Norwalk Horse Railroad COmpany. ‘
20 2w EBENEZER J. HILL.
President.
Fairfield Beunlr Savings Bank.
Norwalk, Conn, March 15th 1894.
The Board of Directors of this Bar 1
this day declared a dividend at the Iliatiiab‘f,‘
tour (4) per cent per annum from the earnings
ggstiliggmregt silxlntionthls to be) credited to de-
_ . on pm a . anc pava 16 on ands. ter
April 10th, 1891. J .H.BAILE'Y,Troasurer [w
A '1'
George E. Danton 8f. 00.,
CA R PENTE RS ,
CONTRACTORS,
BUILDERS 2
Plans Drawn. Estimates Given.
All W'ork. Done Strictly First- Class .’
Otfice and Residence.78 Franklin Av nue
Shop. 23 Maple street. 0 3m
Bargains.
One Burner Oll Stoves, 69c.
u ~u u c
- $1.25.
a u u (
$1.79.
H. H. WILLIAMS,
15 Wall Street.
WEDDING
INVITATIONS.
. n n or
Possibly you‘intend to marry. soon. You
will want Invitations or Announcements—or
both. At this , int in life it’s 11 t
a ‘mest-ipnong-ftooogood" feelirl 1.“ $1133:
several n w designs in type especially for this
e can sativa your feelings. 4
r
Brrrrpr run.
The President Disapproves o.
the Siegniorage Plan.
UNFORTUNATELY DRArTiaD.
Idea Good Enough, He Says, With Ad.
junct of Low Rate Bonds.
Mr. Cleveland Expresses a Hope For a
COmprehcnsive Adjustment of Our Mon
etary Affairs In a _\Vay to Accord tn
Silver “Its Proper Place" In Our Cur
rency—In His Opinion, the \Vhole Bill I
Loosely Drawn and \Vould Have the Ef
I" act of Bobbing Us of Our Gold.~
\VASHIXG'rox, March 30,—The‘ presiden
today sent'to the house of representative.
the following message vetoing the B1311?
silver seigniorage bill: '
To the House of Representatives:
I return without my approval house bil.
numbered 4596, entitled “An act direct
ing the coinage of the silver bullion helé
in the treasury and for other purposes.”
"My strong desire to avoid disagreement
with those in both houses of congress wht
have supported this bill would lead me tc
approve it [if I could believe that the pub
lic good would not be thereby endangered
and that such action on my part would be
a proper discharge of official duty. Inas
much, however, as I am unable to satisfy
myself that‘the proposed legislation is ei:
ther wise or opportune, my conception 01
the obligations and responsibilities at-
tached to the great office I hold forbids the
indulgence of my personal desire.
The financial disturbance which swept
over the country during the last year was
unparalleled in its severity and disastrous
consequences. There seemed to be almost
an entire displacement of faith in our
financial ability and a loss of confidence
in our fiscal policy. Among those whc
attempted to assign causes for our dis
tress it was very generally conceded that
the operation of a provision of law then in
force which required the government tc
purchase nmnthly a large amount of sil-
ver bullion and issue its notes in payment.
therefor was either entirely or to a large
extent responsible for our condition. This
led to the repeal, on the lst day of No
vember, 1893, of this statutory provision.
“Recovery Progrcsscd Steadily.”
we had, hou'ever, fallen so. low in the
depths of depression and timidity and ap
prehension had so completely gained con-
trol in financial, circles that our rapid re
cuperation could not be reasonably ex-
peeted. Our recovery has nevertheless
steadily progressed, and though less than
five months have elapsed since the repeal
of the mischievous silver purchase require
merit a. wholesome improvement is un-
mistakably apparent. Confidence in our
absolute solvency is to such as an extent
reinstated, and faith in our disposition to
adhere to sound financial methods is so far
restored as to produce the most encourag-
ing results both at home and abroad.
Thee-wheels of domestic industry have
been slowly set in motion, and the tide of
foreign investment has again started in
our direction. -’
Our recovery being so well under way,
nothing should be done to check our con-
valescence, nor should we forget that a re
lapse at this time would almost surely rel
duce us to a lower stage of financial dis-
tress than that from which we are just
emerging.
I. believe that if the bill under consider
ation should become a law it would be re
garded as a retrogression from the finnnL
‘cial intentions indicated by our recent re-
peal of the provision forcing silver bullion
purchases; that it would weaken, ifllit did
not destroy, returning faith and confidence
in our sound financial tendencies, and. that
as a consequence our progreSs to rezoned
business health would be‘ unfortunately
checked and a return to our recent dis-
treSsing plight seriously threatened.
This proposed legislation is so related to
the currency conditions growing out of
the law compelling the purchase of silver
by the government that a. glance at such
conditions and a partial review of the law
referred to may not be unprofitable.
A {Srief Review.
Between the 14th day of August, 1890,
when the law became operative, and the
1st day of November, 1893, when the clause
it contained directing the purchase of sil-
ver was repealed, there were purchased by
the secretary of the treasury more than
168,000,000 ounces of silver bullion. In
payment for this bullion the government
issued its treasury mites of various denom-
inations, amounting to nearly $156,000,000,
which notes were immediately added to
the currency in circulation among our peo-~
ple.~
Such notes were by the law made legal
tender in payment of all debts, public and
private, except when otherwise expressly
stipulated, and were made receivable for
customs, taxes and all public dues, and
when so received might be reissued. They
were also permitted to be held by banking
associations ass. part of their lawful re
serves. On the demand of the holders,
these treasury notes were to be redeemed
in gold or silver coin, in the discretion oi
the secretary of the treasury, but it was
declared as a part of this redemption pro
vision that it was “the established policy
_ of the United States to maintain the twc
metals on a parity with each other upon
the present‘legak ratio or such ratio as
may be provided by law.”
The money coined from such bullion
was to be standard silver dollars, and aft-
er directing the immediate coinage of a
little less than 28,000,000 ounces the law
provided that as much of the remaining
bullion should be thereafter coined as
might be necessary to provide for the re-
dem tion of the treasury notes issued on
its p rchase, and that “any gain or seign-
iorage arising from such coinage shall be
accounted for and paid into the treasury.”
I The Seigniorage.
This gain or seigniorage evidently indi—
cates so much of the bullion owned by the
government as should remain after using
' a sufficient amount to coin as many stan-
dard silver dollars as should eQual in
number the dollars represented by the
treasury notes issued in payment of the
entire quantity of bullion. These treas-
ury notes now outstanding and in circular
tion amount to $152,951,280, and although
there has been thus far but a comparative-
ly small amount of this bullion 'coined yet
the so called gain or seignioi-ate, as above
. defined. which would arise from the coin-
Itead the Guerra.
KL” y j N o R. w a 1.0K. -‘ G A z: ETTE '9"
age of the entire mass, has been easily as-
certained to be a quantity of bullion suf-
, ficient’ to make when coined 55,156,681
standard silver dollars. , v
Considering the present intrinsic rela-
tion between gold and silver the mainten-
ance of the parity between the two met~
als, as mentioned in this law, can mean
nothing less than the maintenance of such
a parity in the estimation and confidence
of the people who use our money in their
daily transactions. '
How to Maintain the rarity.
Manifestly the maintenance of this par-
ity can only be accomplished, 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 re-
demption the coin, whether it is gold or
silver, which they prefer. It follows that
while in terms thedaw leaves the'choice of
coin to be paid on such redemption to the
discretion of the secretary of the treasury
the exercise of this discretion, if opposed
to the demands of the holder, is entirely
incOnsistent with the effective and benefi-
cial 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 repeat-
edly conceded in the platforms of both
utes. It is no where more emphatically
recogn'med than in the recent law which
repealed the provision under which the
bullion now on hand was purchased. This
law insists upon the “niaintenanCe Of the
metals and the equal power of every dole
lar at all times in the markets and in the
payment of debts." .
The secretary of the treasury has there-
fore for the best of reasons not only com-
plied with every demand fo: the redemp-
tion of these treasury notes in gold, but
the present situation as well as the letter
and spirit of the law upperm- plaiuly 1c
justif-y, if they do not enjoin :: u. bin). 21
continuation of such redemp: .
The Conditions Summ .. , . - -
The conditions I have endear.»
sent may be thus summarized:
First—The government has purchased
and now has on hand sufficient silver bul-
lion to permit the coinage of all the silver
dollars necessary to redeem in such dol
lars the treasury notes issued for the pur-
chase of said silver bullion and enough
besides to coin, as gain or seigniorage,
55,156,681 additional standard silver dol-
lars. - ~ .
, Second—There are outstanding and now
in circulation treasury notes issued in pay
ment ofi‘. .- bullion purchased amounting
to 3152,95; 280. These netes are legal ten-
der in payment of all debts, public and
private, except when otherwise expressly
stipulated; they are receivable for customs,
taxes and all public duos When held by
banking associations, theyimaylbdcounted
as part of their lawful reserves, and they
are redeemed by the government in gold
of the option of the holders. These advan-
1.. goons attributes were deliberately at
tached to these notes at the time of their
issue; they are fully understood by our
people, to whom such notes have been dis-
tributed as currency, and have inspired
confidence in their safety and value, and
have undoubtedly thus induced their con
tinued 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 statement of
my objections to the bill now under con-
sideration. '
The President‘s Objections.
This bill consists of. two sections, ex-
cluding one which merely appropriates a
sum sufficient to carry the act. into efiect.
The first section provides for the immedi
. ate coinage of the silver bullion in the
treasury which represents the so called
gain or seigniorage which would arise
from the coinage of all the bullion on
hand, w! Zch gain or seigniorage this sec-
tion declines to be $55,156,681.
l :r) ‘fll‘lf'.
the certificates issued thereon shall be
'used in the payment of public expendi-
tures and provides that if the needs of the
treasury demand it the secretary of the
treasury may in his discretion issue silver
certificates in excess of. such coinage, not
exceeding the amount of seigniorage in
said section authorized to be coined.
The second section directs that as soon
as possible after the coinage of thisseign-
iorage 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 treasury for
the redemption of the treasury notes is-
sued 'in the purchase of said bullion. 11
provides that as fast as the bullion shall
be coined for the redemption of said notes
canceled and destroyed in amounts equal
to» the coin held at any time in the treas-
ury derived from the coinage provided for,
and that silver certificates shall be issued
on each coin in the manner now provided
by law.
It is, however, especially declared in said
section that the act shall not be construed
to change existing laws relating to the
legal tender character or mode of redemp
tion of the treasury notes issued for the
purchase of the silver bullion to-be coined.
' “Unfortunately Constructed."
The entire bill is most unfortunately
constructed. Nearly every sentence pre:
sents uncertainty and invites controversy
as to its meaning and intent. The first
section is especially faulty in this respect,
and it is extremely doubtful whether its
language will permit the consummation
of its supposed purposes. ,
1 am led to believe that the promoters or
the bill intended in this section to provide
for the coinage of the bullion constituting
the gain, Oi' seigniorage, as it is called, in-
to standard silver dollars, and yet there is
positively nothing in the section to pre-
vent its coinage into any description of sil-
ver coins now authorized under any exist-
ing law. - .
I suppose this section was also intended,
in case the needs of the treasury called for
money faster than the seigniorage bullion
could actually ,be coined, to permit the
issue of silver certificates in advance of
such coinage, but its language. would
seem to permit the issuance of such certifi-
cates to double the amount of seigniorage
as stated, one-half. of which would not
represent an ounce of silver in the treas-
ury.
The debate upon this section in the con-
gress developed an earnest and positive dif-
ference of opinion as to its object- and
meaning. In any event I' am clear that
the ‘present perplexities and einbarraSs-
ments of the secretary of the treasury
ought not- to be augmented by devolving
upon him the execution of a law so uncer-
tain and confused.
I am not willing, however, to rest my
objection to this section solely on these
grounds. In my judgment sound finance
does not commend a further infusion of
silver into our currency at this time unac-
companied I": further ndeouate provision
. . mums-M
Read the Gamrl
political parties and in our federal stat“
parity in value of the coins of the twc '
It directs that the money so coined 01 L
they shall not be reissued, but shall be,
safe gold reserve. . . . »
Don bts also arise as to the meaning and .
construction of the second section of the
bill. If the silver dollars therein directed
to be coined are, as the section provides, to
be held in the treasury for the redemption
of treasury notes, it is suggested that,
strictly speaking, certificates cannot be is-
sued on such coin “in the manner now pro-
vided by law,” because these dollars are
_ money held in the treasury for the express
purpose of redeeming tree sury notes on
demand. which would oruinarily mean
that they were set apart for the purpose of
substituting them for these treasury notes.
They are not, therefore, held in such ;a
way as to furnish a basis for certificates
according to any provision of existing law.
If, however, silver certificrjaes can prop-
erly be issued upon thech dollars, there is
nothing in the section to indicate the char-
acteristics and functions of these certifi-
cates. If they were to be of the same char-
acter as silver certificates in circulation
under existing laws, they would at best be
receivable only for customs, taxes and. all
public dues, and under the language of
this section it is, to say the least, extreme-—
ly doubtful whether the certificates it con-
templates would be lawfully rcceived even
for such purposes. ~
Uncertainties of Expression. 4
VVhatevc-r else may be said of the uncer-
tainties of expression in this bill, they cer-
tainly ought r. at to be found in legislation
afiecting subjects so important and far-
reaching as our finances and currency. In
stating other and more important reasons
for my disapproval of this section I shall,
however, assume that under its provisions
the treasury notes issued in payment for
silver bullion will continue to be redeem-
ed, as heretofore, in silver or gold at the
option of the holders, and that if, when
they are presented for redemption 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 substituted. '
I am convinced that this scheme is ill
advised and dangerous. As an ultimate
result of its operation, treasury notes,
which are legal tender for all debts, pub-'
lie and private, and which are redeemable
in gold or' silver, at the option of the
holder, will be replaced by silver certifi-
cates which, Whatever may be their char-
these qualities.
In anticipation of this result and as an
immediate efiect the treasury notes will
naturally appreciate in value and desira-
bility. The fact that gold can be realized
upon them, and the further fact that their
destruction has been decreed when they
withdrawal from general circulation to be
immediately presented for gold redemp-
tion or to be boarded for presentation at a
more convenient season. The sequel of
both operations will be a large addition to
the silver currency in our circulation and
a corresponding reduction of gold in the
treasury. .
The argument has been made that these
things will net occur at once because a
long time must elapse before the coinage
of anything but the seigniorage can be en-
tered upon. If the physical effects of the
execution of the second section of this bill
are not to be realized until far in the future,
this may furnish a strong reason why it
should not be passed so much in advance.
But the postponement of its actual opera
tion cannot prevent the fear and loss
of confidence and nervous prostration
which would immediately follow its pas~
sage and bring about its worse eonan
q‘ne'nces. - ' i
I regard this section of the bill as em.
bodying a plan by which the government
will be obliged to pay out its scanty store
of gold for no other purpose than to force
an unnatural addition of silver money
into the hands of our people. This is an
exact reversal of the policy which safe
finance dictates if We. are to preserve
parity between gold and silver and mains
Outstanding Silver Certificates.
$838,000,000 in silver certificates issued un‘
der existing laws. They are serving the
purpose of money usefully and without
question. Our gold reserve amounting to
only a little more than 81 ,000,000, is di-
rectly charged with the redemption of
$346,000,000 of United States notes. .1
\Vhen it is proposed to inflate our silvet
currency, it is a time for strengthening our
gold reserve instead of depleting it. I
cannot conceive of a longer step toward
silver monometallism than we take when
we spend our gold to buy silver certify-
cates for circulation, especially in view of
the practical difficulties surrounding the
replenishment of our gold. '
This leads me to earnestly present the
desirability of granting to the secretary of
the treasury a better power than now ex-
ists to issue bonds to protect our gold re.
serve when for any reason it should be
necessary. Our currency is in such a con-
fused condition and our financial affairs
are apt to assume at- any time so critical a
position that it seems to me such a. course
is dictated by ordinary prudence.
I am not insensible to the arguments in
favor of coining the bullion seigniorage
now in the treasury, and I believe it could
be done safely and with adw. .rtn sze if the
secretary of the treasury had . ..-- power
to issue bonds at a low rate of interest‘
under authority in substitution of that
now existing and better suited to the pr'o-
tection of the treasury.
I hope a way will present itself in the
near future for the adjustment of our
monetary affairs in such a comprehensive
and conservative manner as will afford to
silver its proper place in our currency, but.
in the meantimel am extremely solicitous
that whatever action we take on this sub—
ject may be such as to prevent loss and
discouragement to our people at home and
the destruction of confidence in our finan-
cial management abroad. _
Guovrm CLEVELAND.
The O’Neill-Joy Case.
‘ Wasnrxo'rox, March 8.—-In the ho use
today a number of small private bills were
passed, and then the filibustering on the
sumed, the Democrats being short of a
quorum. Ten Democrats voted against
O’Neill’s claim to the seat.
A Plum For Mr. Houck.
W'Asrrrvo'rox. Mar-ch .——George H.
Honck has been nominated to be collector
of customs for the district of Genesee,
N. 1'.
Towanda‘s New Postmaster.
Wxsmxoros’, Mai-ch 3,—The president
today nominated Edward L. Smith to be”.
postmaster at Towandn, Pa.
Natives Kill an Administrator.
PARIS, March 3.—-Advices received here
from Grand Bussan, western Africa, on-
nounce that M. Poulle, the administrator
of that district; has been killed in an en; '
gagement with the natives. ' " ’.
‘ {lead the Gunners.
actor and description, will have none of
reach the treasury, must tend. to their -
tain a sensible bimetallism. J _
We have now outstanding more than .
O’Neill-Joy contested election case was te- "
.for the maintenance in our treasury 0195: j v » .
Norwalk Chronicler