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 certificates to double the amount of seigniorage as
stated, one-half of which would not represent an ounce of silver in
the Treasury. The debate upon this section in the Congress developed
an earnest and positive difference of opinion as to its object and
meaning. In any event, I am clear that the present perplexities and
embarrassments of the Secretary of the Treasury ought not to be
augmented by devolving upon him the execution of a law so uncertain
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 unaccompanied
by further adequate provision for the maintenance in our Treasury of a
safe gold reserve.

Doubts 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 can not be issued on such coin "in the manner now provided
by law," because these dollars are money held in the Treasury for the
express purpose of redeeming Treasury notes on demand, which would
ordinarily 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 certificates can properly be issued upon these
dollars, there is nothing in the section to indicate the characteristics
and functions of these certificates. If they were to be of the same
character 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,
extremely doubtful whether the certificates it contemplates would be
lawfully received even for such purposes.

Whatever else may be said of the uncertainties of expression in this
bill, they certainly ought not to be found in legislation affecting
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 sh