New-York tribune., 1876-07-26
VOL. XXXVI... NO l,O2l.
UNLIMITED SILVER.
THE FIGHT IN CONGRESS BEGUN.
.,-c,s nrr1 NOW FAIRLY BEFORE THE HOUSE
~" ms PROVISIONS AND TENDENCIES.
L.. MI rcRApn TO TIE TRIBUNk.l

:. ,bo Uousc during the morning hour to-uay over
A., Silver bill reported from the Committee on
Mines and Mining is likely to be very interesting
one and 10 occupy portion OF each DAY, except Oh
Wcrdavs and Fridays, until the end of the session
l,oatas of the bin desire to avoid all discus
.; ON Il if possible and while they propose to al
,a,, senarate votes to be taken on two or three
y" I,orts intend to force the bill through the
IL under the oDcration of the previous question.
rl,a LIl itself authorizes the issue by the United
50 of coin notes IN exchange for bullion, bars OF
aIS and silver the gold to be computed at ITS com
.,1ro and the silver at the rate of 1920 grams
D.5ord silver TO the dollar. Seyenty-hye per
sa,t &C the bullion thus received IS to he held
:. .ho nints aud assay Offices Tor the
- ~ of redeeming the coin certificates
tanever they may be presented. Inc com notes
tbrs authorized to be issued are made Legal 'coeI
without limit for all dues to the United states anu
,t .i1vcr coin for all debts of every nature puohc
~ ,,,,o+o NOT sDecifed to be paid in gold com.
The most important amendment reported oS 'ne
Cor,7nittee is one directing the coinage Oh sliNtr
dollars in the mints OF the United states anu MI
Rand Of Missouri, who has charge OF the oiii A.''
AGREED to admit an amendment propoSeu ny NJ
Holman. repealing that part of the hesui"p'oh az,
of1s75 which provides forthe redemption oil OniVeu
States notes in coin on the ist OF January Io''' "w
authorizing the Secretary OF the treasury 10 sen
bonds for the accumulation Of a redemption IuNu'
The adoption of this bill and the amendment pro-
nossd 70 if would at once result in radical reVoH
tion in the metallic currency Of this country In
tbe first place. by making silver dollars ard silver
coin certificates the value of which is TO be com
nnted at the coming value of the silver bullion III
exchange for which they are issued, an unlimited
legal tender deprecated silver currency would az
onre take The place of the gold coin and gold ccTA-
cafes now in use in this country, and the latter
beinr more valuable, would be exported on sent to
the melting pot No one except exporters "o'du
have anv use for gold when silver worth 10 OF ~
pcr cent less would pay debts just as well.
Tn the second place, by making all silver bullion
deposited at the mnts assay offices OF the tl'ed
States Immediately available by means of coin notes
as egatender money! without limit, for all dues TO
tie United States and by placing no restrictions on
the amount SO to be deposited, the Government
would issue an invitation to every one not only IN
this country but in Europe, who has stock OF silver
Oh hand for which it is now impossible to ma
favorable market 10 bring il to this country and sell
it TO the Government at higher price than 1t any
where else commands.
When it IS remembered that the annual accumula-
ton of surplus silver arising from the decreased
demand for that metal in the payment of Eastern
lion of the bonanza mines Of the United states, is
about So OOO 600, and that this accumulation has
now been going on for several years, some idea of
the extent 10 which silver would be deposited with
the United States should tins bill be passed can be
formed, In the first place, the owners of the
bona "a mines instead OF holding their bullion or
seeking market for it in Europe, would ship their
entire product directly TO the mnts and assay Offices
re,erving only that small portion Of II sold to manu-
flcturers Of silver plate and ware. Secondly, the
entirs stock accumulated in Europe and
now living idle, entailing great loss upon its
owners because no market for 1t anywhere
exists would at once be shipped to the
United States and also piled up in our mints and
assay Offices Thirdly, Germany would send TO the
United States the $1OO,O00000 worth OF silver ior
which she is seeking a market, and that too would
be added to the enormous stock which would thus
accumulate in the hands Of the Government. Esti-
mates based on the best sources Of information
available place the surplus stock of silver now IN
the world seeking market at from SGO0,OO0,OOO
to S7OOOOO,COO. No demand exists in the United
States for any such enormous amount OF coin coin
certificates. One hundred and thirty millions OF
gold coin is all that is now needed in
the United States, and after that has been
driven out by the operation Of the bill Sl75,JOOOOO
Of silver would I'll it, place but by the theory OF the
bill the purchases 20 be made by the Government
are not to be limited by the demand but by the
cessitics Of the holders Of the coin or the bullion.
Whatever effect such a measure might have upon
the value Of silver in Europe il is evident that such
aGod Of it as has been described poured into this
country without the creation Of any corresponding
demand would prevent the restoration OF the value
Of silver to what il formerly was.
The morning hour to-day was consumed in argu-
Of u. it ~ NJ
Garfield that the BILL being of that character which
requires The appropriation Of moneys, ought 70 60 to
the Committee Of the Whole for first consideration.
The discussion on this point was O very interesting
one and was participated in not only by the gentle
men named, but also by Slr. Banks, who is one Of
the champions of the silver dollar and by Mr..
Holman and SIR. Wilson Of Iowa. The Speaker
oveuued the points of order. and was sustained
by the House whom an appeal was taken
from his decision. Tomorrow a point Of
order VIII be made against MT. Honan's amend
ment providing for the repeal Of the Resumption
act and the decision of this viii probably occupy
the whole Of the morning hour Tie opponents OF
the bill, among whom are some Of the strongest
members on both sides Of the House viii employ
every means known TO parliamentary usage to post
poue a vote upon It, the result OF which is no way
doubtful. Ex-senator Stewart Of Nevada and other
prominent Republicans Of the bonanza interests
which anxious to sell the increasing products
Of their mines to the United States Government at
high prices, were on the loor this morning watch
ing with great interest the action Of the House on
tl.s measure. A canvass Of the Senate shows that
silver bin in some form would be likely 10 pass that
body i sent there from the House. unless Congress
should finally adjourn before vote upon it could be
reached
SILVER INITIATION