The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-03-03
..,.,. =, I'M. s,Iver Commission.

Report OF the silver Commission.
WAszrNaroN, March 2.-The follow
ing are the conclusions OF the report OF |
the Silver Commission, which was pre-
seated 70 Congress to-day, signed BY
Senators Jones (of Nevada and tosy,
Representatives Willard and Bland ana
Hon. William 8. Grossbeck: The hrst
question related to the causes OF the
recent change in the relative values OF
gold and silver and the effect OF that
change upon trade, commerce, finance
and the producing interests
of the country. The Commission
concur in the following opinion OF the
British Silver Commission of 1876, that
the recent increase in the production OF
silver is not one OF the principal causes OF
decline in its relative value, NotWltn-
standing the late rise in the production OF
silver as compared with gold, its pro-
portion to gold is still considerably below
what it was in l848, to say nothing OF
the period when the proportion was 10
l, and the conclusion seems Justi-
fed that the review of the reia.
tons of metal in the past
shows that the fall in the price of silver
IL not due to any excessive production.
As compared with gold it is not now Sc
riously maintained anywhere that any
recent fact in the production OF silver IS
among the causes of its relative decline.
The causes of the recent change in the
relation Of gold and silver are mainly the
demonstration OF silver by Germany,
the United States and other countries,
and the closing of the minis against Sill
yer, which resulted from these demone-
tizations. These principal causes were
tided by contemporaneou diminution OF
the Asiastic demand for silver, and by the
enormous exag serations OF the actual and
prospective yield of the Nevada silver
mines and the effect OF all causes princi-
pal and accessory reaches Its eliminating
poin. IN the panic OF June, 1876. In
the London silver market many Of the
Loans there are essentially temporary.
Asistic demand for silver has already
recovered its accustomed force and exag-
gerations in respect to Nevada mines
no longer exist.
In the opinion of the Commission, if the
United States restore the double stand
ard the progress of the demon etization
silver will be decisively checked. The
effects of demonstration so far accom-
Diished, and OF the resulting disturbance
of the relative value of gold and silver
upon trade, commerce, finance and pro-
ductive interests in this country and
throughout the commercial world, have
been signsily disastrous, and especially
u the countries which have re-
Gently demonetized silver, or in
which the gold standard was
already established. In all COM
mercial countries the same features
are simultaneously presented of falling
prices of commodities and real estate,
diminishing the public revenues, starving
the poorly paid and unemployed labor
ers, and rapidly multiplying the bank
ruptcies. These facts existing every
where, they must arise from the same
cause operating everywhere, and no such
cause is or can be- pointed out, except the
proposes made in contracting the stand
urd of value from gold and silver to gold
alone. This distress dates with the law
of the United States of February
II, 1873, and the law of Ger
many OF July, 1873, giving practical
effect TO q previous decree
of that empire of December 4, 1871, for
the establishment of a single gold stand.
ard OF silver TO the amount of S3,0OO,OOO,
100 in coin. The accumulation of fifty
centuries is so worked into the web and
wool of the worlds commerce that it
cannot be discarded without commercial,
political and social dlsfavor. The evil is
enormously aggravated by selecting gold
MS the metal to be retained and silver as
the metal to be given up. II it the pro-
ductIon of silver which is the moderator
Of the fluctuations of gold, and which
during the sudden and enormous addi-
tJnal supplies of golu since 1913 has
wed the commercial world from q ruin
Jus disaster. The California and Aus.
trslian placers would have inflicted
practical confscatiod upon the creditor
classes ifthe silver which many of them
now seek 10 discard had not protected
them.
The second question covers the two
points of the restoration of the double
standard in this country and Of the best
legal relation between gold and silver.
The Commission recommends the restora-
ton and unlimited coinage of both metals
of the double standard, but are unable
To agree upon the best legal relation of
the two metals.
The third question relates to the policy
of continuing legal tender notes cur
rently with metallic standards, and the
effects thereof upon labor, industries and
the wealth OF the country. The commls-
sion do not suppose that it is
possible to maintain paper in
actual concurrent circulation with coin
un less the paper is made equal in mar
ket value to; coin by actual convertible
ity into it and that the answer 10 this
question may be embraced in the answer
to the last question, which relates to the
resumption of specie payments, the
fourth question covers the best means for
providing for the facilitating the re-
sumption of specie payments. The Brit
ish resumption Of 1921, as it was actually
accomplished, was followed by
an unexampled commercial and
industrial depression covering nearly
period of q generation. 1t is not pos
sible 10 draw from that historical eX-
ample much to enlighten us as to the
proper policy to be now pursued by the
United states. The Commission have
been able to arrive at only the one con-
clusion, that resumption in this country
Is not practicable under the cireum-
stances until existing laws making gold
the sole metallic legal tender are repealed.
Resumption, while those laws remain IN
force, is the establishment of an exclusive
gold standard in the United States, Just
as the English resumption in 1921 gave
effect to the English gold law of 1916.
That the Two precious metals are ade.
quste to maintain the existing prices is
made at least doubtful by the fact that
SO many countries have abandoned coin
payments within recen. years, and have
resorted to paper money. The total