The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1877-11-01
Report OF the Congressional Silver
Commission.

A Washington special of the 18th to
the Chicago Tribune, ives the follow
ing synopsis of the report of the Con-
gressional Commission upon the Silver
Question: 90 e.arl
The report of Senator Jones' Commission
upon the silver question, so long expected,
was completed late this afternoon. Senator
Jones has spent the whole summer here upon
it. The report comprises q volume Of 200
Of equal size. The following is an epitome of
the conclusion at which the majority Of the
Silver Commission have arrived: -F
The first question relates to the cause of the
recent change in the relative value of gold
and silver, and to the effect of that change.
The Commission concluded:
The causes of recent change in the relative
value OF gold and silver are mainly the demon
citation Of silver by Germany, the United
States and the Scandinavian States, and the
closure Of the minis in Europe against its coin
age. These principal causes were aided by a
cOntempOraneOus diminutiOn of the Asiatic
demand for silver, and by the enormous aggre-
the Nevada silver mines. The effect of the de-
monetization SO far accomplished has been
signally disastrous, especially to the countries
which have recently dcmonetized silver, or in
which the gold standard was already estab-
lished.''
The second question covers the two points of
the restoration of the double standard in this
country and of the best legal relation between
mends the restoration of the double standard
and the unrestricted coinage Of both metals,
but are unable to agree upon the legal rela-
ton which should be established between
them.
The third question relates to the policy of
continuing legal-tender notes c0ncurrentlJ
with the metallic standards, and the effects
thereof upon the labor, industries and wealth
of the country. The Commissioners do not
suppose that it is possible to maintain paper
less the paper is made equal in value to coin
by actual convertibility into it.
The fourth question covers the best means
for providing for facilitating the resumption
Of specie payments The opinions ON this
point are various and contradictory. The ex.
periencc of other countries furnishes little aid
In reaching conclusions which can command
confidence. The fact in regard to paper money
issued directly by the Governments and hav
ing forced currency, seems to be that it has
seldom been redeemed in coin. The Commits
sion concludes that resumption in this coun-
try is not practicable under the circumstances
until the existing laws making gold the sole
metallic legal-tender are repealed. The
total inadequacy of gold alone is appar-
ent. Germany, Great Britain and France
sss Se quantity Ssnase' Of which a snS i
maximum estimates Of the amounts they have in
coin and bars do not exceed 81, 800, 900 600. The
Commission think the quantities in the West
ern World are much exaggerated. The Com
mission believe that the reconciliation of sir
yer will have powerful influence in prevent
ing, and probably will prevent, the demonetiza-
ton of silver in France and in other European
countries in which the double standard is still
legally and theoretically maintained. But If,
notwithstanding reconciliation here, further
European monctization shall take place. the
result for us will be an advantageous exchange
of the commodities which we can spare for
money which we need.
Finally. the Commission believe that the fact
that Germany and the Scandinavian States
have adopted the single gold standard, and
that some other European Nations may posi-
bly, adopt 1t, instead Of being reasons for per-
severance in the attempt to establish It in the
United States, are precisely the facts which
make such an attempt entirely impraeticablc
and ruinous. To propose to this country
contest for gold standard with the European
Nations is to propose to It disastrous race In
reducing the prices of labor and commodities,
In aggravating the burdens Of debt, and in the
diminution and concentration of wealth, in
which all the contestants viii suffer immeasur-
ably, and the victors even more than the van
This d signed By John z, Jones, Lswis Y.
Boy. George willard, 4. !. Bland, Wiliams ..