The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-03-16
RePOrs Of lhe silver G,osEamTs-
SfnH


Report OF the silver GOsamis-
sion.
The majority OF the Senators
and Representatives appointed to
investigate and report to Congress
the facts relative to the demoneti-
zation Of silver in 1873, and its re-
suits to the business and Industries
OF the country have made Q report
cOndemning such demonetization in
the strongest terms, and recon-
mending that silver be made full
legal tender and freely coined. The
report is very lengthy. and elabo-
rate, and is hard document for
hard money men to digest. Among
ether things, it says:
The effects of demonstration so
far accomplished, and of the result
ing disturbance Of the relative val
us of gold aud silver upon trade,
commerce. finance and productive
interests in this country and
throughout the commercial world.
have been signsIly disastrous, and
especially To countries which have
recently denonetized silver, or in
| which the gold standard was al
ready established. In all CONNER
ciaI countries the same phenomena
are simultaneously presented OF
falling prices of commodities and
real estate, diminishing public reve-
Rues, starving, poorly-paid, and un-
employed lsborere, and rapidly
multiplying bankruptcies. Those
facts, existing everywhere, must
| arise from some cause operating
everywhere, aud no such cause ia
er can be pointed out except the
progress made in contracting the
standard of values from gold and
silver to gold alene.
Having reached the conclusion
that the commercial disasters and
rapidly multiplying bankruptcies
resulting from falling prices OF
commodities and real estate, dimin-
iSh1ng public revenues, starving,
poorly paid and unemployed labor
ers-are caused by the act in ques-
tion, the commission log ically con-
cludes that:
"The resumption of specie pay
ments in this country is not practi-
cable, under the circumstance, un-
til the existing laws making gold
the sole metallic legal tender are
repealed"
And it not only says this, but
goss further, and expresses q doubt
as TO whether the two precions met
ais together are adequate to main
tain existing prices, and declares
that:
"The total inadequacy of gold
alone is apparent"
In this connection attention is
called to the fact of the forced
abandonment of coin payments by
so many countries and q resort to
paper money, as showing the in
adequacy of the supply of gold
money to meet the rapidly increas-
ing demands of commerce. In 9TH
or words, the banishment Of silver
money has necessitated the enlG rye
ment of the volume of paper mon.
ey. It is plain, therefore, that the
advocates of the exclusive gold
standard do not object to paper
money per Sc. What they desire is
the privilege of issuing the largest
possible amount of paper on the
smallest metallic basis. In warning
the country of the disasters that
must inevitably flow from the pro-
posed attempt to resume specie pay.
ments on an exclusive gold stand
ard, the commission barely refers
to the dire experience Of England
in 1861. The picture was doubt
less considered too horrible for re-
production. Besides, there was an
example nearer at hand-Germany.
OF that country the commission
says;
Germany commenced it's m arch,
not yet completed, to q single gold
standard unembarrassed by na-
tional or foreign debt of any kind.
and with q tribute exacted from
France of $1,000, 600 600. II the
German movement uRder these ia.
V0ring circumstances has resulted
In such great commercial distur.
0ance, and sach keenness of private
distress, il may be anticipated
what financial ruin will take place in
this country If it shall persist in the
same movement under enormous
debts, public and private.
Finally, the commission Gays:
To propose to this country . con.
test for gold standard with Faro
pesn nations is to propose TO It q
disastrous race, reducing the price
OF commodities and aggravating
the burden Of debts, in whicl. eli
contestants will suffer immeasura-
bly,, and the yictors evsn more than
the vanQuished.
And yet this is precisely what our
orthodox fnanciers propose to do,
and majority OF the people appear
to endorse. Similar statements and
predictions which the majority re.
port Of the Congressional silver
commission makes, have been re.
peatealy published by people who
have given the financial question
some study, but apparently sttrac.
ted very little public interest. 1t
may be, however, that statements
made by the emmineut gentlemen
who made this report will exert
SEINE influence in Congress and
throughout the country.
In this connection the following
European telegram il interesting :
LoSDoN, March 5.-Tbe Money
Market Review says: .sTbe Bank
OF France has ANNOUNCED that il
Will hereafter make advances upon
bar silver at one per cent. per an.
mum, with . margia of ten per
cent. in French rentes deposited
with the bank. This il q return to
the eastom prevailing before the
manic in ailR0P I.