The Portland daily press., 1877-03-03
THE SILVER COMMISSION.
Report of the Majority.

WASHINGTON, March 1.-The report of the
majority of the silver commission to Congress
says:
The causes of the recent change in the rela-
tion of gold and silver are mainly the demonet-
ization OF silver by Germany, United States,
and other countries, and the closing of mints
against silver, which resulted from these de.
mOnetizations. These principal causes were
aided by the contemporane0us diminution of
the Asiatic demand for silver and by the enor-
nous exaggerations of the actual and prospec-
tive yield Of Nevada silver mines, and the effect
Of all three causes. principal and accessory.
reached the eliminating point IN the panic in
July, 1876 in the London silver market. Many
of these causes are essentially temporary. The
active demand for silver has already recovered
its accustomed force, and the decisions in re-
spect to the Nevada mines no longer exist. In
the opinion of the commission of the United
States, by restoring the double standard the
progress of demonetzing silver will be decis-
lively checked.
In the accompanying individual report Sena-
tor Bogy and Representative Willard recon-
mend fixing the silver standard at 15a. Mr..
Grosbeck and Representative Bland recon-
mend the standard at Is 9S 100, the present
standard, until after an International confer
ence, but they agree with the the three first
named in favor of reconciliation. Senator
Boutwell, Representative Gibson and Prof.
Bowen of Cambridge, report in favor of a sim
gle gold standard, restricting the use of silver
as money TO small COINS with us present or on.
ly slightly increased legal tender limit.
Senator Boutweips Views.
Senator Boutwells minority report expresses
the opinion that it is not now eXpedient for the
government of the United States to authorize
the coinage of silver dollar aud make it legal
tender in the United States for all purposes
except such as are otherwise specifically pro-
vided for by law or by contract. Mr.. Boutwell,
is also of the opinion that it is expedient for
this government to extend an invitation to the
commercial nations of the world to join in a
convention for the purpose of considering
whether it is wise to provide by treaties and
concurrent legislation for the use of both silver
and gold in all such sections upon fixed rel a.
tive valuation of the two metals, and finally
that until such an agreement between this gov
eminent and other commercial nations can be
effected the United States should pursue the
existing policy in regard to the resumption of
specie payments.
Human experience, he says, supports the po-
sition that thus far no country has been able to
maintain two standards of value in actual use
at the same period of time and in every country
which has adopted bi-mete lie standard that
metal has been used to the exclusion of the
other which was overvalued as coin as COM
pared with the value of bullion contained in
the coin when tested by its market price in
the other countries of the world.
Mr. Boutwell, is of the opinion that the adop-
ton of silver as standard would be followed
by loss in depreciation of public credit far
greater than any gain to the government by
the payment of the interest and principal of
the public debt in coin less valuable than
gold.