New-York tribune., 1882-04-23
they intended to ask for a hearing and the cou
adjourned
THE DOLLAR or THE FATHERS.
EVILS OF A BIMETALLIC COINAGE.

EVILS OF A BIMETALLIC COINAGE.
REPORT OF THE SUBCOMMITTEE RECOMMENDING
THE SUSPENSION OF THE ISSUE OF SILVER GER
TIFICATEs
WAsHINGTON, April 22.-The majority of the
subcommittee OF the House Committee on Banking and
Currency Representatives Dnglcy, Webber aud IIar-
denberghn charge OF that portion Of the Presidents
Message relating to silver certificates. has prepared
voumnous report to accompany the bill agreed upon by
the subcommittee and published the 10Th instant,
entitled bill to suspend the issue of silver certi-
and limit the coinage Of standard silver dollars
to the requirements OF the people, This report will be
submitted to the full committee on Tuesday next
In referring to the act OF February 2s. 1S73authOr
izng the coinage Of the standard silver dollar and pro-
ydng for the restoration Of legal tender character
the report says: 1t is well known that the silver bin
could not have become q law had 1t not been
for the Limitation Of the coinage and the
hope that an international monetary conference would
speedily secure agreement for coinage ratio OF
gold and silver. which would an equivaency of
value In the legaender coins OF the two metals II
thought that the limitation would prevents larger
age than would be readily absorbed In the circulation
during the period that would he required secure
international arrangement and that II this failed within
reasonable time then the further coinage OF silver dol
lars could be easily suspended FOur have passed
since this limited silver coinage act passed. and
Congress will discharge it's duty to the people and
the great Industrial and business interests whose pros
perity Is so dependent upon a sound currency,
iii does carefully consider the actual and prob
able results. The silver coinage act was passed
the theory that the depreciation In silver caused
in large by the legislation OF 1873 and that its
reconciliation would bridge over the gulf between the
gold and silver dollar, but 1t has not done
this. There has not been single day
since this coinage resumed thar silver
bullion worth much as II was when the SILVER bill
became law This result makes II clear that the causes
Of the depreciation OF silver outside Of any action
Of our Government and consequently that they cannot
be removed much affected by United stat alone.
The failure Of the international conference 10 re-
assemble in Paris few days ago according to adjourn
this drcciiOn-at least long as the United states
kindly consents to undertake u bear the burden OF buy
world while the great commercial nations are not using
a dollar in fun lrgal-tender coinage. potent
the coinage Of the dollar Of the fathers, as well AZ the
gold dollar is based on the assumption that this VIII
give the people both silver and gold for money, and Will
Thus largely add to the volume Of tools OF exchange.
The tact Is the reverse of this Full leg'ender silver
dollars Will not circulate with gold dollars unless they
SILVER certicaes have in the frat place TO some ex-
tent Obstucted the circulation OF silver dollars among
the people, where they could do harm, far they
retained in actual circulation. In the second place.
they have taken away the only practical safeguard
Were it moi for the certificate mask which conceas the
real results OF the coinage OF the dollar Of the fathers
there would be little difference OF opinion 10 the un
wisdom Of "A law which had compelled the Government
to ekpend hundred million dollars In buying and coin.
ing silver when the people wanted only Ouc-thrd OF
IL IL silver dollars are 10 be coined NOT for circua-
ton, but a basis for paper currency. we shall have
all The evils any OF the benefits claimed for
silver coinage. -. or SlO,OJOOOo received at tne
Newly Ork Custom House In tue months or January,
February and March, ~S,OOOOO0 In silver certih
At this 32 OOOOOO III these certificates will
tins year be paid for duties 10 tue New-Iork Custom
House alone. II 1t had not been lOr these ccrtln-
Gates, the importers would have paid this amount
OF gold into the Treasury, and Instead OF
reduction or S6,OOOOOO Ia the gold reserve
since January, there would have been an IN
Whatever us fIl purpose may be suDserved by
Government certificates OF deposit would be secured by
the issue OF gold certificates which would IN no manner
endanger the currency or disturb the publ confidence
In Of the fact that business has been adapted
10 the OF certificates now outstanding, these
should be ressue1 paid into the Treasury now pro-
vIded by law. Your committee also OF opinion that
until shall be- International agreement upon
ratio for the coinage OF fu legatendcr silver coins
or until the equIvaency Of value between the STANDARD
silver aud gold coinage OF the United states III tle
markets OF the world shall be Otherwise secured, the
coinage silver dollars should be limited 10 the de-
mAnu for the same for actual circulation