The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-05-02
FINANCE AND COTTON
FINANCIAL

,.,r.rsr,TIvI DIETRICH SMITH. Of Illinois,
n,Asr,ed the report of the minority OF the COM
pl, ,Sr on banking and currency IN opposition to
muxsiil ,,hich proposes TO discontinue silver
he. tm The following are the essential
Ger M his report The first leason given
EA.he secretary Of the treasury why the fur-
" ~. coinage Of the silver dollar SHOULD cease
Wy rriher silver certificates be issued is that
sus s thegovernment has delivered the silver
suiisrs 10 the people in all parts OF the country
a1' o,,f eypensc only s3L00O0O of 100000 900
lNyoed have been asked FIR, while the other
~. M ,oO remain in the vaults of the treas
uy orr .Ssurp
=. mis- argument is that the people are unwill-
~, IN circulate any great quantity OF COM
a,,ber cold or silver and having the privilege
efnsipg silver certificates instead OF the cum
Sorsome silver dollar they preferred the for
~ m The latter, and If the ruling OF the treas
ny Ipnartmeut were not against the unre-
ur..ted issue of gold certificates for the deposit
~ Sold coin. no greater proportion of gold would
he among the people than SILVER, hete the
"ons,nies of the silver dollar reply that there
tnre the issue of the silver certificate should
s,on mus compelling the people to circulate the
sHyer coin itself But TO this we do not agree,
Sr We believe the convenience of commerce
sbonld he subserved by tine treasury, and GER
, sTVs issued il they are preferred TO coin
coming TO that part of the sccretary's report
which has reference 10 the failure of
THE MONETARY CONFERENCE
10 do anything in the matter the minority say
.per hans one o: the reasons why there has SO
ptile success attended the meetings of thst con
ssrence is that ur government in Its executive
Srsnrh. seems so half-hearied in its support OF
ne object to be reached by that conference"
With reference to the statements of the secretary
Mai This country furnishes the largest portion
If silver TO the nations of the world and that
silver coinage will largely increase the value Of
silver, the minority say; In order that this
silver of which our mines produce SO much.
shall not be further depressed by the action OF
congress, "
that the act authorizing Its coinage into silver
dollars be not repealed" They continue "ln
Inc event of turn in the present prosperity of
The country. it will more fully appear that our
snplus OF this condemned silver will greatly as.
slst our government in maintaining its credit
and contuun. to pay its obligations in spe-
Gle, as it is now doing" With regard to the pre-
dieton in the secretary's report that "A contin-
nance of the silver coinage rs at present pro
crossing will reduce us 10 an exclusive silver
coinage and TO place in the Commercial world
among the minor and less civilized nations,"
the minority say
IN ANSWER TO THIS PREDICTION
We desire to present some facts which prove
that it was not well founded four years ago,
and is not borne out by our financial expert
ence since The estimated amount of gold
coin IN the country at the close Of each fiscal
wear since the act authorizing the coinage of
The silver dollar was Us follows
ISIS VA, iZy.5fd
1873 .."..'.....'..'.''..'.'''. 2So' tOb9S
.,....''.....'''.'...'''. 5lS, 9oS,69l
lSl 49," ..:,..,,,.,:..,.,.... 439, ~, l53
1T will thus be seen that instead of gold
leaving our shores In consequence of the act re-
monetidng silver it seems 10 have had the con
trary effect, for in 1881 we have nearlH Twice as
much on hand rs we had in 1873. when the act
was passed, and
WHAT is REMARKABLE
the first wear FOR many that we have imported
more gold than we exported was that very year
ISIS" The minority adj: I'VE will before we
leave the secretary's report take the privilege
ofmakings prediction. 1t is this: That If we ever
again have great financial revulsion, the certin.
Gates both gold and silv 7, will least depreciate
Of all kinds OF paper currency in the hands of
the people and should we lose large amounts of
gold, sufficient t. again endanger our ability to
redeem the legal tender currency, and cOnse-
Quently the national bank currency also the
certificates would at once be at premium over
these, and
wEsEE NO DANGERS
in the issue of gold or silver certificates, proyi-
ded the coin is retained in the vaults Of the gov
erlment" The proposition that the national
banks should furnish the needed currency. they
do not agree to, and think the people first of all,
desire u have thor currency upon gold
and silver. and of these AS much OF both as pos.
AbIe and then, If they need more, further
NulleuuA lIhl Dt DuStu upon government DOtlils.
The experience of the world,' they add
teaches that the currency based upon coin OH
hand has proven the best when financial OF
other troubles overlook land"
AS AN ILLusTRb ALTON
OF the beneficial effect Of the reconciliation sc
on the prize Of silver the committee say: THE
market for silver bullion has been maintained
durlug these trying years, Notwithstanding the
Communication of $4,000 l,Ot0 of 1t by the Ger
man empire ANA the production OF sl6,o 0.OOt
worth OF silver bullion by our mines since 1878
WIN regard TO the statement of the majority o
ihe subcommittee that the silver and gold dol
lars under existing circumstances will not circu
late side by side, and that
TlIE coinage OF THE SILVER DOLLAR
mas not added to the volume Of the tools OF ex
change, the minority say: "As an answer to The
ntslpositon we point to the fact stated by them
selves that 500 u geo of gold are in circulation
n si ms country to-day side by side with tn,
sISV'WO OF silver coin and silver certificates
ana IN answer To the second assertion, we repl,
ulat me silver dollar and silver certificates
when are p forming all the functions Of III,
pes, money, have increased the volume OF tn,
woS oi exchange to Just that amount"
40, TIL. MINORITY CosCLUDR
WIN the assertion that they think the prOposo,
sloppage of the issue of silver certificates unwis
Mlnls Time, and tuat, in their opinion, the pres
wv laws on the subject are operating TO the hes
interest OF all the people of the country. Itwoult
avvummend That no further laws upon the coin
N'' - VI tiS ioout VI tllNCI u['
necessary.
me majority OF the subcommittee of tn,
T mouse committee on banking and currency
REPRESENTATIVES Dngley, Weber aud Harden
II.Igh III charge of that portion OF the prcsl
o e, message which related to silver certif
uases mas prepared volumnous report L
S@Sompany the bin agreed upon BY the sub
,W,u,nlniitee and published on the 18th Inst, en-
uuen bill 10 suspend the issue of silve
silver dollars TO the requirements Of the people,
a ans repori views the whole silver question
a osu IN IN conclusion says: Your committee ar,
v, tne opinion that until there shall be an inter
nav aauon ~ agreement upon ratio for the coin
nse OF iull legal tenders. SILVER coins In equiva
snSy OF value between the standard silver snt
%'u coinage OF the United States In the market
~ sne world shall be otherwise secured, IN,
No,nage o. silver dollars shall BE- limited TO IN,
"''nahd Tor the same for actual circulation"