National Republican., 1884-04-16
TOO MUCH MONEY.

Arguments Brought TO Bear on Congress
60 Stop the Coinage OF silver Dollars.
The house committee on coinage weights,
and measures yesterday gave hearing to
representatives from the boards of trade and
chambers of commerce of various cities on
MIR. Nathan Cole, of St. Louis, Mo-, said tho
the subject of tho suspension of tho coinage
of silver.
representatives of tho business interests of
the country camo before the committee be-
cause of an apprehension that tho govern
ment Is making mistake in coming SO
large an amount of silver dollars. What the
consequence would be of continued coinage
he did not know. "rhero is safety" ho said,
"in going slow. We can hurt no interest by
IT, and we may prevent disaster. Why cam
not we as people say that We prefer gold as
currency and silver as subsidiary thereto"
MIR. j. A. Gano, of Cincinnati, read long
letter from Mr.. Murat Halstead, in which tho
latter recommended the stoppage of the
coinage Of silver dollars. Mr.. Gano said
business interests were much depressed, and
that it was scarcely possible to ship anything
from this country at profit
Mr.. @. s. Smith, of New York, offered the
following memorial signed by 2600 business
men:
1t is desirable that the metallic money of the
United States should consist of gold and silver
coin Of interchangeable relative value, and that
coinage should be restricted to the needs OF COM
merce and the wants OF the people.
The amount Of silver dollars now accumulated
in the government vaults 10 largely IN excess OF
these requirements, and II has been demonstrated =
by experience that this excess cannot be utilized
| at present as circulating medium.
Sotr memorlalists therefore respectfully pray
that bill may be speedily enacted by your hon
oraDle body which shall provide that the coinage
OF silver dollars shall be suspended for period oil
at least two years next ensuing, and that In order
| m int 00raH Htu1 nj
yer now In the treasury the further issue of bulls
of the denomination OF 81 or ~ shall be diScontn-
ued.
Mr.. Smith said: ave want silver circu.
lated but the country is prejudiced against
the heavy, clumsy silver dollar. We want
subsidiary coin. Trouble is experienced for
want of small change. There Is large num-
ber of 25-cent and 50-cent pieces in the
treasury, but we can't get them out"
"You never will got them out as long as
you have New York secretary of the treas
ury," interposed Representative Belford.
Mr.. Smith continued: "We ask for suspen-
sion as an experiment, in order to circulate
what silver we have got If you will not
| give us supenson for two years, do il for
one year; If not for one year, for six months"
What effect would the suspension have on
EnglandW was asked.
"It would forco England to como into q
convention with u.s." said Mr. Smith.
Mr.. G. A. Butler, of New Haven, made a
long argument in favor of bi-metalism. He
said we ought to take such position as to
show Europe that we will not be her cats
paw to draw her chestnuts out Of the fire.
Mr.. Bland asked why no petitions ever
came from poor class-the farmers2
Mr. Butler replied, ''They do not sec the
danger that we are in. We do not come be.
fore you to oppress the poor. We do not 90
with brazen face and iron heels to increase
the troubles of the poor. We do not say thi:
with any disrepect, but we do not wish tc
have the motives of the delegation i'm
pugned."
Mr. George Coe, Of New York, answered
number ofquestions propounded by the mem
bers of the committee.
| READERS of the Century magazine should not
miss hearing Mr.. Cables Interpretation Of his own