Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-02-21
THE SILVER QUESTION.
The Minority Of the House Coinage Commit
tees Report.

by telegraph TO the Dispatch.1
WASHINGTON, February 20.-Chair-
man Bland, of the House Committee on
Coinage, Weights, and Measures, has
prepared minority report on the bill
to provide for the free coinage of silver,
which was reported adversely from his
committee, and which is now on the
House calendar. The report, which is
signed by Messrs. Bland, Lanham, and
Bynum, starts off with the declaration
that the volume Of metallic money is not
subject to the control Of legislation, but
is regulated by nature.
Recognizing the principle that nature
should supply the volume of money, the
only duty that devolyes upon the legis-
laiOr is to establish by law the ratio of
value for the coinage Of the two metals.
and TO provide for unlimited or free
coinage Of both at the ratio estab-
lished. This was the system from 1872
until 1873, when, under the pretext
of amending the mint act, silver was
demonetized. This demonstration, the
report says, was clearly an infracsion
Of the true theory Of bimetallism and in
conflict with the Constitution. ltassumes
that Congress should exercise the power
Of controlling the volume Of money by
prohibiting the coinage Of one Of the
monetary metals recognized in the Con-
stitution. If under the Constitution
Congress has the power to prohibit or
limit the coinage Of silver, so it has
that of gold. One Of the most i'm
poTtant questions connected with the
restoration of silver to where it was
before this change is the question OF
the public debt. As compared to gold
silver is now deprecated. 1t is there
fore claimed that it will not be in good
faith to our public creditors to pay
them in silver dollars.
Without going into facts and figures,
it it generally admitted that the bull
lion contained in the silver dollar
will purchase as many of the necessa-
ries of life at this time and more than
it would have done when dropped from
coinage, and more than in 1855 or 1865,
or 1870. Consequently, as compared to
commodities, it has not deprecated
but owing to the change in Germany
from the single silver standard to the
gold standard in 1870, and the suspen-
sion Of silver coinage by France and
other States in the Latin Union, the de-
mand for gold has been very great, and
consequently, compared to silver, its
value appreciated. Again, as is well
known, the refunding acts of 1870 and
1871 provided for refunding the whole
public debt into a coin debt, and that
the principal and interest Of bonds au-
thorized should be paid in coin Of the
standard value Of 1870. At that time
the silver dollar (4l24 grains) was the
standard Of value, and the coin called
for in the bond was that dollar or q
gold dollar (25.S grains), at the option of
the Government. All Understanding
coin obligations of the Government now
outstanding were issued by virtue of
the act of 1870, except the 3 per cent.
bonds issued under the act of 1881, or
since silver coinage was resumed, and
ae payable in either gold or silver coin.
Therefore, to restore the silver dollar
and compel its payment in the redemp-
ton of these obligations would be no
violation Of contract or of good faith
on the part of the Government towards
its creditors.
The report then considers in some
detail the assertion made by the oppo-
nents Of free coinage that because Ger
many has changed her monetary system
from the single silver standard, and be-
cause France and the Latin Union have
suspended the coinage Of silver, it
would not be safe for the United States
to restore silver to an equal footing
with gold; that such restoration would
have the effect Of displacing gold from
circulation and placing the United
States on single silver standard. As the
conclusion drawn from the consideration
Of this question, the minority says:
1.-The restoration Of silver here will
necessarily give demand for it that
has not existed since 1873 and will
have a tendency to restore it to a
parity with gold, and it is believed
will so restore it; but whether it be so
or not, it is insisted that we owe no
debt that is not legally and morally
payable in silver, and even should We
60 to the single silver standard no harm
would roma of n -