The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1886-02-24
WORKING FOB SILVER.
Mr.. Bland. of Missouri, Still
in the Ring.
FREE COINAGE BILL
His Argument on the Subject in the
Shape of a Minority Report
to the House.

Weights and Measures, has presented a
minority report in the shape of bill to
provide for the free coinage of silver, which
was reported adversely from his commit.
tee, and which is now on the House cal.
endar. The report is signed by Messrs.
Bland, Lanham and Others, and starts of
with the declaration that the value OF
metallic money is not subject to the con-
troll of the Legislature, but is regulated by
the laws of nature and cognizing the
principle that nature should supply the
volume OF money, the only duty that de-
wolves upon the Legislature Is to establish
by law the ratio of value for the coinage of
the two metals and to provide for unlim-
tied, or free coinage of both at the ratio
established.
In 1873 under the pretext of amending
the Mint Act silver was demonetized, and
this was in conflict with the Constitution.
As under the Constitution, Congress has
the power to prohibit or limit the coinage
OF silver as it has that Of gold, and as COM
pared to gold silver is now depreciated.
1t is therefore claimed that it will not be in
good faith to our public creditors to pay
them in silver dollars. Without going into
the facts that the bullion contained in the
silver dollar will purchase as many OF the
necessaries OF life at this time and more
than it would have done when dropped
from coinage, and more than in 1855 or
1866, or in 1870. All the interest-bearing
obligations OF the Government now out
standing were issued by virtue of the act of
1870, except 3 per cent. bonds, which We're
issued under the act OF 1881, or since silver
coinage was resumed and are payable
either in gold or silver. Therefore, to re-
store the silver dollar and
COMPEL IT'S PAYMENT
in the redemption OF these obligations
would be no violation OF contract or of
good faith on the part OF the Government
towards it's creditor. The restoration of
silver here will necessarily give a demand
for it that has not existed since 1873, and
will have tendency to restore it to a
parity with gold and it is believed will so
restore it, but whether it be 80 or not it is
insisted that we owe no debt that is not
legally and morally payable in silver, and
even should we go to a single silver stand
ard no harm would come OF it. The report
quotes from Mr.. Gernuschis "Great Metallic
Powers in which he says, referring to the
would be those who should recommend the
United States of Amecica to undertake
single handed what France will only under
takes triple handed" and comments upon
it by remarking that this pamphlet was
evident" i"spired by
MIR. MANTON MARBLE,
who WAS sent by the Government to inves-
tigate tne subject in European countries in
the interest OF gold mono-metalists, as the
pamphlet seems to have reached every
member of Congress with the compliments
OF Mr.. Marble. The report proceeds to dis
cuss the question as to whetherit would be
safe for this country to coin silver free in
the event of no change being made in the
monetary policy of Europe, and expresses
the belief that the European countries can
not further demonetize silver without great
disaster to themselves, while the tendency is
towards a restoration OF that metal. An
other question which must be considered
in connection with the coinage Of silver
was with what the vacuum created by the
National bank notes was to be supplied.
Now that the payment OF the public debt
was rapidly going on and would soon wipe
ont the foundation OF the National bank
circulation, the Government must either
issue legal tender notes to supply it or else
provide for some other system OF banking
or else 1--WE unlimited use to silver, so
the question must be fairly met. Shall
this supply be Il coin circulation, or
SHALL. IT BE CREDIT MONEY?
The minority had always supposed the
gold mono-metallists were peculiar advo-
Yates OF hard money, honest money; chat
the idea OF issuing paper legal tenders of
any sort was a, dangerous theory to them
Ii they ARE sincere and honest in their con-
victions theE they should Join with those
ub,>f
mand that such paper circulation sha II give
way to unlimited use OF silver and gold. |
The report goes on to discuss the possi- |
bility OF a silver supply being discovered by
which $500, 100000 of silver would be |
dumped upon the United States and our |
5000, 100000 of gold displaced and |
dumped down in European countries and |
concludes that such an occurrence would be |
IL great relief to both hemispheres Tie |
result would he an increasein the m cnetary |
supply in European countries of gold that |
would set the machines OF industry in |
motion, giving he starving laborers of |
those countries employment and enable |
them to purchase our commodities. The |
silver placed in circulation here would |
place us on a sound metallic basis, revive |
industries and put a million laboring men |
now cut OF employment to work and give |
them bread. Our revenues would swell, |
although the taxes would be lighter per
capita upon the great
MASSES OF THE PEOPLE
because IA greater number of them would be
enabled to pay taxes. In this way our
national debt would soon be thing OF the
past. 1t may be said that those owning
hXed incomes from Government bonds,
state and railroad mortgages and Others
VINO have incomes from those sources |
would not receive the same amount of
labor or the products of labor for IL dollar
they are now receiving, but what they
lose in that regard they would gain
oy sharing in a general prosperity OF the
people. Money will be eagerly absorbed by
our industrial classes, gold certificates and
SILVER certificates now circulating side by
sue at par, will continue to do SO. Should
The silver certificate replace the bank note,
30 oe 1t. The National debt ought to go,
ana with it the unnecessary bank note. Let
siiVer and silver certificates take the place
oI o., The National bonds and bank notes.
we Will thus substitute good money for
pad and rid ourselves of an interest.bear
ing debt-a debt over which all this con-
'roversy issues-a debt, the manipulation
" which has cost us
HALF A BILLION OF DOLLARS
Is at the bottom OF all our financial trick
cry and monetary legerdemaln. 1t is a
oouTCe vi COEFupC IcsiolOCIoh eDi'e |
downright swindling. With this debt and
The banks on top OF it out OF the way the
money OF the constitution will return to
bless us. Ii the mints of this country
were open to silver the same as to gold, |
SILVER would not be as it is now subject to
the adverse whims of the Treasury officials
VINO heretofore have tried hard to keep it
out OF circula ton. IE conclusion the re-
port says the most important junction of
money in modern trade and commerce is
It's legal tender power. If gold only is "a
legal tender, then the debtors must depend
upon this one metal to pay the debts. All
the silver and other products OF christer-
dom except gold would not pay
dollar OF debt unless they could be ex-
changed for gold. Should the world como
TO the gold unit as the sole tender metal it {
might become so valuable as compared
with the other commodities, and scarce in .
proportion to the enormous demands
.hade ~ upon it, that the money barons OF
Inis ana other countries controlling few
auhared a! millions OF gold might control the