Morning journal and courier., 1886-03-03
News by Telegraph FROM ALL QUARTERS. THE COINAGE OF SILVER. Secretary Manning Gives
 His Views. THE ABUSE OF THE CHINESE. More Pension Talk In The
 House. GREAT STORMS IN EUROPE, An American Bark LOOted
 At Madagascar.
GREAT STORMS IN EUROPE.
An American Bark LOOted
 At Madagascar.
THE COINAGE SILVER,

Secretary Manning Replies to the
 BIand Resolutions and Makes an Elaborate Plea For BI-MetallIsm. | WASHINGTON, March 2.-Secretary Man ming to-day sent long communication ts
 the House in reply to the Bland resolutions
 adopted by the House month ago. In re- sponse to the first inquiry contained in the
 resolutions, concerning an agreement be- 1 tween the Treasury departments and the New York clearing house last summer to t'pre-
 serve the gold standard D the Secretary sub
 mits all the correspondence relating to the
 lean of nearly SC, ,000,O0 of gold by the New l York banks. Under the agreement $5, 195,- 900 of fractional silver was exchanged for
 gold and since the entire amount has been l redeemed in United States notes In this transaction, the Secretary says, the New York banks showed, as they did during the war, their perception of an enligh tened self interest in the dictates of sterling patriot ism.
 On the general subject of silver circulation
 and in response to the inquiry whether or
 not the same policy as to the payment of sil-
 yer is to be pursued in the futu re as in tte
 past, the Secretary says ''No kind of cur
 rency issued by tue United States has been
 at any branch of the treasury disparaged
 and discredited by withholding another
 kind of currency to which it was made by
 law equivalent. I have labored to promote
 the circulation of silver with unrelnitt ing en- ergy. I have pressed it's circu1a tion at con stant expense to the treasury when other forms of lawful money could have been cir culated without such cost. I have pressed it's circulation at the expense of the United States notes (ones and twos), which as fast redeemed have been reissued only in larger denominations. 1 have pressed it's circula- tion at the expense of the circulation of na- tional bank notes. I have upheld its value by never compelling it's receipt by any cred itor of the government and never failing to provide by exchange whatever currency might be preferred. The operations of the United States treasury under existing laws can, the Secretary says, with diff culty be prevented from for eing the government ill it's relations with the people and the national banks to silver basis. Forcing the silver and silver certificate circulation by too large payment herewith of interest bearing other debt would exclude the gold circulation and pre- cipitate silver basis. Forcing the silver accumulation is addition of $24, ,0G0, ,O00 per annum to the vast sum of our federal taxation. Forced silver circulation, forced silver accumulation, these are the alternatives to which silver coinage has brought us now. But the term when choice will remain possible between these bad alternatives, silver storage or sil- yer basis, is narrowing. Reduction of super fuous taxation, unless the reduction shall in- clude the $24, 900, 900 spent for silver, reduc tion of the surplus if silver debt payments shall surcharge the circulation, will drive us over the ruinous fall from silver storage to a silver basis"
 By careful management the Secretary says, so as neither to contract the currency nor to force silver basis, silver dollars might be applied to cancel United States notes. By slightly deferring payment of the three per cents. and by reduction of the annual interest charge on the Az ! and per cents. the funded loans of 1891 and 1907 (say $96S, ,OOO,- O0O), we might pay and cancel every United first century under the present constitu- tien, and yet very largely reduce also the present annual burden of taxation. As to the future silver policy of the depart ment the Secretary says he will endeayor to comply with the letter and spirit of existing laws and exercise all his discretionary powers so to bring every other dollar created by Congress in such use and circulation con sists with the preservation of their conner cial purity with the gold dollar, tes ting that equality exclusively by the sale unit of value
 The Secretary devotes considerable space to an argument in favor of bi-metallism. It is now become plain, he says, to all who take comprehensive and practical views of public policy that the United States can do no better than return at the earliest possible date to bi-metallic unit of value. By this mean: 1-the monetary unit embodied in coins both of silver and of gold; 2-the monetary unit of value em- bodied in the silver coin to be made and kept in that successive and simultaneous equivalence with the present and prior unit of value which has been our honorable distinction ever since the constitu- ton was framed; 3-open hints for the free coinage of gold and silver at fixed ratio to every citizen of the United States bringing either metal and the right to have his coins received in every sale and payment as full legal tender dollar. Nothing less than this, is not bi-metallism that we are hay ing now. All our silver coinage is but excessive subsidiary coinage of treas ury purchases of silver for fictitious treas ury profit. We lack an indispensable part of bi-metallism We lack the free coinage
  by government into coins of full legal tender Our $550, ,000, ,000 coined gold our $220, 0,OeO,- GOO coined silver, now makes any policy save ultimate bi-metallism, practically and politically Utopian policy. Stopping the coinage of treasury purchases of silver is not policy in which we can rest and be thankful No mint in the world which gives free coinage to gold now gives free coinage to silver, and except our own no mint in the world which gives free coinage to gold now coins full legal-tender silver. The Uni ted States alone heaps up the load and the sure outcome is silver monometallism for us. But silver monomet- allism in the United States will not restore silver to it's old price any more than the sill yer monometallism of India, China or Mexi- do, and in that respect is worse than our present system of limited coinage But be- yond this there is one way, and one way on- ly, by which silver can be restored to it's old ratio and value, and that is by an international concert upon com mon ratio with mint to both metals at that ratio. The Secretary argues that a con- cert of European powers without the concur renee of the United States is impossible and that concert of European powers together with the United States until we possible. "so long," the Secretary says, "as we do not stop, and stop unconditionally, our coinage or tun legal of enlarging their stock of gold at our ex- pense But am equally well assured that when we do stop, and stop uncondltlonally, and destroy such hopes, such an interna- tional concert as I have described will then become possible. The situation of bi-metalIic European nations will be no worse than ours and for the first time since the fall in value of the full legal tender
 silver will offer no other remedy or outcome than an agreement with suitable precautions upon open hints at fixed and common
 ratio, to which the assent of the United
 States would be indispensable" The Sec
 retary closes with the remark that it is use less to discuss the methods of restoring bi
 metallism until Congress 'Eshall determine to
 stop the coinage of negotiating on the hands
 of those who must execute it's will"
 A Hospital for Hydrophobia.
 PARIS, March 2.-The definite promise