Savannah morning news. [volume] (Savannah) 1868-1887, 1886-02-21
BLAND'S SILVER DEFENSE
UNLIMITED COINAGE TO Eff
Feet PARITY WITH GOLD.

Feet PARITY WITH GOLD.
The Volume OF Metallic MOrsy Declared
Subject "a Natural I.sss Only Demon
etizatiOn of ss:yer Declared in Viola
ttOn of ..sse COMMUNICATIONS of Sill
vex's Purchasing Power Lost.
WASHINGTON, Feb. 20.-Chairmsn
Bland, OF the House Committee on Coin
age, Weights and Measures, has prepared
minority report on the bill to provide
tor the nee coinage Of silver, which was
reported adversely and which is now on
the House calendar. The report, which
is signed by Messrs. Bland, Lanbam and
Bynum, starts of with declaration that
the volume of metallic money is not sub
ject 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 de-
wolves upon the legislator is to establish
by law the ratio of value for the coinage
Of the two metals, and TO provide for un-
limited or Tree coinage OF both at the ratio
established. This was tue system from
1892 until 1873, when, under preteXt OF
amending the mint act, silver was de-
mOnetized.
AN INFRACTION,
This decentralization the report says,
was clearly an infractiOn OF the true
theory of bi-metallism and in conflict with
the constitution. 1t assumes that Con-
gress should exercise the power OF con-
t-oIling the volume Of money by prohibit
ing the coinage of one of the monetary
metals recognized In the constitution. If
under the c0pstitutiOn Congress has the
power TO prohibit or limit the coinage OF
silver so it has that of gold. One OF the
most important questions connected with
the restoration of silver to where 1t was
before this change is the question of the
public debt. AS compared to gold, silver
Is now deprecated. 1t is therefore
claimed that 1t will not be in good faith TO
our public creditors to pay Them in silver
dollars.
SLY IRIS PURCHASING POWER.
Without going into facts and figures it
is generally admitted that the bullion con-
tanned in the silver dollar will purchase
as many of the necessaries OF life at this
time, and more than 1t would have done
when dropped from the coinage, and more
than in 1850 or 1865 or in 1870, conse-
quently as compared to commodities 1t
has not deprecated, but owing to the
change in Germany from the single silver
standard to the gold standard in 1870, and
the suspension of silver coinage by
France and other States in the Latin
union the demand for gold has been very
great, and consequently compared TO sill
yer 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 aud dlnterest Of the bonds au-
stn59f zed should be paid III coin OF the
standard value of 1870.
SILVER A STANDARD.
At that time the silver dollar (n2]5
RraIns) was a standard of value, and the
coin called for in the bond was that dol
lar, or the gold dollar Pos grains j. at the
option Of the government. All the inter-
est-bearing coin obligations of the govern
ment now outstanding were issued by
virtue Of the act Of 1870, except the per
cent. bonds issued under the act OF 1881,
or since silver coinage was resumed, and
are payable in either gold or silver coin;
therefore, to restore the silver dollar and
compel its payment in redemption of these
obligations would be no violation OF con-
tract or Of good faith on the part Of the
government towards its creditors.
EURofE's INFLUENCE.
The report then considers in some de-
tail the assertion made by the opponents
of free coinage that because Germany has
changed her monetary system from SIM
gle silver standard and because France
and the Latin Union have suspended the
l. I
the United States 10 restore silver TO an
equal footing with gold, and that such
restoration would have the effect Of dis
placing gold from circulation and placing
the United States on a single silver stan
dard. AS a conclusion drawn from
the consideration of this question
the minority says the restoration OF
silver here will necessarily give a demand
for il that has not existed since 1873, and
will have a tendency 20 restore it to
parity with gold, and it is believed will so
restore it. but whether il he 50 or not, 1t is
insisted that we owe no debt that is not
legally and morally payable in silver,
and even should We 90 tDtAe single silver
standard no harm would come OF IT.
MANToN MARBLES MISSION.
The report quotes from Cernuschis:
"The great metallic powers" in which
he says, referring to the free coinage OF
silver, every venturesome would be
those who should recommend the United
States OF America 10 undertake SINGLE
handed what France will undertake only
triple-handed," and comments upon it
by remarking: "This pamphlet was evil
IDENTIFY inspired by Manlon Marble, who
was sent by the government to investigate
the subject In European countries I'D the
interest of the gold mOuometallists. as the
pamphlet seems 10 have reached every
mem Der OF Congress with the compliments
Of Mr.. Marble. The report proceeds
TO discuss the question as 10
whether It 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
European countries cannot further de-
monet2e silver without great disaster TO
themselves while the tendency is towards
the restoration Of that metal.
EUROPEAN SILVER AT PAR.
All silver In Europe, 10 says, now IN
circulation as money is az par with gold
At the ratio OF l5lS 10 /. that Is 10 say il Is
worth three cents more 10 the dollar there
tnan here as compared 10 gold. For
this reason no silver In European
countries could come 20 ne should we re-
store silver 70 an unlimited coinage at our
ratio Of 10 70 I, for II is not 10 be supposed
that France. for instance, would be will
ling 20 lose SIS 900 900 IN order 10 ex-
change part Of hsr silver for a portion OF
our gold, or the whole Of n. Anofher
question which must be considered in
connection with the coinage of silver was
with what the vacuum created by the re-
Ia tirement OF National banks notes was TO
be supplied now that the payment OF the
pubic debt was rapidly going on aud
would soon wipe out the fouudatiOn Of the
National bank circulation. 'lne govern
ment must either issue legal tender notes