The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-02-22
SILVER COINAGE.

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SILVER COINAGE.
Chairman Bland Prepares q Minority Report
ON the Subject.
WAsHIN GToN, Feb. 20.-Chairman Bland Of
the House committee on coinage. weights and
measures, has prepared a minority report on the
bill to provide for the free coinage Of silver,
which was reported adversely from his commit
tee, and which is now on the House calendar.
The report is signed by Messrs. Bland, Lam
ham and Bynum, and starts of with tho decla.
ration that the volume of metallic money is not
subject to the control OF the legislature, but ID
regulated by nature Recognizing the principle
that nature should supply the volume OF money,
the only duty that devolves upon the legislator
is to establish by law the ratio of value for the
coinage of the two metals and to provide for the
established. In 1873, under the pretext
of amending the mint act. silver was
demonetized, and this was in conflict with
the Constitution. If, under the Consti-
tuition. Congress has the power to prohibit or
limit the coinage of silver so it has that of gold
AS compared to gold, silver is now deprecated.
1t is therefore claimed that it will not be in good
faith to our public creditors to pay them in sill.
YER dollars. Without going into facts and fg-
ures, it is generally admitted that the bullion
much of the necessares Of life at this time, and
more than it would have done when dropped
from the coinage; and more than in 1856, or
1865. or In 1870 All the interest bearing coin
obligations of the government now outstanding
were issued by virtue of the act of 1870, except
the 3per cent bonds issued by the act of 1881, or
since silver coinage was resumed, and are paya-
BILE In either gold or silver coin. Therefore, to
restore the silver dollar and use it in payment
and redemption of public obligations would be ne
violation OF good faith.
The report quotes from Mr.. Cernuschi in ref
erence to the tree coinage Of silver. rs follows:
Very venturesome would be those who should
recommend the United States of America to un-
dertake single-handed. what France will only
undertake triple-handed," and comments upon
II by remarking This pamphlet was evidently
inspired by Mr.. Manton Marble. who was sent
by the government TO investigate the subject ia
European countries in the interest of the gold
monometallists, as the pamphlet seems to have
reached every member of Congress, with the
compliments of Mr.. Marble" The report pro-
ceeds to discuss the question as to whether it
would be safe for this country to coin silver free
in the event of no change being made in the mon
etary policy of Europe, and expresses the belief
that European countries cannot further demone-
tize silver without great disaster to themselves;
while the tendency is toward restoration Of
that metal. Another question which must be
considered in connection with the coinage
of silver was with what the vacuum cre-
ated by the retirement of national bank notes
was to be supplied now that the
payment of the public debt was rapidly going on
and would soon wipe out the foundation Of nation
al bank circulation. The government must either
issue legal tender notes to supply it, else pro-
vide for some other system of banking, or else
limit its use to silver that coin must be fairly
estimated. The minority had always supposed
the gold monometalists were the peculiar advo-
Gates Of hard money-honest money; that the
idea of issuing paper leaal-tenders of any sort
was a dangerous theory to them. IF they are
RinCer0 and lOnaat in their
should join with those who favor the restora-
tion of silver, and demand that paper circulation
shall give way to the unlimited use of silver and
gold.
The report goes on to discuss the possibility of
silver supply ing discovered by which
5000, 100000 of would be dumped down
upon the Unit tes and our $500, 000, 600
OF gold displacf dumped down in European
countries, and -siuces that such an occurrence
would be a great relief to both hemispheres
The result, IL says, would be an increase in the
monetary supply in European countries Of gold,
that would set the machines of industry in mo-
ton, giving the starving laborers of those coun-
tries employ ment and enable them to purchase
our commodities The silver placed in circula-
tion here would place MS upon a sound metallic
basis. revive industries and put the millions of
laborng men now out of employment to work
giving them bread: our revenues would swell.
although taxes would be lighter per capita upon
the great masses of the people, because greater
number of them would be enabled to pay taxes
In this way our national debt would soon be
thing of the past. II may be said that
those owning fixed incomes, governments
bonds State and railroad mortgages, and
others who have incomes from those liens, wonld
not receive the same amount of labor or the
products of labor. for dollar they are now re-
ceiving but what they lose in that regard they
would gain by sharing in the general prosperity
OF the people. The money will be eagerly alb
sorbed by our industrial classes. The gold cer-
tiicates and silver certificates now circulating
will continue to do Should the silver certii-
cate displace the bank note, so be it. The ma
tional debt ought to CO. and with it. if necessary,
the bank note. Let silver and silver certificates
take the place of national bonds and bank notes
We will thus substitute good money for bad, and
rid ourselves OF An terest-bearing debt-a debt
the manipulation of which has cost us half
billion dollars. 1t Is at the bottom of all our
financial tricks and monetary legerdemain, a con-
stant source of corrupt legislation and downright
swindling With this debt, and the
way, the money of the Constitution will
return to bless u.s. If the mints of the country
were open to silver the same as gold silver would
not be, as it is now, subject to the adverse whims
of the Treasury officials, who heretofore have
tried to keep it out of circulation.
IN conclusion, the report says the most import
tant function Of money in modern trade and COM
merce is its legal-tender power. If gold only is
legal tender, the debtors must depend upon this
one metal to pay debts. All silver and other
products of Christendom. except gold, wouldnot
pay a dollar of debt unless they could be ex-
changed for gold. Should the world come to the
gold unit as the sole legal tender, that metal
might become SO valuable, as compared with
other commodities, that the money barons of this
and other countries controlling few hundred
millions of gold might control the destinies of
nations and absolutely defeat the welfare of
mankind. But the unlimited coinage Of silver is
the true solution of the question.