St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-21
FREE COINAGE OF SILVER.
The Dangers seen by MIR. Bland in
Recommendations.

WASHINGTON, Feb. 20.-Chairman
Bland of the house committee on coinage,
weights and measures has prepared mi
nority 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 is
signed by Messrs. Bland, Lanham and By
mum, and starts off with the declaration:
The volume of metallic money is not sub
ject to the control OF the Legislator, but is
regulated by nature. Recognizing tho prin-
cipe 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 unlimited or free coin
age of both at the ratio established. In 1873
under the preteXt of amending the mint
act, silver was demonetized aud this
was in conflict with the constitution. If
under the constitution, congress has the
power to prohibit or limit the coinage of
silver, so il has of gold. AS compared to gold,
silver is now deprecated. 1t is therefore
claimed that ii will not 10 in good faith to
our public creditors to pay them in silver
dollars. Without going into facts and figures
Ii 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 it would have done when
dropped from the coinage, and more than in
1865 or 80, or 20. All the interest bearing
coin
OBLIGATIONS OF THE GOVERNMENT
now outstanding were issued by virtue of the
act of 1870, except the per cent. bonds is
sued under the act of 1881, or since silver
coinage was resumed, and are payable in
either gold or silver coin. Therefore, to re-
store the silver dollar and compel the pay
ment in the redemption of these obligations,
would be no violation of contract or of good
faith on the part of the government toward
its creditors. The restoration of silver here
will necessarily give a demand for ii that has
not existed since 1873 and will have a ten
dency to restore it parity with gold, and it
is believed will so restore it, but whether il
be so or not it is insisted we owe no debt that
is not legally and morally payable in silver,
and even should we go to a single silver
standard no harm would come of it.
The report quotes from Mr.. Gernuschi's
The Great Metallic Powers, in which he says,
referring to the coinage of silver, VERY ven
turesOme would be those who should RECON-
mend the United States of America to under
take single-handed what France will only un-
dertake triple-handed." and comments upon
it by remarking: This pamphlet was evil
IDENTITY inspired by Mr.. Manton Marble, who
was sent by the government to investigate
the subject In European countries. in the in
terest of the gold monOmetallists. as the
pamphlet seems to have reached every men,
Der of congress, with the compliments of Mr.
Marble.
The report proceeds to discuss the ques-
ton as to 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 ex-
presses the belief that European countries
cannot furthur demOnetiZe silver without
great disaster to themselves, while the ten
dency is toward restoration of that metal.
Another question which must be cons 'dered
In connection with coinage of silver was with
what the vacuum created 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 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 give unlimited use to silver
30 the question must be fairly met. Shall
this supply be a coin circulation, or shall it
be credit money? The minority bad always
supposed that the gold monometalists were
the peculiar advocates of hard money
honest money, that the idea of issuing paper
egal tenders Of any sort was a dangerous
theory to them. If they are sincere and
honest IN their convictions, then they should
loin those who favor the restoration of silver
and demand that such paper circulation shall
give way TO the unlimited use of silver and
fold.
The report goes on to discuss the posi-
oility of silver supply being discovered
by which 5000, 600, 900 of silver would be
dumped down upon the United States and
Bur $600.000.00O of gold displaced and