The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-02-21
FREE COINAGE OF SILVER
CHAIRMAN BLAND'S MINORITY
REPORT on THE
Biz which Was Adversely Reported
From His COmmiitee-The
Metallic Currency.

WASHINGTON, February 20.-Chair-
man Bland Of the House Committee
on Coinage, Weights and Measures, has
prepared a minority report on the bill
10 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
Bynum, and starts Off with the declara-
ton that the volume of metallic money
is not subject 10 the conArol of the leg
islator, but is regulated by nature.
Recognizing the principle that nature
should supply the volume Of money
the only duty that devolves upon the
legislator is 10 establish by law the
ratio of value for the coinage of the
two metals, and TO provide for the UNI
limited or free coinage of both ut the
ratio established. In 1873, under the
pretcxt of amending the mint act,
silver was demonetized, and this was
in conflict with the constitution. II
under the constitution Congress has
the power 10 prohibit or limit the
coinage of silver, so it has that of gold.
As compared to gold, silver is now de-
preciated. II is, therefore, claimed
that il will not be in good faith TO our
creditors to pay them in silver dollars.
Without goinginto facts and figures, it
is generally admitted that the bullion
contained in
THE SILVER DOLLAR
will purchase as many OF the neces-
saries of life ut this time, and more than
it would have done when dropped
from the coinage, and more than in
1855, or in 1865, or in 1870. All the
Understanding coin obligations of the
government now outstanding were is
sued by virtue Of the act Of 1870, ex-
cept the per cent bonds issued under
the act of 1881, or since silver coinage
wax resumed, and are payable in
either gold or silver coin; therefore to
restore the silver dollar and compel
its payment in the redemption of
these obligations would be no viola
ton 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 it that has not existed since 1873,
and have tendency to restore it TO
parity with gold, and it is believed
will restore it, but whether it be so or
not, it is insisted that we owe no debt
that is not legally and morally payable
in silver, and even should we ga TO a
single silver standard no harm would
come Of it.
THE RIP RT
quotes from Mr.. Cernuschi's "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 to under
take single-handed what France will
only undertake triple-handed," and
comments upon it by remarlling
This pamphlet was evidently inspired
by Mr.. Manton Marble, who was sent
by the government to investigate the
subject in European countries in the
interest OF the gold monometallists, as
the pamphlet seems to have reached
every member Of Congress, with the
compliments OF Nr. Marble. The re-
port proceeds to discuss the question
rs to whether it would be safe for the
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 demonetize silver with
ont great disaster to themselves.
While the tendency is toward res
toration of that metal, another ques-
ton which must be considered in COR
nection with the coinage of silver was,
with whata vacuum created by the re-
tircment OF national bank notes was to
be supplied, now that the payment of
the public debt was rapidly going on,
and would even wipe out the founda-
ton 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. So the question must he
fairly met, shall this supply be IA coin
circulation, or shall il be credit
money? The minority had always
supposed the gold monometallists were
the peculiar advocates of hard money
honest money; that the idea Of
issuing paper legal tenders of any
sort was dangerous TO them. II they
are sincere and honest in their con-
victions, then they should Join with
those who favor the restoration of
silver, and demand that such paper
circulation shall give way TO the
UNLIMITED UsH or SILVER AND GOLD.
The report goes on to discuss the
possibility of silver supply being
discovered by which $500, 100000 Of
silver would be dumped down upon
the United States, and our t600, 100000
OF gold displaced and dumped down
in European countries, and concludes
that such IN occurrence would be a
great relief TO both hemiSphercs The
result, ii says, would be an increase in
the monetary supply in European
countries of gold that would set the
machines of industry in motion, Civ
ing the-starving laborer of those coun-
tries employment and enabling them
to purchase our commodities. The
silver placed in circulation here would
place us upon sound metallic basis,
revive industries and put the millions
of laboring men now out OF employ
ment TO work, giving them bread; our
revenues would swell, although taxes
would he lighter per capita upon the
great masses of the people, because
greater number of them would be en-
abled to pay taxes, In this way our
national debt would soon be thing of
the past. 1t may be said that those
owning fixed incomes, government
bonds, State and railroad mortgages,
and others who have incomes from
those liens, would not receive the same
amount of labor, or the products
of labor for II dollar they are now re-
ceiving, but what they lose in that re-
gard they would gain by sharing in
the general prosperity OF the people.
The money will be eagerly absorbed
I ny our industrial classes. The gold
certificates and silver certificates now
circulating side by side at par will
continue 10 do so. Should the silver