The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1890-04-09
WINDOWS SILVER BILL.
Chairman Conger's. Report in
Favor Of Its Passage.
he Says That 1t Will Give an
Impetus to Business.

The report upon the Window Silver bill
by Chairman Conger, of the House Com
nittee on Coinage, Weights and Measures,
is very elaborate one and has the endorse
ment of Secretary Window. After referring
to the great Importance of the silver ques-
ton, it SAYS: 1.-The outlawry of silver by
Germany. the suspension acts of France and
the other Governments Of the attn Union,
the results of our own legislation, tie
gradual retirement of national bank circula-
ton, our rapidly increasing population, the
unparalleled growth of trade, commerce and
the important industry of silver, the de-
pressed condition Of agriculture, all demand
some immediate and judicious legislation"
After stating the total amount of moneyin
circulation on March the report continues
During the last year our national bank
circulation was reduced by redemption Of
notes to the amount of S31, ,599, 30. This re-
tirement will continue in a greater" or less
amount from year to year, and yet our popula-
tion and business is increasing at marvellous
rate. Some means must therefore be devised
to supply this deficiency and to meet these
new demands No better or safer plan can
be adopted than to utilize our own precious
metals. the product of our silver mines
and smelters. This bill. in the judgment
of your committee, provides SIMPLE prac-
tical, and economical method of converting
this silver into money or its equivalent Our
people have not taken kindly to coined silver
as a general circulating medium, but very
much prefer its paper representative. This
is conclusively proven by the fact that. al
though the Treasury Department ships silver
from Florida to Alaska, yet it has been able
to put out and keep in circulation less than
one silver dollar for each individual in the
nation. The paper representation is evident
ly what is wanted, and it is immaterial h
business whether it represents com or bullion
-whethera a bullion dollar or O. dollars worth
of bullion, if equivalent and staple value.
THE notes to be issued under this bill are
based on bullion, and are to be redeemed in
silver bullion or gold at the option OF tha
Government or in standard silver dollars i
the holder desires them. This value must
therefore, be positively staple and cannot
fuctuate, for whether the price of bullior
goes up or down, the note is always worth
absolutely 100 cents. 1t is not true tina,
silver under this act is demopstized OF
treated simply as q commodity. but on thu
contrary it is monetized III the highest and
most desirable sense This act opens ou1
mints to the monetizing of all the silver dug
from our mines or reduced i'll our smeterS
and it is hampered by no statutory hmlta
tions or fixed amounts, but is left to the fret
The report prophesies that under this ac
the production of crude ore would increas
and prices advance, and the circulation o.
money be increased by IS, 000, 600 per month
Then it says:
IA demand would thus be created for tn
entire product of all our own silver mines
The s2, 000,0 900 sent abroad will be withheld
and the price Of silver be materially en-.
hanced thereby. Under the provisions O
this bill silver would unquestionablly apprea
ciatc in value, and the probability is that l
would rapidly approach q parity with goli
at the ratio long ago fixed by law, viz, 18 tx
l. If this should happen then our mints car
safely be opened to free coinage, asprovide:
by this bill The silver problem, as respects
the world and our silver, is in such q com
plicated condition at present that +
is impossible to make cor
rect and permanent solution q
once. Ultimate free and unlimited coinag
of silver, with proper use OF paper represen
tatives is certainly desirable and ought to
attainable. but with the present attitude o
the other great commercial nations towar
silver, and with its present market price
would be neither safe nor polite for ou
Government to make the experiment q
once. The bill is only tentative in it
terms and character, but the condi
tions to be met are exceptional an
transitory. To risk a general disturbanc
of values, and while professedly seeking to in
crease the currency to threaten the with
drawal from circulation of 1904 112, 007 o
gold and gold certificates now outstanding
relying solely upon the belief that til
United States can execute such au un
dertaking, is. in our Judgment an &C
which we. charged with the pub
lie welfare, have no. moral right to do. T,
give silver or its representative full none.
tary character, and yet interfere with ne
great commercial interest, at the same time
vastly increasing the market for silye
and swelling the volume of sound ant
safe currency, is the public need which
the accompanying bill seeks to satisfy
The Treasury notes proposed will represent al
all times their face value in bullion, and car
neither by their cheapness drive out othel
forms of currency, nor by their dearness b,
driven out. Through them silver will hav,
free circulation, limited only by the produc
Gon of this lation, and bInetalism will bt
established in this country as the recognized
commercial ratio"
The report says this act will satisfy tht
manufacturer and tradesman, because it vii
give fresh impetus to- business. 1t shouls
satisfy agriculturists, for the increased
volume of money always raises prices, and ii
should satisfy tho workman by increasing
his wages. 1T is O stop, and a long stop, il
the direction of free coinage at a fixed ano
agreed national ratio, and, in our judgment
the largest STEP which can be safely taken ir
that direction"