The times. [volume] (Richmond, Va.) 1890-1903, 1890-08-31
TIE SILVER QUESTION.
RsEoRT OF THE NATIONAL Ex'
ECuTivE COMMITTEE.
C.refs, Review of Movements Leading To
the Present Law and Attending Its fas-
..~.hx Chairman A. =. Warner.

cufiyc committee oil tDe Na"Vh" N''''
Convention. has issued the following report
Of the comm,teeS
The National silver Convention, held at
81. Louis, November 81, p, and y, 1882
adopted the following resolution;
~Resolved, That the fiity-'irst Congress
lie requested by this convention to provide,
n, IFS first session, for opening the minis of
the United state TO the free and unlimited
coinage Of standard silver dollars, OF the
present weight and fiuencss, to be legal
tender for all debts. public and private
equally with gold, and that, until sucn pro-
vision is mode, the Secretary OF the treas
ury be required 10 coin the MAXIMUM ol
stOo, co worth of silver per month, rs now
authorized by law"
And appointed a national committee;
consisting OF a,membcr from each state ana
Territory, from which an executive com
mittee OF nine was appointed TO promote the
purposes Of the convention. ~,
The executive committee met al WASH
ington, ID. C., January IL, 1890.
An address was issued 10 Congress ana
the country aud steps taken 10 arouse aud
direct public sentiment TO the Importance oil
the hIli restoration Of silver to its place as
a money metal, equally with gold, as IL was
before the unfortunate act oil 1910.
To this end thorough discussion OF the
question was begun and carried on through
the prcss. by public meetings and the pub
licaiion aud distribution Of literature.
PUBLIC MEETINGS.
Public meetings were held in several OF
the large cities, which were addressed Oy
the lion, Thomas Fitch, an eloquent orator
and yice-chairman Of the committee. Meet
ings were also held in many places through
ont the country attended by other speakers
The discussion Of the silver question
through the press OF the country was never
before so extensive or able. Ietitiohs' III
large numbers, and signed by all classes
were presented 10 Congress. AS indicating
the influence and extent OF the silver move
,nent. il is worthy of note that all INDUS
trial organizations throughout the country,
Including the Farmers Alliance ana
Oranges. have everywhere resolved for Tree
coinage.
Except in the Eastern cities and where
puhlic opinion is dominated by the Eastern
press. public sentiment everywhere IL ana
has been in favor of the RECOMMENDATION OF
silver; and ii is believed that II the VIII OF
the people could have been enacted into law
the silver question would have been settled
long ago. The aim of the committee has
been. therefore, 10 arouse and give express
sion 10 public sentiment on this the most
impOrtant Of all economic subjects.
The contributions to the committee have
been expended exclusively in this direction,
and money, in a public cause, was never
more legitimately used. A large part OF the
work done has been gratuitOus service. The
members Of the committee have s".Ned
without compensation, and have mainly
borne their own expenses.
MIR. PiXley crossed the continent to at
tend the meetings OF the committee. ana MS
well-knOwn pen has been effectively used
both in the East and the West, in the cause
of silver. Mr.. Newands, of Nevada, also
took leading part in the direction oil the
work of the committee, and through the
press and by public addresses effectively
opposed bullion redemption, and iorcibly
and clearly presented the arguments in IA
v0r of silver. Mr.. Rumsey attended most
of the meetings Of the committee, and took
upon himself an important part OF the
work. Others OF the committee rendered
seryic in person or by proxy.
IN CONGRESS.
The silver question was brought up in
both Houses of Congress early in the ses-
sion. The present administration came in
pledged to the use of both gold and silver
as money, which. fairly interpreted. means
their equal use as money.
The Secretary of the Treasury fOreseeng
the necessity of some action on the silver
question, devoted large space in his report
10 its discussion. He proposed 10 increase
the purchase of silver bullion 10 the product
of the United States, and TO issue therefor
treasury notes redeemable in silver bullion
at its market price at the time OF re-
"A, in, of A
Governments or in silver dollars If de-
manded 10y the holder.
The views OF the secretary were en-
bodied in the bill introduced in the House
by Mr.. COnger, chairman of the Committee
on Coinage. Weights, and Measures.
Senator Jones. of Nevada. introduced a
bill in the Senate requiring the monthly
purchase Of 100000 ounces and the issue
Of certificates therefor redeemable in coin,
which it was believed would fully absorb
the production Of the United states and
come as near free coinage as it would be
possible to get this Congress.
Various free coinage bills were also in
troduced in both houses. The contention
at first was over the proposal of the secre-
tary to be allowed to redeem treasury notes,
issued for the purchase of silver, in bullion
at its market price at the time of redemp-
ton.
BULLION As A COMMODITY.
On this plan silver bullion was to be
treated merely as a commodity; II was to he
purchased as a commodity, held as COM
modify TO secure notes issued for il, and in
the discretion of the Secretary to be paid
out, not as money, but as commodity in
the redemption of notes, and to 90 on the
market again as so much silver metal. 1t
was rightly contended by the silver men
that although silver might be utilized as
money at its market price. when once con-
verted into money il should remain money.
Otherwise no one could tell what the real
and permanent addition TO the money vol
ume would be. The point that whatever
silver was converted 10 use as money-was
monetized- should stay money, was on its
face SO sound and was so well sustained
that il could not he oyerthrOwn, nOtwith-
standingthe House. under party pressure.
and under rules that prevented amend
ments, passed "A bill containing the bullion
redemption feature.
The first victory Of the silver men in Con-
gress was the overthrow OF the vicious prn-
ciple OF bullion redemption.
Special credit is due TO Senator Teller, OF
Colorado, for his unyieding opposition, in
caucus and out, 10 this principle.
As is well known 10 the whole country,
after n very able dlscussiOn-the ablesl
probably in the history of the American
Congress Senate substituted, by q
majority of seventeen, Free Coinage bill
for the House bill which permitted the re-
demption of treasury notes in silver bullion
No more important vote, it is believed, was
ever recorded in the Senate of the United
States than the vote 10 restore silver 10 It's
constitutional place as money metal on
equal terms in all respects with gold.
This vote, as well as the whole discussion
Of the silver question in the Senate, showed
this body, in this case at least, TO be nearer
10 the people and in closer sympathy will
their interests than the House.
While il is not proposed here 10 go into
the details of the discussion of the votes o
the Senate or House (Which will be giyel
elsewhere), it would be unjust not 10 speal
of the unremittng labOrs Of Senators whicl
resulted in the passage of the Free-Coinag'
bill.
Probably no one oD either side OF TIT
ocean has done more - enligGen and direc
public opinion on the Question thar
Senator Jones, Of Nevada, beginning witt
his first silver speech in Congress, and th'
report Of the Silver Commission, which wa
mainly his work, down 10 his last great
speech in the Senate this session, which il
in itself an exhaustive treatise OF III,
money question.
Nor has Senator Stewart been behind il