The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-02-22
FALL OF THE SILVER MEN
TEXT OF THE ADVERSE REPORT OF
THE COMMITTEE.

The Volume Of the Currency In
creased S54,ooo,ooo Annually Under
+he Present Act - The 100000
ounces Hanging Over the Market
should Find Their Natural Channel.
WASHINGTON, Feb. 81 .-Representative
vickham of Ohio, chairman Of the House
committee on coinage, to-day submitted 30
the House, by authority of the majority of
the committee, an adverse report on the
senate bill for free coinage Of silver. The
-aport says: 1.-THE committee, desiring to
have the largest information to aid them in
their conclusions. have patiently
listened for period OF
month to delegations, individuals
and memorials, expressing all the various
views upon the subject Of coinage Of silver.
The committee feel that they have been
fortunate in this, since many Of those who
have been before them have given evidence
Of great intelligence upon the subject, and
have been able to afford to them valuable
assistance In coming to their conclusion"
INCREASE IN THE CURRENCY.
Under the present act, the report contin>
pes. S54 00O, 900 annually are being added to
the volume of the currency of the country
IN the form OF treasury notes for bullion
purchases. "This,n it says, "largely ex-
ceeds the contraction by way of the retire
ment of national bank notes, and in ten
wears would, at tho same rate, gradually
add to the volume Of the currency above
the amount of the bank notes,
should they all be retired,
toto bot hn %
surplus silver in the world, above the
amount used in the arts and coin age in all
other countries than the United States was,
for 1888 500, 500, 900 ounces If the estimate
is correct, under the present law, there is
provision for using the worlds surplus,
which is all that unlimited coinage could
accomplish.
THE AMERICAN PRODUCE.
"The American product in 1888 was 49,
O9O 900 ounces, and in 1889 so, 000, 900 ounces.
Ii is said, however, that the demand of the
present law does not cali for all the silver
surplus, and that there are now bearing the
market about 100000 ounces, which
are sufficient to keep down the
emit selling figure. Whether these
100000 ounces are likely to remain
threat to the market, or whether they are
used by designing persons as a temporary
means to depress the the price, is matter
upon which intelligent persons who have
appeared before the committee differ.
HOW IT COULD BE SETTLED.
''This can be determined by the continu>
ance Of the present policy of buying no
more than the $500, 900 ounces provided for
by the existing law. If the presence of
600 ounces is continued only for the
purpose of affecting some change in legisla-
ton, and congress shall show by
its action that it intends no
change, this body of silver will be permit
ted to go its way, and so will no longer de-
press the market. Il, on the other hand,
this amount OF bullion is in actual excess
over the demand it will be easy at any
future time for congress to provide for its
absorption into the volume Of the currency.
To determine this time is needed.
THE TREASURY NOTES.
"The treasury notes issued under the
present law are legal tender. This Is the
highest function that could possibly be
given to silver under free coinage. 80 that
under the existing law, subject only to un-
certainty as to the origin and design of the
15,0OO.OO0 ounces already referred to, we
have provision for the use Of all the silver
that would be brought to the mints. Under
free coinage assuming the worlds surplus
"0 tAAA SoNy oC6OSuJ iuOuey leSuSO HAS dtA
the legal qualities and purchasing power of
coined money, and, in addition, is confined
practically to the American product; SO
that the United States is out of all of the
danger so strenuously insisted upon by
many persons, or the flooding of our mar
ket with the silver of the world.
THE PRESENT LAW.
THE present law at the time of its passage
was declared by many ardent supporters OF
free coinage to be satisfactory. The condi.
lions are substantially the same as then.
There has been no important change in our
monetary situation. II the present law,
when passed, promised to all intents
and purposes, the use Of the American pro-
duct, and authorized the issue of money as
good for all purposes as coined silver, it is
not now evident to the committee wherein
1t has failed in that promise, nor wherein it
Is likely in the future to fail to accomplish
that desirable end.
NO NEED FOR LEGISLATION.
I'm view Of the foregoing, feeling that
there is no need at present for further legis-
4ation, and at the same time being not un.
mindful Of the fact that this congress at its
last session, upon direct vote, rejected the
Tree coinage of silver provided for in Ian
Buage Identical with that in this bill, the
committee report adversely upon the bill
ana recommend that it do not pass"