St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-11
COINAGE COMMITTEE,
A Witness Who Believes That
the Silver Gun Was Loaded
for Bear.
Consumer and Producer Must
Bear the Burden Of Flue-
tua tiOn.
Congressman DalZell Vigor-
ously Defends Command
eP Reiter.
Senator Hoar Reports a Bill
to Divide the Judicial
Districts.

WASHINGTON, Feb. 10.-The house
coinage committee assembled this morn
ing within half an hour after authority
o sit during the sessions of congress
had been given. George E. Leighton
and E. A. Hitchcock, of st. Louis. rep
resenting merchants and manufacturers
with capital of 800. 100000. who signed
the memorial against the passage of the
free coinage bill, were present, and the
former addressed the committee. The
memorial signed in st. Louis, he said,
did not have the signature of single
banker or capitalist. Behind every coin.
as behind every piece of paper, he said,
was the question. What was it worth?"
Mr.. Williams wanted to know if Mr..
Leighton asserted that the value of
silver bullion would be the same under
free coinage as now. Mr.. Leighton re.
piled that unquestionably free coinage
would have some influence, but -he was
sure it could not make silver leap over
the existing barrier. He believed the
world was now in such close business
communication that an international
Bl-MetaIlic Arrangement
might be effected on proper ration,
but that nothing could be accomplished
If this country started out with de-
termination to force an acceptance OF
its views. Silver pools, perhaps, could
not or were not willing 10 wait, but the
great mass of the people were more pro.
foundly interested in right solution
than quick solution of the question.
Notwithstanding the cry of interested
parties, he maintained that the great
body of the industrious people of the
West, and especially of Missouri, was
opposed to free coinage. The witness
having stated that it was desirable that
currency should be of the metal whose
value varies least, and that that metal
was gold. Mr.. Carter called attention to
the fact that silver had never varied
so greatly as gold between the years
184S and 1860, and then asking
why the use of both metals would not
constitute more unvarying standard
than either of them separately, as expe-
rience had shown that alternately, but
n0t,simultaneOusly the supply Of gold
and silver had increased. The witness
in reply, said he was bi-metalist, but
that he believed free coinage of silver,
without an international agreement,
would not mean bl-metalism. but the
use of silver only. That
The Silver Agitation
had greatly affected business, he said.
was shown by the fact that notes and
new bonds were now, in many instances,
made payable in gold by special con-
tract. The silver advocates might say
the gun was not loaded, but the sub
stantial point was that good many peO-
pie believed it was loaded, and nothing
should be done to disturb confidence
when business was in very satisfactory
condition. In the end it would be the
consumer and the producer and not the
business men who would have to bear
the burden of wide fluctuations. Com
merce would always take care of itself
and would always charge a premium
that would more than cover the risk
taken. In his judgment, this country
was already adding too much silver to
the currency of the country, and, ifkept
up. it would inevitably result in our
getting ON silver basis. All the talk
about public sentiment in favor of free
coinage was bosh; it was the manufac-
tured appearance of sentiment that
did not exist. A vigorous protest against
further silver legislation from the bank
ers' association of Buffalo. n. Y, was
laid before the committee. Adjourned.