The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-02-17
WOULD MAKE GOLD BOOM
MORE ARGUMENTS AGAINST THE
FREE COINAGE BILL.

rverv Other Country would Sell Us
rs Silver if the Sill Passed-The
Evils of thu Days When Gold Was at
Premium Would Return Action of
IN. Republican Caucus.
WASHINGTON, Feb. 16.-The House coin
.gacommittee to-day gave a hearing on the
silver question to the delegation sent here
bv the New York Board of Trade and
TRANSPORTATION. G. Waldo Smith, their
6rst Spokesman, said there was not a single
banker in the board, every member being
either a merchant or manufacturer. Mr..
Smith said be was also president of the New
y,rk Wholesale Grccsrs' Association, an
that both bodies were utterly opposed to
anvsilver legislation at present, believing it
would be dangerous, unfortunate and un-
wise. He then presented the memorial
sdopted by the board at its last meeting.
This memorial declares that free coinage
would demonetize gold, and expressed a
beljef in an international monetary agree
nent being secured soon If there were no
further legislation.
NO MORE GOLD WOULD COME IN.
Elery Anderson presented the protest of
the Cooper Union meeting In New York
the debasement of coin, and argued that il
the bill passed. and silver did not greatly
and permanently rise in the worlds market
not another dollars worth of gold would
come to the treasury. Under the present
bill silver would never rise to par with gold
until there was an entire change in the con-
ditions of the world and an agreement
among nations was reached. The legal ten
der feature would be lost as soon as the
4 L H.
would be payable in gold.
WOULD LOAD Us WITH SILVER.
W. L. Trenholm, formerly controller of
the currency and now president of the
American Security Company of New York,
said that his company could not be injured
by this legislation, and he spoke simply as a
student of finance. The pound sterling or
sovereign, he said was fixed point. Those
who thought free coinage was going to
make money easy he believed would find
themselves mistaken. Suppose the effect of
free coinage of silver is to make 41217 grains
Of silver worth 25 $40 grains of gold in this
country; that is par. There was no silver
in Europe or Asia exchangeable for gold at
anything like this rate. There would,
therefore, be nothing to prevent the imme-
diate shipment here Of all the surplus for
eign silver because it would be worth more
here than elsewhere.
WHEN LIVERPOOL SENT US COTTON.
He remembered when there was a cotton
corner in New York and cotton was shipped
here from Liverpool. The same thing
would happen with silver if gold should
rise to premium. He believed that gold
and silver must inevitably part company.
He thought that the moment free coinage
came this country would begin to lose gold.
1t was estimated that between $700, ,O00, 900
and $500, 100000 of gold was in circulation
III the United States. At least $500 200, 900
OF that gold would cease to be money and
would become property; and it would be
the very easiest property on which to bor-
row money.
BAD EFFECT.
The effect would be that gold would 90
up and bring about all the disturbed condi-
tions OF trade that had always followed gold
fluctuations. The United States WonId
reinstate all the speculation and business
uncertainty, all the failures and all the
disasters of the times when gold was mat
ter Of speculation.
A number OF other arguments were made
ana letters and resolutions read in line with
those here presented.
DISCUSSED IN CAUCUS.
The caucus of the republican members of
the House tonight was somewhat better
attended than had been Anticipated, per-
haps seventy-ive members being present.
There were not enough members present.
however, to make any decisive action prob
aoe, and 1t was seen soon after the proceed
lngs opened that the drift of opinion was
against any action on the silver question at
TINS time. Neither Speaker Reed nor Repre-
sentative Mckinley were present.
The silver bill was the princ,-
pal measure under discussion, and svariou s
members presented their individual view S
az u the course to be pursued. Mr.. Perkins
OF Kansas was the first speaker in behalf of
the silver men, and he urged the enactment
% 1l tne free coinhge bill into law while the
nepuoilcan party yet had full control of
1ne government. Mr.. Walker of Massachu-
Sests made vigorous speech on the other
elue OF the question. He urged that the
agltatlon OF the subject was unsettling busi-
neSs confidence and disturbing commercial
'Slues' and should be absolutely put to rest.
UEWIsE AND INExPEDIENT.
Messrs. Henderson Of Illinois, Kerr of
iowa and Anderson of Kansas represented
tnose who, although favorable toward
sH sHore liberal policy, believe additional
eHver legislation at this time to be unwise
shd lnexpedient, for political as we'll as
business reasons. They urged that the Re-
buoncan party had already at this session,
81 ~ Ine passage of a law more liberal than
81 ~. ;Iau heretofore been enacted, demonstrated
1so friendly feeling to the cause of BIZ
81 iineVaiIsm and he insisted that the present
"a "a" should be well tried, and the settlement
~ tne question left as q legacy to the
uelnocratlc House of Representatives.
,nr. cannon also spoke against further
Slver legislation.
~ bartlne Of Nevada asked a fair hear
Ts ior silver on the floor of the House.
~ ~ ueslred the Senate bill reported from
tbo q GGoH'mlttee and an opportunity given in
fre ro mouse for discussion of the question of
tbas ee coinage. He would not, he said, insist
ca aaS the bill be favorably Endorsed by the
iucus. but he urged that chance be
e'ceA for free and full discussion.
peeches were also made by Messrs. Ken
Ny and Boothman of Ohio, Carter of
casCu;ttliha, and others, the discussion being
''eu on under the fve-minute rule.
SEEMS TO SEAL ITS FATE.
a. no conclusion what ever was reached on
70 3Ser a,lver question ex cept as to the failure
81 no,'1 1Ae any action, and evidently the pre-
# fba baueralngssentiment in the caucus against
lar;., consideration of further silver
he bsAlanon during this congress may
# A. oaiu TO be quasi-conclusion.
SOU a time the discussion broadened
sna5 nat and took in the policy to be pur-
CO. CO.. generally during the remainder of the
otbstess Messrs. Cannon, Henderson and
81 ar urged the necessity of full attend
nnt;I VI u the republican members from now
err;.M oi! march 4, in order that before congress
"a let;os The party may enact legis-
81 he ~ tIIoI oI special Importance and may not
fnA L. Il.