New-York tribune., 1891-02-22
AGAINST FREE COINAGE.
ADVERSE REPORT OF THE HOUSE COINAGE
COMMITTEE on THE SENATE BILL.
THE PRESENT SILVER LAW BELIEVED TO
COVER THE POINTS URGED BY THE AD'o-
GATES OF THE PROPOSED MEASURE.

COVER THE POINTS URGED BY THE ADVo-
Gates CT THE PROPOSED MEASURE.
Washington, Feb. 21.-Representanve "lchham' o.
Ohio. chairman Of the House committee on |oinasc
+odav submitted to the House, by authority of the
aIoritv ~ the committee an adverse report on The
cno+o hl for the free coinage OF silver The repor
says: ,.... g., ,o,.,,.
ton 10 aid them in their concilSios; V ird
listened Tor period OF month to delesauos' nSu S
vduas and mcnloral; expressing 700 al al s,,rn tse
various views upon the subject OF le y have hcer
ftrrate in his, Snce many of those who have beer
before them have given evidence Vi soSS sS, -, ~
t,nnu the ,ubc and have been able 10 alofd " theni
taInshIe assistance in coming 20 their conclusion
Under the present act, the report says S0ioooool
annually are being added 10 the volume OF the chr
encv If tho country in the form OF Treasury notes
for bullion purchases The report continues
This largely exceeds the contraction by way OF
M refirrment Of National bank notes. and in period
~ ten wears would at the same rate, gradually ado
10 the volume OF the currency above tne amount 100 9
600 The secretary OF the Treasury states that INC
amount Of surplus silver In the word APO apove I'm uiIc
fro, than the ntCd states was, for 1850 jvoOOOOo
ounces II this estimate IS correct under the present
which is nil that unlimited coinage cDuld accomplish
The American product in 1873 was 4o'OOo'oOo ounces
and in 1s-D jO.OOOOOO ounces.
II i. said however that the demand Of the present
law does not call for All the silver suipns; and ,ha
are tearing the Uldfhrt, dUbt iDVDDOJu
ounces, which are sufficient TO keep down tne price u
silver 10 tS present selling figure Whether the>c
100000 ounce, likely 10 remain threat 20 the
market whether they are used by designing persons
a. a temporary means 10 depress the price Is matter
upon which Intelligent persons VINO nave hppe:Nn
before the committee differ. This can pc dctcrmhcn
by a continuance OF the present policy OF buying no
morr than the 100000 ounces monthly provided oi
by the existing law II the presence OF the i1.oOO,
600 oInccs Is continued only for The purpose oi aect
some change in the legislation, ana CONFESS s,au t
show by IT, action that II intends no chinGc' ulls
body Of silver VIII be permitted to 90 Us way! ana ;.
will 40 longer dcprcss the mardct. II. on The Other
hand. this amount Of bullion is in actual excess over
the demand. it will be easy, at any Wtife UNI,
fo- Congress to provide for Us absorption
into the volume OF the currency. To determine thIs'
time is needed
The Treasury notes issued under the present law are
a legal tendc.. rl j. the highest function that could
possibly be given silver under free coinage 50 that
under the existing law subject only 10 the uncertainty
as 10 the origin and design Of the lJOOoooo ounces
already referred 10. we have provision for me use
of all the silver that would be brought 20 the mints
under free coinage. Assuming the worlds surplus
TO he already stated the money issued mas all INC
legal qualities and purchasing power OF coined money
and In addition is confined practically u the American
product, that the United states Is ont OF all tho
dargcr 80 StrcnuOusy insisted upon by many persons
Of 'hc flooding Of our market win the silver of thc
wot.
declared y many ardent supporters OF free coinage 10
Nc Sai isfacfo~y. Tho conditions are substantially IN
same as then There has been no important change
in our monetary situation. ., .,-o, o. 81
ntente and purposes the OF the American product
and authorized the issue OF money as good for all
be committee wherein It has failed in that promise
nor wherein II i likely In the future 10 fall 10 ac-
complish that desirable end.
At present for further legislation. and at The same
time being not unmndfnl OF the fact that this Congress
at its last session upon direct vote rejected free
coinage Of silver provided for in language identical
with that I'm this hill the committee report adversely
upon the bill. and recommend that 1t do not pass.