Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-02-22
SILVER COINAGE.
TEXT Of the Committee Report Against
the Senate BiIl.
nv ,slerraph 70 the DIspaichl

rBy telegraph 20 the Dispatchl
1yu.,.,,oro,, February 21.-Representa-
~ AXWictbem of Ohio, chairman OF the
uo1,oa Committee on Coinage, to-day sub
+nitted 10 the House by authority oil the
majority of the committee an ADVERSE re-
mort on the Senate bill for the nee coinage
of silver. The report SAYS: -. A..
1.-THE committee desiring 70 nave nm, 1ne
,oreest Information TO aid them IN their
nn,cinsions have patiently listened Tor the
.or;od ~ a month 10 delegations, .lndi-
Ip,;d,'ois ard memorials expressing all the
,ar;nis views upon the subject OF the
ooinare ~ silver. The committee feel that
tbav have been fortunate IN tins SINCE
many of those who have been before them
have given evidence OF great intelligence
,Ton fbe subject, and have been able 20
afford TO them valuable assIstauce III
coming TO their conclusion.
"TInder the present act" the report
continues S5f,O00.0 900 annually Is being
added TO the volume OF the currency Oh
tbe country in the form OF treasury notes
c. hnlIio1 purchases. This" 1t says,
ssIa,gelv exceeds the contraction by way
If retirement of the national bank notes,
and in a period of ten years would at the
same rate gradually add TO the volume OF
the currency above the amount Oh the
bank notes. should they all be retired,
.stfO UIl.UUU. lut DEbifNNiJ -
surv states that the amount OF surplus
silver in tho world. above the amount used
in the arts and in coinage IN all other
countries tnan the United States was, Tor
1888 80 500. 900 ounces. II the estimate IS
correct under the present law there Is
nrovision for using the worlds surplus,
which il all that unlimited coinage could
Accomplish. The American product IN
1888 was As, OO0, 900 ounces, and IN 1889 Do,
Goa. 600 ounces. 1t is said, however, that
the demand of the present law does
not call for all the silver surplus ana Inat
there are now bearing the market about
a coo 600 ounces, which are sufficient to
keep down the price OF silver TO
lis present selling figure. Whether these
fifteen million ounces are likely 20 remain
n threat to the market or whether they
are used by designing persons as IeLnpO-
rarv means to depress the price IS matter
upon which intelligent persons VINO nav
appeared before the committee dlHer' Inls
can be determined by continuance tne
nresent policy of buying no more than the
fanr million five hundred thousand ounces
monthly for by the existing law. II
the PRESENCE of the fifteen million ounces IS
continued only for the purpose OF AFFECT
inc some change in legislation, and Con-
gTess shall show by its action that 1t IN
tends no change, this body of silver Will
he permitted to 90 its way, and so Will no
Longer depress the market. IL on the
other hand this amount OF buillon Is IN
actual excess over the demand u Will DE
easy at any future time TOT CONGRESS 70
proyide for Its absorption into the vol
nme of the currency. To determine this
time is needed.
1.-The Treasury notes issued under the
present law are legal tender. This Is the
HIGHEST function that can possibly be given
to silver under free coinage. 80 that, IN
der the existing law, subject only 70 IN
certainty as to the origin and design OF the
Is. COG. 900 ounces already referred 10; we
have provision for the use OF all the slIyer
that would be brought to the mlnts undeI
free coinage assuming the worlds surplus
10 he as already stated; the money issued
has all the leading qualities and pur;;
chasing power of coined money, and
in addition is confined practically TO
the American product, and the United
states il out of all the danger
80 strenuousTy insisted upon by many per-
sons. of the flooding OF our market with me
silver OF the world. The present law az
the time of its passage was declared py
many ardent supporters OF tree coinage TO
be satisfactory. The conditions are SUD
stantially the same as then. There mas
been no important change in our monetary
situation.
"If the present law when passed pro-
missed TO ali intents and purposes the use
of the American product and authorized
| the issue of money as good for oil purposes
| as coined silver it is not now evident 10
| the committee wherein it has failed la
that promise nor wherein it is likely in the
future to fail to accomplish that desirable
end. -,
I'm view of the foregoing feeling that
there is no need at present for further lie,
gislation and at the same time beng not
unmindful of the fact that this Congress
at its last session upon direct vote, re.
| iected free coinage of silver provided for
in language identical with that IN TINS OH,
| the committee report adversely upon Iut
! bill and recommend that it do not pass"