The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-02-20
FIGHTING FOR SILVER
LARaE7 PURCHASES SUGGESTED
AS A COMPROMISE.

A Probability That il Won't Be Enter.
tanned by the Advocates of Free
Coinage-A "Parsee Merchant" OF
New York Characterizes India as tbs
Sinkhole for Silver.
WASHINGTON, Feb. 19.-There is az
earnest effort making on the part Of q
number Of members of the House 90 secure
a eompromise on the silver question. based
primarily ON larger purchases Of silver. II
is sought to have this compromise measure
adopted by the majority of the coinage
committee at it's meeting tomorrow. as
substitute for the Senate unlimited
free coinage bill Those who are urging
the compromise are carefully canvassing
their strength before they finally determine
to bring it forward ia the shape of a bill
and, unless assured OF a good following, viii
abandon it. It is understood that the
measure will not be pushed unless
with the free coinage Republicans
In the Houee THAI they viii not bring up o
free coinage amendment, but some OF the
unlimited silver men have already stated
that they will not enter into any such
agreement.
PROCEEDINGS OF THE COMMITTEE.
There was a very noticeable lack OF inter-
est to day in the proceedings Of the House
committee, now that It has been decided TO
close the hearings on the silver question to-
morrow, and only three members Of the
committee were present Representative
Walker continued his examination of Mr..
Newlands, inquiry being chiefly on COR
relative subjects rather than the direct
issue involved In the silver question.
INDIA AS A sINK-HoLE.
]. s. Moore, ''parsee merchant" of New
York, made q statement to the effect that
1t was not a demonetization of silver by the
United States which caused tho decline in
tue value OF silver, but the smaller demand
for silver In India and the larger supply OF
silver, due to importations and an improves
ment In transportation among the Indian
provinces. India was called s''sinkholen
for silver, because although great amounts
Of silver were sent there none ever came
back.
Mr.. Bartine closely questioned Mr.. Moore
with reference to his statements of the In
dian silver importations, and called bis at
tention TO the fact that they were in con-
fiict with the testimony before the English
royal commission; but Mr.. Moore insisted
that his statements were correct, neverthe-
less.
MINER OPPOSES FREE COINAGE
William ii. Beck, who Is engaged In
coinage Of silver, on the ground that he
believed the present law, which took S54.-
000, 900 Of silver annually out of the market
and absolutely locked it up, was better
thing for the silver miner than free coinage,
under which all silver would be
on tine market. He did not think
free coinage legislation alone could raise the
price OF silver bullion TO its ooin value.
Under free coinage our silver coin would
be Just as much a commodity as the ooins
of Mexico, which had free coinage; and the
purchasing power of silver coin would be
simply its bullion value as fixed in the
markets OF the world.
LOW GRADE MINES ILLIMITABLE.
The number Of low grade silver ore mines,
he declared, was absolutely illimit table, aud
with greatly improved methods In produce
tion there would be great quantity of sill
yer put on the market. There had been
such great improvements 1in mining
that he believed that within FIVE
years silver would get down to 80
cents an ounce. He was sorry to
see it, but he believed 1t would have TO
come Mexico was also greatly increasing
her productions He read a letter from ex-
Gov. White OF Montanal expressing grati~
ficetion at the fact that free coinage could
not pass this congress, and declaring that
free coinage would be great disaster to
the silver industry. The sentiment
Of the people, the letter said, was
changing. If congress were to
pass free coinage law, he insisted that IL
should be provided that gold dollars could
be exchanged at the treasury for silver
dollars, and vice versa, and IL either metal
went up or down the government should
stand In the breach and bear the loss.
RECONCILIATION URGED.
Pierre Humbert, Jr.. civil engineer OF
Boston, speaking for the Faneuil hall meet
ing, advocated the reconciliation of silver.
Many Of the bankers, he said, persisted in
talking about quality, quality" as one es-
sential in money, but he and
others believed that the guam
tity was just as essential
as quality. II quality were the only thing
TO be considered, platinum was immeasura-
bly, superior to gold. But gold was not
produced in sufficient quantity TO do the
legitimate business of the country, aud
Mr. Humbert earnestly argued In favor Of
bi-metallic standard.