The Indianapolis journal., 1891-02-22

Reasons Of the House COMMITTEES for Oppos-
ing the Free-Coinage Eill

Reasons Of the House COMMITTEES for Oppos-
ing the Free-Coinage ELL.
WASHINGTON. Feb. 2l.-Reeresentativ
Wickham of Ohio. chairman of the House
committee on coinage. to-day submitted to
the House. by authority of the majority of
the committee. an adverse report on the
Senate bill for free coinage of silver The
report says: The committee, desiring to
have the largest information to aid them
In their conclusions have patiently listened,
for a period of q month, to delegations, IN
dividuals and memorials expressing all the
varoq: OF Ix.T views the subject of the coin
that they have been fortunate in this. since
many of those who have been before them
have given evidence of great intelligence
upon the subject. and have been able to af-
ford to them valuable assistance in coming
to their conclusion"
Under the present act. the report contin-
ues, S54. .0OO, 900 annually are being added to
the volume of the currency of the country
In the form OF treasury notes for bullion
ceeds the contraction by way of the retire.
ment of national bank Notes, and In . Pc
Rod Of ten years would, AT the same rate,
gadually add to the volume of the currency
above the amount of the bank notes, should
tary of the Treasury states that the amount
OF surplus silver in the world above the
amount used in the arts and coinage in all
other countries than the United States was
Tor 1888. 81, jOO, 600 ounces If this estimate
Is correct under the present law, there is
provision for using the worlds surplus.
which is all that unlimited coinage could
accomplish. The American product in 1888
was 45.OO0,0OO ounces, and in 1889 $4,000, 900
ounces.
1T 10 said. however, that the demand Of
the present law does not call for all the
silver surplus, and that there are now
bearing the market about 15,000.019
ounces. which are sufficient to kesp down
the price of silver to its present selling
figure. Whether these Is, ,000. 600 ounces are
likely to remain threat to the market or
whether they are used by designing per-
sons as temporary means to depress the
price, Is matter upon which Intelligent
persons who have appeared before the CON-
mittee differ. This can be determined by
continuance of the present policy of buying
no more than the $500. 900 ounces monthly
provided for by the existing law.
TIME WILL DETERMINE.
"If the presence of the fifteen million
ounces is continued only for the purpose of
affecting some change in the legislation,
and Congress shall show by it's action that
1t intends no change, this body of silver
will be permitted to 20 its way, and SO will
no longer depress the market If. on the
other hand. this amount of bullion is in
actual excess over the demand il will De
easy at any future time for Congress to
provide for it's absorption in the volume
of the currency. To determine this time
is needed The treasury notes Issued under
the present law are legal tender
This is the highest function that
could possibly be given to silver under free
coinage. So that under the existing law
subject only to the uncertainty as to the
origin and design of the l5,0O0,000 ounces
already referred to, we have provision for
the use of all the silver that would be
brought to the mint under free coinage, as
suming the worlds snrplns to be as already
stated, the money issued has all the legal
qualities and purchasing power of coined
money. and in addition 10 confined prac-
tically to the American product; 90 that the
United States is ont of all danger, so stren-
uously insisted upon by many persons of
the flooding of our market with the, silver
of the world.
The present law at the time of its pas
sage was declared by many ardent sup
The conditions are substantially the same
rs then. There has been no important
change In our monetary situation. If the
present law when passed promised to all
intents and purposes the use of the Ameri-
can product and authorized the issue of
money as good for ali purposes as coined
ailver it is not now evident to the commit
tee wherein it has failed in 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 legis-
latlon. and at the same time being not un-
mindful of the fact that this Congress, at
its last session. upon a direct vote. rejected
free coinage of silver provided for in lam
guage identical with that in this bin the
committee report adversely upon the bill
and recommend that it do not pass"
Some dispute arose over the paragraph
appropriating S295. .425 for special facilities
of the trunk lines 1t was earnestly op-
posed by Messrs Grosvenor. Anderson of
Kansas and Coleman. Mr. Grosvenor move ed
to strike out the entire paragraph. This
was defeated-54 to 5S. Then Mr.. Cutcheon
moved to reduce the appropriation to
l97,0O0-the amount recommended by the
Postmaster general. Lost
The bill then was lard aside, with favor
able recommendation, and Mr.. Cannon of
Illinois called mp the deficiency appropria-
ton bill. asking that It's first reading be
dispensed with. To this Mr.. Turner of New
York. objected. The reading was not con-
cluded until after o'clock. Then dis
cussion arose AS to the limitation of debate.
but no determination was arrived at. The
committee rose, and the House. at Q o'clock.
adjourned without disposing of the post
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