St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-22
THE SILVER COMMITTEE.
Report Giving Reasons for Ad-
verse Findings.

verse Findings.
WASHINGTON, Feb. 21.- Representa-
! tive Wickham, of Ohio, chairman of the
house committee on coinage, to-day sub
mitted to the house, by authority Of the
majority of the committee, an adverse
| report on the senate bill for the 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 month to delegations. in
diVidualS and memorials expressing ali
the various views upon the subject Of
the coinage OF silver. Under the pres
ent act, the report continues, $45, 900
annually are being added to the volume
of the currency Of the country in the
form of treasury notes for bullion pur-
chases. "ThIs," it says, largely eX-
ceedS the contraction by way of the
retirement of national bank notes,
and in period of ten years would.
at the same rate, gradually add
to the volume of the currency,
above the amount Of the bank notes,
should they all be retired, S360,000,000
The secretary of the treasury states
that the amount of surplus silver in
the world. above the amount used in
the arts of coinage in all other countries
than the United States was for 1888,
39.500,000 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. Tie Amer
lean product in 1888 was 100000
ounces, and in 1899, 50,000,000 ounces.
1t is 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 l5,000,-
600 ounces, which are sufficient to keep
down the price of silver to its present
selling figure. Whether these 100000
ounces are likely to remain threat to
the marker, or whether they are used by
designing persons as temporary means
to depress the price, is a matter upon
which Intelligent persons who have APP
peared before the committee differ.
This can be determined by cOntinu-
ance Of the present policy OF buy
ing no more the 4,500,000 ounces
monthly provided for by the existing
law. If the presence of the 15,000,00O
ounces is continued only for the pur-
pose OF affecting some change in the
legislation, and congress shall show by
its action that it intends no change, this
body of silver will be permitted to go
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, it will be easy at any
future time for congress to provide for
its absorption into 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 func-
ton that could possibly be given to sill
yer, under free coinage. SO that under
the existing law, subject only to the un-
certainty as to the origin and design OF
the 100000 ounces already referred to,
we have provision for the use of all the
silver that would be brought to the
mints under free coinage (assuming
the worlds surplus to be as already
stated, the money issued has all the
legal qualities and purchasing power
of coined money, and in addition is
confined practically to the American
product; so that the United States is
out of all of the danger so StrenuouSiy
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
passage, was declared by many eminent
supporters of free coinage to be salts
factory. The conditions are SubStan-
TALLY the same as then. There has been
no important :change in our monetary
situation. If the present law, when
passed. promised, to all intents and pur-
poses, the use of the American product,
and authorized the issue of money as
good for all purposes IS coined silver, it
is not now evieent to the committee
wherein it has failed in that promise,
nor wherein 1t is likely in the future to
fail to accomplish that desirable end.
In view W of the foregoing, feeling that
there's at present no need for further
legislation, and at the same time being
not unmindful of the fact that this
congress at its last session, upon Ia di
rect vote, rejected free coinage of silver
provided for IN language identical with
that i'll this bill, the committee reports
adversely upon the bill and recon-
IuendS than it do not pass.