Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1891-02-26
The Majority of the Committee Submit
an Elaborate Argument on
the Subject.
The Present Law Furnishes all the
Money Necessary for the Trans
action of Business.
Treasury Notes are Legal Tender and
Perform the Function De-
manded of Silver.

WASHINGTON, Feb. 21-The adverse re.
port of the majority of the h use coinage
committee on the senate free COMA ge bill
says, in part: Under the present act, S54,-
000,0 900 annually are being added to the
volume of currency of the country in the
form Of treasury notes for bullion pur-
chased. This largely exceeds the
contraction IN the way of re-
tirement bank notes and ten
years would at the same rate gradually
add to the volume of currency above the
amount of bank notes should they be all
retired, of s36O,OOO,OO0. The secretary
states the amount of the surplus of silver
in the world above the amount used in the
arts and coinage, in all the
other countries than the United
states was, for 1888, thlrty-nine
million five hundred ounces II this esti-
mate is correct, under the present law
there is p DIVISION for using the worlds
surplus, which is all that unlimited coin
age could accomplish. 1t is said, how
ever, that the demand of the present
law does not call for all
TIE silver surplus and that there are now
bearing the market fifteen million
ounces, which ere sufficient to keep down
the price of silver to its present selling
figure. Whether these fifteen million
ounces are likely to remain as a threat
to the market or whether they are used by
designing persons as temporary means to
depress the price, Is matter upon which
Intelligent persons, who have appeared
before the committee differ.
This can be determined by a continu
ance of the present policy of buying no
more than the 4. 100000 ounces monthly
provided for by the existing
law. If the presence of fifteen million
ounces is continued only for the purpose Of
efecting some change in legislation, it
will SOON be permitted to go its way. If,
on the other hard, it is in actual excess of
over demand, it will be easy at
any future time for congress to
provide for its absorption into
the volume of currency. Treasury notes
Issued under the present law are legal
tender. This is the highest function that
could be given silver undt r free coinage.
So that, under the existing law, we have a
provision for the use of all silver that
would be brought to the minis under
free coinage assuming the worlds surplus
to be as already stated). The money is
sued has all legal qualities and purchasing
power of coined money and in addition is
confined to the American product. so the
| United States is out of all dam
ger, and 50 strenously insisted
upon by many persons, the flooding Of
our market with the silver of the world
The present law at the time of its passage
was declared by many ardent sup
porters of free coinage to be satisfac-
tory The conditions are substantially
the same now as then. If the present law
when passed, promised to all
intents and purposes the use of the Ameri
can produc and authorized the issue of
mon as good for all purposes as coined
silver, it is not not 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.