New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-02-17
SOUND TALK ON SILVER.
BUSINESS MEN BEFORE THE
HOUSE COINAGE COMMITTEE.
IMPORTANT AND INTERESTING STATEMENTS
FROM THOSE WHO ARE COMPETENT TO
sPEAK-A BAD DAY FOR FREE COINAGE.
IBY TELEGRAPH TO THE TKIDUNE.)

Committee on Coinage who were present at to-uaN ;
hearing listened o. good deal OF solid argument ana
to many statements Of fact which were "a pertinent
and interesting as they were important. OF course
Mr. Bland Of Missouri, who thinks that there Is noun
ing left for him to learn about finance did not waste
his time: he merely sauntered into the committeeman
with his hands In his pockets and his nose In the ar
and left before the arguments began. Mr. carter ol
Montana, also absent. so that Mr.. Bartihc' Oh
Nevada. obliged to conduct the crossexaminaton
i'm behalf of free coinage-a task which he found quite
beyond his power before the hearing adjourned Tor
the day. II evident from some OF his questions.
however, that Mr.. Bartinc Is wild for a compromise
bill which shall provide for the free coinage OF tho
product OF American silver mines only "compro
misc" which the opponents Of free coinage are by no
means disposed to accept. Perhaps an exception ought
10 be noted in the case Of Mr.. Wilcox. Of Connecticut
vhc sccms 10 be inclined TO bestride the question: and
vet even Mr. Wilcox NAV persuade himself to climb
down on the right side Of the fence at last. ENooh
gresham Warner, Of Ohio, Mr.. NewlandN. OF nevada
and other free coinage men who listened today were
more uneasy than usual. and General Warner was In
ratIent 10 reply TO some Of tho arguments. lie Is to
have An opportunity tomorrow after the hearing OF
the New-York men Is concluded and it is whispered
that he has brand coinage proposition to offer to
which he believes everybody will agree. II General
Warner once gets and has all the time he wants
on the svercoinage question, nobody can safely predict
when the hearing will end for he Is most coplouS
orator and one whose powers OF vocal endurance "io
marvellous.
The whole day was given to representative business
men OF New York. and 1t was a day well bestowed
Ex.C Controller John Jay Knox, who happened I" 10
in town. appeared and submitted letter ASKING lot
an opportunity to reply to certain misStatcmcn's
contained in a pamphlet entitled "Silvcr In the LS'
Congress-" a large part Of which Is devoted u
garblcd history of the coinage law OF l9'"-,ho
original draft Of which law prepared by MF'
Lsr.x trln Ia, off of o.
parment. Probably there is no other man no"
living who j. a. thoroughly familiar a. he i WIN
the history OF that legislation. The pamphct III
question prepared by under the direction "i
cx Congressman Warner. Of Ohio. chairman OF inc
silver Committee" which issues pamphlets and other
documents by the million at the expense OF the SILVER
mine ana bullion owners and spectators OF tho
United states. in order 10 manufacture public SentI-
ment7 I'm behalf Of free and unlimited silver coinage
The other speaker, were members of the committee
appointed by the recent Cooper Institute meeting ana
of the committee appointed by the New York Board
OF Trade and Trlr,p 0rtati0n To protest against IRE"
coinage and further silver legislation at the present
time. II is seldom. indeed. that the members Of
committee II Congress enjoy the privilege Of hearing
many sound and cOsrnt arguments, fortified 10y
30 imprgnlbc array ~ f1ct- as the Coinage Tom
mittcc to-day enjoyed within the spare Of four &"
five hours. and it may be added that tn" members Of
that committee appeared thoroughly 10 appreciate
The fact. MI Of tho speeches trr-c. clear a1d
comprehensive the speeches Of men who knew VIVA:
they were talking about ard were fall u their sub
jcct. There wa, NJ room left for doubt iu respect
TO the attitude u Ia" Tolr % Trade and Transports
ton. which. A. Chairman smith. 90 the commt'o'
stated. j, composed of merchant, and Manufacturers.
after it had been stated with such cmpha,i, by the
repre- cDtatvc> # ine Board who wDr' present AID
reinforced by the resolutions unanimously adopted
by tho Board ant submitted T. the Coinage Committee
to-day.
The spcechc, Of l.. Ellcry Anderson. cx Controller
Trenholm. g.. Waldo smith, President Mll, al the
Dry Dock savings Bank, Mr. Hertz and other mem
bcrs 81 the committee appointed by the Cooper ln,t-
tuo meeting. left nothing to be dcSircd-cXccpt, per
haps. by the frcccoinagc men. who heard more than
they desired rcli,hcd. Mr. Bartinc. wh1 j. inclined
to ask arumcntative questions and engage I'm CONVEX
sational cooque, with men whose opinions are diner
cut from his own did not fare well today a, he
some times has done. This fact especially notice
able when he applied hi, usual tactic, to- Mc,srs
Anderson Trenholm, lIealcy. >tr,u, and ono or two
Others. all Of whom seemed be not only prepared 10
meet him ON hl, own ground, bat ready and able To-
turn the table, upoa him
ON the whole, therefore. it was rather bad DAY for
the free coinage men and the Free Coinage lin which
Is now pending the result Of "dickcr7 I'm the
senate
C. Waldo smith presented the mcmorlIadopt"i by the
Board Of Trade at 1t, Ia: mc'tiug This memorial
d'H liil lif coinage Womb GciOuctIc gold, ana
expressed belief IN International monetary agree
mcnt being secured soon. II thcrr wcr, no further
lccisauon Albert Plat mloi,cd Mr.. smiths state.
mcuts aud >ill, W. Giddlns, called attention T. tho
fact that fear Of the passage Of the act had already
caused many mortgage, 10 De paid In gold. !. :
Nugent and William McCIrrra,o made cl 81. cmce t,
and then T.. EllcIy Anderson presented the protest
Of the Cooper Union meeting m Now York aea!u,,
the pcndins bll. lie argued against the d-ba-cmcnt
If ye nd ,f.,
silver did not greatly and permanently rise In Tn"
worlds market not another dollar, worth Of gold
wonld come To the Treasury. Under the present BILL
silver would never rise 10 a parity with gold until
there was an entire change I'm the condition, 81 the
world and an agreement among the nation, was reached
The legal tender feature would be- lost ~ soon a
present debt, paid. bccaHsc new debt would be-
payable IN gold. what Justification. he asked. could
Congress have for trying this experiment. Wa, the
nitcd HtltcS wrrtchcd poor 80 miserable. that
this dc1uglns factor must lc intioducci INTO our
financial system because there wa a theory that IL
might lee beneficial notwithstanding there might be
poison In IT
Mr.. Trenholm said that the American security Com
pany Of which he Is president. could not - injured
BIZ th, legislation and he spoke simply student
If finance. The pound sterling, or sovereign BE- said,
va, the fixed point Those who thought free coinage
vas going to mako money easy, Ia believed. would |
ind thcmoclvc, mistaken suppose the effect of free
olnaec Of silver i 10 make AZ = grains 81 silver
worth - so grains Of gold IN hi, country that
= par. There wa no silver In Europe Asia ~
Manageable for gold AT anything like th, rate" Thcrr
would therefore. bee nothing 10 prevent the immcdi
tie .cnpval 81 all the silver here. because il would be
Sorth more heT than anywhere else. lie rrmcni-
lercd when there cotton corner In Sew York |
md cotton Wa, rc,hppcl here from Liverpool. TIC
anlc thing would happen with silver If gold should
rot rise 10 a premium. But he believed gold ana
liver must inevitably part company lie h9UGht inc |
moment fec coinage came this country would begin
% lose silver II was estimated that between seven
md eight hundred millions Of gold I'm circulation
n the United states. At least five hundred millions
u that gold would to be money, aud would ne
property aud IL would be the easiest property
N which to borrow money. The effect would be thit
,old would 90 up and bring about all the disturbed
conditions Of trade that had always followed goa
The United States would rcln>tate an
he speculation and business uncertainty all the fall
rcS and AL The disasters Of the times when gold was
! matter II speculation.
Andrew Mills Of New York. representing the saw |
ngS Bank interest of New York state added MS pro