Los Angeles herald., 1891-02-11
THE TOPIC OF THE DAY.
THE SILVER QUESTION STILL UN-
DER DISCUSSION.
The Free Coinage Advocates, Owing to
Fresh Complications, are Compelled to
Move Slowly-Silver Hearings, Etc.

WASHINGTON, Feb. l0.-The silver
question continues the chief topic of dis
cussiOn on the house side of the capitol,
and today matters took a new shape.
The silver Republicans hada conference
last night at which there was a pretty
general and free interchange of views.
1t was determined to make an effort
looking to the free coinage OF silver of
American product, with seignorage
charge on foreign silver. In quiet
way the advisability of holding party
caucus on the proposition will be
mooted. Those in charge OF the plan
are not very sanguine of success, and
at present the situation isl full of
complications. The Democrats. it has
been found, are not as rule willing to
favor any measure which does not pro-
vide for absolute and unlimited free
coinage, while to a very considerable
number of the Republicans the free
coinage OF American silver is almost, if
not quite, as Objectionable as the bill
which passed the senate. In view OF
the many difficulties in the way, the
silver men are moving very slowly.
SILVER HEARING.
The house coinage committee assem-
bled this morning. George Leighton
and A. E. Hitchcock OF St. Louis, repre-
senting merchants and manufacturers
with capital OF $100,000,0O0, who
signed the memorial against the passage
of the free coinage bill, were present,
and the former addressed the committee.
The memorial signed in st. Louis,
he said, did not have the sigma
ture of single banker OF capitalist.
Leighton said he believed the world was
now in such close business communica-
ton that an international bi-metallic
arrangement might be effected on
proper ratio, but that nothing could be
accomplished if this country started out
with "a determination to force the accept
ance OF its views. Notwithstanding the
cry of interested parties, he maintained
that the great body OF the industrious
people OF the west, and especially west
of Missouri, were opposed to free coin
age.
Witness having stated that it was
necessary that the currency should be
of the metal whose value varies least,
and that that metal was gold, Carter
called attention to the fact that silver
had never varied SO greatly as gold be-
tween lS48 and 1850, and then asked
why the use of both metals would not
constitute more unvarying standard
than either of them separately, as ex-
perience has shown that alternately,
but not simultaneously, the supply of
gold and silver has increased.
Witness in reply said he was BIZ
metallist, but believed that the free
coinage OF silver without an information
al agreement would not mean bi-metal-
lism, but free silver only. That the sill
yer agitation had greatly affected busi-
ness, he said, was shown by the fact that
notes and new bonds were now in many
instances made payable in gold by con-
tract. The silver advocates might say
the gun was not loaded, but the SUBJ
stantial point was that a good many
people believed it was loaded, and moth
ing should be done to disturb them
when business was in such condition.
In the end it would be the consumer and
producer, and not the business man who
would have to bear the burden of the
wide fluctuations. Commerce would al
ways take care of itself, and would
always charge premium that would
more than cover the risk taken. In his
judgment this country was already add
ing too much silver to the currency of
the country, and if kept up it
would inevitably result in our
getting on a silver basis. All the talk
about public sentiment in favor OF free
coinage was bosh. 1t was the manu-
factured appearance Of a sentiment that
did not exist.
A vigorous protest against further sill
yer legislation from the bankers asso-
citation of Buffalo, New York, was laid
before the committee.
Adjourned.
INTERNATIONAL CONFERENCE ADJOURNED.
The International monetary confer
ence has adjourned until March 23d
The reason assigned by prominent