Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-02-05
THE COINAGE COMMITTEE
Another Wrangle Over Hearings ut Today's
Session.

THE COINAGE COMMITTEE.
Another wrangle Over Hearings at Toaay's
Session.
SOME INTERESTING FIGUREr FURNISHED BY MR.
FORBES OF NEW YoRK-A PROPOSITION To CLOSE
THE HEARINGS NEXT WEDNESDAY FINALLY DE-
FEATEp BIZ VOTE OF SEVEN TO FIVE
delegation Of the officers of the state
Farmers Alliances now in session in this city,
headed by President Polk of the National Ali
ance, awaited the opening Of the hearing Of the
House coinage committee this morning. Presi-
dent Polk stated their purpose to be to urge
prompt faction on the silver bill by the committee.
SO that action might be had by the House.
The old difficulty as to when hearings should
cease was Immediately encountered. Mr. Bland
wanted n day fixed. Mr.. Naux thought that
othing should be done which wonld prevent a
hearing being given TO the Philadelphia
board of trade next Wednesday and MIR.
Bland moved that hearings should cease
on that day. The question went over
for time. and Mr.. James Milliken spoke in
favor of making the silver in the subsidiary
coin of proportionate value TO that in the sill
yer dollar. He thought the great objection TO
our subsidiary silver coin was its light weight,
and that an increase in weight would result in
twenty times more subsidiary coinage being
Mr.. FORBES GIVES SOME INFORMATION.
John NJ. Forbes of New York, who is engaged
in China and India trade. said he did not de-
sire to argue the question of free coinage, but
merely to present some facts to what he be-
lieved would result from increase
of the value of silver to Sl.29.
All our exchanges in silver using
countries. he said. were governed by the gold
value OF silver in London. Wheat cotton and
nj chief md nur chief
| competitors in these articles were India, Egypt
and Russia. our trade would be very seriously
affected by any silver legislation.
1t not therefore the cry of the silver
mine owner only, but of the wheat farmer. the
cotton raiser and the oil producer. With these
countries. however singular the statement
might appear, the United States was already
on a silver basis. Our cotton. wheat and oil
| was measured by the value of the products
of our silver-using competitors, for the
value of the whole of any commodity was gov
| erned by the value Of its exports. Suppose
| that BY legislation the United States raised the
| value of silver to S1.29 or 2.5 per cent. This
country would not get the benefit of the whole
| CT that. but it was well within the
facts to assume that we could get 10 per cent
OF it That would amount to an increase in the
| value of our wheat crop of S45, ,000. 900. in
/ our cotton crop. $40 600. and our petro-
| leum product of S6.600.000. He could
| not speak with regard to corn for
/ in that we did not compete with silver
| countries; but coin would be sympathetically
| affected. On our exports alone this country
would receive Sal .0O000 more than at
present, against 5000. 600, which it was
| said would be the amount that free
| coinage would make present Of to the mine
/ owner. He had been asked about what effect
| a rise in silver would have on Massachusetts.
Mr.. Forbes replied that it would very consider
faciure, Tho silver laws Of last Con-
| gress had increased the trade with China at
least 20 per cent too great an amount to be
| attributed to the opening up of the Canadian
| Pacific and other railroads. To his mind nothing
| would 80 greatly stimulate business a rise in
| silver. The present ncestainty. however, was
having an injurious effec.. Ee did not believe
| silver would flow here from silver-using conn
| ties if we opened our mints without limit, be-
| cause currency always the last thing ex-
/ ported. War or some other such abnormal cause
was the only thing which would cause this.
MR.. BLAND WANTS TO CLOSE THE HEARING.
Mr.. Bland then moved that hearings close
Thursday of next week and Mr.. Walker moved
an amendment to fix Tuesday Wednesday and
Thursday as the regular days of
meeting, without any conclusion as to when
they should close. This opened up the
fight, and Mr.. Walker and Mr.. Bland had
another tilt the former declaring it of i'm
portance that there should be full considera-
ton and just comprehension of the question,
even if a report were not made at all this ses-
sion. and the latter insisting that the House
should be given an opportunity TO
pass on this question in order to meet the de-
md of the country for action. Mr.. Walker
earnestly disavowed any intention to smother
the bill. but declared he would insist on hear
ings until July next, il need be, in order to get
the information necessary to a proper deter
mination of it. The free coinage men, he as
serted, could lose nothing by this, because
they would be stronger in the next Congress
than in this.
AN EARLY REPORT INSISTED ON.
Mr.. Band, Mr.. Williams and Mr. Bartine all
insisted or an early report being made. and
called attention to the fact that q little more
than four weeks only remained of this Con-
gress. Mr.. Comstock suggested that the CON-
mite mtse was ssd hardly t. prossssSins sa II the right
with his seventeen years of experience
might know all about the silver question there
| were other members to whom il a new
problem Mr.. Walker and Mr.. Taylor. after
declaring that they could not meet oftener
than three days in the week, directed attention
especially to the fact that the free coinage
men. after using up most Of the time
Of the committee in the hearing Of
persons favorable to silver and in urging speedy
action, accused the other side of purposely
talking against time In order to prevent q vote
being taken. Mr.. Bartine interrupted Mr.
Taylor with the inquiry as to whether or not
these hearings affected his vote IN anyway.
Mr.. Taylor replied that they certainly made
his feelings toward silver more liberals to which
Mr.. Bartine retorted that it was his vote and
not his feelings that the silver men wanted.
SEVEN TO FIVE VOTE.
Mr.. Williams seeing that there was Q majority
against the motion made by Mr.. Bland, moved
| q substitute providing for hearings tomorrow
and the first four days OF next week, after which
| q vote should be taken. He called attention 10
the fact that this would give i've hearings,
i NJ Walkovsc <bo~s