The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-02-11
A KNOTTY PROBLEM.
The Free Coinage Question Freely Discussed
at the Capital.

| WASHINGTON, Feb. 10.-The House Coin
| age Committee assembled again this morn
| ing. George Leighton and Z. A. Hitchcock of
! st. Louis, representing merchants and manu-
facturers with a capital Of S1O0,000,0O0 who
| signed the memorial against the passage of
| the Free Coinage Bill, were present, and the
former addressed the committee. 1.-The
menl0Eial signed in st. Louis" he said, did
not have the signature of a single banker
or capitalist" Le,,ght9n said he believed
the world was now in such close business
communication that an international b.
metallic arrangement might be affected on
proper ratio, but that nothing could be ac-
complished if this country started out with
the determination TO force the acceptance Of
its vie VS.. Notwithstanding the cry of in
terested parties he maintained that the
great body of the industrial people West,
and especially Of Missouri, were opp osed to
free coinage.
Witness having stated that it was neces-
sary that the currency should be of metal
whose value varies least, and that metal
was gold, Carter called attention to the fact
that silver never varied so greatly as gold
between 1913 and 1880, and then asked why
the use of both metals would not constitute a
more unvarying standard than either oil them
separately, as experience had shown altern-
ately but not simultaneously that the supply
| of silver had Increased
Witness in reply said he was bimetailSt,
| but believed the free coinage of silver, with
| out an international agreement would not
mean bimetalsm, but the use of silver only.
| That the silver agitation had greatly affected
| buSnes, he said, was shown by the fact that
notes and new bonds now in many instances
| were made payable in gold by contract The
| silver advocates might say the gun was not
! loaded, but the substantial point was that
| good many people believed it was loaded,
| and nothing should be done to disturb con1l-
dence when business was in a very satisfac-
tory condition. In the end it would be the
consumer and the producer and not the
| business men who would have to bear the
| burden of the wide fluctuations. Commerce
| would always take care of itself and would
always charge premium that would more
than cover the risk taken. In his Judgment
| TINS country was already adding too much
silver to the currency of the country, and
| II it kept up it would inevitably result in
our getting on a silver basis. All the talk
about public sentiment in favor of free COIN
age was bOsh. 1t was manufactured SEN
! timent that did not exist.
vigorous protest against further silver
| legislation from the Bankers Association
of Buffalo, N. Y, was laid before the com
| mittee.
The silver discussion continues to be the
cnlei topic oil discussion on the House side
oil the Capitol, and to-day matters took
new shape. The silver Republicans had a
conference last night, at which there was a
pretty general and free interchange oil
view1 1t was determined to make an effort
looking to the free coinage of the American
product, with se!gnorage charge on foreign
silver. In quiet way the adyisablity OF
holdlng party caucus ON this proposition
Will be mooted. Those in charge Of the
plan are not very sangune of success and at
present the situation is full of complications.
The Democrats it has been found are not as
rule willing to favor any measure which
does not provide for the absolute and uil-
limited free coinage. while to very con-
siderable number of Republicans the free
coinage OF the American product is almost,
IL 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.