The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-02-22
THE WORK OF CONGRESS
Senate Silver Bill Reported I'm
favorably to House.
suNDRy CIVIL BILL AMENDED.
Appropriation for Purchase Of Port
Orchard Site Cut to $4,000.
Ex-Governor Charles Foster, of Ohio
Appointed Secretary Of the Treasury
Democrats Oppose Nicaragua Canal
in Senate Filibustcring in House.

WASHINGTON Cry, Feb 21.-The adverse re-
port OF the majority OF the House coinage com
mittee on the Senate free coinage bill, says in
part:
Under the present act 81, coo 900 annually is
being added to the volume OF the currency of
the country III the form of treasury notes for
bullion purchased. This largely exceeds the
contraction in the way of retirement OF bank
notes, and in ten years would at the same rate
gradually add to the volume of the currency,
above the amount of bank notes, should they all
De retained, $3f0,ooo.o0o. The secretary of the
treasury states that the amount of the surplus
OF silver in the world, above the amount used in
the arts and coinage, IN all other countries than
the United States was, for 1888, s:9 5Do, coo. II
this estimate is correct, under the present law
there Is a provision for using the worlds sur
plus, which is all that unlimited coinage could
accomplish. Ii is said. however, that the de-
mand OF the present law does not call for
all the silver surplus. and that there is
now "bearlng the market 100000 ounces,
which Is sufficient to keep down the price of sill
yeI to its present selling figure. Whether these
lopc,Wo ounces arc likely to remain threat to
the market, or whether they are used by design
ing persons as a temporary means to depress the
price, 10 a matter upon which intelligent per-
differ. This can be determined by continuance
OF the present policy of buying no more than the
$4,000 ounces monthly providing for by the
ounces is continued only for the purpose OF ef-
fecting some change in the legislation. it will
soon be permitted to go its way; If. on the other
hanu, ~ 40 AL uctudl tAcesS over the demand, IL
will be easy at any future time for congress to
provide for its absorption into the volume of the
currency.
Treasury notes issued under the present law
are legal tender. This is the highest
function that could be given silver under
free coinage, so that under the existing law we
have provision for the use OF all silver that
would be brought to the mints under free coin
age (assuning the worlds surplus to be as al
ready stated). The money issued has all the
legal qualities and purchasing powers of coined
money, and in addition is confined practically
to the American product. so the United States is
out OF all the danger 30 strenuously insisted
upon by many persons, of the flooding of our
market with the silver of the world. The pres
ent law, at the time OF its passage was declared
by many ardent supporter of free coinage to be
satisfactory. The conditions are substantially
the same as then II the present law, when
passed, promised to all intents and purposes the
use OF the American product and authorized the
issue OF money as good for all purposes as coined
silver. IL is not now evident to the committee
wherein it has failed in its promise, nor where
u Is in the future likely TO fail to accomplish
that desirable end