The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-02-27
RAPID INCREASE OF CURRENCY.
The House Committee Say That Under
the Present Law Silver Is Coined
Fast Enough to Take the Place
Of National Bank Notes.

Fast Enough to Take the Place
Of National Bank Notes.
WASHINGTON, February 26-Representa-
tive Wickham, of Ohio, chairman of the
house committee On coinage submitted to
the house by authority Of the committee
an adverse report to the Senate bill for the
free coinage of silver.
The report says: The committee dcsir-
ing to have the largest information to aid
them in their conclusions have patiently
listened for period of n month to delcga-
tons, individuals and memorials, express
ing all the various views upon the subject
OF the coinage of silver. = x X
The committee feel that they have been
fortunate in this, since many Of those who
have been before them have given evidence
of great intelligence upon the subject and
have been able to afford to them valuable
assistance in coming to their conclusions
Under the present act, the report con-
tinues, $54 600, 600 annually are being adj
dcd to the volume of the currency of the
country in the form of treasury notes for
bullion purchases.
"This," it says, '.largely exceeds con-
traction by way of retirement of the ma
tional bank notes and in n period of ten
years would at the same rate gradually
add to the volume of currency, above the
amount of bank notes, should they all be
retired, $360,000,000. The secretary Of
the treasury states that the amount Of
surplus silver in the world, above the
amount used in arts and coinage in all
other countries than the United States
was, for 1883, 80 ,500,0O0. If the estimate
is correct, under the present law, there is
provision for using the worlds surplus,
which is all that unlimited coinage could
accomplish.
The American product in 1883 was As
600. ounces and in 1889, $4,000, 900
ounces. 1t is said however that the de-
mand of the present law does not call for
all silver surplus and that there are now
clearing" the market about fifteen mil
lions ounces which arc amply sufficient 90
keep down the price Of silver to its pres
cnt selling figures. Whether these fifteen
million ounces are likely to remain a threat
to the market or whether they arc used
by designing persons as temporary
means to depress the price is matter up
on which intelligent persons who have APP
pcarcd before the committee differ. This
can be determined by 4 continuance Of
Il; I, In N
four million five hundred thousands ounces
monthly provided for by the existing law.
| the presence OF fifteen million ounces
is continued only for the purpose of affect
ing some change in the legislation, and
congress shall show by its action
that it Intends no change, this
BODY of silver will be permitted to go its
way, and so will no longer deprcss the
market. II, on the other hand, this
amount of bullion is in actual excess over
the demand, it will easy at any future
time for congress to provide for its alb
sorpton into the volume Of currency. To
determine this, time is needed. The
treasury notes issued under the present
law are legal tenders. this is the highest
function that could possibly be given TO
silver under the free coinage. SO that
under the existing law subject only to un-
certainty as to the origin and design Of
the l5,000,0 900 ounces already referred to
we have provision for the use of all under
free coinage assuming the worlds sur
plus to he as already stately money issued
has all the legal qualities and purchasing
power of coined money, and in addition is
confined practically to American produce,
so that the United States is out Of all
danger and so strcnuously insisted upon
bv many persons, of the flooding of our
market with silver Of the world The
present law at the time of its passage was
declared by many ardent supporters of
free coinage TO he satisfactory. Condl-
lions are substantially the same as then.
There has been no important change III
our monetary situation. II the present
law. when passed, promised to all intcnts
and purposes, use Of American product
and authorized issue of money as good for
all purposes as coined silver, it is not now
evident TO the committee wherein it has
failed in that promise. nor wherein it is
likely in the future to fail to accomplish
that desirable end. In view Of the fore
going. feeling that there is no need at
present for further legislation, and at the
same time being not unmindiul OF the
fact that this congress at its last session,
upon direct vote. rejected free coinage OF
silver identical with that in this bill, the
committee report adversely upon the bill
and recommend that it do not pass.