Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1892-02-18


this viii greatly tend to promote equality
in all respects. There viii no longer be
issued gold notes or silver notes. but bi-
metallic notes, payable in either coin at the
pleasure of the government The report
saws: ''It is contended that the reason we
exported silver bullion while our mines
were still open to its free coinage was
that our ratio was such that
our coin and bullion silver was
worth more as compared to gold at
European mines than here and that the
same result would again follow, our ratio
remaining at 16 to l with French mines
open to free coinage at l53 to l. This
would prevent European nations, especially
France, from again returning to the bl-
metallic system. To avoid this, the. com,
mittee provided that our rate should
be changed from 15H to so
soon as France resumes free silver coinage
at that ratio'' The report then, under
1.-THE Dump of Silver" proceeds to the dis
cussion of the cry that free coinage OF sill
yer would make the United States dump
ing ground for the silver world The re-
port says, ''The familiar warning that free
coinage would cause shiploads of silver
from other countries to be brought here
and dumped at our minis in exchange for
our gold is still urged. How can this be,
under the bill or the proposed law2 A
shipload of silver brought to our minis by
a foreigner would be coined into standard
dollars and these dollars returned to him,
but he could not go to our treasury and de-
mand gold for them, nor could he compel
one of our citizens to swap him
gold dollar for silver
dollar That is voluntary
trade that no law ought to interfere with.
Should the foreigner take coin notes for
his bullion instead OF coin, the same thing
happens He can take his coin note to
the treasury and demand its redemption,
but that note is redeemaole in coin and the
secretary of the treasury could hand him
back coin struck from his ship load of
bullion. The foreigner then would ascer-
tain that he had committed the blunder OF
bringing silver to our minis where its
worth is 8 cents on the dollar less than it
was at home and that he lost this cents
and cost of transportation besides. What
then will he do with his money! He
must either invest in property
mere or go home with it. He
could not buy gold with 1t
or gold exchange unless gold and silver
yVyere at par; in that case there could be no
reason for preferring one metal to the
other If gold went to a premium he would
have to pay the premium on his exchange,
thus entailing on him additional
loss on his enterprise of sending
US shiploads of silver. If he
invests his ship load of silver in our prop
erty and business enterprises, he will at
once stimulate our industries, awaken our
enterprises and give US healthy business
and sound currency. The report then
quotes from the report of Window, then
secretary of the treasury for the year
1889, in which the secretary took the
position that no danger need be
apprehended of a flood of European silver.
Says the secretary: There Is IN TACT no
known accumulation of silver bullion any
where in the world. Germany long since
disposed of her stock of melted silver coins,
partly by sale. partly by recoinage. 1t is
plain, then, that there is no danger that the
silver product OF past years will
be poured into our mints, unless new
STEPS be taken for demonstration, and for
this improbable contingency ample safe
guards can be provided" There is much
less reason for shipping coin to this coun-
try than bullion. for while the leading ma
tions of Europe have discontinued the
coinage of full legal tender silver
pieces, they have provided by law for
maintaining their existing stock of silver
coins at par In England, Portugal and the
states of the Scandinavian union there is
no stock of silver coin except subsidiary
coin required for change purposes, the
nominal value of which is far in excess of
the bullion value.
The majority then go on to show that
free coinage would put more money into
circulation besides doing what is of prime
importance, viz: raising the status of silver
the world over In conclusion the majority
sums up the report made at the
last session by Bartine of Nevada,
who as leader of the free
coinage Republicans on the committee and
in the house made a comprehensive, ex-
haustive and judicial review of the silver
question in all its parts. This document of
Bartine's went into the cry that free coin
age would flood the United States with
cheap silver, showing by considera-
ton of the financial conditions in Europe
and India it was not to be apprehended.
Quotations from Bartine's report also go
with more elaboration into most Of the
points outlined in the first part of the report
to be submitted tomorrow.