New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-17
THE MINORITY REPORT.


minority of the Committee on Coinage is an able
argument. and good first step in work of ed
ucaticn which must now be seriously under
taken There are some opponents of free silver
in Congress who show disposition to allow the
bill to pass the House without discussion or
serious opposition. Their mistake is dangerous
one They take it for granted that the voters
of this country know as much already as they
need to know about this question. But it ought
to be remembered that great multitude of good
citizens, not in silvcr-producng States only not
in rcpudiating States only, not only in States
where hatred Ct capital and of creditors is pre-
dominant, have committed themselves to free
coinage of silver. One illustration of many will
suffice. II is not long since organizations Of
laborer>, embracing many thousand wage earn
els, lassed resolutions favoriDS this step in the
belief that it would tend TO raise wages, 1t
ought t. have boon easy for them to see that if
the measure would have any such effect it would
inevitably raise the cost of living more and
mcle sreodiy. \ multitude of these wage
earnelS. presumably a majority, have had de-
posts in savings or other banks, shares in build
ing and lean associations, policies OF life in
suancc and money saved and invested in other
rob OF part Of their savings.
1t is not easy to understand how men can
deliberately sacrifice their own interests. The
tendency is to take i, for granted that they will
not but it was just this belief that made the
Nation laugh at threats Of secession and re-
bellon. No great body Of Americans could be
70 scnsecss and 20 mad, it was said. But the
war came nevertheless, because millions Of
people were blind enough and ignorant enough
10 ruin themselves. The silver craze is wide
spread and deeply rooted, and has shown as:on-
thing per,stency. Mr.. Bland is more than half
right in claiming that great body Of citizens
have foY fourteen Yeas constantly insisted upon
free coinage, and accepted the acts Of 1875
and Of 1890 only ~ steps toward that end
This craze can be mt and overcome. but not
~ taking it for granted thai the people know
all they need u know about one Of the most
perpexing questions that ever engaged human
thought. There must be a jealous and faithful
effort this year to educate the millions, or the
votes next fall may not be satisfactory. A Wig
olous debate in Congress will do something to
that end, and the minority report will do some
thing.
1t is not necdful here to repeat the points Of
Tuesday. Possibly it might in some respects
be criticised as lacking in purely elementary in
struction. 1t assumes on some points that Con-
grcsS knows something. But the report Of the
majority is painfully convincing proof that
good many Congressman know nothing. The
people d. not realize FIR instance. tina, the
greater par, Of the fourteen hundred millions
If coined silver held in Europe is now as COM
rlttoly abandoned for monetary purposes a. if
it had never been coined At all, and were -till
in the fUin Of bullion. and hence is actually Of
no present Use or yauc. France for instance,
could secure an on rmouS real advantage If il
could exchange $40. OOO.OOO of silver that
cannot be used at all for Sl2o, 100000 gold
now in the United States Treasury. There
would lie nominal loss, but tremendous and
permanent gan. 1t i, this fact which rcN!crs
worhl,S, ali the reasoning Of the majority about
the nominal value IF francs and silver dollars.
Public opinion needs 10 be enlightened to the
fact, which is well stated by the minority, that
there is but ono method by which silver can
lie restored to a Just place in the monetary sys-
TENS Of the world and that is by the consent
of all the nations which control those systems.
An international conference should be requested
by the United States and an earnest effort made
TO secure this consent" The minority recon-
mends a bill authorizing the President to invite
such conference, because
When We attempt to raise the price Of the annual
product 81 o1t uinc- tran 40 per cent undrr
take lift also the value OF ~ 1905 900 worth Of
foreign silver, in the value Of which we have not the
slightest interest. Tie cooperation OF the foreign owners
this silver l. not asked and the fisk of this expert
mcnt six seventies Of which is for the benefit III for
eign countries is be thrown upon the shoulders OF
this Republic.
So long as there is hope that the United
States with its great resources and wealth will
constitute itself the poohOuse for adj the nations
of Europe, and take their discarded silver for
its gold or its grain, no conference can be ex-
pected to attain important results. 1t was this
hope that made every previous conference a
complete failure, and deliberate decision Of
the people this year against free coinage would
do more to promote international agreement at
conference next year than anything else in
the power of the United States.