The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-02-16
Protest of the Minority of the
House Coinage Committee.
ONLY MINE OWNERS BENEFITED.
Three Bills Ready to Be Reported by
Ways and Means Committee.
For Free Wool, Free Binding Twfne and
Free Cotton Ties The House Orders
Investigation of the Effect OF the
Tariff on the Farmers.

WAsHrxGTox CRY, Feb. 15.-Williams,
of Massachusetts, from the committee on
coinage, has submitted the views of the
minority on the Bland free coinage bill.
The character and purpose of the bill Is
outlined. and the report says part:
The peril is not great of avowed depreciation
by our government of the valuc OF its own prom
iscS We shall never openly repudiste our debts
or corrupt the medium OF payment Ihe
danger lies in legislation such ms this
hin proposes. which shall make the
government unable to maintain Its
promises aud tokens on the basis upon which
they have been accepted. That basis is dollar
which is exchaugcable everywhere. which does
not give up % cents at border, nor yield any
thing to fire or water the dollar OF gold. sub
stantially, all the obligations now existing In
this country are expressly payable In gold or
have been in CURED since this nation resumed
specie payment The gold dollar is therefore
not only the best. but the only honest
dollar ia which obligations can now be dis
charged, but under n plausible theory or con-
fdent prophecy citizens may be inisled Into
repudatiou which they would not consciously
approve To make this bill understood as
measure Of repudiation is TO secure its defeat
II is perfectly clear that at the very moment the
treasury of the United states shall refuse to pay
gold coin upon demand no one else will receive
sixteen silver dollars in lieu of one gold dollar
hccausea single customer OF the world for silver
al that price has refused TO purchase Ii does
not follow that the price OF silver fixed
by the ratio In this bill can be maintained, even
II our government is willing 10 receive the pay
ment OF its dues IN silver coin and to pay its
debts in gold. The exchange value OF silver
will be dependent alone. not on the Willingness
OF the government to keep up the exchange.
but on its ability to do So Even speculation on
the ability Of our treasury to maintain its poll
ic' might well suffice to drive gold TO pre-
MUM, precipitate "A scramble for the gold in the
treasury and suspend gold payments by the
government regardless of the will of the secrc-
tary of the treasury
The minority submit that the only pos
sibe result OF the legislation proposed in
this bill Is the prompt suspension of gold
payments by this government in the inn
mediate adoption of the cheaper monetary
standard of silver. The history of none
tary changes in the past is recited and an
international agreement is urged as neces-
sary. The statement is made that the bill
cannot raise the price of silver to the ratio
value, and will bring SILVER from foreign
countries. The stock of silver in European
countries Is set forth at 81 ,3is, ,O00, 900.
Silver coming from abroad would destroy
the gold standard. and savings bank de-
positors. artisans and pensioners would
suffer-
Summarizing finally, the minority urges
that not even the advocates of free silver
coinage deny that this law is an experi-
ment new in the history of mankind, and
based upon conditions which have never
existed. For such an experiment nothing
can be justification which has not GER
tainty of great reward TO the people under
taking the task. That reward is in the
sight of any one of the owners of the
mines who desire to receive at
the hands of the law $iD,f an
ounce for commodity which is
sold in eager competition for
two-thirds that sum, though diligently
produced at an average cost of 5l cents an
ounce. When we attempt TO raise the
price Of the annual produce of our mines
more than ~ per~ cent we undertake To
lift also the value of s.. 3.iOo.OO.OO0 worth OF
foreign silver. ia the value OF which wa
have not the slightest interest. The CO.
operation of foreign owners is not asked.
and the risk % ;his experiment. ak
sevenths Of which is for the benefit
oi foreign countries. j. 10 he throwu
upon the shoulders ~ this republic. rhe
volume q currency will not he Increased.
but diminished. The hili Itself will drive
our gold into the Golfers OF sresuIator..
invite foreign holder. q our securities to
sell az any price o. escape loss by Frpaaia-
tor, and our whole monetary system wiIl
b. thus disrupted
Accompanying the report = a biil ...
thorinng the president 20 invite an inter.
national W0uetarv conference.