The World. [volume] (Martinsburg, W. Va.) 1891-1896, 1892-02-19
A MINORITY PROTEST
Objections Raised Against the Sill
yer Coinage Bill.
IT IS SIGNED BY FIVE MEMBERS.

Measure WoaId Result in a De-
nr.cia..d no,,.r wou,d Deetrov
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Foreign Nations.
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"AohiN'IoN' rep' ~ ne reporo VI
Inc minority committee on coinage,
weights and measures against the pas
sa,a Of +ba p1opd fraa coinao,a hin ia
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signed ny Messrs. lracey YIN. ~, ray
Tor Qlls.), Stone (Pa.), Williams (Mass.)
and johnson IN. d.. The minority re-
v;ays the silver ouestion nrotests v;oor-
-, -, =! -
ousiy against Iiie piaha pii' anu recon-
mends the passage of a measure author
ling the president to invite an interna-
tional money conference.
The report says that the first eight
lines of the an bill develop its true
purpose. They provide for two different
dollars, ana compulsion upon the CHI
zen 10 receive the other III payment due
MIN
me Hoad 10 Reputation.
1t does not require any knowledge of
monetary or financial views" the re-
port says, TO demonstrate that the com
pulsion of the legal tender power must
force upon the creditor cheaper and
debased dollar, Few debtors will pay
100 cents to discharge their obligations,
when seventy cents will suffice in law.
This bill converts all existing govern
ment paper into paper which may be
paid in silver and leaves no paper which
must be paid in gold. 1t is evidently in
tended to clear away all distractions in
the form of pledges to pay gold, and,
xxyIfh a OF ia re.ft 81
pudiation, to provide an easy track on
which we may descend to the silver
mononetallic standard. Because it is
not acceptable money this bill compels
the government to buy silver as bullion,
and pay for 1t nearly 80 per cent more
than its present market value, with
coin note which will be redeemable in
gold so long as we maintain both metals
IN circulation at the fixed ratio"
A "Depreciated Dollar"
The minority discnseas tba cond;t;o,
of silver in the market. concluding with
the comment that there can be no
doubt OF the purpose of majority of
the committee to force deprecated
dollar upon the country" and then goes
on to say that the danger is not great of
an avowed depreciation by our govern
ment of the value of its own promises.
The minority contend that the bill
must precipiUate a silver standard and
maintains that the effect of the bill will
be ''that the mints of this country shall
receive all the silver which NAV be sent
from any quarter for coinage into
dollars. sixteen of which shall be con-
yertible into one gold dollar"
at is perfectly clear" says the report,
fthat at the very moment the treasury
IF ho Init G+o4a HI
gold coin upon demand no one else will
receive sixteen silver dollars in lieu of
one gold dollar, because the single Gus
TONER of the world for silver at that
price has refused to purchase. The mi
nority of this committee submit that the
only possible result of the legislation
proposed in this bill is the prompt sus-
pension of gold payments by this gov
eminent, and the immediate adoption
OF the cheaper monetary standard of
SILVER
Foreign Nations Would Benefit.
After reviewing the history of modern
monetary changes and making the con-
tention that the consent of nations
makes and unmakes money, the minor
ity state that the only esc cape from sin
gle silver dollar standard under the
Bland bill is as an immediate and per
manent elevation of the price of silver
bullion to the price represented bv the
ration of IS to between silver and gold.
This price, it is stated, is 81. 20 IA per
ounce.
The minority argue that the BLAND
bill will bring silver from foreign coun-
tries. The United States, it says, is the
only source of supply to Europe and our
gold, by virtue of the bill, becomes
70 fol In ,N1ox 6 IL.
avaiapie W Jake Uhe place OF unstable
Ni1 NJ, e. r.. .,,
fo,a n9 ~, llee Gohiaee propleln Is not' there-
80 VIZ ..tl nlii,o au ,loias' one lnat con
I'M, =, io ~, ilioie ollno VI superIuous