The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-02-16
AGAINST SILVER.
A Minority Report Being Pre-
pared.
The Gold advocates object to the Free
Coinage Bill.
The Bland Bill Called a Measure Of Re-
pudlatlOn-An International None
taTy Conference Desired.
Special to THE MoRNING CALL.

WASHINGTON, Feb. Representative
Williams of Massachusetts from the Com
mlttee on Coinage has submitted the views
OF the minority on the Bland Free Coinage
Bill The chara and purpose Of the
bill is outlined. and the report says in part:
Inc peril is not great of an avOwed depre-
citation by our Government of the value Of
its promises. We shall never openly repu-
dlate our debts or corrupt the medium of
payment. The danger lies in legislation
such as this bill proposes, which shall make
the Government unable 10 maintain
Its promises and tokens on the basis
upon which they have been accepted. That
basis is dollar which is exchangeable
everywhere. which does not give up 80
cents at our border nor yield anything to
IRE or water-the dollar of gold Substan-
TALLY, all obligations in this country are
payable in gold, which have been incurred
since this nation resumed specie payments.
The gold dollar is therefore not only the
best but the only honest dollar in which
cur obligations can now be discharged.
But under plausible theory or a confident
prophecy our citizens may be misled into
reputation which they would not con-
sciously approve.
MEASURE OF REPUTATION.
To make this bill understood as a measure
of repudation is to secure its defeat. 1t is
perfectly clear that at the very moment
that the Treasury Of the United States
shall refuse TO pay gold coin upon de-
mand, no one else will receive the ratio of
sixteen to ole, because the single
customer in the world for silver at that
price has refused to purchase. 1t does not
follow that the price Of silver fixed by ratio
in this bill can be maintained, even If our
own Government is willing to receive pay
ment Of its dues in silver coin,
and to pay its debts in gold The ex-
change value Of silver will be dependent
alone not on the willingness of the Govern
ment to keep uD exchange. but on its
ability to do So Even the speculation on
the ultimate failure Of our Treasury to
maintain its policy might well suffice to
drive gold to premium, precpitate q
scramble for the gold In the Treasury and
suspend the gold payments by the Govern
ment regardless Of the will of the Secretary
of the Treasury. The minority submit that
proposed in this bill is the prompt sus-
pension of gold payments by this
Government and The immediate adoption
Of the cheaper monetary standard Of silver.
MONETARY CHANGES UNwIsE.
The history OF the monetary changes. Of
the past is recited; international agreement
is urged as necessary; the statement is
made that the bill cannot raise the price Of
silver TO the ratio value, and will bring sill
yer from foreign countries. The stock of
silver in European countries is set forth at
S1.3g8 600. 600. Silver coming from abroad
would destroy the gold standard, aud saw
iDgs-bank depOsltorS, artisans and pension
ers would suffer. Summarizing finally the
minority urges that not even the advocates
of free silver coinage deny that this law is
an experiment Ia the history of mankind,
and is based upon conditions which
have never existed. For snch an
experiment nothing can be a justification
which has not in it the certainty of
great reward TO the people undertaking the
task, but that reward Is not in sight of any
one save the owners OF the mines. who de-
sire TO receive at the hands of law 81 29H
an ounce for a commodity which is sold in
eager competition for twO-thirds of that
sum. though diligently produced al an ave--
age cost Of seventy-one cents nm ounce.
Whenever we attempt TO raise the price of
the annual product Of our mines more than
40 per cent, we undertake to lift also the
value OF So OO,O0O,OOO worth oil foreign sill
yer, in the value of which we have not
the slightest interest The cooperation
of the foreign owners is not asked
and the risk OF this experiment
six-sevenths Of which is for the benefit Of
foreign countries. is to be thrown upon the
shoulders Of the republic. The volume of
currency will not be increased, but dlmin-
ished. The bill itself will drive our gold
into the Golfers of spectators, invite for
elgu hOldels Of our securities TO sell at any
price to escape the loss by reputation and
our whole monetary system will be thus dis
Tupted.
Accompanying the report is bill author
iZing the President to invite an international
monetary conference