Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1892-02-15
FREE COINAGE REPORT.
What the Coinage Committees Report
Says of Its Bill.
WHY 1T DOESN'T AFFECT FINANCE
And Why the Adoption Of the Bland Bill Will
Benefit the COunry-A Long Report Evidently
Written With Great Care-NO More
Gold and Silver Certificates.

mittee on Coinage, Weights and Meas
ures recommending the passage OF the
Bland free coinage bill will be presented
to the House tomorrow by Mr.. Bland
and by consent Of the minority of the
Committee, it has been made public TO-
night.
The report is long and carefully pre-
pared document which discusses the
various objections made against free
coinage showing where, in the opinion
of the majority, those objections are i'll
founded, and how the free coinage OF
silver would greatly benefit this country
and especially the producers.
The bill provides for the conversion
Of all our gold and silver notes into coin
notes, redeemable in coin, thus doing
away entirely with old legal distinctions.
1t is believed this will greatly tend to
promote equality in all respects. There
will no longer be issued gold notes or
silver notes, but bi-metallic notes, pay
able in either coin at the pleasure OF
the government.
The report saws il Is contended that
the reason we exported silver bullion
out Of our mints while still open TO its
free coinage was that our ratio was so
that our coin and bullion silver was
worth more as compared to gold at
European mints than here and that the
same result would again follow our
ratio remaining at 16 TO /, with the
French mints open TO free coinage AT
l51I tol
This, it Is held, would prevent Euro
pean nations, especially France, from
again returning to the bi-metallic sys-
TEN. To avoid this the committee pro-
vided that our ratio should be changed
to l5l5 to l, so soon as France resumes
free silver coinage at that ratio. The
report then, under the head "The Dump
OF Silver" proceeds TO q discussion OF
the cry that the free coinage OF silver
would make the United States the
dumping ground for the silver OF the
world.
The report says, If gold went to
premium, the foreigner would have to
pay the premium on his exchange, thus
entalling on him additional loss in his
enterprise Of sending US ship loads OF
silver. IL he invests his snip load OF
silver money in our property and ousi-
ness enterprises it will at once stimulate
industries, awaken enterprises and give
us healthy business and sound cur
rency.
The next effect would be panics In the
Old World. Business there would be
paralyzed for want OF money; their
property destroyed. Prosperity here
and strangulation in the old countries
would force shiploads of their people to
this country in search OF their lost shl p
loads of money. The nations OF the
Old World are aware OF this. They
would see to it that no such thing oc-
Cured; they know the advantage the
free coinage of silver would guarantee
us, hence their uniform predictions that
calamity would be the result instead OF
prosperity. They are not in the habit
Of giving us trustworthy advice as TO
the course we should pursue In the
matter.
The report then quotes from the re-
port of Mr.. Window, the 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.
1.-The truth is" the majority report
continues, "that the conspiracy was
formed in the old world, and planned
and successfully carried through, and
their aim was to confine debt paying
mediums to the single metal-gold. For
this purpose the par OF centuries was
broken. Gold was decreased TO
RAPIDLY raise in value, thus add
ing so per cent TO the value OF credits,
epriching creditors, public and private,
at the expense OF debtors and taXpay-
ers, and enormously depressing the
value of labor and the products OF la
bor, as compared to notes, bonds and
mortgages. The worlds free coinage
OF silver sends thrill OF terror to the
promoters of this conspiracy and the
beneficiaries. They know that when
this great Government throws its weight
In the silver balance the world will
again be restored to full faith and conf
dence in the future safety OF siver as
the money Of the State.
"The old par will return, the two met
ais being tied together by the strong
ligature of forty-four States and five
territories with a population OF sixty
five millions, and an area Of 3,000,0 900
SQUARE miles. The greatest people and
the greatest metallic power in the
world can never be disturbed. The
conspiracy would be exposed and de-
feated. 1t is this phase OF the issue
they fear, not the swapping OF ship
loads of dollars OF silver and dollars OF
gold"
That the change proposed in our cur
rency laws involving the complete resto-
ration OF the bi-m etallic standard, re-
turn to the coinage Of both metals In
equal terms, will cause for the moment
some apprehension, and probably dis
nosition 10 hoard gold may be
expected. Yet, any evils that may
result must In the nature OF
the situation be trsnsitory. No import
ant change that affects our fiscal sys-
tenn can be made without in some re-
spects. in first effects at least. causing
some inconvenience or friction some
where. Yet IL will not be contended
that our laws relating 70 the currency
or the tariff or other methods OF taxation
are never TO be altered.
We are now suffering all the evils
alleged against free coinage by its oppo-
pents without the realization OF
many OF the benefits Of free coinage
claimed by It's friends. The restoration
OF silver as money metal by this coun-
try would at once sllsy all fears OF It's
ultimate remonetiZation by the nations
OF the world. 1t would give confidence
in silver as safe medium OF exchange,
leaving no pretext whatever for the ap-
prehensions now INDUCED in. There
onnId ha M boarding Of gold The