The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-02-09
TIE SILVER QUESTION
Francis e. Newlauds Argues Before I
House CommNstee IN Favor or Free Coiaas


WASHINGTON. Feb. a-Francis 4. Newlands
to-day addressed the House Committee on
Coinage. Weights and Measures In supporter
free coinage OF silver. He opened his arRu-
ment by referring to the three international
conferences on the monetary question and
their results. The conference OF 1873. he
said, resulted in favor OF gold standard. and
the United States was among tho first to
make O move in that direction. Wo were fol-
lowed by Germany and soon after by the Latin
Union In 1886 President Cleveland sent Mr..
Atkinson to Europe to make inquiry ss to the
advisability OF trying to bring about another
conference. Mr.. Atkinson reported that no
sentiment In favor OF such a conference ex
isted Mr.. Nowlands said that there were rca-
sons why an international conference would
foil to bring about the restoration Of silver to
its money value. This. he said was an age OF
trusts and combines and the great powers OF
Europe were gold holding countries AS own
ers OF money. 1t was to their interest to make
money valuable. and to do it they made money
scarce by dcmonetzng silver. This made the
gold moro valuable England lie said. was II
creditor. nation. We were, a debtor nation.
we owed ali the money tSoldp in the United
States, and 1t could be called for ut any time.
Mr. HIGHLANDS Gl ss the cas-" Of tho Barring
s%s snS
feclins of Insecurity here. and had England
esn t. Sr ana s
banEs wsre prastcny sspended W. p ae
pose. to England. France. and Germany. the
Gs es tsr tie Of silver What can We
s tSs v al ,S tnss oWn 9s
dent Harrison In his message suggested that
these countries we're feeling the scarcity OF
as much G q i as we could. Mr. Sewiands Dc.
these countries. and added that the debtor ma
tions were the ones that needed more money.
and t the only question was should they make
Mr.. ,Newlands gave the amount Of silver pro;
duced yearly by the mines OF the world. and
danger. absorb ali OF It after the amount taken
BY India and China and s used in the arts s was
vel. other than that produced by tho mines.
This danger could DO easily avoided by refus
ing to take PRODUCTS Of the melting pot: and by
SO doing cause European countries to Keep
their present silver In circulation; He saw no
danger in having this class Of silver put upon
Mr.. TAYLOR OF Illinois asked how we would
Mr., Newlands replied that we would simply
iine Il coined into silver dollars. He did not
Mr. bland suggested that it would be paid
for in grain. cotton; and labor. and Mr.. New
Mr.. Newlands said that all tho silver in the
world except bullion was worth from Sl.29 to
Mr. Williams Of Massachusetts asked If he
knew Of any single country in the world that
would give tint for #; -, .,o4 ou,., 49,. ,,
excchnnGeanle at his rate. while bullion was
at less 3r the ct valHcsoIt ~ ,Ints
ounce OF silver could be exchanged in India
Mr.. ,Newiands replied that tho Indian rupee
Mr. Williams IS asIci II an international
agreement would not be the best solution OF
Mr.. Newlands replied that the restoration of
silver by an international agreement would be
,icnce in silver. He believed. however that
free coinage by tho United States alone would
restore, ,silvrrto its plnce as Il money, metal.
and held that it could &c done without danger.
The committee adjourned until Tomorrow.
The Supreme Court Of the District Of Column
ton of Merrick. Morse ct al for a writ OF
mnndamus to compel thu. Secretary OF, the
States minis. The plaintiffs claimed that it
was their right under the Constitution and cy;;
prayed for on the ground that the nets Of 1s;I7!
silver into standard dollars when presented at
the nes Of s %he Sees ss
Government to go into the market
and buy silver to be coined into dollars
at the rnte Of not less than 50. QUO 900 nor more
than S4.ODOUoO por month. Tho Court fur
ther decided that even il the applicant was en-
titled to have the silver coined and reduced to
money. the Secretary of the Treasury was not
the proper person against whom to ask the
Court to issue writ Of mandamus.. The Chief
Justice conceded with the conclusions of the
Court and said that SO far as no knew until
the begtnnlns Of the present Groceedings the
never boen held to establish free coinage.