Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1892-02-15
FREE COINAGE.
Majority Report Of the Committee on
Coinage, Weights and
Measures.
EXPLANATION OF sLAHo's COIN
koC GILL.


The Majority REPORT of tn. Committee
on cotnaEe. etc.
WASHINGTON, Fen. 1.-THE report
Of the majority Of the committee on
coinage, weights and measurea, re.
commencing tho passage Of the Bland
free coinage hill, will BE- presented to
the House tomorrow. The report j. u
long and carefully prepared document.
lt discusses tho various objections
against Tree coinage, showing where,
Ia the opinion Of the majority, those
objections are ~ founded aud how the
fees coinage Of silver would greatly
benefit the country, especially the pro.
duccra. The report begins with nn
explanation " the bill reported. The
frte coinage OF silver Is provided for,
and II Is required that " shall be- u
standard finoness to meet the alloy
used, the alloy being all the expense
now being eXacted Of tho dCp0sitOrs of
gold. Coin notes may DO Issued on
gold or silver deposited, II demanded,
instead Of waiting for coin. The com.
mii,ee raised tho maximum dcnoml.
nations for dealing In large Trans.
actions and bank exchanges. These
notes afe legal tender, redcemnhlu Ia
coin on demand. The bill provide for
the conversion Of all the gold aud sil-
Yer certificates Into coin notcs, redeem
able in either gold or silver az the
treasury Of the government. The 70.
port says that IL Is contended that the
reason that We exported silver
bullion, while cur mintH were
still open b. It, free coinage,
was that our ratio was such that our
bullion was worth more, compared
with gold, at tho European minta than
here; and that the same result would
again follow, our ratio remaining at 10
to ], aud with the Franch mint open
to FREQ coinage nj 10! 10 /. This, It Is
hell, would prevent European nations
again returning TO tho bimetallic
system. To avoid this, the committee
provided that our ratio shalt bu
changed TO ljl 10 ns soon NJ France
resumed free silver coinage vi TINT
ratio.
THE REPORT CONTINUES
that the familiar warning that free
coinage would cause shiplOadB OF allyCr
TO be brou yht here and dumped NJ our
pintA In exchange for gold " still
sfged, but, under the proposed law,
the shiploada Of silver 10 be brought
by the foreigner would be- coined into
standard dOllnrs, ami these dollars
would be returned 10 him, but he could
not 20 TO tue treasury and demand
gold for them, nh, according to the bill,
the government can use IT. pleasure In
gold, and would then ASCERTAIN that he
had committed n blunior OF bringing
oliver 10 our minis, where " IL worth .
cents ON the dollar less thnn nj home,
and that he loses this 2 cents anu the
cost transportation heNldts. He can.
not Luy gold with the money, or gold
exchange, unless gold and silver are
at par. lie VIII either have 10 invest
bis money here or carry II home again.
The nations Of the Old World, seeing
this, are predicting calamity in
stead of prosperity as the result VI
free coinage law here. The rcuoFt
quotes from tho report Of Ex.SecTctary
Of the Treasury Window for 1850, In
which the Secretary took the position
that no danger Is TO be apprehondod Of
Hood Of European silver. Tho truth
~, the majority report continues, that
u conspiracy, formed In the Old World,
planned aud successfully carried
through there anu here, was aimed to
coniino debt-paying mediums OF the
nations concerned 10 gold. For this
purpose the par OF centuries was
broken, gold was decreod TO rapidly
rise IN value, thus adding iihy nor
cent 10 the value Of Gre hts, onrluhing
the creditors, public and private, nj
tho expense Of the debtors and tax
payers, enormously depressing the
value OF the products Of labor, as com.
pared 10 tho notos, bonds and mort
gnges. Tho words, Gree silyern annd
a thrill OF terror TO the promoters Of this
conspiracy and Its benenciarios. They
know that, when this great Govern-
ment thus throws its weight In the
silver balance, the world win be- again
restored 10 full faith and confidence in
the future safety Of silver as tho money
OF the world.
TUE OLD PAR WILL RETURN.
the two metals being tied together by
the strong ligature OF forty-four States
aud five Territories, with population
Of O6,O00,001, and mn area OF 81, 600, 900
square miles. The greatest people and
the greatest metallic power eau never
again be disturbed. IL Nv tho restora.
tion Of the bimetallic par, II Ia the
skeleton OF defeated fraud and Avaflco
that Turks in the closet Of the gold
palace, that we are called upon 10 NEE.
ia battle on the free coinage question.
No citizen Of the United States IL COM
PEELED by law 10 swap his gold dollar
for n silver dollar; nor II there any law
In this instance proposed IA compel him
to exchange silver for gold without
paing the premium that any time OK.
lists ON gold.
Again 1t IL said that we give the sill.
yer miner Ut our minis 81 for bullion
that costs only II cent?, hesitAling 10 |
reflect that the gold miner extracts 8 |
ounces n day In gold that we coin into |
500, when his days wages IL worth |
Unly three OF four dollars, thus coining |
his products that cost but 81 into |
mnuey Of slOO.
When the utter inconsistencies and |
fAllacies Of NIL tho other objections TO |
free coinage IL shown we are confront |
ed with the ultimatum that our gold |
viii Zee this country, ut once contract |
ing our currency to the amount OF |
$3.50, 600, 600. The monthly statement
OF the secretary Of the treasury Tor Jan.
uary, 1902, shows that we have Ia the |
treasury In gold coin andbullion sg7S..
2i6 100. The last annual report Of the |
OF the currency shows gold |
In the banks OF s96,b59, 6Jl, making a |
total In the treasury and banks OF S875.. |
i02 $50. This amount we hnve n trust. |
worldly record M being In tho country.
the remainder Of the estimate OF S0s6.. |
O00, 900 Is mere guess work.