The record-union., 1892-02-10
The Silver Issue of the Fifty-sec-
Ond Congress Defined.
BLAND'S BILL TO BE FAVORABLY
REPORTED TO-DAY.
sts Speedy Consideration to be Forced
In the House-Advocates of the Bill
Claim Enough Votes to Secure Its
Passage-ProvfsIons of the Measure
as at Present Agreed Upon.
Special to the REconp-UN1ox.


WASHINGTON, Feb. 9.-The silver issue
of the Fifty-second Congress has been de-
fined, and the Bland free coinage bill is
to be ordered favorably reported by the
House Committee on Coinage, Weights
and Measures tomorrow. This was form
ally decided upon by the free coinage
members of the committee, and as a re-
suit of the series of conferences of free
coinage men, which closed to-day, it had
been determined that not only shall the
Bland bill be favorably reported, but that
its speedy consideration be forced in the
House. The free coinage men tonight
claim that of the 332 members of the
House they will have 200 votes in favor
of the bill. Ten or eleven of these, they
say, will be Republicans, and the re-
mainder Democrats. OF the opposition
to free coinage, about forty will come
from the Democratic side. The bill, as it
will be reported, is substantially:
Section l. The unit value the United
States shall be a standard silver dollar as now
coined, 4I21a grains standard silver, or q gold
dollar OF 20 $40 grains standard gold; stand
ard gold and silver coins OF the United states
10 be legal tender in payment OF all debts.
Any holder of gold or silver bullion of the
value of S10O or more. standard finenesS,
Shall be entitled to have the same struck into
any authorized standard coins of the United
states, free of charge at the mints OF the
United States, or may deposit the same at
9uch mints and receive therefor coin notes
equal in amount to the coinage value OF the
bullion deposited, and the bullion 10 become
the property of the Government. The coin
notes so issued shall be in denominations of
not less than 81 nor mo1e than $1,000, and
be also legal tender.
Section 2. After the passage OF this Act
it Will not be lawful to issue or reissue gold or
silver certificates or treasury notes, provided
for in the Act of July Ii, 1890; all such
notes received in the treasury shall lie can
celled and destroyed, and the coin notes pro-
Vided for in the first section issued in lieu
thereof; provided this shall not alter The legal
tender character of such notes now issued.
Section 3. The coin notes herein author
iZed may be reissued but the amount at any
time outstanding shall not be greater or less
than the value of coin and bullion at the
coming value held in the treasury, said notes
to be redeemed in coin demand at the
treasury or any sub-treasury, and the bullion
deposited be coined as fast as necessary Tor
such It exemption.
Section 4. Any holder of full legal tender
gold or silver coin of the United States to the
amount of SO or more may deposit the same
AT any treasury or any sub-treasury and re-
ceive therefor the coin notes herein author
lied
Section 5. The Act of July ID, 1890, is
hereby repealed.
Section 6. AS soon as France shall reopen
her mintS to free and unrestricted coinage of
silver at her present ratio, fifteen and one-half
pounds of silver TO be worth one pound of
gold, troy. il snail be the duty of the President
of the United States TO make public proclama-
ton of that tact whereupon said ratio shall
be the legal ratio of the United States, and
thereafter the standard silver dollar shall
consist of 400 grams OF standard silver, and
the law relating to standard silver dollars of
4121% grains snail be applicable to the new
dollar, and the silver dollars of 412% grains
in tie treasury, or coming in thereafter shall
be coined as fast as practicable into dollars of
400 grains and any gain arising therefrom TO
be accounted for into the treasury.
the bill is different from all others intro
duced it contemplates the converting Of
all our silver money-silver certificates
and treasury notes issued on bullion and
gold certificates issued on gold-into coin
notes, redeemaDle in coin, thus convert
ing our paper into bimetal paper, instead
of keeping up the distinction between
gold and silver in our paper issues. This
conforms to the idea of coming both
metals on an equality, gold and silver
free. His bill, he said, also differs from
others in the provision about France. ut
is claimed.'' said Mr.. Bland, THAT France
viii not resume free coinage now, because
the difference between our ratio of I6 to
and the French ratio of 10 to l would
cause all our silver to go to the French
mint. There can no longer be preteXt
on the part of France to coin silver free
because our ratio is different. Person
ally, | care little for this: but there are
many people who think we ought to have
common ratio, and 1 have no objection
10 it,
HEARING BEFORE THE COINAGE COM
MITTEE.
WASHINGTON, Feb. 9.-At the hearing
before the House Committee on Coinage.
Weights and Measures to-day Leonard
r. Hone, representing the Legislative
Committee of the National Grange, said
the American farmer was asking silver to
be restored to the position it occupied
prior TO 1873. The increased volume of
money meant the enhancement of prices
He wanted Congress to protect the legal
tender qualification of money issued by
the Government, so he could not be COM
PEELED to make his payments in one form
of money only. Hone said the free coin
age of silver would go a great way to-
ward bringing it to parity with gold.
Even if all that were said against free
coinage were true, the farmer would not
lose anything, because there was no time
The farmer was so well Oft as in 1855,
when there was a deprecated currency.
He favored the free coinage of both gold
and silver.
Bland asked if any Secretary of the
Treasury would dare pay out gold for a
silver certificate.
Taylor replied that no Secretary would
dare do anything else.
Bland-Then he violates the law every
time he does it and is liable to impeach-
ment, for the Act distinctly says they are
redeemable in silver dollars and in moth
ing else.
Bartine said the Director of the Mint
would not state that he would pay out
gold for silver certificates. He might say
he would on demand pay out gold for
Treasury notes.
Taylor and Williams insisted that the
practice OF the Government was to pay
out gold for any of its obligations when
ever demanded, and Williams of Illinois
and others insisted that the silver law by
its terms made certificates redeemable