Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1892-02-15
PLEADING FREE COINAGE
The Report on the Bland Bill
Presented to the House.
THE QUESTION IN ALL IT'S PHASES

I'LL Y 1At@ AA9A AA ALL lis 1hoL1
Ii Is Claimed That Making the Measure
a Law Would Put More Money in Cir
cuIation and Would Also Add Materi-
ally Co the Value oF All Farm Products.
WASHINGTON, Feb. 15.-The report Of the
committee on coinage, weights and meas-
ures on the Bland free coinage bin was
presented to the house by Mr. Bland, sy
the consent Of tho minority Of the commit
tee, whose views win be made public later
On. The report is quite voluminous, cover
ing every phase Of the silver question.
After reviewing the changes made by the
committee On coinage, weights ana meas
ures on toe bin as originally introduced, it
discusses under the head Of "the dump Of
silver the vital question at issue, as follows:
''The Dump or silver"
The familiar warning that free coinage
would cause shiploads Of silver from other
countries to be brought here and dumped
at our mints, in exchange for our gold, is
still urged How can this be, unaer the
bin or proposed lave The shipload Of sill
yer brought To our mints by the foreigner
would be coined into standard dollars and
those dollars returned to him, but he could
not go to our treasury and demand gold for
them Nor can he compel one Of our citi-
zens to swap him a gold dollar for a silver
dollar Should the foreigner take coin notes
for Lis bullion instead of coin be can take
his coin note to the treasury and demand
redemption, but the note IS redeemable in
coin and the secretary OF the treasury could
hand him back the coin struck from his
shipload OF bullion. The foreigner then
would ascertain that he had committed the
blunder Of bringing silver to our mints
when il is worth three cents on tho dollar
less th0n it was ut home, and that he lusea
this three cents and cost of transportation
besides.
What, then, will he do with his money!
He must either invest it in property hero oa
60 home with it. He could not buy gold
with it or gold exchange, unlees gold and sill
yer were az par Ia this case there could be
no reason for preferring the one metal to the
other. II gold went to premium he would
have TO pay the premium ON bis exchange,
thus entailing on him additional loss in send.
ing his shiploads Of silver If he invests his
shiploads Of silver money in our property
and business enterprises it would at once
stimulate industries, awaken enterprises and
give us a healthy business and sound cur
rencv What more could be desiredi Ev.
cry shipload of silver thas brought here and
invested in productive wealth would haye
a twofold effect. 1t would bring unex.
ampled prosperity to this country. The next
would be panics in the Old World Business
would then be paialyzed for want Of money.
Prosperity here and stagnation in the old
countries would force shiplOads Of their peo-
PIE 70 come to this country in search Of theiI
lost money. The nations Of the Old World
are aware Of this; they would see that nc
such thing occurred They know the ad.
vantage free coinage Of silver would guaran.
tee to us, hence their uniform predictions
that calamity would be the result instead OF
prosperity They are not in the habit Of Civ.
ing Us Trustworthy advice as to the course
we should pursue in this matter.
Window Quoted in Its Favor.
Then follows long extract from the Ne
port Of Secretary Of the Treasury Window
for the year 1887 IN support OF tho above or.
guments, ia which occurs the following:
There is In fact, no known accumulation oi
silver bullion anywhere in the world. Germany
long since disposed Of her stock OF melted silver
coins, partly BY sale, partly by recoinage iut0
her own new Subsidiary coins and party by use
IN coming for Egypt. Only recently it became
necessary to purchase silver for the Egyptian
coinage executed at the mint at Berlin
The report then proceeds by saying that
when the utter inconsistencies and fal.
lacies Of all the other objections to free
coinage is shown we are confronted with
the ultimatum that our gold win flee this
country, at once contracting our currency.
OF all the objections urged against free
coinage this, in the opinion of your com.
mittee, is the only one that deserves serious
consideration. That the change proposed
in our currency laws involving the complete
restoration Of the bi-metallic standard. a rr-
turn to the coinage Of both metals on equal
terms viii cause for the moment some ap
prehension, and probably a disposition Ia
hoard gold may be expected, yet any evils
that may result must from the nature of the
situation be transitOry. No important
change that affects our financial system can
be made without causing some inconven.
ienoe or friction somewhere. Yet it win not
be oontended that our laws relating to the
currency or to the tariff or other modes of
taxation are never to be altered. The ulti.
mate good to be obtained is, and always has
been, sufficient argument To restore
silver now would not make the radical
change that was effected In our currency
Laws as the act demonetizing It did.
Indeed, demonstration took plaoa with
out warning and at time when we were
looking to resumption Of coin payments
and surely needed all the specie possible.
We have approached free coinage gradually,
We resumed the coinage Of the standard
silver dollar in 1878 with the distinct pur-
pose ef putting this country on the gold
and silver basis. We have coined over
100000 Of silver dollars, and we have
besides over 100000 of silver bullion and
are now purchasing 45O, 300 ounces every
ponth, Our approach to free coinage has
been steady and persistent. We believe
silver should have been restored az once in
1878. Then the longer it Is delayed the
greater the injustice done to our people,
The Elnect on tIse Fr-r1ner.
We are now sufferjag al the evils alleged
against free coinage by its opponents with
out the reaAization Of many Of the benefits
Of free coinage claimed by its friends
1t is claimed, and the history Of pff>S.s
show, that as silver falls as cof.fpaIsA 10
gold, so in about the same ratio the pric.s
~ our farm products fan. To-say that sill GER
is low is tantanount to sayisr that the
Price OF cotton, wheat and other farn ex-
ports are depressed The rsasoa il plain.
eounti7ea having Ais silver standard avoid
~ TT Ss posSlo q hquidstsng foreign debts
IN IN i'sohey Ion the neasoa that silver is, as
SoV!pareo with goid, 'sepneciated. To set
.ie fon 4gn balances, therefore in silver, en-
taala q loss OF the difference Ia exchange be-
tween the value OF silver as compared to
gold IN the ratio, tins difference hainn the