The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1892-03-02
FREE COINAGE.
The Minority Report Against the
Passage of the Bland Bill.

The Minority Report Against the
Passage of the Bland Bill.
The report just filed in Washington of the
minority members Of the House Committee
on Coinage, Weights and Measures against
the passage Of the Bland Free Coinage bill
is signed by Messrs. Tracy, of New York:
Taylor, of Illinois; Stone Of Pennsyl-
vania: Williams, Of Massachusetts, and
johnson, Of North Dakota. The
minority review the silver question, protest
vigorously against the Bland bill, and re-
commend the passage Of measure author
izing the President to invite an internal
monetary conference
The report says that the first eight lines
Of the Bland bill develop its true purpose
a compulsion upon the citizen to receive
either in payment Of debts due him.
1T does not require any knowledge Of
monetary or financial views" the report
says, ito demonstrate that the COM
pusion Of the legaltender power must
force upon the creditor a cheaper and
debased dollar. Few debtors will
pay 100 cents to discharge their obligations
when seventy cents will suffice in law. This
into paper which may be paid in silver, and
leaves mo- paper which must be paid in
gold"
The minority say that the only escape
from a single silver dollar standard under
the Bland bill is an immediate and
permanent elevation Of the price OF
silver bullion to the price represented by
the ratio Of sixteen to one between silver
and gold. This price, it is said, is 81 29H
Bland bill will bring silver from foreign
countries. The United States, it says, is the
only source Of supply to Europe, and our
gold, by virtue Of the bill, becomes avail.
able to take the place Of unstable silver.
Silver coming from abroad would, 1t is
held. destroy the gold standard. After
arguing that legislation has failed to raise
the price of silver, the minority comment on
the effect Of silver standard as follows:
''The adoption OF a single standard, then,
would place the dollar unit at once at the
mercy Of the silver bullion market, and obli-
cations now outstanding, incurred upon the
gold basis, would be payable in deprecated
silver dollar worth only what the world
should think it to be worth at a given point
Of time. Thus to depreciate our standard OF
payments is clearly partial reputation and
unqualihedly dishonest and fraudulent"
Az to the effect of the bill, the minority
says that to depreciate by thirty or forty
per cent. the value Of savings banks
Securities. which it is claimed the bill will
do, would rob millions of our industrious
citizens of their hard-earned savings.
Depreciate the standard Of the dollar and
every pepsioner Of the country, every holder
Of a policy Of insurance, every widow and
orphan enjoying the proceeds OF trust
funds, will by 80 much suffer from
this fraudulent reduction OF the
standard Of the country. The revenues OF
the Government will be deprecated in
like manner, and every dollar received in
duties and other taxes will represent about
two-thirds Of the amount now h6ed by law
Appended to the report is a bill authoriz-
ing the President to invite an international
monetary conference.