The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-02-15
What the Democrats Strive TO
Make of Silver.
APPEAL FOR FARMERS VOTES
Claiming That Free Coinage Would
Raise the Price of Products.
Committee to Submit Majority Report
Congress to Have a Busy Week
Desire to Have Silver Made Special
Order.

OF the majority of the committee on COIN
age, weights and measures, recommend
ing the passage of the Bland free COIN
age bill, will be presented to the House to-
morrow. The report is a long and care
fully prepared document, discusses vari-
GUS OBJECTIONS against free coinage, at
tempting to show why, in the opinion of
the majority, those objections are ILL
founded, and how the free coinage Of sill
yer would greatly benefit the country,
especially the producers.
The report begins with an explanation of
the bill reported. Free coinage of silver
Is provided, and it is required that it be of
standard iineness to meet the alloy used,
alloy being all the expense now being ex-
acted OF depositors of gold. Coin notes
may be issued on gold or silver deposited.
If demanded, instead of waiting for tine
coin. The committee raised the
maximum denominations to be used
in dealing in large transactions
and bank exchanges. These notes
are legal tender redeemable in coin on de-
mand. The bill provides for the con-
version of all gold and silver certificates
into coin notes redeemable in either gold
or silver at the treasury of the govern
AiAthts iiC lS pun % IL ID NolitthbS0 tlAsS
the reason for the expectation of silver
bullion while our mints are still open to
its free coinage, is that our ratio was such
that our bullion was worth more compared
with gold at European mints than here,
and that the same result would again fol-
low, our ratio remaining at sixteen to one
with French mints open to free
coinage at fifteen and one-half to
one. This, it is held, would pre-
vent European nations again returning
to the bi-metallic system. To avoid this
the committee provided that our ratio be
changed to fifteen and half to one
as soon as France resumes free
silver coinage at that ratio. The
report continues that the familiar warning
that free coinage would cause shiploads of
silver to be brought here and dumped into
our mints in exchange for gold is still
urged, but under the proposed law ship
loads of silver brought by foreigners would
be coined into standard dollars and these
dollars returned to them, but they could
not go to the treasury and demand geld
for them, as according to the bill the gov
ernment can use its pleasure in paying in
gold. They would then ascertain that
they had committed the blunder of bring
ing silver to our mints, where it is worth ;
cents less on the dollar than at home, and
that they lose this 3 cents and the cost
of transportation besides. They cannot
buy gold with the money or gold exchange
unless gold and silver are at par. They
will either have to invest the money here
or carry it home again. Nations of the
Old World. seeing this, are predicting
calamity instead of prosperity as result
of the free coinage law here. The report
quotes from the report of ex-Secretary of
the Treasury Window for 1883, in which
the secretary took the position that no
danger need be apprehended of food of
European silver. The report continues:
The truth is that a conspiracy was formed in
the Old World, planned and successfully carried
through there and here, which was aimed to
confine the ebt-paying mediums of the nations
concerned to gold. For this purpose the par of
centuries was broken. sold was dccreed to
rapidly rise in vaiue thus adding 50 per cent. to
the value OF credits, enrIching creditors, public
and private, at the expense of the debtors and
taxpayers, enormously depraving the property
and products of labor compared to notes,
bonds and mortgages. The words "free silver
sent thrill of terror to the promoters of this
conspiracy and its benefciares. They know
that when this great government thus throws
its weight in the silver balance, the world
will be again restored to full faith and
confidence in the future safety of silver
as the money of the world The old
par will return, two metals being tied together
By strong ligsture of forty -four states and five
territories, with a population OF 65,co),oO0 and
an area OF S,90o,o0o square miles, aud
the greatest people and the greatest
metallic power in the world can never again be
disturbed. II is this phase of the issue they
fear, not the swapping of ship loads OF dollars
OF silver and dollars of gold. 1t is the restora-
tion of the bi-metsllic par 1t is the skeleton of
defeated fraud and avarice that Turks In the
closet Of the gold palace that we are called upon
to meet in battle on the free coinage question
No citizen OF the United States is compelled
By law to swap his gold dollar for dollar for
silver dollar, nor is there any law in existence
or proposed that compels the exchange of silver
for gold without paying the premium that may
at any time exist on gold. Again, it is said we
give the silver miners ct Our uniuts dollar for
bullion that costs only IL cents, hesitating to
reflect that the gold miner extracts five ounces
a day in gold that We coin into 500 when bis
days wages is worth only s. or 81, thus coming
his product that costs but 81 into money OF 500
When the utter Inconsistencies and faliacies of
all other objections 10 free eoinaga are shown, we
are confronted with the ultimatum that our
gold viii fee this country at once, contracting
our currency to the amount OF s5ss,0O),0l0. The
monthly statement Of the secretary OF the
treasury for January, 1872. shows that we have
In the treasury gold coin and bullion 10 she
amount of SIS i6, 80. the last annual report Of
the comptroller Of currency shows gold in banks
10 the amount Of s9s.5js, ,69i, making "A total in
the treasury and banks of S575. .fg2,55l This ia
the amount, which from Trustworthy record
We know 20 be in this country. The remainder
OF the estimate Of $3.50 ,oJ0.0co. is mere guess
work. OF all the objections used against free
coinage, this, in the opinion OF the committee,
is the only one which deserves serious consider
alton, the change proposed in the currency
laws involving complete restoration of the b.
metallic standard return 70 coinage.
Both meals in equal terms Will cause. for
moment, some apprehension, and probably
disposition to hoard gold msy be expected. Ye.
any evils that may result must in the nature OF
the situation be transi;ory. No i1nuortant
change that Affects any fiscal sv.,en can BE-
made without in some respects, in first effect.
at less;. caus!ng some Inconvenience or friction
somewhere Yet il will not be eonterded that
our laws relating 70 currency or tariff or other
method OF taxation used be altered The ultI
mate good % b. obtained is and aIysvs bas
been sufficient argument for amendments To
restore silver nov would not make the radical
change effected IN ouT currency laws By the act
oemonetizing IL Indeed, Demonstration took
place without warning and ct a time when we
were locking 20 the resumption OF coin pay
me1is, and surely needed all specie possible
We have approached free coinage gradually
I be longer il is delayed the greater the inius-
tice done the people. A few tirnid peor.e aud
Iaissrs might for = moment hoard gold, but gold
81 tnis country for the most is held By class Of
citizens too shrewd and alive 70 their own if.
ts-ests 20 drop gold in the sea or bury {. in tia