Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1892-02-18
AGAINST FREE COINAGE.
Report of the Minority of the House
of Representatives Committee.

Report of the Minority of the House |
of Representatives Committee.
In Favor of Bimetaliic Standard--An |
International Monetary Conference sug- |
gested as the Ono Proper Plan.
WASHINGTON, Feb. 15.-Mr. Williams
of Massachusetts, from the committee
on coinage, weights and measures, sub
mitted the minority report on the silver
bill. After outlining the character and
purpose of the bill, the condition of
silver in the market, the fact that the
bill agreed to by the majority is covert
Reputation, and that the bill must pre-
cipitate silver standard, the claim is
made that the bill will bring silver from
foreign countries, and must inevitably
destroy gold standard.
The report then concludes as follows
The minority of this committee favor
bimetallic standard, and heartily concur
in the proposition that it is desirable
that silver should again take the posi-
ton in the worlds monetary system
which it occupied before the financial
policy of the civilized world relocated it
to a secondary place. But they recog-
nize also the fact that the great mass of
silver in the world, exceeding, as it
does, the gold mass, and amounting to
nearly $4,000, 900, 900, cannot be moved
in value by the fiat of single nation
which possesses and controls but one
seventh of the whole volume.
The minority maintain that such an
experiment would result at once in
complete change of our monetary sys-
tenn, and the degradation of the standard
of value upon which all money obliga-
tons have been incurred.
The minority are convinced that there
is but one method by which silver can
be restored to first place in the none
tary systems of the world. and that is
by the consent of the nations which con-
troll those systems. An international
conference should be requested by the
United States, and an earnest effort be
made to secure this consent.
An international agreement for the re-
instatement of silver in the monetary
| system of the world involves not alone
| the assent of few nations to coin silver
| without limit, but also an understand
ing with the principal silver using coun
tries of the world that they will not, by
change in monetary policy, make the
free-coining countries a dumping place
for their own repudiated coin.
The minority believe that the none
tary conditions of the world are such
that the leading nations must soon feel,
II they do not now feel, the necessity
for maintaining the dignity of silver in
order tibet it may continue to supply
the increasing demands of the world for
money. II can not be known that an
international conference will fail until
it has been attempted; nor would its
failure be sufficient argument why this
government should undertake, single
handed, to rescue the world from the
consequences of its own deliberate acts.
Not even the advocates of free silver
coinage deny that this law is an expert
ment, new in the history of mankind,
and based upon conditions which have
never existed. For such an experiment
as is proposed, nothing can be justif-
cation which has not in 1t certainty Of
a great reward to the people which
undertakes the task. That reward is
not in sight of any one save of the own
ers of mines, who desire TO receive, at
the hands of the law, $1.29t an ounce
for commodity which Is sold in eager
competition for two-thrds of that sum
though diligently produced at an aver.
age cost of 81 cents an ounce.
When we attempt to raise the price OF
the annual product of our mines more
than 40 per cent, we undertake to lift
also, the value of thirty-four hundred
millions of dollars worth Of foreign sill.
yer, in the value of which we have moi
the slightest interest. The cooperation
of the foreign owners of the silver is no
asked, and the risk of this experiment
six-sevenths of which is for the benefi
of foreign countries, is to be thrown
upon the shoulders of this republic
The volume Of our currency will not b.
increased, but diminished. The bill
itself will drive our gold into the Golfer
of speculation, invite foreign holders o
our securities to sell at any price I,
escape loss by Reputation, and GU
whole monetary system will be thus dis
rupted. No possible gain to our people
can be demonstrated.
!. The minority of the committee, there
fore, in pursuance Of these views, recon
mended that for the bill reported by tn
committee the following be substituted
CHARLES TRACEY,
, ABNER TAYLOR,
CHARLES w. STONE,
GEo. FRED. WILLIAMS,
NJ n. JOHNSON.
. Here follows bill authorizing tn
. President to invite an internationa
! monetary conference.l