The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-02-16

| UndC can even approximate the VaSC outlay
of labor and capital, not to say privation
and deprivation wasted, absolutely in the
search for precious metals-gold and
| silver. The old adage that it takes gold
mine to work silver mine is an illustra-
| tion of the costs of such mining; many
| thousands waste their labor and capital In
| fruitless search for the hidden treasure.
As mining question it may be fairly said
! that the gold-miner now his monopoly
at our mints; that equality and equal
! justice would give the silyer-miuer the
| same privilege.
! When the utter inconsistencies and fall
! lacles of all the other objections to free
| coinage are shown, we are confronted with
the ultimatum that our gold will flee this
| country at once, contracting our currency
to the amount of 1856, 900, 900. The month
| ly statement of the secretary of the treas
ury for January, 1892 shows that we nave
IN the treasury gold coin and bullion
amounting 10 S215,246, 80 The last an
nual report of the comptroller OF the cur
rency shows gold in the national banks
amounting to sSS1, 615, AZ, and In private
banks and other institutions IS, SS3, 552,
total in banks of 500 55S. .694, making
| total III treasury and in banks Of $3I5, 4O2.-
54 OF all the objections urged against
free coinage this, in the opinion of our
committee, is the only one that deserves
serious consideration. That the change
tina complete restoration of the bimetallic
standard, return to the coinage of both
metals in equal terms, will cause for the
momsnt some apprehension, and probably
disposition to hoard gold may be ex-
pected. Yet any evils that may result
must IN the nature of the situation be
transitory Yet it will not be contended
that our laws relating 20 the currency or
tariffs or other methods of taxation need
to be altered The ultimate good to be OBJ
talned Is and always has been sufficient
argument for amendments. To restore
silver coin would not make the radical
change that was effected in our currency
laws by the act demonetizing it. Indeed,
decentralization took place without
warning and at time when we were look
ing to Il restoration of coin payments.
We have coined over 400, 010, 900 Of silver
dollars aud we have besides over 80, 900, 600
of silver bullion and are now purchasing
900, 900 ounces every month, or "a, 900, 600
ounces annually. Our approach to free
coinage has been steady and persistent
The longer it is delayed the greater the
Injustice done to our people. y few timid
people and n few misers might for mo-
ment hoard gold, but in this country the
most Is held by a class of our citizens who
are too shrewd and alive to their own
interests to drop this gold in the sea, or
bury 1T IN the ground whence 1t came and
W ucnCo III Will COnLlnu6 70 D6 eAGEdCG6u
The holuers Of the gold could not and
would not bear the loss of so much dead |
capital. At least they would do no more |
with gold than they are now doing We |
are suffering all the evils alleged against |
free coinage by its opponents without the |
realization of many of the benefits of free |
coinage claimed by its friends. The resto- |
ration OF Slver as money metal by this |
would at once allay all fears of its |
ultimate reconciliation. 1t would give /
confidence in silver as medium of eX-
change, leaving no preteXt whatever for |
the apprebensious now ihnulged in There |
could be no more boarding of gold. The |
stocks of coined silver that would be added |
to the worlds money would, in the nature
Of things, cneapen gold and render it less
Durdensome to meet gold contracts than
low. To take $500, 600 of gold out of
our circulation Immediately and before the
could be supplied by free coinage
would necessarily lower prices to such an
extent that gold would buy more of com
mOditie, than now, consequently gold in
vestments here would be more remuuera-
tive than now.
THE MINORITY REPORT
WASHINGTON, Feb. 15-Mr. Williams,
from the committee on coinage, weights
and measures, has submitted the views Of
he minority on the Bland free coinage
bill. The character and purpose of the
bill are outlined, and the following con-
put forward:
The peril is not great of an avowed
depreciation by our government of the
value of its own promises. We shall never
openly repudiate our debts, or corrupt the
medium OF payment; so the danger lies in
legislation such as this bill proposes, which
shall make the government unable to
maintain its promises and tokens on the
N,ciL tlnx- h..
That basis is a dollar which is eX-
everywhere; which does not
give up 80 cents at our border, nor yield
Inything TO fire or water, the dollar of
gold. Substantially all obligations now
Xisting IN this country are expressly
payable in gold or have been incurred
nce this nation resumed specie pay
nents and continued the gold
BASIS. The gold dollar is, therefore,
lot only the best, but the only honest dol
ar in which obligations Can now be dis
harged; but under plausible theory
II confident prophecy, the citizens of this
ountry may be mislead into Il reputation
which they would not conscientiously APP
,rove To make this bill understood as a
Measure of repudiation is to secure its de- 1
eat. -
The minority next set up the claim that
he effect OF the bill clearly must be this:
That the mintS of this country shall re-
eve all silver which may be sent from auy
uarter for coinage into dollars, siXteeH of
which shall be convertible into one gold
ollar. It Is perfectly clear that, at the
cry moment the treasury of the United {
states shall refuse to pay gold
DIN supon demand, no one else
will receive sixteen silver dollars
u lieu of one gold dollar. because the
ingle customer of the world for silver at
hat price has refused to purchase. Surely !
here can be no doubt that the effort To |
aise the market price of silver from % !
cuts per ounce to $l294 an ounce is de |
endent entirely on the combined willing '
ess and ability of the United States gov
to stand alone as buyer of silver {
{ all times and IN any quantity at the '
rice fixed by this law in gold
1T does not follow that the price of sill I
er fixed by the ratio in this bill can be 6
even ii our government is I
Wiling to receive the payment of its dues :
n silver coin and to pay its debts in gold.
he exchange value of silver will be de- {
eudent alone, not on the willingness of !
he government TO keep up the exchange, {
ut en- its ability to do So ia the S
larkrts of the world. Even speculation c
u the ultimate failure of our treasury to '
lalntain its policy might well suffice TO
rive gold to a premium, precipitate d
rrambie for the gold in the treasury and 7
uspend sold payments by the government 4
egardless OF the viii OF the secretary of c
le treasury. @
The minority submit that the only pos :
the result of the legislation proposed in I
us bill Is TO prompt the suspension of Q
Old payments by this government aud L
he immediate adoption of the cheaper
lonetary standard, silver. q
The history Of monetary changes in the |
asst Is then recited. Consent Of the nations :,