Arizona weekly citizen., 1892-02-20
FREE COINAGE IN CONGRESS.


 houses of congress:
 Silver was the subject of two differing
 reports in congress this week. The sen
 ate committee on finance, by vote of
 seven to four, reported adversely. Sen
 ator Stewards free coinage blll, by vote of eight to five, ordered a report in favor
 of the Bland free coinage bill. The vote in the senate committee IS said to have
 been a surprise 10 the free coinage men,
 but apparently 1t has not dismayed them.
 They take tine view that the committee
 does not represent the sentImeht I the senate, and say that IL Is pi' babie that
 a bIll to satisfy them viii yet pass the
 senate, and even tbat 1t Is lot unlkelt
 that the very bill rejected by the com~
 mittee may pass. How weilfounded these
 assertions may be must be deter mined by
 subsequent events. The vote !n favor or free coinage last year can hardly be talk
 en as ID any accurate sense criterion
 of the strength of the free cOlnage sentl-
 ment in the senate this year, for, as IS
 we'll known, purely political nsidefa-
 Lions disconnected from aGy theories or
 convictions about currency legislation
 were impossible for s0ms of the free
 coinage votes in the last congress. Then, it Is sad that there have been some changes of oplpion W.lch WI. ie gwen
 effect in Vote upon the s. rJact when
 it is brought up. As d mat-er of fact,
 there is nothing to prevent ths bIli be- ing called up, for, in deterence to the friends of the measure, the senale con-
 mIttee decided to recommend that It be
 permitted to go tU the calendar.
 The bill pre pared by Mir. Bland was adopted by the house coinage commit tee with but single amendment, which
 was adopted unanimously. This provided for the increase of the maXimU n denom- ination of any coin notes under tue bill from S500 to 1000, The bill provides that the unite of value in the United States shall be the andard silver dollar, aS now coined, consisting Of 4I2I5 grains of standard silver, or the gold dollar of p S-l0 standard gold; that both coins shall be a legal tender in pay ment of ell debts, pubic and private, and that any holder of gold or silver bullion to the value of S100 more of standard tineness shal be entitled to have the same struck into any authorized standard coins of the United States free of charge at the mlnts, or that he may deposit the same at the hints and receive therefor coin notes equal in amount to coinage value of the bullion deposited, such notes to be in denominations of not less than Sl and not more than g 900. The issue or reissue of gold or silver certificates or
 treasury notes, provided for in the act of July If, 1890. is prohibited, and that act is repealed. The issue of coin notes cFunHorH lc yided for, and such notes are made legal tender. The bill further contains a provision to the effect that as soon as France shall reopen her hints to the free coinage of silver at the rate of 1012 to l, it shall be the duty Of the presl- dent to make immediate proclamation of the fact; that thereupon that ratio shall become the legal ratio Tn he Unit ed States; that thereafter the standard silver dollar shall consist of 400 grains of standard silver, and that as fast as practicable after coming into the trea- sury the standard dollars of 4l212 grains shall be turned into dollars Of 4OO grains.
 The expectation that this bill would be but slightly modified ln l's passage through the commi, tee has been bUrne out. Indeed, as has been remarks ed, 1t has been amended in only one single particular, and it was doubtless prepared with care so as to meet the views of all the free coinage men. Significantly enough, n enumer- ating the standard coIns of the United States 1t mentions the silver dollar first. Mr. Bland. in discussing the provisions of his bill, says 1t contemplates the converting of all our silver money, silver certificates, treasury notes issued oD bullion, and gold certificates issued on gold, into coin notes redeemab!e in com, thus converting our paper into bi- metal paper instead of keeping up the distinction of gold e0d silver in our pa- per issues. The proposed notes are re- daemabie in whatever coin II may be most convenient to the government to redem them siu. This explanation Was hardly necessary, for the intention of tie measure is well enough understood by both its advocates and its opponents.
 Regarding its prospects in the house it may be sald that apparently tke free coinage men have majority there, and can pass it ID time if they press it vIgor- ously. Indeed, i; IS possible that 1t, rather than Senator Stewards bill, may form the bass of whatever acton may be taken by the senate oa the question of free coinage. Political considera- tions. however, may interfere to the check the progress of the bill. The country will before many months be In the throes of an cleo tiun contest, and tLe party managers, especially those of the majority party in the house, will, if they are trus to tue traditions of their order, endeagor to prevent any action by the house which would seem to commit their party to any decisive pronouncement on the question of free coinage. This IS the attitude taken even by someWho are and have been adv1catas of free coinage, and who disclaim the title of party man agers. or this number IS Senator Vest of Missouri, who in letter to IF prese0- tatives of his party, made pubhc a few days ago, said that free coinage, mad3 an issue by the action of democrats in congress, meant dIvIson, and that div ision meant defeat This was striking language to come from the author of & free coinage bill which passed the sen ate last year. It seems possible obed- fence to political considerations of this kind, as well as the sentiment of oppo- sition to free coinage itself. will tempo rarily at least. recruit the ranks of it7 So that the progress of the bill may be embarrassed and delayed 1T the measure itself cannot be prevented from finally passing.