New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-07-12
THE MINORITY.s SILVER VIEWS.
A REPORT FROM THE HOUSE COINAGE COMMITTEE
on THE SENATE BILL.

4 REPORT FROM THE HOUSE COINAGE COMM IIEI'
on THE SENATE BILL.
Washington July 1.-THE Views OF the minority
OF the IIOusc Coinage Commlt'er, In Opposition 10
the Sc1ate Free Coinage Bill have been embodied
in a report prepared by Heprc' 1ntaiiNc 'hAr' :" v"
stone, Of Pennsylvania. The report saws me MI
sis conglomer7,tion OF crndities and absurdities
clumsy I'm structure, in part uncertain Of interpre-
tation, and, a WHOLE dangerous and perniclOus III
operation and oGect.' it then proceeds to point
ont Of the alleged defects In the BILL ana refers
to serious results which the minority Insists wouiu
follow the enactment OF the bin into law Inc
report argues that the result Of the legislation con
templacd nv the bill Will cause gold to be boarded
and exported and the $500, 100000 or more gold
now forming part OF the currency Will cease 10
circulate and tic currency Will be contracted 10 %
c0rrc~p pending degree. The report next calls at
tenon to the fact that the bill repeats the Act OF
1880. with 20 saving clause rs t. the Tloo'"oo'ooo
outstanding Treasury notes issued In accordance WIN
that Act The obligation of the Government to
nav these notc, undoubtedly remains, and the con
flucd obligation OF the Government to receive them
In payment OF customs taxes can hardly be dues
Toned. but their character money, 50 far rs II
Is dependent on their legal tender quality as be
tween individuals, is gone. Tbs sudden ana ar
bltrary destruction of the legal tender quality OF so
much money Is an unnecessary. unwisi, rash and.
reckless act not one dollar of these notes. con
tlnncs the report can be rGissued after they once
reach the Treasury Rapidly tie whole Slp,OOOooO
will gravitatc to the National Treasury. and there
they will remain such sharp contraction Of the
circulation must almost certainly prcclpltatc
nnarcal crisis, carrying with II disaster and ruin
The minority contends that when the Act OF le0o
IS rcpcalcd As it f. by the pending BILL there = no
authority to coin the 100000 ounces 81 bullion
in tn. Treasury purchased under the terms Of the
net But assuming that rs coinage is authorized the
minority .ay that rs effect VIII be TO superc'dr 'he
coinage elsewhere provided for In the bill II VIII
AZ the present mint capacity take two years TO &C
comul,b the coinage Of the 100000 Ounces.
Meantime the Government neither purchases nor
coins any silver owned by private parties.
The report then says "Ihe adul'loh u w
o,r-.,cv noy ari.ing from the purchase OF 100000
ounces OF silver per month by the United States
c,oses We have thus to contemplate the sudden
arrest Of the monthly additions If nearly 94"""'"
o, Treasury notes to the currency OF IN" Na'loh'
which no substitute prov ded, and the faNu WI"
droval Of the out standing Treasury notes In conner
ton with the progressive contraction oi tn' N'r''''
,o,h currency. 20 long rs no increase i maze III
- .,,,, canoctv and no additional legal provision
3. mazda f,r the deposit Of silver bullion aad the
Ten. ~ liver certificates therefor. the annual aul
lion 10 our circulating medium under tl' III WIN
not exceed that made under the law u july
H. 1880 but the profit represented 10y any u'"et
between the market value and the coinage Va''' .,
the silver coined will 20 to the bnloho""c' ''''""
81 10 The Government n now
The repeal Of the law OF July H. l7'o' anu .','
o,,so,rcn, stopping ~ Government purchases VIII
throw upon the general market the entire output VI
o,r mine, now absorbed by the Government ana a
material depression in the market value oil silver
hui1loi must naturally follow
&C. ot the least disastrous result OF the p",ase VI
the pending bill would be the CELEBRATION oi all nope
u any practical results from the inleiN" ,In. f6r
c,n(,rcncc loon Ia Ice held. The time Is HPc lvl
,vrb confcrcnce European nations ar" brSlhhhs ~
realize The lnadcTacy Of the world suppl ~ ,mI
-, ,,ect the necessities Of increased ppuI'uol aiu
Hn.ncss The growing necessity Of additions 10 III,
currency to satisfy the demands ol eAteuaS ro, ,'"
""r present proporiionaie share of the gold OF me
world this necessity for more currency among ,.e
,',,tnDs ~ Furope will induce very serious coSlurIh
Hon ~ tIe feasibility and wisdom OF rchahli,a'oh
~ liver as a money metal among such hauohs