New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-16
SHOWING UPTHE BLAND BILL
REPORT OF THE MINORITY OF THE COINAGE
COMMITTEE
POWERFUL ARGUMENT AGAINST THE POLICY
OF IMITATION AND REPUTATION IN
VoLvED IN THE FREE SCHEME.


Washington Feb 15.-The argument of the minority
Of the House Committee Coinage In opposition to the
Bland BILL which Is made pubic tomsht' is pow
erful one and the probability Is tat IL Will mhuehce
the action of many members OF the House. whether
II will affect the acton Of that body is hardly doubt
full for the majority appears to be thoroughly Inocu
lated with the views of imitation and reputation
tbe desir 10 get even" with creditors is paramount
Following are in part the the views Of the minority
OF the Coinage Committee on the Bland bill
The bill reported by the majority Of the committee
begins with provision that the unit Of value in the
United states Shall be two units; one the standard
silver dollar worth 20 cents, and he other, the gold
COLLAR worth 100 cents. The bill further provides mat
Standard gold and silver coin shall be received in the
United states IN payment Of all deb,s. The first eight
lines Of the bin develop its true purpose They pro
vide two different dollars, and compulslon upon the
citizen to receive either IN payment Of debts due NM
IL does not require any knowledge of monetary or
financial laws to demonstrate that the coupuslon Of
the legatender power mus force 4P1n te eax TOO
cents 10 discharge their Obligations when 'o cents WI"
suffice IN law. 800 . , ~, ., -,
gold and silver certificates and the substitution Therefor
Of so called coin note, which presumably means a
no e PAYABLE in gold silver coin. al the optl0h OF
the Government This bill. therefore. converts all eN
stng Government Taper into paper when may be pdu
in silver. and leaves no paper which must be paq al
cold The bin imported by the majority is not alone
Tor the free coinage of HE TWO metalS, Dul pIpNu
that the Government Itself shall receive al nuaon
offered and shall issue 4 notes FOR such bullion not
AZ tho market rate therefor. but at the coinage value
fixed in the bill This provision Is COUNTESS hsVIu3 3
IN recognition If the feet that silver coin l. not ohN
debased in value in he market. but is condemned aS
small fraction of our total coinage. BecnuSe 1t Is
NOT acceptable money this bill cOnpels tle Govern
aSh' 70 onS NOR tban lis present market value, with
coin note which will be rcdeemable IN goa so oit
we maintain both metals in chcalatloh AT inc HA0'
The tue meaning ard elect Of This bin hoH aEsr 9Ut
be cloudcd BIZ any misunderstanding OF tle M
value and convertillity of silver. The standard rhi
dollar Of the United states contains, 81 V ccpN and
STAMPED a dollar. Any citizen can TO-DAY puNlahhe d
like amount OF silver for 20 cents lie a ei1 "f rin
OF silver which hss been stamped rs q"I' ~ nat
Government i should be understood I thaI nas for
the virtue Of silver which makes 40 Gems bnd which
dollar but ii Is the Government stamp g4 be wcah
is the credit Of the p people the pledge Oi inc
The value Of silver is at the present time a No,r
York 90 seps Ea T ao o. Or nc" %
alone 1t is the worlds price and ne co1' anu r he
npeton Of free coinage should be complicated by
the erroneous statement. 50 often repeated my St
quoted market price 1t is not true that silver sell,
in Europe at and a Cb 2f 10 are pynr 81 80
ounce The price of silver all over the world Is not
far from 90 cents per ounce IL, rao 10 go'd do nt
~ The purpose OF the majority OF the committee to
force deprecated dollar upon me country ne ne
ssa1i make the Government unable to maintain It's
promise and tokens the basis upon which they
"'1 The eject Of the bill clearly must be his That the
n sr he o: n 9 rSmn v for % aye into d5a
sxteen OF which shall be convertible into one gold
f fSd eainrT d PfTSS the United sa tate shall refuse to pay
gold coin upon demand one else Will receive SlN'c,
stnre customer Of the world for silver a, that price
has refused to purchase. II does not follow mat the
maintained even if our Government is willing
celve the payment 81 It's dues in silver coin and pay
is debt, IN gold The exchange varc of silver would
be dependent not alone upon the willingness OF ne
Government to KEEP up The exchange bnt upon II,
Is passed not alone In the DcpaTmen OF The Treasury
but IN the markets of the world me mn l "l W.
legislation proposed IN ms IS ,@ pronp , S us
Immediate adoption Of the cheaper monetary standard Of
silver.
The report then reviews the history Of recent
changes in the monetary conditions Of the world, and
continues:
definition Of S d BY A at c iiS Pfs na
II has value only by law and not by nature, for
preciate it entirely and render it entirey unit 70
satisfy our needs We find thi. truth Illustrated II
the fact NAT the laws Of Europe and the tmed tate
before 10 gava value 10 silver money ana consent u
H. common whereas. in pay SiX year, bS uhf
commercial nation, withdrew from the silver market
and refused to receiye coned sIVtI a, ce ~
Silver has deprecated. n explanation Of ,gGh ,, ae
.'-r, II the world have withdrawn then demand ana
to assist in the maintenance Of the price Of
only escape from smaIe snver s'a'giiru
me blll proposed by he majority J.; an inmen'"'s
All d
the price Of silver bullion to the price represented
by he ratio Of Is To- between silver and gold
made with aprar nj sincerity. that the demands upon
our Government fpr the exchange OF slVrr mo so'
can easily stand the strain, II IL must onel t3
credit TO borrow gold that the eXchangcaDny OF 10Y
s.snmed in mi, opinion that only the surplus bullion
Of te world and The annual product Of The mines can
mints 1t i res peefully suggested al TINS point tla
the advocates Of free silver coinage enq tH
that which is not only possible n, prI ,, m Fr"Sc
and certain m fas' Is lgo NV M jrd
In circula ion bectu,c the ion, have on hand Iit
81 n, silver coin Of which they cannot get rd
quSWSii WIN the burdcnsome stock Of silver curnberng
the treasures Of Europe win emga % leT upon our
ADVOCATE @n! ,a' " Se u it /, familiar to ali Euro
pean. hnanciers that most Of the na MON.
OF OIL, anG ,d hold L. silver A, The slightest acquain
sDce With the m0netafs history Of Europe su tr -
will show. all the nations OF kaI nds eG Standard
Germany 7o stalled the action Of France ana dNe ~
ber noIcy TN State Of Europe TO close their open
Int against the coinage Of silver. The co>lnt vi
tiese minis clearly an Indication tht d and
es would not rq r r1 cnGoe Indeed no one
with any knowledge Of the monetary cOhuI.on9 W.
70 NE European countries would eagerly exchange
rrea pat Of their silver coin FOR goa com; cNVn -, T.
iar%e in,s tom the coinage value OF the silver II j.
well known that Germany did not complete ~ ,uD'u
tuition OF gold for -lly r. owing 20 the rape @ H. ~
the price Of silver and that more than Goycr
ment II is known NAT the Bank Of Fame ha, III us
wants M net $3.50 1000 In silver hVeiiTg pee
which the people refuse to take into the crGumt Oh ="
that country. Austria is MY in me maLMa W. w in
row 800 600 900 Of gold. and we have. thefeioic, ~
sight without the necessity Of legislation on t M
Of o-elgn Governments. the demand f9r No. ,
in gold France alone has 500 100000 OF liver c h
the Rank II France should alone determine. a
rouid yifhout hesitation send her huge suppN, o
silver 10 this country. and exchange II for gTn' %
ro,a We Inc resnlt7 The 1920 100000 Of gold IN our
Covernmeni Trrasu would be SIo CIV cXhanslcu au
our greenbacIs wOuld be Jeff W our an, fcN'Ft lp
pdemptlon every dcl'ar Of god in circulation Wo ,
he boarded BIZ the people and by bankers 10 ava, WIN
result o. this tremendous monetary experiment NJ,
III gold would orr Government then meet lhe sINci
tmion ~ France which would be sent here 70 De OK
cbanred for gold ri the ratio u lG 10 ] > - -
IN 1878 when the Bland Allison bill became
Sew il was distinctly understood thai tat aW "o",
.rse thc price Of silver. even If II fd not hn,n ~
tbe ratio ~ sixteen OF silver 20 one OF GOA. ~
messages of residents and the reports Of ~ccret a
- u