New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1892-03-30
LIND TALKS FOR FREE SILVER.
He Believes It the Best Method of Settling
the Monetary Question.

tne monetary Question.
In the discussion of the Bland bill on
Thursday, Congressman Lind of this
district was recognized by the Speaker
and said:
As to the free coinage proposition, 1
am free to say that personally believe it
not only the best, but the quickest way
ofsettling the whole question. We pro-
duce half of the worlds silver. We are
the richest and greatest nation on earth.
France, by keeping her mints open to
both metals at a fixed ratio, maintained
their parity undisturbed for over cen.
tury. We can do the same. The talk
about our mint being flooded by the
silver of Europe is absurd, In his last
report, Secretary Window says: There
is in fact, no known accumulation of sill
yer bullion anywhere in the world.
Germany long since disposed of her
stock of melted silver coins, partly by
sale, partly by recoinage into her own
new subsidiary coins, and partly by use
in coming for Egypt. Only recently
it became necessary to purchase silver
for the Egyptian coinage executed at
the mint at Berlin. To suppose that
the European governments would melt
down their silver subsidiary coin, which
is now circulating at par with gold, to
sell it here as bullion is equally absurd.
But there sare objections TO unlimited
free coinage at this time. Silver is now
worth less than gold. If we should
pass Mr.. Bland's bill we should give
every bullion owner bonus of nearly
80 per cent, | prefer to give this to the
government. Besides, it would be un-
fair to deny that many conservative ci-
tizens of good judgment, and who are
not prejuieed by their interests sincerely
fear that free coinage law woul1 be
disastrous. | feel confident TO the
contrary. At the same time I believe
it better prudence to yield something.
even to prejudice when you can serve
the people as well and effect your OBJ
fects almost as speedily by adopting a
measure equally elficacious, but less
Objectionable to ali classes. Public con-
fdeDcc and approval is the mainstay
Of all legislation. especially of inan-
cial character. Sucn a measure is the
republican house caucus bill. It provides
for the monthly purchase by the secre-
tary OF S4,5o0,OOO worth of fine
silver at the market price and for the
insurance Of treasury notes,in payment.
This will utilize our entire silver pro-
duct when we ado to it the demand for
mechanical uses and the arts.
This bill if it becomes law will
certainty increase our circulation medi-
um; these notes can never be called
dishonest or 'deprec1ated.' For
every one the government has received
and holds 81 worth of bullion, and
stands ready and is pledged to redeem
it in coin. The expense of coming
the bullion will be saved. The ONLY
feature of the bill which does rot meet
my full approval is the proviso to the
second section, which permits the
withdrawal of bullion. This power
might with the conniYance of the
secretary be used for improper purposes.
/ shall ask to have the Till amended IN
this respect, but if l fail know it will
be done in the senate. There is another
feature to which [ wish to call your at
tention at this point l believe there is an
actual advantage in issuing coin cert1-
hcates and keeping the bullion IN the
treasury, rather than in coming the
silver dollar. II the object is to in
crease the circulating medium, we at
tain that by issuing the notes and
leaving the bullion in the treasury. Ii
we coin the silver into dollars, we have
no reasons to doubt that If there should
be special demand for silver in India
or elsewhere in the East those dollars
will be exported, probably in exchange
for commodities; and, while / do NOT
regret the loss of the dollars as bullion,
/ do regret the loss of them as money.
On the other hand, if the bullion is
kept in the treasury, it will not be car
ried away, the volume of cur currency
will not be decreased, but will remain
more stable and permanent.
Mr.. Lind however voted against the
passage of the bill.