Iron County register., 1892-02-25
The New Free Silver Bill.

Ed. Register-Mr. Bland's free silver
coinage bill has been introduced in the
house. and it, as well as the report of
the Committee, has been published.
Your readers will, of course, be inter-
ested to learn something of the provis-
ions of this important measure. II
free coinage is to the '.law of the land"
it is difficult to see how measure
could be drafted more cautiously, or
with features more broad and prudent.
1t is quite departure for the better
from any measure of the kind hereto
fore proposed. 1t retains most of the
good features of the Sherman Bill, and
| adds many good features never here
tofore incorporated in any Silver Act.
In fact the proper title for the Bill
would be Optional Free Coinage"
The present Silver Bill provides that
the Government shall purchase 54, ,0O0,-
900 ounces of silver per annum at its
market price, and issue Legal Tender
Currency in payment therefor, and
hold the silver, and coin it when the
coin may be needed.
The Bland Bill provides that any
holder of silver or gold, in value Of
800 or over, may deliver it at the u.
| S. mints and have it coined, free of
charge-except expense of alloy-or,
at the oaoner's option, he may deposit
the silver or gold and the Government
may hold the metal uncoined, and issue
legal tender currency to the owner in
stead of coin, redeemable in coin, that
Is, in silver or gold, at the option of
the Government, on demand. Under
this feature of the Bill it is not likely
that much of the metal would be actu-
ally coined, as the people prefer the
currency, but the metal would be held
ready for coinage whenever the coin
might be demanded, as can be done
under the present law; but there is this
very important difference, that the ia,-
as it stands now gives the Government
the profits of coinage, while the new
Bland Bill gives all the profit or in
creased value by reason of coinage,
whether coined or not, to the owner of
the metal when delivered at the mints
in other words, the owner gets the
coin value, instead of the market value
of the metal before coming. 1t is on
this point that many people will differ
as to its wisdom and Justice.
But the Bill very wisely, / think,
goes on to abolish the distinction
heretofore existing between ''silver
certificates" and .'gold certificates
and provides for new issue of ..coin''
legal tender notes in lieu of the old Ger
SO that these will all hereaf-
ter be redeemable in either gold or
silver coin at the pleasure of the Gov
ernment, thus insuring an equality in
value between gold and silver.
Take it altogether it is the most
cautious and conservative "Free Coin
age" measure ever presented to Con-
gress; and to those who wish to create
another protected" industry, it will
be unobiectionable, or ought to be, for
it certainly will give the silver pro-
ducer 10 to 25 per cent more for his
metal than he could sell it for in open
market.
But there is, on the other hand, an
important advantage in this feature,
viz: the option as to whether the metal
shall be actually coined or not is with
the person who deposits the metal, and
not with the Secretary of the Treasury.
The Government does not seem to be
given any power to limit the amount of
coinage but must either coin all that
nay be presented, or issue its legal
,ender currency equal to the quantity
If coin the metal would make, at the
option of the owner. This will GER
ainly give great elasticity to the Cur
'ency of the country, but whether too
much, remains to be seen.
Yours truly, j. w. EMERSON.
oh