The Indianapolis journal., 1892-02-16
BLAND'S DEBASED DOLLAR
Report of the Sound-Money Members OF
the House Committee on Coinage.
II the Wishes Of the Silverites We're law Gold
Payments Would Be Suspended and the
White Metal Become the Standard.
Special to the Indlsnapol,. Journal

Special % the Indianapolis Journal
WAsHIN6ToN, Feb. 15.-The report of the
minority members of the COMMITTEES on
coinage. weights and measures against the
passage OF the Bland free-coinage bill is
signed by Messrs. Tracey of New York,
Taylor OF Illinois. Stone of Pennsylvania,
Williams of Massachusetts,. and johnson
of North Dakota. The minority report re-
views the silver question. protests vgor-
ously against the Bland bill. and recon-
mends the passage of q measure authoriz-
ing the President to invite an international
monetary conference. The report says that
the first eight lines of the Bland bill devel-
ops its true purpose. 1t provides for two
different dollars. and compulsion on the
citizen 10 receive either In payments or
debts due him.
1T does not require any knowledge OF
monetary or financial views" the report
Gays. Ito demonstrate that the compulsion
of the legal-tender power must force upon
the creditor cheaper and debased dollar.
Few debtors will pay 100 cents to discharge
their obligations when 10 cents will suffice
in law" Continuing the report says:
This bill converts oil existing govern
ment paper into paper which may be paid
in silver. and leaves no paper which must
be paid IN gold. 1t 10 evidently intended
to clear away all obstructions in the. form
of pledges to pay gold and. without q dis
tinct declaration OF reputation, to provide
an easy track on which we may descend to
the silver m0nOmetallIc standard. The
bill compels the government To buy silver
and to pay for it 30 per cent. more than its
present market price, and which is 10 DO
redeemed in gold so long as we retain both
metals ia the same ratio"
The report reviews the condition of silver
in the market, concluding with the COM
ment that there can be no doubt of the
purpose of u majority of the committee to
force deprecated dollar upon the coun-
try" The minority submit that tie only
possible result of the legislation proposed
In this bill is the prompt suspension of gold
payments by this government and the i'm
mediate adoption of the cheaper monetary
standard of silver
After reviewing the history of modern
monetary changes and making the conten-
tion that the consent of nations makes and
unmskes money, the minority state that
the only escape from single silver-dollar
standard under the Bland bill is an imme-
diate and permanent elevation of the price
of silver bullion to the price represented
by the ratio of 10 to i between silver and
gold. This price, 1t 10 stated, is $l.29& per
ounce.
WILL FLOOD US WITH SILVER.
The minority argue that the Bland bill
Will bring silver from foreign countries.
The United States. it says. is the only
source of supply to Europe. and our gold.
by virtue of the bill. becomes available to
take the place Of unstable silver. Tho
free coinage problem is not therefore, the
minority holds. one that concerns "the.
mere tritie of superiluous bullion or the
annual product of the mines. but it in
wolves probable action by every nation in
continental Europe TO dispose of Its eilver
In exchange for gold when any market
shall offer such exchange" Silver coming
from abroad would, It is held. de-
stroy the gold standard. and in con-
nectlOD with this the minority says: with
what gold would our government then
meet the silver bullion of France, which
would be sent here to he exchanged for
gold at the ratio OF 10 to II Even if the
law confers upon the Secretary of the
Treasury authority to borrow gold for such
purpose. any Secretary who should exer-
else this right to meet the hundreds of mill
ions which France alone might demand
would be driven from his place by an IN
digDant people. There can be no doubt
that the only alternative of our govern
ment would be the refusal to pay gold and
the payment of creditors in silver coin.
With this act the adoption of the silver
standard is complete. and we stand upon
the monetary plane of India and China"
After arguing that legislation has failed
TO raise the price of silver. the minority
comment Oh the effect of silver standard
In the following vigorous language: The
adoption of the single standard, then.
would place the dollar unit at once at the
mercy of the silver bullion market and
obligations outstanding. incurred
upon the gold basis wOuid he payable In o
deprecated silver dollar worth only what
the world should think it TO be worth at
given point of time. Thus to depreciate
our standard of pay ments Is clearly partial
reputation and unqualifiedly dishonest
and fraudulent The second section OF the
bill reported by the majority of
the. the cemm'ttsS sS is the hi
10 place the United States upon q silver
monometallic standard. To thOse who are
willing TO accept . silver standard In this
country. which must involve a degree of
reputation of exciting obligations. there
can be no answer made except that 1t is
dishonest and fraudulent; and from such O
moral standard there is no appeal. save to
to the moral sense of the people"
says that TO depreciate by 30 or 40 per cent.
the value of saving banks securities.
which, il Is claimed. the bill Will do.
"would rob millions of our industrious
citizens of their hard-earned savings.
Depreciate the standard of the dollar"
says the report land every pensioner of
the country. every holder of policy of in
surance. every widow and orphan enjoying
the proceeds of trust funds will by 50 much
suffer from this fraudulent reduction of
the standard OF the country. The revenues
of the government will be deprecated in
like manner, and every dollar received IN
duties aud other taxes will represent about
two-thirds of the amount now fixed by
Law. The effect of this reputation upon
future attempts TO borrow money will be
disastrous To the borrower. Money is
loaned at rates which accord with the risk,
and repudiati0n will raise the rates of in
terest and fiuctuating standard of value
Will burden the borrower until We have re-
turned again TO q stable and honest
standard OF payment"
The minority makes strong plea for an
international monetary conference as the
only means of settling the question fairly.
and concludes with an argument, IN sub
stance. that the bill an unwarrantable
risk and without advantage to tho coun-
try. Appended to the report is bill au-
thorizing the President to invite an inter-