The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1892-02-16
A MINORITY PROTEST
Objections Raised Against the Sill
yer Coinage Bill.
IT Is SIGNED BY FIVE MEMBERS.

They Assert That the Passage Of the
Measure Would Result i'm a De-
preciated Dollar. Would Destroy
the Gold Standard, and Benefit
Foreign Nations.
WASHINGTON, Feb. 16.-The report Of
the minority committee on coinage,
weights and measures against the pas
sage of the Bland free coinage bill is
signed by Messrs. Tracey IN. ", Tay-
Ior Qlls.), Stone Pa.) Williams tAlass.)
and johnson IN. d. The minority re.
views the silver question. protests vigor-
ously against the Bland BILL and recon-
mends the passage of measure author
izing the president to invite an interna-
tional money conference.
The report says that the first eight
lines of the Ban bill develop its true
purpose. They provide for two different
dollars, and compulsion upon the citi-
zen to receive the other in payment due
him. ~
The Road to Reputation.
1t does not require any knowledge of
monetary or financial views" the re-
port says, ''to demonstrate that the COM
pulsion of the legal tender power must
force upon the creditor a cheaper and
debased dollar, Few debtors will pay
100 cents 10 discharge their obligations.
when seventy cents will suffice in law.
"This bill converts all existing govern
ment paper into paper which may be
paid in silver and leaves No paper which
must be paid in gold. 1t is evidently in
tended to clear away all distractions in
the form of pledges to pay gold and,
without distinct declaration of re-
pudiation, to provide an easy track on
which we may descend to the silver
monometallic standard. Because it is
not acceptable money this bill compels
the government TO buy silver rs bullion,
and pay for it nearly so per cent more
than its present market value, with a
coin note which will he rcdeemable in
| gold so long as we maintain both metals
| i'll circulation at the fixed ratio"
A "Depreciatcd Dollar"
| The minority discusses the condition
of silver in the. market, concluding with
the comment that there can be no
doubt of the purpose of a majority of
the committee to force a deprecated
dollar upon the country" and then goes
on to say that the danger is not great of
an avowed depreciation by our govern
ment of the value of its own promises.
! The minority contend that the bill
/ must precipiIate a silver standard and
/ maintains that the effect of the bill will
| be that the mints of this country shall
receive all the silver which may be sent
from any quarter for coinage into
dollars. sixteen of which shall be con-
4, vertible into one gold dollar"
''It is perfectly clear" says the report,
"that at the very moment the treasury
of the United States shall refuse to pay
gold coin upon demand no one else will
receive sixteen silver dollars in lieu of
one gold dollar, because the single Gus
TONER of the world for silver at that
price has refused to purchase. The mi
nority Of this committee submit that the
only possible result of the legislation
proposed in this bill is the prompt sus-
pension of gold payments by this gov
] ernlnent, and the immediate adoption
of the cheaper monetary standard of
silver
Foreign Nations Would Benefit.
After reviewing the history of modern
monetary changes and making the con-
tention that the consent of nations
makes and unmakes money, the minor
ity state that the only escape from sim
gle silver dollar standard under the
Bland bill is as an immediate and per-
manent elevation of the price of silver
bullion 10 the price represented by the
ration of l6 to between silver and gold.
This price, it is stasoll, is $l.29 Id per
ounce.
The minority argue that the Bland
bill will bring silver from foreign coun-
tries. The United States, it says, is the
only of supply to Europe, and our
gold, by virtue of the bill, becomes
available to take the place of unstable
silver.
The free coinage problem is not, there
fore, the minority holds, one that con-
Germs "the mere trif1e of superfluous
bullion in the annual product of the
mines, but it involves probable action
by every nation in continental Europe
to dispose of its silver i'll exchange for
gold when any market shall offer such
exchange"
Wonld Destroy the Gold Standard.
Silver coming from abroad would, il
is held destroy the gold standard.
"Depreeiate the standard Of the dol
lar" says the report "and every PEN
sioner of the country, every holder of a
policy of insurance, every widow and
orphan enjoying the proceeds of trust
funds will by SO much suffer from this
fraudulent reduction of the standard OF
the country. The revenues of the gov.
ernment will be deprecated in like mttn-
ner, and every dollar received i'll duties
and other ways will represent about
two-thirls of the amount now fixed by
law"
The minority makes a strong plea for
an international monetary conference as
the only means OF settling the question
fairfS.
Pushing the silver Fill.