The morning call., 1892-02-15
FREE COINAGE.
Report to Be Submitted to Con-
SresS To-Day
Why the Passage Of The Bland Silver Bill
Is Recommended.
The Arguments Advanced by the Majority Of
the Committee on Coinage, Weights
and Measures.
Special 10 THE MORNING CALL

Will De presented TO tne House tomorrow.
The report is a long and carefully prepared
document, and discusses the various objec-
tions against free coinage, showing where,
in the opinion Of the majority, those Objec-
tions are ill-founded and how the free coin
age of silver would greatly benefit the
country, especially the producers. The
report begins with an explanation of the
bill reported. Free coinage Of silver is pro-
vided for, and it is required that it shall be
OF standard fneness TO meet the alloy used,
the alloy being all the expense now being
exacted Of the depositors of gold. Coin
notes may be Issued on gold or silver depOs-
tied if demanded, instead of waiting for
coin. The committee raised the maximum
denominations, dealing in large transactions
and bank exchanges. These notes are legal
tender, redeemable in coin on demand.
The bill provides for the conversion Of all
gold and silver certificates into coin notes.
redeemable in either gold or silver at the
Treasury OF the Government.
The report says it is contended that the
reason we exported silver bullion while our
mintS were still open to its free coinage was
that our ratio was such that our bullion
was worth more compared with gold at
European mints than here; that the same
result would again follow, our ratio remain
ing at 16 to l. with the French mints
open to free coinage at 1515 to l. This, it is
said, would prevent European nations again
returning to the bi-metalllc system. To avoid
this the committee has provided that our
ratio be changed to 151a to 1 as soon as
France has resumed free silver coinage at
that latio.
EUROPEAN SILVER.
The report continues: The familiar
warning that free coinage would cause sh ip-
loads of silver to be brought here and
dumped at our miBts in exchange for gold
is still urged, but under the proposed law
ship loads Of silver brought by foreigner
would be coined into standard dollars and
these dollars returned to him, but he could
not 90 to the Treasury and demand gold for
them as, according TO the bill, the Govern
ment can use It's pleasure IN paying IN gold.
He would then ascertain that be committed
n blunder in bringing silver to our mints
where it is worth cents on a dollar less
than at home, and that he loses this cents
and tie cost of transportation besides. He
cannot buy gold with the money or get eX-
change unless gold aud silver are al par.
lie Will either have TO invest the money here
or carry it home again. The nations of the
Old World, seeing this, are predicting cal
amlty Instead OF prosperity, as the ,! result Of
a free-cOlnage law here" The report
quotes from the report of ex-Secretary of
the Treasury Window for 1889, in which the
Secretary took the position that no danger
need be apprehended Of a flood Of European
silver.
OBJECT OF THE CONSPIRACY.
1.-The Truth is" the majority report con-
tinues, that conspiracy formed in the
Old World, planned and successfully carried
through there and here was aimed to con-
fine the debt-paying mediums of the ma
tions concerned to gold. For this purpose
the par Of centuries was broken. Gold was
decreed 70 rapidly rise in value, thus adding
% per cent to the value of credits, enriching
the creditors, public and private, at the ex-
pense of the debtors and taxpayers aud
enormously depressing the value of and pro-
ducts OF labor as compared to notes, bonds
and mortgages. The worlds free silver
send q thrill of terror 10 the promoters of
this conspiracy and its beneficiaries
They know when this great Government
thus throws It's weight in the silver balance,
the world will be again restored TO full
faith and confidence In the future safety of
silver as the money Of the world. The old
par will return, the two metals being tied
States and five Territories, with popula-
ton Of 65,0000C0 and an area Of 1900 600
square miles. the greatest people and the
greatest metallic power in the world can
never be again disturbed. 1t is in this phase
of the issue that they fear not the swap
ping of ship-loads of dollars of silver and
dollars of gold. 1t is the restoration of
bimetallic par. 1t Is the skeleton of de-
feated fraud and ayarice that turks in the
closet of the gold palace that we are called
60 mot heNfl IN eIA
question.
GOLD AND SILVER MINES.
mo citizen of the United States is COM
PEELED by law to swap his gold dollar for
silver dollar, nor is there any law in exist
ence or proposed that cOmpels the ex-
change of silver for gold without paying
any premium that may at any time exist on
gold. Again, it is said that we give the
silver miner at our mints 81 for bull
ion that costs only 41 cents, hesitating to re-
Hect tnat the gold miner extracts five ounces
day III gold, that we coin into 500, when
his days wages is worth only SIS or S4
thus coming his product that costs but "a
into money of 500. When the utter incon-
sisteDcles and fallacies of all the other OBJ
] ctlons to free coinage is shown, we are
confronted with the ultamatum that our
gold will flee this country at once, contract
ing our currency to the amount of S6S6, 000,-
GOO. The monthly statement of the SecTe-
shows we have in the Treasury gold coin
and bullion amounting to S27S, ,246, $50. The
last annual report of the Comptroller OF the
Currency shows gold in banks to the
amount of 500 558 ,964, making total in the
Treasury and banks of S375, 402, 554. This
amount we have a trustworthy record as
being I'D this country; the remainder OF the
estimate Of $3.50, 100000 is mere guess-wOTk.
or all the objections urged against free
coinage this, in the opinion of the commit
tee, is the only one that deserves serious
consideration.
EFFECTS OF THE ACT.
That the change proposed in the currency
laws involving the complete restoration Of
the bimetallic standard and a return to
coinage of beth metals in equal terms, will
cause Tor moment SOME apprehension, and
probably a. disposition to hoard gold may
be expected, yet any evils that may result
in the return to silver will be victory. No
important change that effects the fiscal sys-
TEN can be made without. in some respects,
in the first effects at least. causing some in
convenience or friction somewhere. Yet 1t
will not be contended that our laws relat-
ing to currency or tariff or other methods of
taxation need be altered. The ultimate
good to be obtained Is and always has been
sufficient argument for the amendments.
| 10 restore silver now would not make the
radical change effected In our currency
| laws by the act demOnetizing 1t.
| Indeed, demOnetization took place
| without warning, and at a time when we
| were looking to the consumption of coin
| payments, and surely needed all the specie
| possible. We have approached free coin
age gradually, the longer it is delayed the
| greater the injustice done the people.
| few timid people and miseTs might. for the
moment, hoard gold, but the gold in this
country for the most part is held by class
| of citizens too shrewd and alive to their
own interests to drop their gold in the sea
or bury IL in the ground. We are suffering
all the evils alleged against free coinage by
| its opponents without the eafiZation of
many OF the benefits claimed by its friends.
| The restoration OF silver as money metal
| would at once allay all fears of its ultimate
! RECOMMENDATION by the nations of the world.
| II Would give confidence in silver as a safe
medium Of exchange, leaving no pretext