The record-union., 1892-02-15
Special to the REcoRp-uNror.

Special to the RECoRD-UNIoN.
WASHINGTON, Feb. 14.-The report of
the majority of the Committee on Coin
age, Weights and Measures, recommends
ing the passage of the Bland free coinage
bill will, be presented to the House to-
morrow. The report is long and care
fully prepared document. 1t discusses
the various objections against free COIN
age, showing where, in the opinion of the
majority, those objections are ill-founded
and how the free coinage of silver will
greatly benefit the country, especially
producers.
The report begins with explanation of
the bill reported. Free coinage of silver
is provided, and it is required that it be
Of standard fineness to meet alloy used,
alloy being all the expense now being
eXacted of 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 maxi
mum denominations for dealing in large
transactions and bank exchanges. These
notes are to be 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: ''IJ 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, com
pared with gold at European mints, than
mere, and that the same results would
again follow if our ratio remained at 10
30 l with the French mints open to free
coinage ut ) to l. This, it is held, would
prevent the European nations again re-
turning to a bimetallic system. TO avoid
this the committee provided that our
ratio be changed from 10! to l as soon as
France resumed free silver coinage at
chat ratio.'
The report continues: "The familiar
warning that free coinage would cause
shlploads OF silver to be brought here
and dumped at our mintS in exchange
for gold is still urged, but under the pro-
posed law the shiploads of silver brought
by foreigner would be coined into
standard dollars, and these dollars re-
Jurned to him: bnt he could not go to the
treasury to demand gold for them, as, ac
cording to the bill, the Government can
use its pleasure in paying in gold. He
would then ascertain that he committed
the blunder of bringing silver to our
mintS. where it is worth three cents on
yhe dollar less than at home, and that he
Loses this three cents and the cost of
transportation beside. He cannot buy
gold with money, or gold exchange, un-
iess gold and silver are at par. He will
either have to invest the money here or
carry it home again. The nations of the
Old World, seeing this, are predicting
calamity instead OF prosperity as the re-
suit of q free coinage law here"
The report quotes from the report of ex-
Secretary of the Treasury Window for
1889. in which the Secretary took the posi-
lion that no danger need be apprehended
OF a flood of European silver. The truth
is,' the majority report continues, THAT
It was a conspiracy formed in the Old
World, planned and successfully carried
through there, and here aimed TO confine
concerned to gold. For this purpose the
oar of centuries was broken. Gold was
decreed to rapidly rise in value, thus
adding 80 per cent. to value of credits, en-
Itching creditors, public and private, at
the expense of the debtors and taxpayers,
enormously depressing the value and
products OF labor as compared to notes.
bonds and mortgages. Words free silver
send thrill of terror to the promoters of
This conspiracy and beneficiaries. They
know when this great Government thus
throws its weight in the silver balance
the world Will be again restored to full
Iaith and confidence in the future safety
old par will return, the two metals being
lied together by strong ligature offorty-
5our States and five Territories, with a
population of 65,000,G00 and an area of
$1,000 square miles.
1.-The greatest people of the greatest met
allie power in the world can never again
be disturbed. 1t is this phase of the issue
}hey fear, not the swapping Of ship
loads of dollars of silver and dollars of
gold. 1t is the restoration of bimetallic
par. 1t is the skeleton of defeated fraud
and avarice that turks in the closet Of the
gold palace that we are called upon to meet
III battle on the free coinage question.
No citizen of the United States is COM
PEELED by law TO swap his gold dollar for
Il silver dollar, nor Is there any law in
existence, or proposed, that compels the
exchange OF silver for gold without pay
ing any premium that may at any time
exist on gold.
Again, it is said we give the silver
miner at our mints dollar for bullion
that costs only forty-one cents, hesitating
10 reflect that the gold miner extracts five
ounces day in gold that we lcoin into
500, when his days wages is worth only
S>3 or 81, thus coming his product that
costs but 81 into money of Sl00.
s'When the utter inconsistencies and
5allacies of all other objections to free
coinage is shown, we are confronted with
ihe ultamatum that our gold will flee
this country at once, contracting our cur
rency to the amount of ;6S6, 600, 600. The
lnanthly statement of the Secretary of the
Treasury for January, 1892, shows that
we have in the treasury gold coin and
bullion to the amount OF S27S. .2l6, ,750. The
last annual report of the Comptroller Of
Currency shows gold in banks OF $780,
55S. .t94. making total in the treasury and
hanks of S370, 0,402, ,553. This amount we
have trustworty record as being in this
country. The remainder of the estimate
of S;SS6. .O09, ,0G0 is mere guess work. OF all
the objections urged against free
coinage. this, in the opinion of the COM
7nfttee. is the only one that deserves seri-
Gus consideration.
THAT the change proposed in the cur
rency laws, involving complete restora-
fion of the bimetallic standard, the return
10 the coinage of both metals In equal
terms, will cause for moment some APP
orehension, and probably a disposition
o hoard gold, may be expected. Yetany
evils that may result must, III the nature
ofthe situation, be trSnsitory. No I'M
Dortant change thai affects the hScal SyS-
ZEN can be made without. IN some re-
spects. in the first effects ut least, causing
some inconvenience or friction some-
Were. \ ct it will not be contenced that
orr laws relating to currency or tariff or
other method OF taxation need be altered.
THE ultimate good to be obtained is, and
9Iyays has been, sufficient argument Ior
,nendments 70 restore silver now
youId not make the radical change
effected in our currency laws by the Act
demonetizing it. Indeed, Recommendation