Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1892-02-16
OPPOSING FREE COINAGE
The Minority Report on BANDS
Bill Read in the House.

THEIIEAGURB BR0ADLyDENoUNgZD
It Is characterized As ungualih. ls Dis
honest ana rraaduIent-wAo yeys ana
Means Committee Agree Oh Free Wool,
Binding Irvine and Cotton Ties.
WASHINGTON, Feb. 10. The senate passed.
a resolution providing for an immediate
joint investigation by the senate and house
immigration committees Of the recent in-
PRODUCTION Of typhus fever into New York
and Broollyn hy the admission Of a number
Of Russian Hebrew immigrants in violation
Of the law Of March 8, 1891. It was inti-
mated in the discussion that the investiga.
ton might disclose the necessity for some
immediate additional !, gislation. The Man
dersou printing bin was passed and the Pad
dock pure food bill was taken up.
The house, under suspension Of the rules,
passed tine following measures: Resolution
instruoting the committee on agriculture TO
report the effect upon agriculture Of the
present tariff, a bin extending the privileges
Of transportation Of merchandise without
appraisement to TIE port Of Ogdensburg
n y, and a bill to establish promotion
throughout the aevcrhl lines Of artillery,
cavalry and infantry. The bills placing
wool, binding twine and cotton ties and
bagging on the free list and reducing duties
on manufactured wooden goods were agreed
to by a majority OF the committee on ways
and means.
Against Free Coinage.
The report OF the minority members Of
the committee 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 report
says that the first eight lines of the Bland
bin develop its true purpose They provide
for two different dollars and a compulsion
upon the citizen to receive either in pay
ment of debts due him. 1T does not require
any knowledge Of monetary or financial
views the report says, ''to demonstrate
| that the compulsion of the legal tender
| powermust force upon the creditor cheaper
and debascd dollar. Few debtors viii pay
| 100 cents TO discharge their obligations whei
seventy cents viii suffice in law Contin
uing, the report says:
| This lin converts an existing government pa
| per into paper which may be paid in silver ant
| leaves no paper which must ba paid ia gold. Il
/ is evidently intended TO clear away all obstruc
/ tiops ia the form of pledges to pay gold, an,
without distinct declaration of reputation, Il
/ provide an easy track on which we may descent
| to the silver nonometalic standard. 1t Is per
| fectly clear that the very moment the treasurl
4 Of the United States shall refuse 20 pay g0l'
! coin upon demand 10 one else viii receive six
teen silver dollars in lieu Of one gold dollar, be
cause the single customer Of the world for silvei
at that price has refused To purchase The onll
possible resutOf the le. islation proposed iB III
| bills tho pronnA s.,, 5Aslon o. gold payments
| by hss government and the immediate adoption
Of tho cheaper monetary standard Of silver.
would Destroy the Gold Standard.
After reviewing the history Of modeu
monetary changes and making the conten
ton that the consent Of nations makes ant
unmal1es money, the minority state tha
the only escape from a single silver dolla
standard under the Bland bill is an inme
date and permanent elevation Of the pric
Of silver bullion to the price represented b
the ratio Of sixteen to one between silve
and gold. This price, it is stated, is S1.291
per ounce.
The minority argue that the Bland bi
viii bring silver from foreign countrie.
The United States, it says, is the only sourc
of supply TO Europe and our gold, by virtu
Of the bill, becomes available to take ia
place Of unstable silver. The free coinag
problem is not therefore, the minorit
holds, one that concerns the mere trifie {
superfuous bullion or the annual produC
of the mines, but it involves probable actio
by every nation in continental Europe {
dispose of its silver in exchange for gol
when any market shall offer such exchang,
Silver coming from abroad would. it
held, destroy tho gold standard, and in cor
nection with this the minority says:
With what gold would our government the
meet the silver bullion of France which woul
be sent here to bc exchanged for gold at III
ratio Of sixteen to ones Even If the law COZ
ity to borrow gold for such purpose any se
retary who should exercise this right, to me,
the hundreds Of millions which France alor
might demand, would be driven from his pla,
by an indignant people. There can be no doul
that the only alternative which our gOveri
ment would have would be the refusal to pa
gold and the payment Of creditors in silv,
coin With this act the adoption Of the silv,
j. standard is complete and we stand upon Il
monetary plane Of India and China.
The Bin vigorously Denounced.
After arguing that legislation has failed
raise the price Of silver the minority con
ment on the effect Of a silver standard
the following vigorous language;
The adoption Of single standard, then, wou
Mace the dollar unit at once at the mercy Of q
silver bullion market, and obligations now ou
standing. incurred upon the gold basis, wou
be payable in a deprecated silver dollar wort
only what the world should think 1t TO be Wort
at a given point of time. Thus TO deprecia
& our standard Of payments is clearly partial +
pudiation and unqualihedly dishonest al
fraudulent
As to the effect OF the bill the minorit
says that to depreciate by 30 or 40 per cen
the valuation of railroad securities, which
is claimed the bill win do, would rob m
lions Of our industrious citizens Of their hal
earned savings. The report also says:
Depreciate the standard Of the dollar Al
every pensioner Of the country, every hold
Of policy Of insurance, every widow and q
phan enjoying the proceeds Of q trust fun
y win by so much suffer from this fraudulent
duction Of the standard Of the country. n
revenues of the government viii be depreciat
IN like manner, and every dollar received
duties and other taxes win represent about tw
thirds Of the amount now fixed by law. 7
effect Of this reputation upon future attemI
10 borrow money will be disastrous to the b,
rover Money is loaned at rates which acco
with the risk, and repudiation win raise {
rates OF interest and fuctuating standard
value viii burden the borrower until we ha
returned again 10 a stable and honest standa
Of payment
The minority makes strong plea for
international monetary conference as {
only means Of settling the question fair
and concludes with an argument in 81
- stance that the bill is unwarrantable to ri
and IA urifhout advantaoa 70 tba rount,