Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-28
THE FUTURE OF SILVER
If the Present Congress Fails to Pass
a Free Coinage Bill,
1T WILL BE A DEAD FAD FOR YEARS
The Most Important National Event of the
Past Week Forms
MATTHEW MARsHALL's TOPICAL TEXT
ESPECIAL TELEGRAM TO THE p1spArcB,1

ESPECIAL TELEGRAM TO THE pISPATCH,1
NEW YORK, March 27.-"The Future o
Silver" is the title of Matthew MARSHALL
article for to-morrow's San, which is as fol
lows:
The most important event of the week
from q national point Of view, has been un
deniably the defeat of the free silver coinsg,
bill on Thursday in the House of Repre-
sentatfves. Locally, it has been overshad
owed by the dissolution of the Standard OIL
Trust. the aggrandiZement of the American
Sugar Refineries Company through the alb
sorption of the great Philadelphia refineries
the apprehended failure of the Richmond
Terminal reorganization, and by the dis
quieting rumors regarding the next North
ern Pacific Railroad dividend, but these
concern only a comparatively few people
whereas the silver question involves the in
terests of the entire community, and, to q
certain extent, those of the world.
significant feature Of the vote on the
silver bill is the gradual dwindling away
which it exhibits OF the strength of the free
silver cause in Congress. When Mr.. Bland,
three weeks ago, moved to make his bill the
special order for Tuesday last, his motion
he exultingly declared that the bill would
pass the House by 40 sjority. On Thursday
morning he was still confident of success,
bat reduced his estimated majority to 70.
burrows motion to lay the bill on the table
Mr.. BANDS majority of 20 was found to have
disappeared, and his bill was only saved
from death and burial by the vote OF the
Speaker, reducing the majority of one
against It to a tie. An adjournment pre-
vented further proceedings, and renewed
effort is to be made this week to pass the
bill, but its success is doubtful.
Little Hope for the Silver Bill.
The indications are that either the bill will
T. fhn% snf
tional conference bill will be substituted for
it. Another significant fact about the ac-
tion of the House on Thursday is the dis
tinctly sectional character which it demon
strates of the support of free silver coinage.
The motion to lay Mr. Bland's bill on the
table received the votes of the entire Con-
gress delegation of the New England States
those of all the Representatives from this
State, except one, and with few excep-
tions those of the Representatives from all
the other States north of the Ohio river and
east of the Mississippi, with the addition OF
Iowa and California. On the other hand the
Representatives of the Southern, Southwest
ern, and extreme Western States, except
California and Washington, cast their votes
solidly in defence of the bill.
This shows what have frequently pointed
out, that on the silver question the older
and richer States are on one side and the
newer and poorer States on the other. 1t is
creditors against debtors, lenders against
borrowers
Politically, Thursdays vote shows that
free silver has in Congress more Democratic
than it has Republican adherents, the Dem
ocratic members having cast 1873 votes for
Mr.. BANDS bill and the Republicans only Is.
while against it were Sc Democrats and 81
Republicans. This arises from the fact that
the Southern and Southwestern States are
preponderatingly Democratic, while the
Eastern and Northern States are largely Re-
publican, and it by no means proves that
free silver is TO be hereafter a Democratic
party measure. Indeed, it is well known
that many leading Democrats are, like Mr..
Springer, in favor OF not committing their
party on the question until the people have
had time TO consider it more maturely and
to become better informed in regard to it.
Decay Of the Free Silver Craze.
am too thoroughly aware of the hazards
of making prophecies in general to make
one in regard to the future of silver NV
esteemed friend, Mr. Springer, early in the
year announced that there would be no
silver legislation by the present Congress,
and if he had not been stricken down as he
was by dangerous sickness he might have
been able. from his position as Chairman of
the Ways and Means Committee, to make
his prediction come true. His inforced alb
sence from the floor left the House to the
control of Mr. Bland, who in turn has been
disappointed OF the victory which he
thought he had surely in his grasp. The de-
cay of the support of free silver coinage in
the House which l have pointed out seems
to me, however, to be indicative that the
measure is losing ground. and feel pretty
sure that Mr.. Springer will be found to have
been right in asserting that it will not be
enacted by the present Congress.
Nevertheless, assuming it to be true that
free silver coinage has been defeated tor
the present, and that when it comes up |
again, next winter or the winter after that,
it will be defeated again, there still remains |
10 be dealt with the act of July, 1890 which, |
like the enchanted mill, has been grinding |
out silver currency for the past 20 months. |
at the rate OFFS, 500 900 per mont so that there
is already $50 900 600 of it in existence and by
next December there will be over s130 o00 OO6 |
Adding this amount to the s4o0, COO, 600 in sill.
yer previously coined under the old Bland |
Allison act, VIII give US by next December a |
total Of $3.50. 100000. II the act s suffered to
the price Of silver remains where it is, the
total will not be far from 1900 o00, ,000 Can |
such volume of silver currency in the |
country be maintained without driving out
gold?
Predictions a Bit Too Hazardous
Here again, it is hazardous to make pre-.
dictlons. l remember, in 1878, when the |
one of the most sagacious and experienced
bankers of Wall street how much silver he |
thought the country could absorb and carry
without putting gold at a premium, and got |
from him the estimate that 500 600. 900 was |
I he limit beyond which, if the coinage Of |
q,
they would begin to supplant gold. How far |
he was astray events have shown. We have |
already issued $3.50 600, 600 in silver dollars or
their equivalent, and yet they remain at par |
Still, there must be a point W hich /
we shall reach, sooner or later, III we go on
at which silver and gold will part company, |
and, In obedience to Gresham's law, that the /
poorer of two currencies always drives out \
the better, gold will go either agroad or into
retirement and leave us only silver
II. as appears to be the case, the number
OF the part1sans of silver free coinage in the
country is diminishing, and that the chances
OF its adoption are waning, the result must |
be attributed to nothing else but a growing
perception of the truth that the exchange
Bile value of silver bullion cannot be In
creased by law, and that under free silver
coinage the currency value of the silver
dollar will sink to something near that of |
the amount of bullion in it. Since this value
is now about IS cents in GOLD, free silver coin
age will result, practically, in scaling all
debts not specially protected by a stipula-
ation for payment in gold down to SO per
cent of their present amounts result yery
to the debtor. but not at all pleas
mt to the creditor. Therefore, as / said in
thR West ana Southwest, where there are
numerous debtors whose creditors live fur
-her East, free silver finds the most sup
1orters, while among us here 1t has compar-
atively few of them.
Every Years Delay Weakens Blandism,
As the West and Southwest grows richer
md gets more and more out of debt the less
,lamorous they will be for the cheap dollar.
The longer, too that the subject is discussed
he more clea rIy will the result of free coin
Ige be perceived ana the stronger will the |
opposition to it become. Hence, every years
ielay OF the measure weakens its chances of |
uccess, until it will finally be abandoned |
rhe legitimate result of the act of July. 1880.
m the other hand, is not SO apparent and
annot 50 easily be demonstrated in ad-
-ance. Nothing, / fear, will convince the
,ns@ &C.