St. Paul daily globe., 1892-02-15
TO RESTORE SILVER.
This Is the Desire Of the Ma
jority Of the House Com
mittee on Coinage.
Direct Charge That the Gold
Bugs Have Entered Into
Conspiracy.
The Evils OF RECOMMENDATION,
They Say, Would Be Only
Transitory.
Eajority Of the People Said
to Be for Complete Re-
Mobilization.


WASHINGTON. Feb. 14.-The report
of the majority of the COMMITTEES on
coinage, weights and measures, recon-
mendlng the passage of the Bland free
coinage bill, Will be presented to the
house tomorrow by Mr.. Bland, and, by
consent OF the minority of the commit
tee, it has been made pIblic tonight.
The report is q long and carefully pre-
pared document, which discusses the
various objections made against free
coinage, showing where, in the opinion
of the majority, those objections are i'll
founded and how free coinage of silver
would greatly benefit this country, and
especially the producers. The report
begins with an explanation of the pro-
visions of the bill reported. Free coin
age of silver is provided for. and it is re-
0uired that it be of standard tineness TO
meet the cost Of the alloy used, the
alloy being all the expense now eXacted
of depositOrs of gold. Coin notes may
be issued on the gold or silver deposited.
If demanded, instead of waiting for the
coin. The committee raised the maxi
mum denominations Of these notes from
$500 to $1,000, SO as to accommodate deal
ing in large transactions and bank eX-
changes. These notes are
TTade Legal Tender.
redeemable in coin on demand. The
bill provides for the conversion of all
our gold and silver notes into coin
notes redeemable in coin. thus doing
away entirely with all legal distinctions.
It is believed this will greatly tend to
promote equality in all respects. There
will no longer be issued gold notes or
silver notes, but bimetalic notes paya-
bic in either coin at the pleasure of the
government. The report says it is con-
tended the reason we exported silver
bullion while our mintS were still open
to its free coinage was that our ratio was
such that our coin and bullion silver
was worth mere as compared to gold at
European mints than here, and that the
same result would again follow our ratio
remaining at 16 to 1, with the French
mints open to free coinage at 1512 to l.
This, it IS held, would prevent European
nations, especially France, from again
returning to the bimetallic system. To
avoid this, the committee provided that
our ratio should be changed to 1515 to
1 so soon as France resumes free silver
coinage at that ratio. The report then
under the head
'sThe Bump of Silver''
proceeds to discussion of the cry that
free coinage of silver would make the
United States the dumping ground for
the silver of the world. The report says:
1.-The familiar warning that free coin
age would cause shiploads ofsilver from
other countries TO be brought here and
dumped at our mints in exchange for
our gold is still urged. How can this
be under the bill or proposed law? The
Bhipload of silver brought to our mints
by the foreigner would be coined into
standard dollars, and these dollars re-
turned TO him, but he could not go to
our treasury and demand gold for them.
nor could he compel one of our citizens
TO swap him off gold dollar for silver
dollar. That is voluntary trade that
no law ought to interfere with. Should
the foreigner take coin notes for his
bullion instead of coin, the same thing
happens. He can take his coin note to
the treasury and demand redemption,
but that note is redeemable in coin,
and the secretary of the treasury could
hand him back the coin struck from his
own bullion. The foreigner then would
ascertain that he had committed the
blunder of bringing silver to our mints
it- |, 4
lar less than it was at home, and that
he loses this three cents and cost of
transportation besides. What then will
he do with his money? He must either
invest 1t in property here, OR go home
with it.
He Could Not BUY Gold
with it, or gold exchange, unless gold
and silver we're at par; in this case
there could be no reason for preferring
the one metal TO the other. If gold went
to a premium he would have to pay the
premium On his exchange, thus entail
ing on him additional loss on his enter
prise of sending us shiploads of silver.
If he invests his shipload of silver
money in our property and business
enterprises. he will at once stimulate
industries. awaken enterprises, and give
us healthy business and sound cur
rency. Prosperity here and stagnation
In the old countries would force
BhiploadS of their people into
this country in search of their
lost shiploads of money. The nations
of the old world are aware of this. They
will see to it that no such thing oc,
Cured. They know the advantage the
free coinage of silver would guarantee
us, hence their uniform predictions that
calamity would be the result instead of
prosperity. They are not in the habit
of giuing US trustworthy advice as to
the course we should pursue in this
NATTER
The report then quotes from the re-
port of Mr.. Window, then secretary of
treasury, for the year 1889. in which the
secretary took the position that nc
danger need be apprehended of flood
of European silver. Says the secretary
"There is in fact no accumulation OF
silver bullion anywhere in the world
Germany long since
Disposed of Her Stock
of melted silver coins, partly by sale
partly by recolnage into her own new
subsidiary coins and partly by use il
coming for Egypt. Only recently it be
came necessary to purchase silver fol
the Egyptian coinage executed at The
mint at Berlin"
ut is plain, then, that there is NJ
danger that the silver product of pas
years will be poured into our mints un
less new steps be taken for demonetiZa
ton, and for this improbable conting
ency ample safeguards can be provided
Nor need there be any serious appre
henSion that any considerable part O
the stock of the silver coin Of Euroul