Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1892-02-16
The Views OF The Minority or ias Com.
niItec Submlli'd by Williams,
Mass.
eHEnserra AND PURPOSE or rHr
Dill.
The law said tn BE an Experiment
New In the History Of
Mankind.
Williams OF massachusetts snbniii. ih
ninoFiiY H.port

ninoFiiy H.port
wAHuNGTUS, Feb. Williams,
" Mnssnciiusetts from the committee
ON coinage, has sphmittod the Views
II the minority ON the Bland fee
colungU tin.
The cha'acier and purpose Of tho bill
II outlined ana the rrport sayf, IN ratii
The peril lH not great % the uvgWei
depreciation ~ our govclnmcnt oi the
value lis cola promises, We shall
never openly repudiAte cur debts os
corrupt the medium ~ unyment The
danger lich in legislation such Ne the
bill proposes, which shall mike the
government unable to maintain It's
pr0misrs and tokens on the basis upon
which they have been accepted. Thnt
basis " dollar which IL Interchangeable
everywhere; which does not give up
thirty cents at our borler nor Yields
anything 10 fire or water--the dollar u
gold. Substantially all obi cations now
existing IN this country are expressly
payable IN roii, OF have been Incurred
since this nation resumed specie pay
nenis. The gold dollar is, therefore,
not only the best, but the only honest
dollar IA which obligations can now Is
discharged. But under n plausible
theory or confident prophecy, citizens
mny be misled into reputation when
thuy would not consciously approve.
To make this blll understood ~ "a
measure of population IL to secure IT.
defeat. Il II perfectly clear that at the
very moment the Treasury OF tho
United States shall refuse 10 pay gold
coin upon demand no ono else viii
receive silver dollar In lieu Of ono
gold dollar, b, cause the single customer
o. tho world for silver NJ that price has
feiu. cd 90 purchase. lt does not follow
that the price IL silver fixed by the
ratio la this bill can les maintained
even N our government " willing IN
receive payment NJ IT, dues IN silver
coin and 10 pay ~ debts In gold. The
exchange value OF silver viii not bn
dependent alone on the willing.
ucss OF our government 10 keep up the
exchange, but or iys ability 10 do 30.
Even speculation on the ultimate
failure OF our ttDHufy 10 maintain it,
policy might well suffice ~ drive gold
tu premium, preclpilnte u scramble
for tho gold la the treasury aud sus-
pend gold pay nOnis by tho govern.
inCnt Regardless oi the viii OF the socre-
taTy Of the treasury.
The minority submit that the only
possible result 81 the legislation pro.
posed In this bill II to prompt the su--
pension % gold payments by this gov
eminent aud the immediate adoption
Of the cheaper monetary standard Of
silver. The history OF monetary
changes I'm the past are cited; inter.
national agreement Is urged q. nocc4-
sary; the statement mndo that the bill
cannot raise the price OF silver 10 the
ratio value aud viii bring silver from
foreign countries. The stock OF silver
in European countries h rot forth at
sl9DS, 100000. Silver coming from
abroad would destroy the gold stand
ard and savings bank dcpositnrs, artl.
suns and pensioners would suffer.
Summarizing, inaUy,ithe minority
urges that not even the advocates Of
free silver coinage deny that this law
isRn experiment new IN the history OF
mankind and based upon conditions
which have never existed. For such
an experiment nothing eau be u Justi.
| fcatiOn which has not tho certainty Of
great reward TO the people undertaking
the task. That reward is not In the
sight OF any ono Of the owners OF
mines who desire 10 receive at tho
hands OF tho law sl.2sl an ounce for n
commodity which IL sold In eager
competition for two thirds that
sum, though diligently produced
nj an average cost Of ffty-one
cepts nm ounce. When we attempt
to Taite the price OF the annual
produce Of our mines more than 40
| per cont, we undertake to lit the
value OF s3iO, 900 worth OF foreign
silver In the value OF which VIC have
not the slightest interest. The co.
operation Of foreign owners 10 not asked
aud the risk Of this experiment, six.
seventies OF which Is Tot tho benefit OF
foreign countries, " TO be thrown upon
the shoulders VI tho republic. The
volume OF currency will not bo In.
creased, hut diminished; the bill itself
will drive our gold Into the Golfers OF
spectators, invite foreign holders Of
our securities 10 sell ~ any price to
escape loss by Reputation and our
whole monetary System viii be thus
disrupted.
Accompanying the report is bill
authorizing the President TO invite an
International monetary conference.