New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-15
ARGUING FOR FREE SILVER.
MAJORITY REPORT ON THE BLAND BILL.

BENEFIT THE COUNTRY.

ball will be presented to the House to morrow tv Mr.
Bland, and by consent of the minority Of the com
nitee II has been made public tonight The report
is long and carefully prepared document which DIS
clsses the various objections made against freec0nage
showing where in the opinion of the majority, tn $50
objections ilfOunded, and how frce-conage Of
silver would benefit this country, especially the
producers.
The report begins with explanation Of the pro
visions OF The bin reported Free coinage of silver j.
provided for and IL Is required that 1t lie OF standard
fneness TO meet the cost of the alloy used, the
alloy being all the expense now cxaccd of dcpo'it0rS
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 maximum de
nominations of these notes from $500 to $1,000, 30
as TO accommodate dealing in large transactions and
bank exchanges. These notes are made legal tender
redeemabe In cola demand The bill provides
for the conversion all gold and silver >teS lnt"
coin notes. redecmabe in coin, thus doing away
entirely with all legal distinctions 1t Is bcilcVei
this will greatly tend 10 promIte equality IN all
respects There will no longer he Issued goh notes
OF silver notes. but bmetallc notes, payable III either
coin, at the pleasure Of the Government. 10 prevent
Eur opean nations, especially France from again re-
turaing 10 the bimetac system, the committee pro
vided that our ratio should be changed to 10 L.
10 as soon as France free silver coinage at
that ratio
The report. then under the head, " The Dump OF
Silver proceeds a discussion OF tie cry that leo
dumping ground for the silver of the world Inc
report says: . -
The familiar warning that free coinage wou'd eauSs
shipoads Of silver from other countre, 10 p w, nr
her. and dumped minis, in eNchausc !V4 80 80
gold Is stu urged. How can this b. uueI .,c n
or proposed law The shipload of silver br0ue, ~ or
mnts by the foreigner would be coined mo s'auhLu
dollars, and these dollars returned TO MN Dut ie ne
not 60 10 our Treasury ana ueIianu evu swan h,m n
Nor could he compel of our czcns 10 s"hp nn
gold dollar for silver dollar. II the american t'1en
gives him gold dollar Tor silver uolai, oa' Vim
Should the foreigner take coin notes Tor hli Duo IN
bis coin note 10 the Treasury and demand redemption
but the Is redeemabe in CON- ana inc Se'leudf
Of the Treasury could hand him back the com slurk
from his spload of bullion. The foreigner then would
ascertain that he had committed the 6lupder OF 6rlns
ing silver TO minis when II worth tiee cents on
The dollar than Il was at home ana ihat ne iSe'
tms three cents and cost Of III c muSt
either invest it in property here or 20 nome WIN o
Eye S Would 9% hoTe 1ood It Would
bling unexamned prosperity 70 thS country Inc next
her Would be pSmlyzed for want of money, their
prosperity destroyed Prosperity here. and sasnation
ME 70 come 10 This country search of their lost snip
loads OF money. The nations Of the Old World are
oCrd tncv lnIow the advantage the free coinage OF
silver would guarantee TO uS hence theli UNIFORM Pr
dlctonS that calamity would De the result i"s'e"0 VI
prosperity.
TIE report then quotes from the report OF Mr. win
dom then Secretary OF the Treasury for the year 1889
in which the Secretary took the position tt no danger
need be unprecedented on q Hood or European silver
Th6-Yeport continues:
the old World planned and successfully car
RED through there and here was ai n ,oI to com
cerned to the go metal gold f1F ts 3 9arPesd
to rapidly rise in value. thus adding 80 per cent
10 the value Of credits, enrichnS the creditors pub
lie and private at the expense Of the debtors ana
taxpayers enormously depressing the value of labor
AID the products Of lahcr as sompard c6 70
s sGer aa and fh of teror TO the promoters
this conspiracy and the benehcares They know .hat
in tie silver balance the world Will again be r., r.,
Su a as the TS meals Ct 1 %
1ns s5TEne WITH population Of siStyve millions
and area Of three million square miles =, Inc me
World again be disturbed TS ne SuS q;
silver is the most potent exhibition of the "eahehhs
It tn Is argued first that all gold will g to q
that The SILVER miner will be enriched Sd by cV Wo
~ 49, S senss n wSr's soppn ssn 70 think sa
not Be unless the free coinage h OF dSSo p be- no
preARium on gold boarding for such reas" "n
Of T G. pe Gousfes would be brought
10 exchange for our gold thus without stopPnng
rss IN that hat f eSay TS Sd this
6y any proposed eecoinage law be draw on, d IL,
the fSf sysa States SSf IS c or BY
his gold dollar for silver o9Ilar,. mUr
there sRy s" Of IN silver SF gold Without paying
premium that may at any time exist on sor' minis
doiar for bullion that costs only Al cents, without
esating moment to reflect that The GOA idet a.
we ooln into 800 when MS days wage Is worth on.
three four dollars thus coming ms paoauoo on'
Ing statistics that even approximate NE Va5t ou
lay Of labor and capital not 10 say eaprh Of the
precious metals gold and silver When une ~ W.
Inconsistencies and faacies OF all the olhcr oDc
free
with THE ultmatum that our gold Will nee ulls Co'l y,
$6s6oOo 900 The monthly statement Of The secr re,
tary Of the Treasury for January J. l9g3i -
have in the Treasury gold coin and bullion .a,er q,
$3.50 The last annual report Of the C0ntr0ler G
the Currency shows gold in Naonai Dilhs I'D Cher
Institutions ss5s3552 total in banks OF s,S327'
o"a making total in Teag ny ana IN f@cod as
J.g I'm this country. The remainder Of the estimate
of co. is mere ggeass SG.t free coinage this
in the opinion Of yoaE commce s inc eSaDee pro-
posed in our currency laws involving the compG ,
restoration of the bimetallc STANDARD Mium o Tor
the moment some apprehension and probably o ans
position to hoard gold may be- e&pgG,e1 H. me sIia
Ne have approached free coIage gradually S,,o We
ISIS with the distinct purpose Of putting ims cou h
haS there been essati0n the part Of va, ,na
jorv Of our people Of efforts for us complete reaba
dosrs and We have hes deS S5O0OOOOO Of silver
bullion and are purchasing 400 900 ounces even
month or 81 100000 ounces annually. our appfoMh
10 free coinage has been steady and persistent We
believe silver should have been restored at once ~
I9T3 Then the longer II is delayed the greater the
Injustice done 10 people The restoration OF silver
this country would at once alav all
fear OF il ultimate RECOMMENDATION 10y the nations Of the
world Gold cannot be boarded II exported al profit
m some other forms OF money take It's place In our
circulation.
The report then takes up the questi) of the re-
aton of the silver question to India for the purpose
OF showing that silver decentralization operates a.
a oir iSgd
says:
Inc fact that nearly the whole OF our exports OF
agriculture 20 10 European gold using countries To be
6 lid I'm competition there with countries on the single
.Alyer hasls- L, cited hY ccOnOmIc MrlielA OF lhlS