Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1892-02-15
The Free Coinage Bill.

The order of the majority of the commit
tee on coinage, weights and measures,
recommending the passage of the Bland
free coinage bill will be presented to the
house tomorrow by Bland and by consent
has been made public tonight. The spe-
cial bill is long and carefully prepared
document, which discusses the various OBJ
jections made against free coinage, show
ing which, in the opinion of the majority, of
the objections are iIl-founded and
how free coinage will greatly
benefit this country and especially the
producers. The report begins with
an explanation of the provisions
of the bills reported. Free coin
age of silver is provided for and it is re-
Quired that it be of standard fineness TO
meet the cost of the alloy used, the alloy
being all the expense now eXacted of depos-
itors of gold. Coin notes may be issued on gold
or silver deposited if demanded instead of
waiting for coin. The committee raised
the maximum denomination of these notes
from $500 to $1,000 so as to accommodate
dealing III large transactions and bank ex-
changes. These notes are made legal ten
der, redeemable in coin on demand. The
bill provides for the conversion of all gold
and silver notes into coin notes re-
deemed in coin, thus doing away with
al legal distinctions. 1t is believed
this will greatly tend to promote equality
in all respects, There will no longer be
issued gold notes or silver notes, but BIZ
metallic notes, payable in either coin at the
pleasure of the government. The report
says: ut is contended that the reason we
exported silver bullion while our mines
were still open to its free coinage was
that our ratio was such that
our coin and bullion silver was
worth more as compared to gold at
European mines than here and that the
same result would again follow, our ratio
remaining at 16 to /; with French mines
open to free coinage at 1515 to l. This
would prevent European nations, especially
France, from again returning to the BIZ
metallic system. TO avoid this, the COM
mittee provided that our rate should
be changed from 1515 to l so
soon as France resumes free silver coinage
at that ratio.n The report then, under
cussion of the cry that free coinage of sill
yer would make the United States Dump
ing ground for the silver world. The re-
port says, 1.-The familiar warning that free
coinage would cause shiploads of silver
from other countries to be brought here
and dumped at our mints in exchange for
our gold is still urged. How caSBeflis be.
shipload of silver brought to our minis by
a foreigner would be coined into standard
dollars and these dollars returned to him,
but be could not go to our treasury and de-
mand gold for them, nor could he compel
one of our citizens to swap him
AM, gold .rs dollar for silver
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 its redemption, |
but that note is redeemable in coin and the |
secretary of the treasury could hand him |
-A,ss L. 4
bullion. The foreigner then would ascer-
tain that he had committed the blunder of
bringing silver TO our minis where its
worth is 3 cents on the dollar less than it
was at home and that he lost this cents
and cost of transportation besides. What
then will he do with his money! He
must either invest in property
could not buy gold with it
Or gold exchange unless gold and silver
were at par; in that case there could be no |
reason for preferriug one metal TO the
other. If gold went to premium ne would
nave to pay the premium on his exchange,
thus entailing on him additional
oss on his enterprise of sending
Is shiploads of silver If he
invests his ship load of silver in our prop
.rty and business enterprises, he viii at
,nce stimulate our industries, awaken our
and give US 4 healthy business
md sound currency. The report then
quotes from the report of Window, then
ecretary of the treasury for the year
$50 IN which the secretary took the
,osition that no danger need be
pprehended of a food of European silver
Says the secretary: There is in fact no
,nown accumulation Of silver bullion any
where in the world Germany long since
disposed of her stock of melted silver coins,
artly by sale. partly by recoinage II is
lain, then, that there is no danger that the
liver product OF past years viii
e poured into our minis, unless new
teps be taken for demonstration, and for
his improbable contingency ample safe
yards can De provided There il much
sss reason for shipping coin 10 this coun-
~ than bullion, for while the leading ma
ions of Europe have discontinued the
oinage of full legal tender silver |
ieees, they have provided by law for |
maintaining their existing stock Of silver