New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-08
PRICE THREE CENTS,
SILVER AGAIN AN ISSUE.
MIR. BLAND LOSES NO TIME IN RN-
OPENING THE FIGHT.
HE INTRODUCES HIS BILL FOR THE COINAGE %
THE sEIGNIoRAGE AND TROUBLE IMMEDI.
ATELY REsULTs-woRDs OF WARN
ING FROM THE MINORITY
rBY TELEGRAPH TO TIE rRIBrxE.I

w aSHlngtOn, feD I'll the <tuIfilHlstTduOU
does not want Mr.. BIand's silver imitation bill
to pass the House Of Representatives it will be
obliged to do over again some Of the work that
was done last summer in converting silver DEM
ocrats into sound money Democrats. When
Mr. Bland moved that the House resolve itself
into a Committee Of the Whole this afternoon
to consider the bill reported by him from the
Coinage Committee, of which he Is the chairman,
the motion was supported by the votes OF
Springer Cooper, of Florida, and number Of
other members who figured Sound money"
Democrats and voted for the unconditional re-
peal of the silver purchasing provision Of the so
called Sherman act last August. The vote
fell considerably short Of a quorum, but IT was
evident that good deal Of effort would be re-
quired either to defeat the bill or deprive it Of
its most mischievous and obnoxious provisions
PROVISIONS OF THE MEASURE.
The bill provides, first. that the Secretary
of the Treasury shall Immediately issue silver
certificates ito the amount Of s55,l56,S6l. which
is the amount that would accrue to the Govern
ment seigniorage If all the silver bullion pur-
chased by the Government and now In the
Treasury ware coiled"
Second, that such silver certificates shall be
Immediately available for the payment Of the
current expenditures Of the Government"
Third, that said seigniorage shall be coined
as fast as possible into egal-tender standard Sill
yer dollars" which shall be held in the Treasury
for the redemption of silver certificates.
Fourth. that the remainder Of the silver bullion
purchased under the act Of 1890 shall be coined
into standard dollars las fast as practicable"
and held for the redemption Of the Treasury
notes issued under said act; and
Fifth, that as fast the bullion shall be coineo
,ofc, tho
not be ressued. but shall be cancelled and de-
stroyed in amounts equal to the coin held At
any time in the Treasury, and silver certificates
may be issued on such coin in the manner now
provided by law.
The bill was ordered TO be favorably reported
TO the House by a vote OF nine to eight. The
members who voted in the affirmative were
Bland, Of Missouri Kilgore Of Texas; Epes, OF
Virginia; Stone. of Kentucky; Allen, OF Missis-
sppi: Rankhead, Of Alabama, and Coffren, OF
Wyoming, Democrats McKeighan Of Nebraska;
Populist and Sweet. of Idaho. Republican. The
members who voted in the negative, and VINO
Joined In the minority report were Charles w.
Stone. of Pennsylvania NJ. y. johnson, OF North
Dakota: Nelson G. Dingley. jr. Of Maine; n. L.
Hager of Iowa, and J. F. Aldrch. OF Illinois,
Republicans. and Charles Tracey. Of New-Yorki
Isidor Rayner of Maryland, and NJ. d. Harters
Of Ohio, Democrats. Tne views or the minority
is a strong document and the following extracts
from IL seem to be worthy OF present reproduc-
ton and a wider circulation than they will enjoy
In official publications.
INITIATION AND NOTHING MORE.
1T may be properly noted that this bill does
not in any way enlarge the market for silver
nor benefit the silver owner nor contemplate
the use Of any more silver as money than Is al
ready represented in our currency. 1t simply
provides for the watering Gf we may use
term which has obtained recognized ana
definite meaning in financial nomenclature) to
the extent of S55,OOO,OO0 Of the paper now IN
circulation, and representing the silver bullion
in the Treasury and this, too. when the amount
Of this outstanding paper already exceeds the
real value of the bullion which 1t represents
by over s5s OOO This bill has two very evi-
dent purposes First to authorize the issuing
OF practically fiat paper currency by the Gov
ernment to the amount of s55.15S161 to aid In
meeting the impending and existing deficit, to be
used as expressed in the bill for the payment
of the current expenditures Of the Government
and second, to replace the present Treasury
notes with an exclusively silver Obligation. ana
increase the preponderarce Of the silver element
in our National currency.
"We dissent from the wisdom ana proprley
of either purpose If there is and is likely to bs
deficit in the Treasury the one honest straight-
forward course is to provide revenue sumcient 10
meet it, and the other frank mode OF proceedlns
is to authorize the issuance Of the obligations
of the Government and honestly say they are
based on the Nations credit, and issued to meet
its necessities and not seek to obscure the
issue by any such devious devices as are em-
bodied in this bill.
"The second purpose Is equally unwise. The
outstanding Treasury notes are payable IN sola
or silver. at the discretion Of the Secretary OF
the Treasury. bearing in mind the declared
policy of the Government to maintain the party
between the two metals upon the legal ratio'
but the intimation Of a purpose by the Secre-
tary Of the Treasury to pay these obligations In
silver only was Of the important factors
which unsettled confidence and produced dis
aster in the early months of last sumner. The
speedy and forced redemption of the Treasury
notes would either quickly exhaust the Gov.
ernments store Of gold, which is not now equal
to one-half the volume of the outstanding Treas
ury notes, 10 say nothing OF the greenbackS
and gold certificates. and thus force resort to
sale OF more bonds to replensh IT, or the Govern
ment would be forced 10 redeem only In silver,
and when the fear OF silver payments wrenched
the Nations credit who can estimate the re-
suits of the actual fact OF such payments. The
contamination of this policy would be surely taxi
ing a long stride forward in our financial
progress toward an exclusively silver bass.'
FILrBUsTERrNG BEGUN BY THE NEw-YoRK
DEMOCRATS.
Mr. Bland Dem.. MOI, at $40 p. m. reported
his bill from the Committee on Coinage. Weights
and Measures and he moved to go into Com.
mittee Of the Whole to consider II.
The question of consideration was raised BY
Mr.. Tracey Dem. n. W. but. after some dis
cussion OF the point. the Speaker ruled that, az
the Committee on Coinage. Weights and Meas
ures had the right to report at any time. and az
the bill had first to be considered in Committee
Of the Whole, the privilege carried with It the
right to consideration. The question Of con-
sideration could not. therefore be raised In the
House; but the point could be decided by voting
up or voting down the motion to 60 into COM
mittee.
The Speaker then put the motion to go into
committee for the consideration Of the BILL
The Republicans refrained from voting, and the
result Of the Speakers count was: Ayes, Ill:
nays II. The point OF no quorum raised,
and the yeas and nays were called on Mr..
BANDS motion.
The vote by yeas and nays was announced as:
Yeas 15S: nays. Z. AS rule. the Republican,
had refrained from voting; and the consequence
was that the House without quorum.
Mr. BLAND mmediat tely moved that there be