The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-02-01
II WILL DOOM SILVER
Minority Report on the Hill
Bill.
THE POWER GIVEN BANKS
NAY COERCE L IEEISI. .ATION IN
MAY COERCE LEGISLATION UN-
DER THREAT OF PANTCS.
THE HANNA. PAYNE SHIPPING BILL
Minority Report Declares il Will Draw from the
Government Uurirg the First Twelve
Months More than $685.
COO QUO.

Washington, Jan. 31.-Representative
Charles W. Stone. of Pennsylvania,
submitted to the House to-day his re-
port to accompany the Hill bill, recent
ly reported from the Commission on
Coinage, Weights and Measures, of
which Mr.. Stone is chairman. The Hill
bill, the report says contains an affir-
native declaration for the gold stand
arf a provision for the interchange
ability of ali forms or money; separa-
ton of the note issue from the fiscal
branch of the Treasury Department;
the retirement Of the greenbacks and the
establishment of branch national banks.
Mr.. Stones report says that the Hill
bill is conservative in purpose and pro-
vision. 1T seeks he says. ito
strengthen, solidify and fortfy our pres
ent system, rather than to build anew.
1t especially seeks to allay at home
and abroad all doubt as to the present
and permanent quality of our money and
to make and keep the credit of the ma
ton above the reach of successful at
tacks or well-grounded apprehension"
The manner in which this is accom-
plished is explained in detail in a review
of the bill by sections.
IF this bill becomes a law" says the
report. 1T will be of no possible conse-
qgence in what particular kind of dollar
the United States debt is payable. as any
one will be as good as any other and
every one exchangcable for any other.
and the kind Of money TO be paid and
received viii be merely a matter of con
venence and not of profit or loss
The minority report, which also was
submitted to-day, says the bill will make
radical changes in our whole currency
system and work serious. and it is be-
ieved, disastrous contraction of our
money volume and destroy the whole of
the silver coinage. The bin, SAYS the
report, fixes absolutely unqalifiedly the
single gold standard upon the country.
All standard silver dollars are swept
from their present position as standard
money and into the category of credit
money and made a charge upon the
Government for their redemption in gold.
The provision repeating the law which
prohibits national banking associations
from Withdrawing from circulation more
than three million dollars in any one
month gives the banks a power that
VIII AleFltdply iedu to Suutleh con-
traction of the currency and business
prostration. This will give the banks,
says the minority report, the power to
contract the currency at their will. and
to coerce legislation under the threat
of panics and business depression to be
brought about by such contraction The
whole scheme of the bill, continues the
minority, contemplates the destruction
of silver as money; the destruction of
greenbacks and treasury notes as money.
and denies to Congress the right
to issue paper money, except by farm
ing out to corporations this great SOW
ereign power. Notice is given that a
substitute will be offered, providing that
both the gold and silver dollars shall
be standard of value and providing for
free coinage of silver.