Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-02-17
The Silver Knight atchman.

ut w dlCHlndI1.
We print below in full the minority
report 10 Congress on House bill 1872,
n bill reported to the House of Repre-
sentatives January 81, by Chairman
Stone, OF the House committee on coin
age, weights and measures. 1t is the
most infamous measure that has been
introduced into Congress since 1873
The bill demonetizing silver in 1873 wac
passed without the knowledge of Con-
EresS or the country. Had Congress
known that the bill passed that year
omitted the silver dollar from the list
of coins the bill would not have re-
ccived dozen votes in both branches
of Congress- The bill demonetizing sill
yer was n bill for the general regulation
and management of the minis of the
United States. Il long, voluminous
measure that had been on the docket
long time, called UP at several differ
ent sessions of Congress and recommlt-
ted to the coinage committee for alter
atoms until every member OF Congress
was thoroughly Wearied of its ever-re-
curing presence. 1t finally passed up
on the word OF the chairman of the
coinage committee of the House of
Representatives, and upon the word or
the finance committee OF the Senate
both of whom informed Congress that
IL made no change in the coinage laws
whatever. Thus. by subterfuge, lying
and deceit Congress and the country
were imposed upon and silver demone-
tized in 1873. No such deception Is
contemplated at this time. The bill
now before Congress is brought forth
In open daylight, and is to be pushed
through under the whip and spur OF
the Mckinley administration in deli
nnce of the mandate of the national Re,
publican convention OF 1896, which dc,
clared against the gold standard. The
disregard for the expressed opinions of
the voters of the country that is herein
manifested is Il monumental piece OF
DraZen eitrontery-an insult to the in
telligence and patriotism of the Amer
lean people. This measure can be de,
featcd and the Republican members of
congress forced to beat n retreat II the
Democrats Will commence at once and
call the attention of their ncighbors
and friends to the meaning and purpose
of the bill and bring them to n real
1zinG sense of It's effect upon the in
dustry and property of the country
The report of the Democratic members
of the committee OF coinage, weights
and measures, in which they explain
the meaning of the bill. is as follows:
We, the minority of the committee on
coinage, weights, and measures, dis
sent from the majority on House bill
No. 11411. Ito define and fix the standard
OF value and to regulate coinage, and
provide for redemption Hereunder. and
for other purposes"
The bill. If permitted to pass and be-
come law, will make many radical
changes In our whole currency system
1t Will work n serious and we believe
disastrous contraction of our money
volume. and especially of that part Of
our money that is legal tender and
serves to pay debts and discharge OBJ
legations. 1t will destroy as money OF
redemption the whole of our silver
coinage. amounting to S4G4, 1874, 597. esti-
mated to be on hand on the 1st day of
September. 1898. on page 1l9 of tho re-
port of the Comptroller of the Currency
for that year
According to the report referred to Of
the Comptroller of the Currency the
amount of standard silver dollars. bull
lion 10 be coined. together with frac-
1ional coin, there was total of S636.-
6S5,3i2 of silver that would ultimately
call for redemption in gold. This same
report. OH page 12o, states the amount
OF greenbaclts 10 be $40, 6S1 ole; Treas
ury notes Issued under the act of July
IA. 1880. s9S.5I9. $50 and national bank
notes. $3.50 1929 n total of S6S0.6 2S1.
The Dill under consideration virtually
proposes TO make all these forms of
money. amounting to Sl,3lT 500. G23, re-
Geemablc in gold, and authorizes bonds
to be issued and sold for gold for this
purpose whenever necessary
The first section OF the bill re-enacts
the law of 1873 making the gold dollar
the sole standard of value. a SUPER
1cial view of this matter would indi-
cate that there We're no changes in
tended In the law of 1873 as regards the
standard of value, and that the section
IS wholly unnecessary. but such is no,
the case. 1t is true that the act of
1913 liked the standard of value on the
gold dollar of 25.S grains of standard
gold, or 23.22 grains of pure gold but
subsequent legislation upon the subjec,
or money, If 1t has not repealed, has
greatly modified the legal effect of the
law of 1873 declaring gold to be the sole
standard of value. The first mint act.
that of 1892. authorized the coinage OF
the standard silver dollar ana made 1t
consist of the same amount of pure
silver as our present dollar contains
and made 1t the unit of account. ana
In that sense, at least, the standard OF
value.
We had no law declaring In terms
that either silver or gold should be the
standard of value in this country until
the act of 1879. before referred to- Our
system was the coinage of both gold
and silver into full legal tender money.
and thus. practically, put the measure
OF value upon both metals. Our finan-
cal system wac regulated upon the BIZ
metallic basis The act of 1873. how
ever. for the first time in our history.
hXed the standard of value upon gold
alone and suspended the coinage OF
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