The Portland daily press., 1879-05-13
TUESDAY MORNING, MAY Is.

are going to sell it; and the consequence is the
hostile attitude the scare arising from it does
much more toward the depression of silver in
the market than the amount would seem to in
dictate.
Then there seems to be a larger production
from the mines with the prospect of still great
er productlon. And besides that, there is the
attitude of France. The gentleman from Penn
sylvania eulogizes France. And whenever
you md one OF these gentlemen who are disSat-
isfied with the system of the United States he
is always in love with the system that prevails
in France. Frances great system produces
nothing but prosperity The French system
produces nothing but what is to be initiated
by us. And yet the French to-day, or at least
quite recently within a few months, have con-
cluded a treaty by which they have stopped the
coinage of silver for seven years. Why is it
that our admiration of France should stop at
these glttering generalities instead of follow
ing the system out into particulars? In France
they have done sensible thing; and they have
done it because they have found under the
coinage of silver by the Latin union the gold is
gradually disappearing from France: and
hence from bimetallic she is becoming a
monometallc nation, a silver instead of gold
and silver nation.
just in this attitude of affairs in this condi-
ton of things which renders the value of silver
the most fascinating possible it is proposed to
us to adopt, as the gentleman from Pennsylva-
mia says. double standard, but really Il silver
standard. But there are nations with a double
standard which have really single standard of
silver When the proportion is l to 16, it is really
a single standard, and that is standard of sill
yer, which is what this bill means Now look
at the effect of this We adopt what is really
single standard at the very time when it is
most fluctuating and its future most uncertain.
And here must suggest to members that it is
little difficult always to follow the gentleman
from s;,I pen asa M Kelly He says
barrier which causes the Lancashiremen to
cry that they must take goods of other coun-
tries at any price, and that such barrier is
geoa thing, because it operates as protective
tarlH; and III the first part of his speech he
talked about India 'weltering" in poverty, l
think that was the expression, as the result of
this very thing. He first tells us that India is
weltering" i'll poverty and in state of
row, and before he gets through with his speech
he has her with beautiful barrier erected and
virtue rewarded everywhere
Now, what is the situation of England and
the other nations with regard to this silver
question? England used to be not only mono
metallist, but she had propagandist tendencies
She not only believed in that system herself
but she wanted to make every one else believe
in it; but she has found that the experiment as
between herself and India has been a pretty
expensive amusement for her; and now the
English say we are in favor of a single stand
ard, and that standard gold; but as to YOU the
people of other nations, we do not like to BAN
ish silver, and we rather think you ought to
have it as part of your currency. Why? Be
cause if you, particularly you of the United
States, take it, it would relieve of our troubles
about India, for the United States would be-
come the dumping ground, to use the express
sion which my friend from Pennsylvania has
honored with his appreciation for all the loose
silver in the world, and then England would
be relieved. New, We want the whole world
to come to the bmetallie system and conse-
quently the proper attitude for us to assume is
what they call an expectant attitude, only wait
ing until England is driven to do what we be-
lieve to be the proper thing OH the subject.
Now, what is our theory and what do we be-
lleve to be the proper thing? 1t is that when
an nations have gold and silver, if by any local
changes silver, for instance, becomes cheaper
IN one country and drives gold into another
country it will cheaper gold in that country
ana nave a tendency to push the gold back and
tnere VIII De the least possible disturbance of
the equilibrium of values all the time If that
equilibrium is liable to be disturbed by the
change in the value of money arising from tenn
porary increased production of gold, the dis
turbance viii be much less if the effect of the
increase is distributed over base of both GOLD
and silver than if distributed over a base of
gold alone. 80 with an increase of silver. 1t
would have much less effect on money COM
posed of gold and silver than on money of sill
yer aione And temporary increase of pro-
duction OF silver and gold is not likely to be
simultaneous. This idea can probably be car
ried out practically if all nearly all civilized
nations will come into it, if not, or if some of
the greatest refuse, it will not work at all. I
Warnprl
will say let us have silver and if gold is driven
out to other nations it will lower the value of
gold and raise the price of silver. Only tempo-
rar1ly and to very slight extent Pertains.
Practcaliy, at the present time, not at all. Sill
yer has certainly fallen in spite of our purchase
OF thirty millions. Whatever effect this wonld
nave 1t would be only temporary; it would not
be establishing system placing us in accord
with the rest OF the world. If our silver be-
came dear it would have nowhere to 90 to- a
circulation must have circuit, veins, arteries.
and capillaries Bimetalism to give stabijity
implies free circulation
Now, whether the monOmetallic system or
tne oimetalnc system is the best is question
not yet decided. 1t is scientific question
complicated one, containing MANY elements
that require to be studied, and it cannot he de.
cided by shout of fraud. We may be Doubt
iui about the true decision of the question but
seem TO be sufficiently proved by the facts
within our knowledge that it is an experiment
to be tried, and If we want to try it we ought
to try it under advantageous circumstances and
not under bad ones If we try it now it will be
under bad circumstances and will be failure
il we wait we can try it under proper condi,
tions and 1t promises success
Mr. arner VIII the gentleman before he
takes his seat allow me to ask him question?
Mr. Reed. L will answer it if 1 can. NV
knowledge, however, is exceedingly limited
and do not keep notebook
Mr.. warner The gentleman remarked that
we could not settle this question by crying
ifauu, anu diat IL was question that required
very weighty consideration. Did it have that
consideration when the change was made?
Mr. Reed In my Judgment it did. In nv
Judgment the people of the country discussed
the question just as they discuss other cues
tons. 1t was considered as great many
truths are, and the people may perhaps have
changed their opinion from the changed con-
dition of the country.
Mr.. Warner. would ask the gentleman if
the two leaders of the Republican party one in
the Senate and one i'll the House have not ad-
mitted to the country that they did not know
that this provision was in the bill demonetiz-
ing silver?
Mr.. Reed say that it had consideration
but the leader of this side of the House now
does not know of this discussion between YOU
and me, and the two leaders may have been
absent at that time; but what astonishes me is
that the gentleman from Pennsylvania, (Mr
Kelley who was the chairman of the Commit
tee on Coinage, Weights and Measures, does
not recollect anything about it.
Mr.. Fort Will the gentleman tell us where
the Democrats were about that time?
Mr.. Warner. was not speaking of parties
was speaking of the whole country.
Mr.. Reed. l find in speech by the gentleman
from NewYork Mr.. Hewitt delivered on the
pages OF the finest print to simply give the
heads of the transactions of the House and
Departments upon that question.
Mr.. Warner. Was there any discussion in
the Senate?
MIR. Reed. do not know: but 1 know the
question was discussed all over the country
and in the reports of the Secretary of the
Treasury and in the reports of the Comptroller
of the Treasury.