St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-16
THE FoRTY-EIGHTH CONGRESS.
The Senate.

WASHINGTON, Dec. 15.-In the senate to-
day Senator Sherman, of the committee on
library, reported favorably to the bill provid-
ing for the erection of statute to Gen. La
fayette.
Senator Logan presented large number
of petitions from tobacco and cigar manufac-
turers and labor organizations Of Illinois,
New York and other states, protesting against
the ratification of the Spanish treaty; also
petitions signed by over 1900 ex-soldiers of
the Union army, praying congress to pur-
chase for the capital at Washington portrait
of Gen. George H. Thomas, and recon-
mending that it be executed by Miss Ransom.
Referred.
The chair laid before the senate Senator
VanWyck's resolution, heretofore offered, re-
latiug to the Spanish treaty, and requiring
the committee on rules to report rule pro-
vidiug for the consideration Of commercial
treaties in open session.
Senator Miller, of California, said this
matter was under consideration by the COM
mittee on foreign relations, and moved a
referance of the resolution to that commit
tee.
Senator Hoar raised point order that the
matter should be considered with closed
doors.
Senator Plat called for the reading of the
rule authorizing closing the doors.
Rule thirty-iive was read. 1t provides
that on demand Of two senators the doors
of the senate may at any time be closed.
The chair inquired whether the motion Of
the gentleman from Massachusetts (Hoar)
was seconded.
Senator Hawley seconded the motion.
The senate then went into secret session.
In fifteen minutes the doors were reopened
and the senate took up the Dakota bill.
In the secret session of the senate Senator
Van Wyck's resolution for the discussion of
commercial treaties in open session was re-
ferred to the committee on foreign relations.
Senator Garland submitted substitute for
the bin reported from the committee on ter
irories. One of the provisions of the substi-
tute provides for submitting to popular vote
the question OF dividing territory. This
was desirable. Garland said, in order to get at
the present views of the people of Dakota,
and to settle questions arising from the
fact that Dakota had public debt
Senator Harrison objected to the substi-
tute, and stated the question of debt was
sufficiently provided for by the committees
bill. He would have no objections TO the
amendment submitting to the people a
simple proposition of division.
Senator Vest said the population of Da-
kots seemed, from newspaper accounts, to be
in open rebellion. Were we to admit that
turbuant population into the Union! 1t had
been stated in the press that every opponent
TO the admission of Dakota was Democrat.
In the light of recent events Vest thought
the Democrats could assume that response
bility.
The bill was then informally laid aside at
the request of Senator Hill, in order that he
might address the senate on the silver oues-
ton, apropos to the resolution recently sub
united by him declaring it the sense of the
senate there was no reason for the suspension
of the coinage of silver dollars, or of the
issue of silver certificates. Senator Hill said
the recommendations of the president and
secretary Of the treasury recently made to
congress in respect to silver were inoppor-
tune to an alarming degree, at the time
when falling prices proved that money was
deficient rather than abundant. It was true
that S4O,000,000 of silver out of
S1S7, 100000 already coined was now
held and owned by the treasury, but it is
equally true that S13S, 600, 900 in gold was
also held and Owned by the treasury, or
three and one-haD times as much as silver
dollars. No reason was or could be given by
the treasury that ownership of silver was
more Injurious to the public interests than
its ownership of gold. The production of
gold was constantly decreasing. Its con-
sumption in arts and for the purposes of
luxury was diverting it more and more from
monetary uses That consumption was now
three times what it was twenty years ago.
All conditions had changed since the
single standard agitation commenced.
More god was produced then
and less consumed in arts. Gold mono
metalhsm would increase both the value of
credits and the burden of debts. The least
measure of increase in money necessary to
save prices from falling was an increase pro
portioned to that of population, which would
be for this country three per cent per an
mum, computing the total volume of our
money in gold and silver at 81 500, 0OO. 600
1t required now $45, 100000 a year and
would require more as the total volume be-
came greater. The actual currency since
the resumption of specie payments in 1878
had been at a rate considerably larger than
this, and the evidence was conclusive from
the condition Of our foreign trade, of which
the balance was favorable that our prices
we're not too high, relatively, to the prices
abroad; or in other words, that our money
was not in excess o{ our proper distribution
share. If the Unite d States were absolutely
a stationary country an annual coinage
OF twenty-eight million silver dollars would
finally drive oot sorne other kinds of money,
but S2S, 900, 600 was much less than the an
nnal increase Of our total money during
the past five years. 1t was clearly less than
the increase necessary to keep up our prices.
There was, therefore, no reason to suppose
an annual coinage of $28, GOO, 600
In silver would ever of itself
without an increase of paper.
money expel any of our gold money, or even
prevent, to some degree, its enlargement.
The time was most inoppoItune for stopping
the coinage of silver, when our bank note
currency was undergoing contraction. The
SITUATION in respect to our paper money was
admitted on all sides to be grave. The vol
ume OF greenba cks was fixed absolutely by
law, while the volume of bank notes tended
10 diminish, from the cancellation of govern
ment bonds, upon which they rest. Their
contraction had not been seriously felt, be-
cause their pface mad been supplied by silver.
Senator Hi expressed the hope that the
country Won Id conclude to let the silver law
alone, as long as it worked well. II was un-
wise to throw away its important and ad-
mittec adv antages from fear of prospective,
perhaps wholly imaginary dangers, for
which, II they should ever come, our success