The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-12-16
A Discussion Of Both Sides of the Cues
ton in the National Senate,
Mr.. Hill Appearing in Behalf of the Dollar,
and Mr., Sherman Making Strong
Argument in Opposition.
THE SENATE.
Open Discussion of Commercial Treaties
Debate on the Silver Question.

tions from tobacco and cigar manufacturers and
labor organizations Of Illinois, New York and
other States, protesting against ratification of
the Spanish treaty. also petitions signed by over
1900 soldiers of the Union army, praying Con
gress to purchase for the Capitol at Washington
portrait of General George Il Thomas, and
recommending that it be executed by Miss Ran
som. Referred
The Chair laid before the Senate Mr.. Van
Wyck's resolution, heretofore offered, re-
lating to the Spanish treaty, and re-
quiring the committee on rules to re-
port rule providing for consideration of COM
mercial treaties in open session.
MIR. Miller, of California, said this matter was
under consideration by the committee on foreign
relations, and moved reference of the resolution
to that committee
Mr. Hoar raised the point Of order that the
matter should be considered with closed doors.
Mr. Platt called for the reading of the rule
authorizing the closing of the doors. Rule
thirty-fve was read. 1t provides that on the
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, Mr.. Hoar, was
seconded.
Mr. 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, Senator Van Wyck's
resolution for discussion of commercial treaties
in open session was referred to the committee on
foreign relations.
Mr. Garland submitted substitute for the
bill reported from the committee on Territories.
One of the provisions of the substitute provides
for submitting to a popular vote the question Of
dividing the Territory. This was desirable, Mr..
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
Mr. Harrison objected to the substitute, and
stated that the question of the debt was suf-
fciently provided for by the committees bill.
He would have no objection to an amendment
submitting to the people the simple proposition
of division.
Mr., Vest said the population of Dakota seemed,
from newspaper accounts to be in oben rebellion.
Were we to admit that turbulent population into
the UnionR 1t had been stated in the press that
every opponent of the admission of Dakota was
y Democrat. In the light of recent event, Mr.
Vest thought Democrats could assume that re-
sponsibility
A FRIEND OF SILVER
The bill was then informally laid aside at the
request of Mr.. Hill, in order that he might ad-
dress the Senate on the silver question: apropos
of a resolution recently submitted by him, de-
caring it the sense of the Senate that there was
no reason for the suspension of the coinage of
silver dollars, OF of the issue of silver certif-
Gates.
Mr. Hill said the recommendations of the
President and Secretary of the Treasury, recent
Iy made to Congress, in respect to silver, were
inopportune to an alarming degree at time
when falling prices proved that money was de-
ficeut rather than abundant Ii was true that
$40 GOO 600 of silver out of the $l67 900, 600
already coined were now held and owned BIZ the
Treasury but it was equally true that $l3S 000-
900 of gold We're also held and owned by the
Treasury or three and one half times as much as
the stock of silver. No reason was or could be
given why the treasury ownership of silver was
more injurious TO the public interests than its
ownership of gold. The production of gold
constantly decreasing; its consumption in the
arts and for purposes of luxury was dlverting it
more and more from ronetary use; that CON
sumption was now three times what it was
twenty years ago. All the conditions had
changed since the single-standard agitation
commenced; more gold was produced then and
less consumed in the arts. Gold recommendation
would increase both the value of credits and the
burden of debts The least measure of increase
of money necessary to save prices from falling
an increase proportioned to that
of population, which would be, for this
country, per cent. per annuth. Computing the
total volume of our money-gold silver and pa
per-at 81, 800. 600, 900, it required now $40 060-
600 a year, and would require more as the total
volume became greater The actual increase of
currency since resumption of specie payments
in 1879, had been at rate considerably larger
than this and evidence was conclusive, from the
condition of our foreign trade, of which the bal
ance was favorable, that our prices were not too
high. relatively to the prices abroad, or in other
words, that our money was not in excess of our
properly distributive share If the United States
we're absolutely stationary country. an annual
coinage of 2s,000,000 of silver dollars would
finally drive out some other kinds of money, but
sos, 600, 600 was much less than the annual in
crease of our total money during the past five
years. 1t was clearly less than the increase nee
essary to keep up our prices. There was, there
fore, no reason to suppose that an annual coinage
of IS GOO 600 silver dollars would ever of itself
without increase of paper money, expel any of
our gold money, or even prevent, in some degree,
its employment. The time was most inoppor-
tune for stopping the coinage of silver when
our bank-note currency was undergoing contrac-
ton. The situation, in respect to our paper
money, was admitted on all sides to be grave
The volume of greenbacks was fixed absolutely
by law. while the volume of banknotes tended
to diminish from cancellation of government
bonds, upon which they rest. Their contraction
had not been seriously felt because their place
mad been supplied with silver. Mr.. Hill ex-
pressed hope that the country would conclude
to let the silver law alone. So long as it worked
well it was unwise to throw away its important
and admitted advantages from fear of prospect
i've and, perhaps, wholly imaginary dangers
for which, if they should ever come our sue.
cessors may be trusted to find a remedy.
REMARKS OF SENATOR SHERMAN
Mr.. Sherman said he was one of those who be-
ieved bimetalism to be the natural logic of
things. 1t had been decided over and oyer
again, by the most intelligent nations of the
world. that gold and silver, travelling side by
side, should be the double standard of the
worlds value 1t was impossible to mako them
of the same market value, because for :. 900
years their relative values have been changing.
The experiment had been fairly tried by the
United States and had failed The slver-dollar-
The total number of those dollars coined was
1S7,000,000; of that number only Al 600 600 were
now in circulation-less than one fourth The
coinage of the balance remained in the United
I'D Lea -