The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-02-05
YEAS.
THE SILVER QUESTION.

The Chair laid formally before the Senate the
Texas Pacific railroad land forfeiture bill.
Mr.. Morrill, moved to layit aside in order to
take up the House bill for retirement and re-
coinage of the trade dollar. 1.-THE bin, as
amended by the Senate provides also for sus-
pension of coinage of the standard silver dollar |
The Senate, by vote OF 81 yeas to % nays
decided to take up the last named bill.
Mr.. ingalls, moved to strike out the fifth sec
ton which is the section suspending coinage of
standard dollars. and Mr. Morrill, then addressed
the Senate on the bill. He did not feel that the
government is under the slightest legal or moral
obligation to redeem the trade dollar and he had
with reluctance consented to the measure, in or
der to relieve the country from at least one of
the embarrassing incidents which surround
the silver question. He spoke of the danger
of silver coin alone suddenly becoming the
standard money of the United States, and of the
rapid increase of silver certificates, which he
characterized as queer form of paper money,
and the most expensive paper CURRENCY ever
invented. In conclusion, Mr.. Morrill, said II
do not wish to demOnetiZe silver or to reduce the
amount in circulation, but would make it safe
and practicable to increase the amount held in
| our financial institutions, as well as in the
hands of the people. The present bill and
amendments are intended to provide against an
untoward combination or event that shall leave
the United States with only of the precious
metals to support our standard of money We
greatly need them both. 1t may be far off, it
may never happen, but if we should
be at any time driven to the
single standard of silver, it would be
great disaster, affecting the value Of all prop
erty and all investments The blow, should it
ever happen, would strike with the greatest Sc
verify upon the workingmen of the country, who
would suddenly find their wages largely reduced
by the cheaper mode of legal tender payment
Employees in the United States are better paid
than In any European country The London
Times in speaking on this subject, on Sept. IL,
1885, says
With regard to remuneration of labor assuming the
produce of labor to be 100 in Great Britain Sc parts
60 to labor Il to capital and % to the government; in
France Al parts 90 labor 36 to eapita and % 10
the government; in the United States ~ parts 90 to
labor, 25 to capital and to the government
This shows that for any depreciation of cur
rency which may at any time arise, the laboring
men CT the country must bear the brunt os the
aoss. Of all measures which may affect the vel
fare OF tine laboring men there are mono more in
sadious or more disastrous than those which ten
der remuneration for labor in deprecated cur
rency, or currency below that of standard
value throughout the civilized world"
Mr.. Mcpherson said there would be $3.50 000.-
600 Of silver in the Treasury vaults By August,
1888, and he favored immediate suspension of
coinage. He believed the government morally
and legally bound to redeem the trade dollar at
its face value.
Mr.. Beck said the bill as reported was not by
any means the unanimous opinion of the finance
committee.
Debate on the bill was then closed for theday
1t will be unfinished business to morrow
Mr.. Blair made two unsuccessful attempts
during the day, to secure consideration of the
antiforeien contract bill
After an executive session, the Senate ad
journed.