Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1886-01-07

senate.

before the eenate q letter from the Post
master oenersl, complying With the call
OF the recent Senate resolstion in re-
spect 70 the appointment of possmasters
N maine alleged 20 have been procured
tnrooRh the influence of s. ). Brown.
chairman sf the Democratic Committee
Of that State.
hale addressed the Senate az some
length in regard to the comm snication.
Gray called mp B-ck's recent resoIu-
tion OF inquiry regarding payment OF
customs duties in coin. and the appllc.-
ZION OF that COIN TO the purposes OF the
sinking fund, etc Gray said be would
vote for u, bat for reasons very different
from those which actua,ed Beck and
those who though, With him. The AZ,
OF lsis which vas tentative, Vas based
on the idea that silver would shortly
reach an International ratio With gold.
Ii was the hope of attain mept of this
International ratio that actusfed many
thouehtful men IN voting for that bill.
Ihis hope has been disappointed. The
object of the bill had been defeated. and
the dollar worth 92 cents In 1878 was
now verth less than 50 cents. Passion
ate invective on the part Of silver men
would not enhance the value Of the sill
yer dollar. The actions and recomneu-
atoms Of the President and Secretary
OF the Treasury on the silver question
we're right. He GRAY vas not here to
defend any one, bus economic laws are
ALWAYS the same. He was neither a
bondholder or the son of a bopdholder.
o1t be was for paying the bondholder
IN honest money. The true issue IN
question was whether the true relation of
gold and silver could be reached BY a
continuance of the present plan OF sill
yer coinage. he asserted that this coaId
not be done. Silver coinage had served
useful purpose as subsidiary coin, but
no country desired q basis of silver
alone. and il gold were supplanted by
silver We would have a silver basis. The
gold standard dollar had kept us in easy
relations With the rest of the world.
Bi- metalisn could not be reached by
any one couAtry alone. France bad long
ago stepped her silver coinage, ana
should We by continuing our pres
ent course drive out Of the
country several hondred millions of
gold coin? II We did 30 We should have
contraction. indeed. TIE act of 1873
having failed to raise the value of sill
YER, persistence in our present plan of
silver coinage would bring as to a silver
standard. We would be descending to
the basis Of an 20 cent dollar, and thus
the Government of the United States
would in fact be scaling its own debt.
Ibis would be a public misfortune, az
evidencinR a condition OF public dis
honesty which to say the least vas
equally reprehensible with individual
dishonesty. Many Of those who favor
ed silver coinage were not. in Gray's
opinion, the solid. conservative business
men bot those Of a speculative turn. He
desired to see silver circulate concur
rently with gold, but the failure of the
best efforts TO get IL int that condition
was sufficient proof that our continued
coinage would be of no avail in that di-
rection. We were all embarked on the
same great voyaRe-debtor and creditor.
One fate awaited rs all. We should
therefore honestly endeavor to adjust
cur differences, IN order that the inter
ests Of all our people may be honestly
and fairly advanced.
Mr.. MePherson followed on the same
subject. The United States treasury, be
SAID, bad become a vast and compli-
Gated machine. There were seven diff
ferent factors in our circulation, in the
form of various kinds of notes. IL
coinage were now suspended, silver
might be got to proper relationship
with gold. and in the opinion of the
best authorities of the world we had
now got to a point in silver coinage be-
yond which it was dangerous to go.
The need of CURRENCY was a need
created not by law but by bushes :.
v whenever the treasury could no logger
vouId have To take care Of s,lvar The
silver dollars had TINS far remained Al
mar with sold becanse thsv had hnt a
ii,ited nss and ware iim',ad in nnr,
hsr within The Iimits 81 nnhIic nseds
hnt the Grasham Law s,if, haIa a,,a,
th rae centnriss ~ ohservat;op rameiv
that had monev drives ont oood ponsy
An history t.nobt that with a cn,rancy
of a fIootnatino yalne as onrs was tend
inc to become speculation vas enconr-
aged and monetary ruin hastened. Inc
loss vouId alvays fall on thu PRODUCERS
OF our oountry. as the importers vonld
protect themselves. Referring to the
effect of silver in India. MePherson ex.
claimed. God forbid that American
labor should ever come 10 a condition
like that of labor in Ipdia.p The blow
aimed bv the silver men AT the bloatei
bendholders, MCPHERSON insisted. would
strike with ten fold force on the head
Of the laborer. Tbe Govsrnmspt had
permittea its financial AGENT. Law Cooke
10 advertise that the inter.st on the
bonds WAS payahle in Gold IMcPherson
produced sI,oh adyertisements)
Beck incurred hov much the pur.
chsssrs of the honda had naid FOR than
MoPberson replied that that made no
diffe renee. Goyernment having held
ant suoh representations conld NOT nov
IGNORE them-could mot play fast and
loosa with its oreditors-
Ths refsrsnce nv Macpherson IN an nm.
derstandino that the bonds vere To he
Maid in rold brouoht from MORGAN.
Harris and Rack simultaneously an an.
erOetio insistenoe that payment in
{" co,nr and mot "oold" vas the under.
uandipo and screement To sbov
that business Wa already becoming
alarmed Al oar oourse with regard 10
siiver. MoPherson read A letter from
the nanaoer of the Liyerpool & Londsn
a Globe Insuranee Company. ststine
that the oompany. in view Of the great
uncertainty with regard 10 the COINAGE.
had decided 10 make ne further loans
exeept on speoif3c Agreement of their
rena vment IN coId oo,n.
On the conclusion Of Mcpherson q