Los Angeles daily herald., 1886-01-14
Proceedings of the House
and Senate.
SILVER sTILLTHE CHIEF TOPIC
Speech by Coke-Curtin Resigns
the Craftsmanship of the
Banking Committee.
Especial TO The Herald or Associated Press

dollars, directed by the law OF February
2S, 1878, should not be suspnded until
the aggregate reaches the sum of hive
hundred million dollars.
Eustis gave notice that on Monday
next, at 2 O'Clock, I've would call up
Beck's silver resolution with view Of
making some remarks.
On motion Of Harrison, the Senate
concurred In the House amendments to
the bill legalizing the Territorial Legis-
lsture of Wyoming.
At 2 O'Clock Coke called up Beck's
silver resolution and addressed the SEN
ate on 1t.
The question Of the suspension of silver
coinage, Coke said, Was one of such
transcepdent Importance that the argu-
ments of tbs President and Secretary Of
the Treasury on the subject should be
considsred ON their intrinsic merits and
should not be Influenced by the fact
that they were arguments coming from
high officers. The Government suspen-
sion Coke regarded a. tautamoant to be
q complete stoppags Of our silver coin
age. Silver, he said, had not depreciat-
cd, but gold has risen in value. He
showed by statistics that ia taking
ninety OF the leading articles Of rnsrch-
andise, there had been an average
fell Of 20 per cent, since 1870, while
there had been fall of only
2s per cent in silver bullion. 1t was,
therefore. an sbuse Of the terms to say
that silver had deprecated. Silver con
.,skrf.I <x... h~lf tho <,u.,ffkx ,.f Ill Ar.
coin in the world, and the stoppage Of
its coinage would deprive the world Of
ons-half Of its coin supply and would
double the purchasing power Of the
other half. This would be an enormous
contraction. EngIand's income from her
foreign trade was $50, 000, 900 annually.
She was creditor country, and wanted
her debtors to pay her in gold. That is,
she wanted dear money-money that
would have the largest purchasing pow
or. When Germany had secured 81 ,200,-
0OQ, 900 of gold from France she do
monstized silver for the same reason
that England had done. It was done
upon the cold calculation OF self interest
The same reason acfuated the creditos
of these United States. The section
where big banks and large bondholders
fight against silver was fight against
the people by the banks and bondhold-
ers. 1t wAs fight against labor. Had
Andrew Jackson been in the White
House at any time siuce 1878 the silver
question would have been settled. He
would have executed the laws OF the
United ststss and would have taken by
the throat the conspiracy against those
laws. The officers Of our government
had failed to state the whole truth "a to
our silver circulation. They well knew
that there were to-day ten dollars
coin, and that three. quarters OF the sill
yer in the Treasury was represented by
silver certificates in active circulation
among the people. maintaining prices
and wages. Every form of our money,
except National bank notes had been
boldly denounced by cur Treasury OFF
cials. II they had their way we should
be at the mercy Of the National banks.
Mr.. Coke made no war ON boudholders
or on bank men. They were no worse
and no better than the average of men,
but they should never be permitted to
dictate our financial policy against the
interests Of the people. The Pfesi.
dent and the Secretary of the
Treasury are disposed 20 favor the
use of both gold and silver
but declare that the amount Of silver al
ready coined was enough and that II we
continued to coin 1t gold would leave the
country. This statement was made in
the face Of the fact that in 1878 when
the coinage of silver was ordered there
were 10 the United States only $244,.
600, 900 in gold, while to-day, according
to the report Of the Director Of the
Mint, gold lbullion) in the United States
had increased to Se09, 0O0, 900, 80 that
instead of the silver coinage having
driven gold out Of the country our sup
ply OF il lad become trebled since silver !
coinage had commenced. This was 9
fact that no theorizing could oontrosert. |
The silver standard had no terrors for |
Mr.. Coke. Germany had been sill. |
yer country before it had got so
much gold from France. France was
one Of ,the most thrifty nations
in the world and France had
$500, GOO, 900 and some said $500, ,000. 600
In silver coin circulating In harmony
with gold, and side by side with ii, yet
gold was only ISL to !, while our silver
dollar was Of the fineness Of 10 to l.
"Give u.s." said Mr.. Coke, 1.-The same
executive vigor aud fidelity exercised by
the officers OF the French government In
behalf OF silver and we viii show that
we can carry very much more silver
than we now have, at the rate OF
81, 600, 900 month. 1t would take us
fifteen years to get 1915. 900, 900, which
10 less than the amount claimed by any
body to be the silver circulation OF
France" The coinage Of silver, Coke
said, should be free, a. was the coin
age Of gold. American silver
should be placed on an exact
equality with gold everywhere. but
whether right or wrong as to free coin.
Rge, Mr.. Coke said, we should insist
that our government officials should ex-
ecute the laws. Coke reviewed the his
tory Of bond legislation to show that
bonds were payable in ''coin" and that
the Joint resolution introduced in the
ssszion of 1873 by Senator Stanley
Matthews, and passed by two-thirds OF
both houses of Congress, declared ii to
be entirely consistent with public faith,
under the contract, TO pay bonds in sill
yer, but nobody asked that they be paid
exclusively in silver. All that was
asked was for our officers to treat
silver as they did gold. We
wanted no more reports from them
saying silver cannot be got into circula-
ton, when in violation Of law the Treas
ury Department refused to pay it out
and allowed bonds that ought to be paid
to remain outstanding, while keeping
locked in the vaults OF the Treasury mil
lions on millions that ought to be in cir
cnlation.
The resolution offered by Edmunds
was agreed to. authorizing the Secretary
of the Senate to pay bills incurred in the
attendance of Senators at the funeral of
the late Vice President Hendricks.
After an executive session the Senate
adjourned.
HousR.
The moment that Curtin, who has
been conferring with friends, succeeded
In being recognized by the Speaker he
arose and said: ut was your pleasure.
sir, to do me the honor to place me first
on the list Of the Committee on Banking
and Currency. did intend TO state
to this House my reasons for declining
that honor, but on the advice of many
friends and the sentiment OF the public
Journals Of the country l have
Concluded to offer no reasons of
nv own. As to declining the |
position, II was your pleasure to
qiye me, do not need the advice of
an v man for my disposition in this re-
spsct, was made from the beginning for
reasons Of my own. which seem to be
understood by my friends and colleagues
on this floor. do ask this House to
excuse me from the important duty as
Chairman Of the COMMITTEES to which
you have assigned me.
The speaker-"li there be no oblec-
ton the gentleman from Pennsylvania
will be excused from the drtY es Chair
mon Of the COMMITTEES on Banking and
Currency.