Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1886-03-22

to one fourth of its present value If this
was done what would become of the great
debtor class: Had any plan been suggested
bv the silver men by which one dollar could
be made to do the work of four. If the
farmers were to be price for their cotton in
silver worth so cents, the day of their pros.
perity was. in his opinion, forever gone.
The relative value of silver and gold would
be iuctuating in the future, as in the past
The cotton grower must make allowance for
that. BY the time deduction was made from
the value OF the cotton for freight, insurance
weighing. ETC., and the difference in value
between silver here and gold in Liverpool,
there would be little or nothing coming to
the men who sold it. He asked the gentle
men who represented southern constituents
to consider well before they adopted policy
which tended TO turn their agriculturists to
the mercies of the money sharks. A good
deal has been said about the stock jobber. of
Wall street. II there was one thing they de-
lighted in it was a fiGctusting money market
The great fortunes,of Wall street had been
made almost entirely when gold was at a pre-
MUM and when the business of the country
was done on tiuctuating currency. That
had been the heyday of mlllionaires. Re-
ferring to the difficulty of getting the stan
dard dollar in circulation, he said that the
history of mankind did not show that good
money required any money behind it, 1t
went on its own merits. The legal value of
our silver dollar over the real value was
maintained only by act of Congress. One
fifth of lis value rested upon the act of Con-
gress, and the only assurances the people had
that this fictitious value would continue was
found in the hope that Congress would con-
tinue in the same mind that it was in 1878.
Mr.. Bynum of Indiana, member of the
committee on coinage, weights and measures,
supported the minority report, which favors
the passage of the free coinage bill. Pos
sesslng as he did the greatest confidence in
the Integrity and patriotism of the President
and secretary of tho;atreasury, he expected,
whenever and whatever he could, to support
their views and uphold their policy But on
this question he was compelled to dissent
from the views presented in the message of
the President and the report of the secretary.
Commenting upon and sustaining the original
act, he declared that had the spirit of the law
been honestly carried out. it is more than
probable that the problem would have been
settled long ere this, either by free coinage
or by suspension. But the administration of
the law had been IN hostile hands, and the
effect of the policy followed only tended to
further deprecate the market value of silver
bullion. He was in favor of free coinage be-
cause he believed it to be palpabe viola
ton of the constitution of the rights of the
States and of the people TO limit or restrict
the coinage of either metal. He referred to
the labor question as the most important
problem of the day, and said that unless
there was a change in the financial and other
policies of the government the struggle Of
labor would he hopeless. He pointed out
the dangers which he declared would attend
the suspension of silver coinage the
contraction of the national bank currency
and the locking up of gold in the New York
banks-and asked in the name of the laborers
of the West that the great, strong arm of the
government should not be raised to strike
them down.
Mr.. Stone of Missouri addressed the House.
and announced himself in favor of any
measure which would tend to restore silver
to an equality with gold
The House then, at ) o'clock adjourned.