National Republican. (Washington City (D.C.)) 1872-1888, 1886-02-10

the silver balance and circulation, and beg |
leave to say in reply that Will, with all
due diligence, make full answer to the |
same. / am for the moment delayed by the |
current business Of the department, and by |
a special endeavor TO promote exigent re- |
forms In the levy and collection Of duties |
on imported commodities, by affording |
some Information thereon in season for |
the advantage Of the subcommittee |
Of the finance committee of the |
Senate which has requested the |
same, and which am happy TO say Is about |
to undertake an early examination Of the |
difficulties set forth in my annual report in |
respect to the collection of revenue at the |
custom house at New YORK;
The speaker also laid before the House
the reply Of the Secretary of the Treasury
to the resolution asking for q statement OF
during the fiscal year ending June 30, 1885.
Referred. The Secretary gives the follow
ing figures; Bonds, principal, s45,5sS, $50;
interest, S27l ,G67.32; fractional currency
redeemed, Sl5, 1856. d3-total, $45,S15, 702.75.
Mr.. Hammond Of Georgia, from the com
mlttee on the judiciary, TO which was re-
ferred the matter OF the subpoena duces
tecum issued against the clerk Of the House
by the supreme court OF the District of Co
lumbia, submitted a report thereon, which
was adopted. IL declares that no evidence
Of a documentary character In the posses
sion or under the control of the House can
be taken therofrom by the process OF any
ordinary court of justice, except with Its
permission. II authorizes the clerk to APP
pear in the place named In the subpoena,
| but not TO take the book named therein, or
any paper on file IN his Office and under his
| control as clerk of the House. 1t grants
| full permission, however, for any OF the Of
| flcers Of the court TO attend at any place
| under the orders and control OF the House
| and tai copies Of any document desired,
| but the removal Of any paper Is prohibited.
| The clerk ia authorized to transmit to the
court a copy Of this report, rs a respectful
answer to the subpoena duces tecum.
After considerable debate, but without
action, the House went into committee Of
the whole (Mr. Hammond, OF Georgia, In
the chair) on the half gallon tax bill.
Mr.. Findlay, Of Maryland, took the floor
with q carefully prepared speech upon the
financial question, which, he said, resolved
itself into the question as to whether or not
the Bland act should be repealed. 1t was
well known that prior to 1873 silver had
been one of the recognized standards OF
value-not only its handmade, but its part
ner, and at times its betterhalf. At that
period silver had dropped out Of coinage.
some said by trick, some by accident-and
this Punishment had continued until 1873,
when the dollar Of the fathers had been re-
called from exile and restored TO its ancient
|
not been unconditional, which gave reason
to the suspicion that the original sentence Of
Punishment had not been without necessity.
Why was IL that gold coinage was free and
silver coinage not freeP The Bland act
must answer the question. By the form Of
that act the United States was required to
purchase not less than 81, 100000 nor more
than S4,000,000 worth Of silver bullion per
month. This phenomenal provision In the
first place established an inequality be-
tween the precious metals; In the second
place II left tremendous margin for the
exercise of discretionary power by the Sec
rotary of the Treasury, which power, 1t was
claimed, had already been abused. The
power to coin at discretion SIS, 200, 600 or
$4,000, 900 per annum must be conceded to
be dangerous one. This power in the
hands of Secretary favorable to the sill
yer men would be exercised so as to absorb
the whole domestic yield of bullion, so that
the result would be about the same as II
the coinage were made free. There was
nothing between the country and free silver
coinage except the discretion Of an
individual and the uncertainties Of presi'
Dental election. The Bland act on its face
was an impeachment of the wisdom Of free
coinage and legislative assertion that
there was strong ground for making dis
tinction between gold and silver, and by
this act the advocates Of silver gave up theil
whole case. He said to the advocates oil
silver, "Follow your leader, wholly repudi
ate the false position In which you have
been placed by the Bland act for tho last
eight years. Take the stand which logic
: and experience dictates, and demand fol
your silver its full, instant, and complete
rehabilitation" Were the enemies OF the
/ gold bugs and sharks afraid to take the pc
stion where reason and precedence placed
themp On this position, II they had han thu
, courage Of their convictions, they would
4 l.,, 81 4I,nt. la, toll .Ni
: It, There had been coined In eight years
only S220,000,000, when, If they had beer
: true to themselves, they ought to have hat
. five hundred or one thousand millions. Al
Of this vast sum might hav'
: been snugly stored in the treasury
l and presented such sight that Sindbad tn
Sailor had never beheld, all waiting b
crush the bloated bondholder. Free silve
, coinage had not been established In 1877
Q nor would anyone seriously say that such
9 measure would find acceptance now; ON thu
contrary, limited coinage had been the orde
Of the day then, and limited coinage wa
s the order Of the day now. So that tn
0 for a suspension of coinage, but for the sus
: pension of the partial limpiDg coinage o
the Bland act. The whole question wa
: whether Congress should get rid Of
a measure which was neither flesh nor fish
sea nor good dry land.
| uuebUlOn was Wu6UuCT congress Oult
: repeal mischievous act, which, In princi
d pie, was itself decentralization of silver
n II the Bland act, as enforced by the presen
Q and past administration, had any friend
they had not shown their hands. All tru
t friends of silver held to the orthodox fait
o that gold and silver ought to be almitte,
to the mints on equal terms. He wished +
d call attention TO curious anomaly. Mos
of the righteous gentlemen here who wer
j unwilling to let slip the opportunity of pas
k ing debts In deprecated coin, and NATURAL
denounced lenders of money as degrade
i class, were to great extent believers Il
6 the practical operation OF the doctrine. @
IS free trade. They believed in the practices
l. realization at this time and day of that eS
pansive and cosmopolitan principle whic
% recognized the brotherhood of races an
l. the free exchange of commodities. The
Z said that q man was outside of the Chrii
/ tian pale who did not take this eXpansiv
It view Of humanity. They We're opposed I
e the protection Of industries, believing thG
d an industry which could not stand tl
IS shock Of competition had better go down
D. What was the purchase Of silver ever
10 month but the worst and EXTREMIST forl
ID of protection that had ever been devised
y, The Bland act made market for $2i, 600
Il eco Of bullion each year, on which the PR
ducer could rely with absolute certaint.
II II any other product received the same pr
T. lection he was not aware of It's eXistenc
to The interest of the public debt amountC
IN to 10000, 900 year, aud the civil expens
or OF the government to about S24, 100000
The silver coinage tax was equal to on
of half Of the public charge for interest, al
" 100000 more than the civil expenses.
c, would be far better for the government
buy outright the silver PRODUCERS plan
&c than take his bullion and coin IL at a te
10 Iible loss to the country. Why was 1t tn
u the free coinage of silver was inalmissib
n in this country In the present state of b
be monetary question: Ii was because b
rs United States would be issuing dollar d
er | ooY1a1 alsawhera for InnnetorU t,urnnsf