The Argus. (Rock Island, Ill.) 1885-1886, 1886-01-13
BECK'S FINANCIAL IDEA.
SILVER AND GOLD TO BE PAID OUT
PRoPORTiONATELY,
As They Are Received for Customs
Duties-Sherman on to Look Over His
Fences-The Presidential Succession.

WASHINGTON CITY, Jan 13.-In the sem
ate, Monday, in discussing the Beck silver
resolution, Pugh stated his belize that three
fourths of the southern people We're oppooed
to tie suspension of silver coinage Blair
urged the pas age Of his bill for the erection
of monuments 10 Lincoln and Grant at the
national capital
Tuesday the first business was presented
by Logan, who asked the immediate con
sideration Of bill appropriating si50.0o0
for the purchase of the New Yori. Produce
Exchange property, for the use of the
quarteITnaster generals department The
bill was passed.
Sherman asked permission OF the senate TO
be absent after Wednesday for the remain
der Of the week, and designated Hawley 10
occupy the chair during his absence, No
objection was made, and Sherman will leave
for Columbus, to look after his reelection as
senator.
Beck revived the Eustis silver resolution
by stating that that resolution hsd been
considered by the finance committee, but
that no decision had been reached and he
desired to Introduce a substitute and have 1t
also referred to the finance committee,
The substitute provides that the secretary Of
the treasury shall be directed in the pay
| ment OF the principle and interest of the
public debt, to pay out gold and silver coin
| III the proportion, as near as may be, that
gold and silver were received for customs
| duties during the previous fiscal year The
| resolution was referred as desired.
Senator rugh at l O'Clock resumed his
| silver speech, interrupted by the executive
| session Of Monday.
During his remarks Pugh said the Lon
don press had Joined the money kings of our
eastern states in demanding OF congress the
suspension of silver coinage They want to
sweep away every kind of money but gold.
| Then indeed we should have no god but
| gold, and no kings but the national banks.
| Silver, Pugh insisted had not been treated
fairly either by our public officers or banks,
| but has held up well in spite of them.
| Whenever silver gets the same treatment as
| gold, under the natural laws Of supply and
demand if then it should not hold its own,
| Pugh would deem the controversy settled
| but he had no doubt that silver would come
ont right in any case He expressed his
willingness to support any change in the ex-
| isting law that would withdraw any paper
| currency under so or even $50, so as TO
| give the entire field for the use OF small
bills or small change to silver and silver
| certificates
| Vance followed He said the present at
| tempt Of the nioneyed men of the world to
depreciato silver was one Of the grandest
| conspiracies ever seen 1t was tyrannical
and cruel blow directed at the common peo-
| pie of all lands, The banner of the attack
ing party should bear in plain letters the
words of holy writ: To him that hath
shall lie given, and from him that hath not
shall be taken away even the little that he
hath. After considering the question OF
the whole amount of money in use in the
world, Vance went on to show that
growing commerce and increasing popula-
ton required increased money facilities.
The increase of our population, he said was
8 per cent par annum, and our manufac,
lures q = per cent The mines of the world
were yielding only rs per cent increase of
the present money supply, yet we were told
that we must obliterate "a per cent of
the money supply, that being the
ratio of silver in the worlds stock of coin
The success of the efforts against silver
would result in the greatest industrial
| calamities. Every species of property
would shrink, the only exceptions
to that result being gold and
| debts, which would be increased
to the extent to which property would have
shrunk. Every public creditor, Vance said,
took our silver dollar gladly except only the
class that distinctly and soemnly agreed in
writing to take it But we were told that
| silver had gone down This was not so
much true as that gold had gone up. Vance
read from the late financial reports of the
| Havana markets to show that American
silver dollars were premium over the silver
coins of England and France In the course
of all his economic readings, he said, from
Noes to Sunset Cox" Ciaughterl, he had
never met case SO weak as that made now
| by the enemies of silver
| At 240 p m. the senate went into execu-
| tive session.
Monday afternoon in the house Weaver
introduced a bill to pay veteran soldiers and
sailors the difference between gold coin and
tho deprecated paper they took from the
paymRsters The call of states brought for
ward 6.G new measures making the total
nearly 400 Tuesday the speaker an
nounced the appointment of bIessrs Single
ton of Mississippi, Wilson of West Virginia,
and Phelps 'of New Jersey, as members OF
| the board Of regents of the Smithsonian
institute. Reports were submitted from a
number of committees, the most important
OF which we're as follows; From claims
committee, directing that committee to
inquire into the expediency of passing
! general bills for the ascertainment of the
lacts on all private measures by some
Judicial tribunal before action by congress;
calendar. From the committee on election OF
president and viee-president, without amend
ment, the Hoar presidential succession bill
calendar. Cooper of Ohio gave notice
that he would file majority report
The house adjourned at 2:15.