The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1886-01-21
CONGRESSIONAL,
SENATE.

WASHINGTON, January 13.-Mr. Hawley presided
over the senate to-day in the absence of Mr. Sher-
man.
The chair laid before the senate letter from the
secretary of the interior in relation to certain in
formation called for by the senate regarding lands
in Kansas granted to railroad companies. The let
ter states that the information will be furnished as
soon as possible but that it will probably take two
months to fully eX2mine the books and complete
the information
Mr. ingalls, offered the following resolution
which, at his request was laid over for tue pres
ent:
Resolved That, in the opinion of the senate. the
compul 'ory coinage of silver dollars, directed by
the law of February %, 1879, should not be sus
pended until the aggregate reaches the sum OF
S500,000,000.
MI. VOORHEES, stated that the better to suit the
convenience of other senators, he would not call
up the resolution expressive of the sense of the
senate on the death of the late Vice President Hen
bricks, until Tuesday, the 26th.
The senate proceeded to the consideration of bills
on the calendar.
The bill to admit Dakota was tai en- up.
MIR. Harrison said il would he impossible TO con
slider that bill under the five minute rule, and, at
his suggestion, it went over. He stated that he
would call il up early next week as practicable.
The president pro tempOre laid before the senate
the memorial of cOOred northern Americans, ask
ing the establishment of national industrial
school in states and territories, as to give this
colored youths common school education, and
trade: also asked for an appropriation for the es-
Enlistment of Garfield colony in lower Cali
fornia
After some general proceedings, and at2 o'clock,
Mr. Coke called up :Beck's silver resolution, and
addressed the senate on it.
The question of the suspension OF silver coinage,
Mr.. Coke said was one of such transcendant inn
pOrtance. that the arguments of the president and
secretary of the treasury on the subject should be
considered on their intrinsic merits, aud we should
not be influenced by the fact that they were argu-
ments coming from high officers OF the govern
ment. A suspension. Mr. Coke regarded as tanta-
mount to the complete stoppage of our silver COIN
| Iao "a M 1anrapiafn1 hnt
had risen in value. He showed by statistics, that
taking ninety leading articles of merchandise, there
had been an average fall of 26 per cent since 1870
while there had been fall of only % per cent IN
silver bullion. 1t was, therefore, an abuse of
| terms to say silver had deprecated
Silver constituted one-half the quantity of all the
coin in the world, and stoppage OF coinage wOnld
deprive the world of onehalf of its coin supply,
and would double tire purchasing power OF the
other half. This would be an enormous contrac-
| ton. England's income from her foreign trade
was S5O0,0O00 600 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 power. When Ter
many had secured twelve hundred million dollars
IL gold from France she demonet zed silver for the
same reason that e. gland had done so. 1t was
done upon a cold calculation of selfinterest The
same reason actuated the creditor section of the
United States the section where big
banks and large bond holders
were The fight against silver was fight against
the people by the banks and bondhOlders. IL was
in the White House at any time since 1873 the sill
yer question would have been settled. He would
have executed the laws of the United states and
would have taken by the throat the conspiracy
against these laws. The officers of our govern
ment have failed to state the whole truth as to
silver circulation. They well knew there we're to-
day ten dollars of silver in circulation to one of
gold that threequarters of the silver in the treas
| 1ry was represented by silver-certif-
| Gates in active circulation among
the people, maintaining prices and
wages Every form of our money except national
bank notes had been boldly denounced by our
treasury officials. IL they had their way we should
be at the mercy of the national banks. Mr.. Coke
! made no war on the bondholders or on the bank
men. They were no worse and no better than the
average of men, but they should never be permit
ted to dictate our financial policy against the inter
ests of the people. The president and secretary of
| the treasury prOfessed to favor the use of both
gold and silver. but declared that the amount of
silver already coined was enough, and that If we
continued to coin it gold would leave the country.
This statement was mace in the face of the fact that
| in 1873 when the coinage of the silver dollar
WAS ordered there was in the United States only
S24 600 in gold, while to- day, according TO the
report of the director OF the mint, the gold, coin
and bullion in the United States, had increased TO
$500 100000 so that instead of silver coinage driv-
ing gold out of the country our supply OF il ad
| been trebled since silver coinage had commenced
This was fact that no theorizing could controyeTt
The silver standard had no terrors for Mr.. Coke.
Germany had been a silver country before il mad
| cot so much gold IRON France France was one Of
the most thrifty nations in the world, and had six
| hundred million. and some SAID nine hundred mil
lion dollars in silver coin circulating in harmony
with gold and side by side with it, Yet the French
silver coins were of fneness compared with gold of
only 1914 to /, while our silver dollar was of the
| fneness of 16 to l. Give US, SAID Mr. Coke, the
sane executive yigOr and fidelity exercised by the
officers of the French government In behalf of sll-
| yer and we will show that we'can carry very much
] more silver than we now have AT the ratio