Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1886-01-14
Coke Addressed tho Senate at Length
Yesterday on I,cck's Silver
Resolution,
Miller OF Texas becomes Chairman OF the
House Committee on Banking
and Currency.
KILN. Congress.
THE SENATE.

tary Of the interior In relation to certain
information called for by the senate re-
garding lands In Kansas granted To rail-
road companies The letter states that
the information will be furnished as soon
as possible, but that it will probably take
two months fully TO examine the books
and compile the information.
Mr. Ingalls, offered the following reso-
luton, which, at his request, was laid
over for the present; Resolved, that In
the opinion OF the senate the compulsory
coinage OF the silver dollar directed by
the law OF February 2s, 1878, should not
be suspended until the aggregate reach
the sum OF $500, 10000
Mr.. Voorhees, stated that the better to
suit the convenience of other senators he
would not call up the resolution express
slve of the sense OF the senate on the
death of the late Vice-Presldent Hen
bricks until Tuesday, the 26th inst.
The senate proceeded to the considera-
ton OF bills on the calendar. The bill to
admit Dakota was taken up.
Mr.. Harrison said 1t would be impossl-
BILE to consider that bill under the five
minute rule, and at this suggestion 1t
went over. lie stated that he would call
1t up as early next week as practicable
After some general proceedings and at
o'clock Mr., Coke called up Mr.. 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 Importance that the argu-
ments OF the president and secretary of
the treasury on the subject shonld be con
sdered on their intrinsic merits and
should not be influenced by the fact that
they were arguments coming from high
officers Of the government. A suspension
Mr.. Coke regarded as tantamount to the
complete stoppage OF our silver coinage.
Silver, he said, had not depreciated but
gold 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. IL was, therefore,
an abuse of terms to say that silver had
deprecated. Silver constituted one-half
OF the quantity of all the coin in the
world, and the stoppage of us coinage
would deprive the world of one-half
Of its coin supply and would double
the purchasing power OF the other half
This would be an enormous contraction.
England's income from her foreign trade
was $500 100000 annually. She was
creditor country and wanted her debtors
20 pay her in gold; that is she wanted
dear money, money that would have the
largest purchasing power. When Ger
many had secured 1920, 000, 0G0
in gold from France She demonetized
silver for the same reason
that England had done so.
II was done upon cold calculation of
self-interest. Tho same reason actuated
the creditor section OF the United States.
the section where the big banks and the
large bondhoders were. The fight against
silver was Il fight against the people by
the banks aud bondholderS 1t was
fight against labor. Had Andrew Jack.
son been in the White House ut any time
since 1878, the silver question would
have been settled. He would have exc.
cuted the laws of the United States and
would have taken by the throat the con-
splracy against these laws. The officers
OF our gOverDmen, have failed TO state
the whole truth as 10 our silver clrcula-
ton They well know there was to-day
$40 Of silver coin In circulation TO 81 of
gold, that three-quartors of the silver in
the treasury were represented by silver
the people, maintaining prices and wages.
Every form of our money except national
bank NOES had been boldly denounced
by our treasury officials. II they
had their way we should be at the mercy
of the national banks Mr.. Coke made no
war on bondholders on ON bank men.
They We're no worse and no better than
the average Of men, but they should.never
be permitted to dictate our financial poll.
cy against the interests of the people
The president and secretary of the treas.
ury protested 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 1t, gold would leave the country.
This statement was made in face OF the
fact that In 1878, when the coinage of the
silver dollar was ordered there was in
the United states only S244 900, 600 in
gold, while to-day, according TO the re-
port OF the director of the mint, the gold
(coin and bullion) in the United States
has Increased 10 $500, 600, 900, so
that instead of silver coinage having
driven gold out OF the country our supply
OF 1t had been trebled since silver coinage
had commenced, This was fact that no
thenri1ing could controvert The silver
standard had no terrors for Mr.. Coke.
Germany had been silver country before
II had got SO much gold from France.
France was one OF the most thrifty ma.
tions in the world and France had $780,
100000 aud some said $500, geo, 600 in sill
yer coin circulating in harmony with gold
and side by side with It, Yet the French
silver coins were of dnoness, compared
with gold,of only l54 to l,while our silver
dollar was of a tlneness of l6 toll Give
US, said Mr. Coke, the same executive
vigor and hdelity exercised by the officers
OF the French government in behalf of
silver and we will show that we can carry
very much more silver than we now have.
AZ the rate OF 81 900, 900 month IL would
take us tlt,een years TO get S575 ,000, 900,
which is less than the smallest amount
claimed by anybody so be the silver cir
culation OF France The coinage OF sill
veS Mr.. Coke said, should be as free as
was the coinage OF gold American silver
shanld lac placed ON an exact equality
with gold everywhere. But whether right
or wrong, Mr.. Coke said, we should Insist
that Our government officials should exc
cute the laws. Mr.. Coke reviewed the
history OF our bond legislation to show
that the bonds were payable In coin, aud
that the Joint resolution iniyo,lnpol IN