The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-01-13
THE FORTY-NINTH CONGRESS-
Mr.. Pugh Continues His Assault Upon
the Administrators Silver Policy,
And Mr.. Reagan Takes Up the Strain in the
HOuse-Members Who Are Loaded fora
Discussion of the Silver Question.
Conclusion of Senator Pugh's Speech Against
the Presidents Silver Policy.

Conclusion OF Senator Pugh's Speech Against
the Presidents Silver Policy.
WASHINGTON, Jan. IA bill to authorize
the Secretary of the Treasury to issue duplicate
certificate of deposit to the Peoples National
Bank of Lawrenceburg, Ind, was, on motion Of
Mr. Harrison, read a third time and passed.
MIR. Logan, from the committee on military
affairs, reported favoraby the bill providing for
the purchase of the old Produce Exchange build
ing and site in New York city for army purposes.
The bill appropriates $45O,OO0, or so much as
may be necessary for the purchase of the site
and the necessary alterations and remodeIing of
the building. The bill, on Mr.. Logans motion,
was read third time and passed.
The President pro tenn. asked permission of
the Senate to be absent after tomorrow. for the
remainder of the week. and that Senator Haw
ley be substituted presiding officer during
that time Unanimous consent was giveL
Mr. Beck submitted for reference to the com
mirtee on finance substitute for Mr.. Eustiss
recent resolution which, after preamble SINH
lar to the preamble of Mr.. Beck's former silver
resolution, provides as follows
Resolved, By the Senate and House of Representa-,
tves that the Secretary of the Treasury be and
he isherehy directed in all payments hereafter made
of interest the bonds and notes of the United
States and in the purchase or payment OF per cent
of the entire debt of the United States for the sinking
fund, required by law, to pay out gold and
silver coin nearly possible in the same proper
ton in which gold com and certificates and silver
coin and certificates received during the pre-
ceding fiscal year for duties on imported goods.
Mr.. Beck said the finance committee had had
Mr. Eustiss resolution up this morning but had
not finished its consideration In order that the
committee may have the subject fully before it,
he asked the reference of his substitute to that
cnYnrnittaQ and il was co rnfprrod
Mr.. Pugh resumed his remarks on the Beck
silver resolution. The London press he said.
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, Mr.. Pugh insisted.
had not been treated fairly either by our public
officers 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 it's own
Mr. Pugh would deem the controversy settled.
But he had no doubt that silver would come out
right in any case He expressed his willingness
to support any change in the existing law that
would withdraw any paper currency under $40
or even 800 AS to give the entire field for the
use of small bills or small change to silver and
silver certificates He advocated the passage of
the bin heretofore introduced by Mr.. George,
which Mr. Pugh said would give the national
banks better opportunity for becoming ac-
quainted with silver.
Mr. Vance followed. He said the present at
tempt of the moneyed men of the world to de-
preciate silver was one of the grandest conspira-
cies ever seen. It was tyrannical and cruel
blow directed at the common people Of all lands.
The banner of the attacking party should bear,
In plain letters, the words of Holy writ:
ITO him that hath shall be 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, Mr. Vance went on to show
that growing commerce and increasing popula-
ton required increased money facilities The
increase of our population, he said, was 3 per
cent. per annum and of our manufactures "a
per cent The mines of the world were yielding
only II per cent. increase of the present money
supply yet we were told we must obliterate "a
per cent. of the money supply, that being the ra-
tito 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 debrs. Every public creditor Mr..
Vance said. took our silver dollar gladly, except
only the class that distinctly and solemnly 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 Mr. Vance read
from late financial reports of the Havana mar
kets to show that American silver dollars were
at premium over the silver coins of England
and France. In the course of all his economic
set Cox he had never met case SO
weak as that made now by the enemies of silver
He had heard many cases argued in school. boy
clubs, and in cross roads debating societies he
had heard pleas madesfor the tail end of ginger
bread carts and read endless platitudes in the
Congressional Record but he had never met or
seen worse abuse of logic or feebler attempt
to outrage common sense than the arguments
used by our bankers. bondholders and gold men
generally in the discussion of this silver ques-
ha nd hap knpc told hat
they wanted the silver coinage stopped, not for
their own advantage-oh, no-but for the sake
of the poor working men, whom they preferred
TO their own chefest joy
MIR. Vance ridiculed this pretension, and said
the war on silver was in the interest not of
those who labor, but of those who speculate in
money In reply to the statement that the
people would not take the silver dollar, and that
when issued it had always come back to the
Treasury. Mr.. Vance commended that the law re-
qures our officers to pay it out and if it come
back. to pay 1t out again. II the officers of the
government had done their duty and complied
with the laws, there would have been no diff
9ulty with the silver dollar They had refused
20 pay it out. There never had been another
institution in our history of which our officers
had taken on themselves such absolute author
ity as to whether or not they would obey the
laws.
Mr.. Dolph offered the following resolutions.
which were agreed to:
Resolved That the Judiciary committee be directed
to consider and report whether or not statute lin
itng the time within which all persons in suits must
be brought by the United States against citizens is
desirable, and if in the Judgment of the committee
such statute should be passed by Congress- report
bin for the purpose
Resolved That the committee be directed to consid.
and report the Senate whether the United States
ought to hold itself liable to its citizens sustaining
jury OF loss account of the negligence or miscon-
duet of its officers and agents and if So in what
and to what extent.
resolution offered by Mr.. Henderson was
agreed to. calling on the Secretary of the Inter
ior to furnish the Senate with a copy of the re-
port made by Special Agent Phillips on the SUBJ
ject OF the Yellowstone National Park.
Mr. Brown remarked that, owing to severe
hoarseness, he would prefer to postpone to
Thursday next the delivery of his remarks on
the silver question. and Mr. Maxey stated that
he. too. would address the Senate on that day on
the Same subject.