Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1888-04-05

stiSer ceTtincates at the market value or sill
yer. The certificates would circulate without
any change in the ratio, for he shouldn't de-
sire TO see the ratio changed. except by the
consensus of the leading nations of the world.
I The proposition of the Senator from Texas
would dissipate the gold now held for the re-
demption of the legal tender notes. Ii
would drive il abroad and into the banks 10
be boarded, then when some '.black Friday
came, some panic in stocks or other sudden
event, there would be gap between the
coin and the legal tender notes Gold and
silver bullion would be al a premium. 1t
seemed TO him TO be idle to discuss the ques-
ton which has been SO often debated
Therefore he was against all
these various propositions. As conserva-
tive man he desired to see just as much mon
ey in circulation as could be used. He would
rather have it too much than too little. but il
should be good money, good in every market
of the world, whether paper, gold or silver
am willing, he said, TO do all that can be
done to maintain silver, provided the Senate
stand by NE in maintaining the two metals at
par with each other until by the common
consent of the nations of the world there
may be ratio fixed approaching the present
one. We must not forgot that our excep-
tional prosperity, and our exceptional condi-
ton grow out of our public credit, public
faith and honor in currency and finances. and
our growing revenues under the protective
system which lies at the foundations of our
great prosperity.
Senator Allison said he shared entirely
with the Senator from Ohio in the opinion
that it would be better to pass the bill with
out an amendment, and would have preferred
to pass no bill at all but what seemed neces-
stry haeauaa tho President oxprascad snn.a
doubt of his power to buy bonds under the
existing law. He knew of no one else who
doubted that power. He had voted for the
amendment respecting silver, of the senator
from Kentucky, and he arose now to speak
about that amendme mt because of the re-
mark of the senator from Ohio, inadvertently
dropped,t to affect the amendment in its effect
add purpose and will alarm the business in
terests of the country. If he believed there
was any just cause for alarm in the amend
ment he should stand closely with the Sena-
tor from Ohio upon it. Although the amend
nent looked TO a different coinage from that
provided for by the act of 1873. there was
nothing in it that had tendency in the
slightest degree to alarm the people of the
country as respects the silver coinage. All-
son then showed that the diminution of the
national bank currency secured by bonds the
past eight months had been only ST, $50, ,295.
OF the Sl03 ,000, 900 in the treasury. charged
to the national bank circulation, S47 ,565 900
that was in circulation, surrendered for
lawful money under the reorganiza-
ton bank act of 1852. and the
withdrawal of which did not reduce the
outstanding circulation. There had been 10
absolute contraction of the currency during
the last eight months by reason of the coin
age of silver, and during the next eight
months there would be no contraction by
reason of the action here. During the last
eight months there was an increase in the
circulation by use of silver certificates of
81 900 600. Expansions and contractions
were going on all the time to the extent of
some $50 900 900 per month without causing
the slightest perturbations in business. This
amendment was the most harmless one that
could have been devised Regarding Sher-
mans statement that that the silver act was
mistake from the beginning, he thought that
under the circumstances surrounding us in
1873 that the legislation had
been fully justified and it would not
have been possible to have maintained resump-
ton without it. After further discussion of
the silver bill. and the value of silver cur
rency, Allison said he wanted all business
men who might be alarmed lest we coin a
million or two this year more
than ought to understand that
there will be no danger of an outflow of
gold, unless we SO adjust the revenue laws
as to change the balance of trade against us.
Every year since the act of 1873, we have
imported more gold than we exported. In
addition TO the entire product of our own
mines, amounting on an average to
S30, 100000 per annum there is adj
ded the coinage from this amend
ment which will not amount to the thou
saudth part of cent per annum, as respects
the great measures, the value of which now
adjust all our affairs.
Mr.. Mcpherson moved to add to the bill.
Provided that nothing in this act shall auth
orize the Secretary of the Treasury to coin
more than 81 200, 600 worth per month, the
limit fixed in the act of Feb. 2S, 1873
Mr.. Stewart moved to lay the amendment on
the table. Withou: action the Senate ad-
journed leaving the pending question, ire
spective of McPherson's proposition, on the
Spooner substitute, as added to by the Beck
amendment.