Los Angeles daily herald., 1889-03-25
ytndonn,s FinanciaiRecord

LII Will luteT6Sb IGdubCS III N6W OTk dS
well as the West to know that Mr.. Win
dom, Mr.. Harrison's Secretary of the
Treasury, is a bimetallist, but not a
Bland dollar man. He voted under pro-
test in 1878 for the Bland dollar bill. In
the debate on that measure he said
81 am in favor of the reconciliation
Of silver, provided the dollar is equal to
the gold dollar. l am in favor of expan-
sion and initiation, but l want it to be an
expansion of gold dollars"
Mr.. Window said further:
81 would much prefer that the coinage
should cease at the end of two years if
this dollar does not prove to be equal to
the standard dollar of the commercial
world. Any vote that l ehall give to-day
upon this bill and amendments shall be
given with the hope at least that the
silver dollar to be coined will be equal to
the gold dollar. am in favor of the re-
monetization of silver, provided the silver
dollar is equal to the gold dollar.
"Several of the leading commercial
nations have already adopted the gold
dollar as the standard of value and others
are rapidly tending in that direction. If
we are to compete for the commerce of
the world, and to trade on equal terms
with these nations, we must adopt a
similar measure of values. Whether the
instrument by which values shall be
measured be gold or silver makes no differ
ence in my judgment, providing the stand
ards are alike. If, as assumed by the
Senator's question, that great instrument
of trade and commerce known as the
dollar, has no recognized value, and one
thing may be called dollar as properly
as another, whv waste 41216 grains :?
Why not call 20614 grains dollar and
have twice as many of them?
"Your deprecated silver dollar may be
made to pass as a dollar as far as our
local commerce is concerned, but it will
be the only dollar in use, and the mo-
ment you cross the water, and begin to
trade with the other nations of the world,
it will pass only at its real value. 1t will
not be dollar in the markets of Liver
pool when the Senator's constituents and
mine cross the ocean to sell their wheat
in the markets OF the world.
"The farmers OF Minnesota have some
twenty-five million bushels of wheat to
sell this year. Its value at the place of
sale will be measured by the gold price
in Liverpool, while it will be paid for in
the inferior coin of this country; it will
be sold for gold in Europe and paid for
in silver at home. If Congress shall
shall authorize dollar worth only
ninety-two or Dinety.fve cents, the
difference will have to be borne mainly
by the producer.
"The Senator from Wisconsin smiles
disapprovingly. l suppose he does not
believe the story, but l tell him that the
spectators, the middle men between
the market in Liverpool and the wheat
fields of Minnesota and Wisconsin
will see to it that this margin
between the gold dollar of England
and the silver dollar of America finds
its way into their own pockets. | am
therefore ready to say, by this amend
ment, that if 41215 grains of silver will
not mako dollar which shall be the
equivalent of the commercial dollar of
the world, will add enough silver to
make it So"
In concluding the debate he said:
eve are now brought face to face with
the question whether we shall have the
double or the single standard. favor the
former. l believe in the reconciliation
of silver, but most deeply regret that the
Senate is unwilling to make dollar of
APO grains, or at least give the country
some assurance that if 4121a grains will
not make dollar worth one hundred cent?,
it shall be made 80 by future legislation.
On this point, however, think we may
trust our successors or ourselves when
it shall be demonstrated that 4121a grains
is not enough to constitute full equivG.
lent to the gold dollar OF the commercial
world.
"Mr. President, I am thoroughly con-
vinced that this measure, as we are
about to pass it, will prove a disappoint-
meut to both friend and foe. 1t is not
freighted with tithe of the blessings
anticipated by its advocates, nor of the
evils prophesied by its enemies. 1t is,
in my judgment, neither the panacea for
all our financial troubles nor Pandora's
box from which should spring unnum-
hered and immeasurable ills. l fear 1t
will not give life and vigor to our pros
trate industries, nor employment and
food to the unemployed and hungry.
But am hopeful it will neither tarnish
our national honor nor further paralyze
our national commerce.
"In my judgment the most important