Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-06-07
CONGRESSIONAL.
IN THE SENATE

CoNGhESsIONAL.
IN THE SENATE
WASHINGTON, June 6th.-This morning Mitch
ell moved to reconsider the vote by which the
Senate passed yesterday the bill authorizing the
construction of a railroad bridge across the Co
lumbla rlver, near vancouver The motion wa.
entered.
The silver bill was taken up and Plumb ad
dressed the Senate. Plumb said he believed il
was all but the unanimous opinion of the people
that very considerable increase in the volume
of currency was necessary. The circulation to-
day was $40, 0e00o0 less than the fIamers Of the
financial legislation of 1915 anticipated Al
though the commercial business of the country
had doubled within that time, the total amount
OF money which the people of the United States
had tor the transaction of daily business could
not exceed 5000 100000. He believed it was less
than $500, ,o00,000, and upon that narrow iouuda-
tion has been built sn enormous structure OF
credit, propped up here and there by devices OF
various kinds, and it is kept swelling and grow
ing, while the base on which it rested did not
grow in proportion 10 the structure.
The senator from New York (Hiseock) yes
terday described the great wealth and prosper
ity of the country" continued Plumb but il
the picture is true why has the Senator and his
committee. the Finance Committee, been piling
up protective dutles?h
His tPlumb's) idea was that not only should
the vacancy of national bank circulation be
made up, but there ought to be added 10 that
at lesst as much as would result from the free
coinage OF silver. He was willing to abandon
his idea in favor of fiat money and to widen
the base of the credit structure by adding to it
all the silver that the United States Mints could
turn out. According to the best data there was
less than $4,000 0O0 worth OF silver mined ey-
cry year in the United States. OF that some
s3O,cOO,00O was coined, SS,000,0C0 used in arts,
and only S17,000000 could be used in free coin
age. 1t was to be remembered that the ma
tlonal bank circulation was being every day
retlred, the amount to be retired this year be-
ing SIS 000,ou0.
Plumb went on to speak of the silver bill in
connection with the question of protection. The
Senate, he said, had appealed yesterday by the
senator from New York (Hiscock) against the
Dill III the sacred name of protection. Silver
was an American production-a much larger
product than many others that were to be pro-
tected by duties of 200 or 400 per cent under the
coinage tariff bill He would like to ask the
senator from New York, who was so anxious
about foreign commerce, what he intended to
do with tariff bill which would prevent the
United states from having any foreign COM
merce. He hoped he might interpret the SEN
ators remarks on that point as hopeful sugury
OF the action of that Senator in putting his
knife into the bill now before the Finance Com
mittee-a bill which would raise the price of
nearly everything used by the masses
The silver bill was then laid aside, and the
Senate took up the bill to authorize Marcopa
county TO issue bonds in aid of railroad con-
struction. The bill passed-ayes Sc, NAYS is.
This is g House bill, and was passed without
amendment.
A message rom the President relating to the
cutter at Cedar Keys, Florida, was read and re-
terred to the Judiciary Committee.
Adjourned.
IN THE HOUSE.
WASHINGTON, June 6th.-In the House to-day
the silver debate was resumed
Lind of Minnesota was the first speaker He
said silver should be restored to its former posi-
ton. This was demanded by the great mass OF
the American people,
Lacey of Iowa said the country was met with
contraction of the currency. The pending bill
proposed to give the country an increase to off.
set contraction, and even more. 1t was practi-
mints was $50 ,00o, 000 The output of the mints
was S5l 100000, free coinage, every dollar OF
American silver would be about S5l 900 000 yet
this bill proposed to give S54, ,C00,000 year OF
legal tender treasury notes. 1t was free coin
age measure because it provided that when sill
yer was at par mints should be open to free
coinage. The country needed an expansion OF
vided for it.
Walker of Massachusetts spoke against free
coinage. He asserted that demonetization of
silver IVES not the cause of the decrease in
prices. Prices had been going down hundred
years More money meant more misery.
Perkins OF Kansas remarked, In that connec-
ton we all love misery
Walker added that hejwas going to vote for
the pending bill because the members of the
House from 1865 up to the present time, for the
purpose OF getting back there, had urged and
encouraged the people in their folly until they
thing had TO be done or they would break the
members up. Laughter.l 1t was pure politics
that was all there was about it.
Blount of Georgia contended that silver de-
monetization had cast bliehting curse over
everybody except the capitalist To increase
the volume OF circulation was not only the way
TO relieve agricultural interests but every other
interest in the country. He criticised the Treas
ury bill, declaring that it was intended to stop
the further coinage of the silver dollar 1t was
Wall street measure, he said. He also criti-
cised the caucus bill, and advocated The free
coinage measure.
Bland said he could only protest against the
right of a member OF the minority to offer the
amendment. The gag law was placed upon
the minority Tor the purpose of passing bill
through the House, the effect of which was to
Gemonetize silver. The bill was Wall-street
scheme and gold-bag scheme to change the
ratio between gold and silver. 1t recognized
silver bullion according to its gold value. Sill
yer was being murdered in the house of its
friends. He especially criticised the bullion
redemption clause, arguing that 1t would pre-
vent any appreciable expansion of the cur
reney. 1t would hold out temptation to the
Secretary of the Treasury to make a million
dollars out of a speculation in Wall street. Free
coinage of silver would not only appreciate sill
yer bullion, but depreciate god bullion and
bring the two metals to an equality. The Govern.
ment must either issue fat money or give un-
limited use to gold and silver.
Kerr of Iowa advocated the bill as long step
in the right direction. 1t would result in the
reconciliation of silver and IN the two metals
ultimately going hand in hand.
Townsend of Colorado said prosperity would
not return and the downward course of prices
would not be arrested until silver returned to
its proper place. The only complete and per-
feet remedy was TO reverse the action of 1878 nd
60 back 10 the free and unlimited coinage of
silver.
Dorsey OF Nebraska said that if Secretary
Window had purchased and coined the maxi
mum amount OF silver allowed under the ex-
isting laws, four millions per month, there
would have been no need OF this discussion,
and he won have strengthened the admins
of the substitute which provided for bullion
redemption Dorsey emphatlcal objected.
Would it not be better TO cover the one million
redemption fund into the Treasury and use ii
as part OF the circulating medium and in
case United StatEs notes were presented for re-
dempiion and there was no money 10 meet the
demand, allow the Secretary to sell bonds TO
meet the demands. Bullion redemption in the
future would be stricken out, and he appealed
TO his side of the House to allow vote on the
proposition.
McRae of Arkansas appealed to the gentle.
men on the other side who believed in free
coinage to restore silver to its proper place, not
step by step, but as it was destroyed-in one
jump,
The House at o'clock took a recess until s.
AT the evening session of the House the silver
debate was continued. Among the speakers
were Burns, Lane of Illinois, Shirley and Hol.
man.
Trying to Retaliate.
LONDON, June 6th.-In the Commons to-
night, Sexton moved to reduce the salary