, 1890-07-10
TUESDAY,.
Anoshsr Long Debate on tho silver
Question.


Mr. Vest stated the reasons why hs
shonld vote against the report The
large majority OF the senate had voted,
no said, for the free coinage of silver;
put the conference report absolutely did
away with all idea of free coinage, and
II was Intended to continue tho system
under which silver had been persistently
degraded since 1sf3. lie was anxious TO
see absolute parity between the two
metals as money metals. He would
ike to SEQ tho time when sixteen ounces
oil silver would purchase an ounce OF
gold, and when an ounce of gold would
continue, Ms at present to purchase six
teen ounces of silver. He read the
closing clause OF q section of the
conference bill, sit being the estab-
iished policy OF the United States
TO maintain the two metals on n parity
with each other upon tho present legal
ratio, or such ratio as may be provided
by law" and asked why that declara,ion
had been inserted, and why that stump
speech had been injected into tho siom.
ach OF the bill. Ii had been put In, lie
said, for tho purpose of saying to the
treasury department that until silver
cl mo TO parity with gold II should pay
out gold, and the public business should
be conducted on a gold basis. lie, for
one, would nevor vote to maintain and
continue that practice. He never had
been a Silver man" for the purpose OF
booming silver. or increasing its price /;
ho was against that and nll other forms
of subsidy. The conferences report
might give an increased mar
Vrr al l...t II. 4.
for which tho senate voted, that tho two
metals should DO on parity, had been
given away in that bill, absolutely and
completely.
Mr. Coke expressed concurrence In
the conclusion reached by Mr.. Vest.
lie could not support the conference bill.
The senate conferees had not represented
tho bill Of the senate, which had de-
clared for the free and unlimited coin
ago Of silver. On the contrary, they
had assented to a bill which provided
definitely for tho cessation OF further
coinage OF silver at all. There was not
any compulsion on tho secretary of the
treasury to coin silver after tho 1st OF
July, 1891. Silver coinage was then left
to the discretion of the secretary, and
such discretion was equal to
stopping the coinage OF silver.
That was q fact well-known
and admitted in debate. He was OPP
posed to buying q single ounce of silver
to be coined. lie was opposed to the
United States going into the warehouse
business for silver or any other product.
fthe silver was not to be coined, why
should II be purchased7 Ifthe object OF
the bill was to advance the money
power Of silver, why should its coinage
be stopped, when coinage alone conferred
upon 1t the power OF money? Two
thirds OF tho people of the United States
who were In favor of the unlimited
coinage OF silver and the admitted ma
jority In the senate were checked at
every turn by the executive and the sec.
retary OF the treasury. He proposed to
vote against the conference bill, because
he preferred the law as il now stood.
Mr.. Sherman defended and explained
the conference report. The question
had arisen In tho conference committee,
lie said, whether the two houses could
bc brought to an agreement on the two
bills passed by them respectively. In
the first section OF the conferc1 ce bill
the language of tho first section OF the
house bill had been retained somewhat,
but .hc amount Of silver to be pur-
chased had been increased, much to his
regret. II had been fixed at a larger
amount than the entire American
product of slvor. Il had been made
mandatory, not permissive, on the sec
retary OF the treasury to buy four
and half million ounces OF silver each
month, which, at the rate OF $l.29 an
ounce. or sixteen to one, would amount
yearly 10 tho issue of about $1,000 900
in treasury notes. Thc legal tender
clauses In the house bill and in the SEN
ate bill had bccn somewhat different,
and somewhat alike also. and tho ques-
tion had come up in conference whether
IL would be right to deprive tho citizens
of the United States Of the right to con-
tract for payments in gold, or anything
else. IL had, therefore been agreed
unanimously that the treasury notes to
be issued for silver. like tho silver dol
lar ON which II was based, should be
legal tender for all debts. public and pri.
vate, unless whore otherwise stipulated
In contract. That same clause was to
be found In the Bland bill.
Mr.. Stcwart-Docs the senator from
Ohio think there Is any danger OF the
secretary OF the treasury's failing 20 buy
4. 500. 600 ounces OF silver per month. IL
he can get It at less than par, as provided
In the actf
Mr.. Shcrman--Not the slightest. The
senate can not legisla,e ON the idea that
n officer OF the government is not exc
cutting the law. Tho suggestion has
been made about the president and sec
retary of the treasury haunting the cap
itol on account of the bill. ! have not
seen either OF them, and do not think
!, single member OF the conference has
seen either OF them during the confer
cuce. The president OF tho United
states will do what he thinks 1t his duty
10 do. under his obligations. As 10 his
see.,ng to influence me, or my seeking
10 Influence him, that is rather beyond
The bounds Of reason
Mr.. Teller said that. much as he dis
liked the adoption OF a halfway meas
ure, he was t9n,p'nIu ~. 70 on1 11uppoas ,ne
which could bring reiief % tho people Ior
fho next few months. Congress would
,''aasotr,ble December next, and III the
Mn dId not work II could be reformed
next session. lie was restrained by the
courtesy que 70 sa,lxnsi anGtnes body sSy,
csn-essing his opinion with
rcgard to its causes. The body winch
ma heen considered the representative
,.,ay Of the American people had abso.
iutciv Haunted In the face of this Amer
,,.a,, peopie the demand mnde upon IL
i,v waIl street, disregarding public sen
,yrcnt There had been no lobby in
s,sher house, but there never had been
s,,cl, prcssure brought upon congress MS
MAS brou ght upon it st this session TO