The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-06-04
THE FIFTY-FIRST CONGRESS.
ZEE sILVER AND TORTIEICA TTON BILLS
DISCJSSED ~ JHE SENATE.

WhsHISGTON. Juno 3.-The silver bill wa!
taken Nm by the Senate to-day. and Mr. PuRl
made a speech LARGELY devoted to a criticism
OF tho Tarlir bul. llo saw in 1t with sadness
an attempt TO satisfy the farmers and otheI
producers. and 70 induce thcm TO believe thai
they would find greater prosperity and lighter
burdens when tho Mckinley bill became q
law. Could tho FREQ coinage OF silver, he
asked or any other remedial legislation re.
move the causes OF the discomfort which pro.
vailed all over the country 70 long as such a
system Of taliff taxation absorbed the sub
stance OF the ueople? Nothing that could be
gained from greater volume Of currency
would enable the people to save any surplus
from their hard earnings. The able speeches
made in the Senate in favor OF free coinage had
left him but littlo TO say. The people
did not care 30 much for theories
as they did for facts. The enemies OF silver
used no weapons but theories. Their arRu-
ments were always based on theory. predic-
tons. and dogmatic assertions. For him
self he was strongly In favor OF making money
more plenty, 1t had been q long time slnoo
tho United States had had anything like re-
dundant circulation. The people had never
suffered. In any age or country. in commerce.
trade, or otherwise, from having too much
coined money in circulation or as the basis OF
circulation. There could be no depreciation In
the unit Of money value combined OF gold and
silver. so long as the unit was declared by
Congress- to have the value OF dollar. The
only way that the ingenuity Of q shylock could
devise to destroy silver and gold as a just
measure OF commerce and exchange. and as
standard for the fulhlment OF contracts was
to separate them. and to make either a COM
modify. That was tho plan that had been re-
sorted to and put into execution In 1878. CLAN
destinely by the enemies OF silver.
Mr. Pugh quoted from the English 1nancier
Mr. Goschen, a statement that the fall OF the
Roman empire was largely brought about by
the lack OF q sufficient circulation OF money.
and the absence Of an expansive currency:
and he said that tho United States was now
confronted with great financial phenomenon.
In tho near future. he said tho entire output
OF American gold and silver mines would be
insufficient to meet the demands Of increasing
population and wealth. and the United States
might soon be In the position OF the Roman
empire. when the debtor class would become
clamorous for relief laws, made necessary by
the insuffciency OF the precious metals to fur
nish enough currency. The necessity for
moro expansive currency was perfectly appar-
ent, and its existence could not be ignored by
Congress. That necessity could not be met by
any legislation that came short of making
available the entire supply Of American mines
to secure u circulation sufficiently expansive
10 meet the demands OF the people and 10 sat-
isfy their reasonable and Legitimate wants. lie
should. Thereto Join his vote to the votes OF
those who were in favor OF free, unlimited. and |
compulsory coinage Of gold and silver bullion. |
MIR. Farwell declared himself in full accord !
with the purposes. of the bill. but said that he |
WAS in favor OF going still further. he would |
use for money all tho silver offered and not
stipulated sum, as provided for In the bill. and |
he would coin it 1T its market value. But, in |
his opinion. tho hill would not accomplish lis
objects Two other things wsero necessary; The
national bank system should be preserved and
the sub treasury system abolished. When
these measures wore adop'ed. the reope could
Bank system should be perpetuated by substi-
tuting other bonds than Cnited States bonds
to secure circulation. This would 90 very iar;
further than any "tner measure that he could
CONCEIVE Of to increase the volume OF currency.
Tho people would then III lie ali the best bonds
lation as tho business OF the country demanded.
If tho irdelenlent treasury system could be
substantiaily w be u lsft in in ihoir hands That
which was left in tho Government vaults might
The people was concerned, be destroyed. His
object IN fayoring the abolition OF the sub
rle in the channels OF business as It was be-
fore the passage Of the independent Treasury
uries would, il deposited in the national banks.
ness purposes He did not favor the repeal OF
of benefitng the banks. His purpose was
wholly IL the interests OF tho people and to IN
.
yer bill was laid aside and the Fortiacations
An amendment to increase the appropra-
ton for rihod seacoast mortars from $2jO.nOO
the exposed condition OF the American sea-
ports was described by Nessrs. Dawes and
Mr. ad 9sE Hped
q remark that an ironctad OF even fourth
class power could 5eyy eGntrieutt,ns on the
Britain to levy war contribution OF even q |
nickel on New York That act would be followed
Great Britain, amounting t., billions. and bill
81 atesman, like the senator from Maine. should
express an apprehension. dread. atrembling.
nited States and levy contribution by her
war vessels. There was not money enough In
he Treas ", OF the hsd a. stq a to induce
MIR. Hale remarked that the Canadian Offset
would make no figure in the question. be.
Great Britain and the United States. which he
prayed would be- ayerted. EnGla1d would as;
why England might be driven by force Of or
;oa as cties would be- because she knew that
she would lose Canada. The United States
e her Go
hat the annexation view IN Canada was GER
ind that Canada would, in q peaceful way and
1t no distant day. come to the United states.
But. II hostlities should occur the inst thing
hat would happen would be the occupation:
and annexation OF Canada by
nited States troops and England's only or
et to that would be her opportunities on the
Mr.. Cockrell-What would become OF the Ca
iadian bonded debt held In England Would
We permit that debt to be held as an obligation
Q be paid There are mill ons and millions
Il Canada railroad and other bonds held In
england; and when We overrun Canada nrewe
o permit those obligations to be outstanding
md valid against the United Staes2 DO you I
suppose that We would not condemn them. :
hat We would not appropriate every dollar Of
property there. without assuming one cent OF I
obligation to any bodyp q
Mr.. Halo-By NO means. But am certain Of =
his. that II Canada comos to us by peaceful
Mr.. Cockrell-Ther0 Is no doubt Of that. r
MIR. HalO-lf she should come by war. tho
question OF her debt, owed not to the British
Government but to private individuals would 8
be question for negotiation: and 1t is by no r
means certain that !! the negotiation resulted g
IN the absorption OF Canada by the United r
states. there would not accompany that q pro- q
the debt. !
Mr.. CoGkrell-I can say that 1t is absolutely I