New-York tribune., 1890-06-06
PRICE THREE CENTS.
A SILVER DAY IN CONGRESS.
BOTH BRANCHES DISCUSSING THEIR RELA
TIVE MEASURES.
IMPORTANT AND TIMELY SPEECHES IN BEHALF
OF THE JONES BILL BY ME>sES. HlSCOCk
AND SHERMAN IN THE sENATE-THE
MODIFIED REPUBLICAN CAUCUS
BILL CONSIDERED IN THE HOUSE
THE TkIBCNE.I
IN BEHALF
,sr TELEGRAPH TO TIE rkIBuNE.I

10Y TELEGRAPH TkIBUNE.I
Washington June 5.-This has been a silver day in
both branches OF Congress, the senac continuing
at the debate which has been running along
dcsuli0rily for the last three four weeks and the
House entering rather Unexpectedly upon the con-
sdera,ion OF the recently modified Republican
bill The differences between this bill and that Of
the senate Finance Committee. the Jones bill.
not pronounced enough to preclude an easy and
satisfactory compromise. either before any bill Is
passed or in conference committee; and. though no
definite agreement has yet been reached between
ihe Republicans Of the senate ana those Of the
House there is encouraging prospect OF
united action the silver question than there
has been AT any prcvious time since the present
debate began. The Republican senator's VIII probably
get together in few days the main provisions
of the Jones b with the add iOna flturc Of giving
legal tender quality to the certificates and in that
the silver question be settled within tho
next ten days. The House bill is expected TO pass
next >aurdar II i, unlikely that the debate in
the senate will drag along Tor more than another
week
The chief interest in the discussion this afternoon
al the north end of the capitol centred about two
important and timely speeches behalf of the Jones
bill BY senators HiscOck and sherman Both were
sharply hostile To free coinage the evils Of which, 1t
was shown would fall chiefly the agricultural and
aborlng classes, and not upon the capitalists a the
Both senators favored the Finance Committees meas
ure a.. on the whole a useful and advantageous
piece of leglsation giving the added volume Of eur
rcncy demanded BY the growth Of the country, ana,
with the addition Of the legaltonder clause offering
safe and convenient substitute for the National bank
circulation gradually being retired and cancelled
Tie two speeches were listened to with marked at
tcution by both Republican and Democratic senators,
the other member, Of the Finance Committee suspend
ng their labors the tariff bill 10 De present In the
senate Chamber
NJ. sherman took time t. explode in his usual
thorough manner, the charge made often that the
old standard silver dollar demonctzed in the
biI of 1913 by "trc~; and d, and senator stewart
who ha, made q good deal OF stir about the trick
theory in the last few weeks. got INTO an animated
cOil1IUy the legislation Of 1o'3; before the
ohio senator finished. Mr.. sherman ana Mr.. Aldrch.
however finally disposed the charge OF trickery TO
the at faction of everybody.
VI ll,cOch's speech which came first. was a
strong and elective pre,cntation Of the evils which
wouid follow in the train Of cheap money and
counter argument IN favor of TIE legitimate aud proper
Use OF silver under present conditions-such as the
Jonc, bill loohs 20. lie said, in part;
MR. HIsCVCK's VIEWS oN FREE COINAGE"
\ ,.,at many ol or fellow ouzens. believe
maio.. o.. are opposed 20 opening olr mntS 10 INC
ic, cona.c Of the silver of the world INTO legal
tender money. III ny Judgment the National Con.
yeuton, oi both parties by decisive majority "0uio
rcpui.a;e such prOpOSlt Oh. The last Dehiocr
Convention isno:od the question altogether. Inc
Reput lcan National Convention certainly was 1e-
cldccy opposed = il. and II directly voted anon mere,
I thnh an Ovcrv lIe.mng majority "fr.I. taV" u.eh
iecoldei in oppo,i ion. The p,ople opposed . fee
Of onT national wealth and while they are investors
In bank stocks. and railroad stocks, and bond. AUG
largely the p1pretorS Of our mineral deposits ana
manufacturing Industries. in All tlat part Of me
country with which am conversant they incide elo
of the agricultural population: Intelligent mechanics
and wagce arnerS"-l did not invent the phTaseEare
assert that to the opponents Of the free coinage oi
silver the country is indebted for the capital ana enter
prs lint have developed our asrrntra mineral Snd
manufacturing resources and those VINO nave Atenaed
ard perfected system Of transportation for twenty
rat Of 5000 miles per year creating states ana oul1
ing villages and cit.e, If they possess me wealth
energy and abhty TO successfully use II in supplying
homes and employment for millions OF ther ieii2w g
c"untry Nevertheless in the discussion OF this
question they have been arraigned as "oppressors;
aSae rooeri Ws srSe s@ W term spPosed to suggest
conscencccs greed for and criminal methods 70 obtain
money aud has been applied 10 the ves.Hs ana
NAV as we'll say later on. In response 70 what
have heard in rcp' to the per sapS r amount m 1rars
uhc amount In France and other countries mas Deen
pan~actcn Of Business to regulate me rate Of interest
And value ot properly ANA 10 iaclhtate llS eAchtfc'
bnt thai amount mn,t dPe1 pn upon u'y far nnbiic
tcrcnce Of people the banHns las',si s .rPso .,h
and individual confidence in credits. and me dstrDu
tiOD If throughout A
dtons | have stated favorable. a thoy are IN this
conntrv comparatively small amount Is boarded com
pared with our internal trade ana 'oninerce' ., ~.
mitance or transportation. Checks. drafts. bills u
ladins ana p9Sar tS notes Of cn gold or
silver. fuvesteaton> by the Conirollr or the Cur
rcncy demonstrate tt not %, tha y" tnrn, ~ P PISe
agencies ~ banks are represented by checks ana
a oy SIT,g ANA fat cxchG s or paid /, not more tam
) or per cent in the volume Of their transictons:
Of currency but illustrate that the volume of cur
rcncy required in France where nearly II NOT an me
han here does not indicate the amount onr people
require.
POSITION or THE "OPPRESSORS or THE POOR"
| viii now attempt to state the position Of those
people 50 often criticised in the senate oppressors
n,ir.r, and robbers of the poor No doubt there
was "A profound sentiment among them In favor OF
retaining our National Eank Currency but some time
since the hope abandoned and in To place they
accepted solution of the currency question ana how
favor n, | believe paper currency based dollar for
dollar upOn the coinage value of god ana the Dulloh
NaIe OF silver II i recognized tlat Oh , te S wa
metal, gold is the valuable AZ cpEninodl'! anu
for The purpose of dispo,ing Of this question " Is
absolutely nconseqUcntial how II became 80. INC
fact exist, and must BE- accepted and N our conas9
purchasing power must be maintained the silver WIN
Inc gold dollar the latter will be retired from USE
and silver dollars will oe used side by side here the
/ per cent, more purchasing or paving power than than
the other in the market of the World Il has been
charged that capital l. IN favor OF contraction. !
DENY IT, II = Invested in bGsn or In stocks, real
estate and securities dependent upon industrial
proncrty The owner, are opposed &c contraction and
oppos tho free conses of lvcr. believing TINT the
siver dollar OF 4l2 IL grains would he less In its
nnrchqs,us value than the gold dollar. consequently
he gold currency would be Withdrawn irnm circulation:
WI" cvors or will advocate the elimination Of gold
from onr currency Since the organization Of the
I nitcd states Mint in 1892. 10 and including 1850. We
ba coincd Of qod II jIl 532 ,33 and S554.543.-
S3s 20 Of silver. From 1875 to and Including lssD
our gold mines have yielded S4lo,o15,Ooo and the
,u9crciaI value OF our silver production during the
same period ha, been Si73.o30Oo0. In fifteen years
we have imported in exchange for property exported
or cnr securities and investment here more than
600 900 In excess of expectations, OF gold Wy
tben would IL be preferable that our domestic pro
auctions of gold should be sent abroad or that tho
steady inflow should cease It IS a fact that must
moi he ignored In this discussO that trading nations
neople OF a higher and more general intelligence and
,urthest advanced In civzibOa-prefer gold for their
cnrrcncv and il there be any disposition on their part
to halt in this policy have not discovered IT, II is