The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-05-23
TIE FIFTY-FIRST CONGRESS.
SENAToR DANIEL or VIRGINIA PLEADS
ron FREE COINAGE
Tho Naval Appropriation Bill Progressed
In tho Senate-The EsuSe In Committes
,La NHhoie M he EI,rbOr

fro ne state OF Ohio for six years commenc
ing .4nrch 4. 1881, were presented by Mr.
Payne. road. and placed on lIie.
A conference {, mmlttoe was ordered on thu
District OF Columbia appropriation bill: ant
Nlcssrs. Iluml, Dawes. and Cockre were ap
pointed. Also un the tension Appropriation
bill Messrs. Allison, Dawes. and German be
tng appointed.
Mr., Hal" Nicp., Mo. said that he understood
that Mr.. Daniel desired to address tho Senate
on tho silver bill lie would not rs lie had given
notice yes erday, call NJ tho Naval Approptla.
tion bill now, but would do 81 at the close Of
Nj. Daniels remarks.
The Silver bill was then taken up and Mr.
Daniel DEM, Va addressed tho Senate in
favor Of silver currency. Tho financial system
OF the country. he sRid was in disarray. II
comprehendod taxation, currency, and debt
Separately and collectively they we're out OF
Joint. The currency was insufficient in volume
to maintain prices, ana was irresponsible to the
laws OF trade. 1t WAS congosted In the
TroUSury. \ hundred millions OF II was
hold 10 Ieleem another portion OF it
that was. ike itself. legal tender. while thirty
millions OF It was lent out TO bankers without
interest Taxation was eXcessve-a worse
than useless burden. bringing surplus into
the Treasury and stimulating extravaganza to
get il out The public debt had been put in
Government appeared on both sides Of the
sales counter in obviously Incompatible and
contradictory relations. On ono side of the
counter tho Government boosted up the price
OF bonds far beyond their rar value On the
other side II paid them before maturity at eX-
orhttant rates. Whenever before had the seller
r M tho price Of the thing he had to buy. or
luu:ht when he himself WAS boosting tho
price? In that respect mock auction sale
was the model OF tho so-caled financial system
of the country To call it "system" WAS
misnomer. Thore was no more system about
It than there was In game u jackstraws.
still, there was science in it-tho science OF
putting In n PAPER or n silver Jackstraw and
pulling out a gold one. The arbitrary tax law
OF tho country prevented tho American pro-
Queer from buying In cheap markets. 1t did
not prevent him from having to sell in n cheap
market his wheat. corn, cotton. meat, and other
staples
BE patient while you are getting poorer"
said the hiGh-tax monometHllists, and We
will build you home market
An right" said tho honest producers. hut,
il we 10 have home market let us make
some home money out Of the silver that God
has given u.s. SO that the people can lay the
oh. no" replied the mono metal lists, that
would put ps out Of gear with British, gold and
And So Mr.. Daniel said. the tax system
was built on non intercourse and was called
the American system, How was it that an
American system WIS demanded for taxes and
n british system Tor currency II the citizen
moro freely and to, get higher prices In foreign
markets why not let him make money freely. |
that would stimulate home market? SO long !
rs tho monOmetaltsts could keep from an |
swering that question: or could SO beiog II as |
to keep tho Ieople from answering II for hem;
would be played by tho monometal1sts with
gold jaGk.traws. GELD and silver money were
were durable they were divisibIe. they pos
sessed per e., and nhi11tous value: IhSSy
sdn snd d0od 'Sy hiaSS
Of T ianqr. Bsiors the ' Jury Of 0'T ali
silver had been heard, and with one voice the
nations had answered that to gold and silver
belonged the royal attribute OF money, by
universal suffrage they had been crowned and
silver were by divine right and natural seeo-
tIGn ne he knE ana 1Ge " Of mS, , lie crit,
hsI wys sTnWn aSaPs Ge
use OF silver, as money. and said that Europe
had been indoctrinated into the belief that the
But he predicted that when the people OF
Europe were advised by the. passage Of tho
sisted on the tIee coinage OF silver they would
themselves come to the double standard;
Of silver crushing down upon the United States
In the case OF free coinage OF silver. 1t was
obvious he said, that the silver money abroad
would not come 10 the United States mint: and
It was also obvious that there was no such an
nual production Of silver ~ the world ttl42.-
U0n000, OF which all but $j1OOO0OU were now
coined) as to cause any fear on that score.
There was only one other point OF apprehen-
sion-the apprehension that there was an ac-
cumulated stock OF silver that would rush TO
America as soon as the mint was open to free
coinage 6qf that was answered by the score
report:
There is no known accumulation OF silver bullion
Of her stocl In view OF tnose facts there womb seem
90 be no Sac =, IeSIon fGr limiting hs amonnt Of
and there are strong reasons against such limit atous
The gap between silver as a commodity and
silver rs money would close as soou as the
right Of money was conferre! on silver The
all silver Deing so admitted to value equal with
gold. it was most reasonable to conclude that,
s S to- nc mere p Mas OF
and thus an enlargement OF the worlds
Sonme of money tue Prices Of thOGe
decline would again have tendency TO rise
with its ascension. There was no reason to
make dollar would enhance IN price: but on
he contrary. the right OF tree coinage con
gold bullion it, exclusive righl to free coinrge,
md 1t would he paratoNical to assume that
mat would increase ts value, 1t was monop-
)ly in use that gavo value. and community in
Ise that took II away. lie believed that free
'oinaGe Of silver would bring gol! into the
ractcd money: riches attracted riches: every
hing assimiaed with IL kind the world over;
md money was the most social. aSsimiative. |
anu IrOcreaiive of AL material things. Amer
can silver had drawn gold 10 T. he nited States;
nd how better could the future be judged than
- the pastI IN lSis, when the United States |
iad no silver money there was $2UuOuO000 Of
gold IN the country: but even partially stored
'llYer had proved such magnet to capt. al that
he country had now between three and four
hundred millions o! silver and between six and
,evsn hundred millions OF gold Good prizes
md active business attracted gold and silver
mi mon all the word over. ltirce coinage q
silver were established in An erica It would
gladden. the heart Of humanity hy giving to tho |
aborer larger price for his product.
, MIR. Daniel read from the April circular OF |
Henry Clewsi banker Of New York. to the
make the rupee OF India dearer; and that the
aearer 1t was the less wheat India was likely
20 export. and there would therefore be a bet
ter demand for American wheat. There had
soil all over the United States. The bonds. The
MORTGAGES, the notes, the debts. the taxes the
obliRationS and contracts 10 pay OF every Kind |
remained az their liked figure. The demone-
tiEation OF silver was perhaps the greatest
cause Of that result. That was a
movement dictated By kings, ministers. court
lers. satellites, syeophants, and monopoists.