The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1890-07-10
SILVER AGAIN.
THE SENATE DISCUSSING
THE SILVER CONFERENCE
REPORT.
SPEECHES OF COKE AND VEST.
The New Conference Bill Drops Free
Coinage ge-Proceedings IN the House.
Marine Signal Bill.
FIFTY-FIRsT CON R Ess.


WASHINGTON, July s. The conference
report n the silver bill was taken up and
Senator Vest stated the reasons why he
should vote against the report. A large
majority of the senate had voted, he said,
for the free coinage of silver but the con-
ference report absolutely did away with the
idea of free coinage and continued and was
Intended to continue the system under
which silver had been persistently and con-
sistently degraded since 1878. He was anx-
ious to see an absolute parity between the
two metals as money metals. He would like
to see the time when sixteen ounces of
silver would purchase an ounce of gold,
and when an ounce of gold continued as
at present to purchase sixteen ounces of
silver. He read the closing clause of the
second section of the conference bill. 1t
was the established policy of the United
States to maintain the two metals on Il
parity with each other upon tile present
legal ratio, or such ratio as may be provided
by law, and asked why that declaration
had been inserted. Why that stump
speech had been injected into the stomach
OF the bill 1t had been done, he said, for
the purpose of saying to the treasury
department that until silver came to
parity with gold it should
pay out gold and the public business should
be conducted on gold basis. He for one
would never vote to maintain and continue
that practice. He had never been a silver
man for the purpose of booming silver or of
increasing its price. He was against that
and all other forms of subsidy. The con-
ference bill might give an increased market
for silver but the principal for, which the
senate voted, that the two metals should be
on parity, had been given away in that
bill absolutely and completely.
Senator Coke expressed his concurrence
in the conclusion reached by Senator Vest.
He could not support the conference bill
The senate conferees had not represented
the bill of the senate which had declared
for free and unlimited coinage of silver. On
the contrary, they had assented to the bill
which provided definitely for cessation of
further coinage of silver at ALL There was
no compulsion of the secretary of the treas
ury to coin silver after 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 full well
known and admitted in debate. He was
opposed to the buying of single ounce of
silver that was not to be coined. He was
opposed TO the United States going into the
warehouse business for silver or any other
product.
Ifsilver was not to be coined why should il
be purchased? If the object of the bill was
to advance the money power of silver why
should its coinage be stopped when coinage
alone conferred on it the power of money?
Two thirds of the people of the United
States who were in favor OF free, unlimited
coinage of silver and an admitted majority
in the senate were checked at every turn by
the executive and by the secretary of the
treasury He proposed to vote against the
conference bill because hepreferred the law
as it now stands.
Senator Sherman, defendant, explained
the conference report.
The queA pn had arisen in the conference
committee, ~ said, whether the two houses
could be brought to an agreement on two
bills passed by them respectively In the
first section Of the conference report the
language of the first section of the house
bill h8A been changed somewhat but the
amount OF the silver to be purchased had
been Increased Much to his regret, it had
been fixed at larger amount than the en-
tire American product of silver. 1t had been
made mandatory, notpermissive, on the sec.
retary of the treasury to buy four and half
million ounces of silver each month which
ut the rate of $1.29 an ounce or 10 to
would amount to ayearly issue Of about
$40, 600, 900 in treasury.
Senator Stewart-Does the senator from
Ohio believe that there Is any danger of the
secresary of the treasury failing TO buy
four and half million ounces of silver per
month If he can get it at less than par as
in the act?
Senator Sherman-Eot the slightest. The
senate can legislate on the idea that officers
Of the government will not execute the
law.
Senator Voorhees, said that in the prac- |
tice of his profession he always dreaded
packed jury. The trouble about the con-
ference bill was not whether the secretary
Of the treasury would obey the law, but
that every single section of the bill gave dis
cretion t" the secretary of the treasury who
was packed against silver. That was his
dread about the bill and one Of the strong
reas ms why he should not vote for 1t.
Senator Teller said that much as he dis