The times. [volume] (Richmond, Va.) 1890-1903, 1890-08-31

demntion in a scholariy speech. and favored
a freer use OF silver. while from the East,
senators Cameron, Of Pennsylvania; Blo.-
Get, OF New Jersey; German, OF Maryland
and Blair, OF New Hampshire, voted Tor iree
coinage.
SENATE BILL,
When the senate bill providing for free
coinage went to the House, strong eno',
was made by the friends OF frcc coihagc W
secure a direct vote omit; but unicrt"na'ei!
party considerations were inVokcu anu le-
strlctiye rules rcsorted 10 10 proven. uiSou.
sion or vote fairly expressive OF tne views
of members. For. undoubtedly, the real
sentiments OF a majority of members' ~
well as Of vast majority OF the people
they represent, are in favor OF the restora-
ton of silver 10 unlimited coinage. sven
uncon,promising advocates OF irec coinage
as BLAND and others on that SIDE OF the
House can. Of course, always tie couhteu y"
10 vote for such "A measure. few repre-.
sentatives on the other side, as Bartine, OF
Nevada, whose labors have been incessah'
in committee and out for free coihage,
Townsend, Carter, Morrow, Cllnic, anu i'c
Haven courageously voted their sent'' .,,
while Others. although expressing tnem-
selves as i'm favor Of free coinage, cast their
votes against the adoption OF the senate
Free Coinage bill.
II had become evident, however, before
This action in the House that Free com
age bill would not receive the appro'ai %
the President, and therefore could not oe-
come "A law.
A compromise bill became then the only
thing practicable. \ conference committee
was appointed and the only thing leit LOT
the silver men then was to secure lhe ovsl
bill possible under the circumstances tne
4. oh
the signature of the President july IAN.
OF This act the committee can only say,
that while il is rot free coinage. ana wmle
il cannot be accepted as in any sense u
final settlement Of the silver question; anu
while. like all compromises, 1t Is not Wnoli!
satisfactory 20 either party, nevertheless,
when fairly considered, that II is DECIDED
sten forward can hardly be questioned.
That. honestly administered, 1t VIII Drlng
ms much nearer free coinage Is reasonably
certain. Ii will increase the purchase VI
silver for monetary use by over %oVV,ooV
ounces a month. At the present price vi
silver il will add about S3O,OOO,OOo more ~
our money volume than the coinage oil
-. 900 600 a month under the present law.
IL will absorb, for monetary use, the entlfe
production of our own mines, leaving tne
production of the rest Of the world 10 supply
ali other demands, including the demand
for the arts.
PRICE ADVANCED.
The price of silver since the II. LOUIS
convention has advanced from W cents 10
81 ~ an Ounce-almOst half way to parity
with cold. And with the advance Of silver
bullion. as silver men confidently predicted;
agricultural products. especially wheat ana
cotton. have materially advanced AS II
takes more cold TO get the silver 10 com
into rupees with which to buy wheat I'D
India for the English market, less wheat
NIL be bought in India and more, and at
higher price, will be bought In the | nlteu
States.
I'm this way the larger use OF silver as
money IN this country may, by raising the
price of silver and with 1t the price oI
wheat and cotton, without diminishing thelr
e,nort increase the total value of our en-
ports. and i'm this manner help to create
greater balance of trade in our favor. mus,
while the producers Of silver may be bene-
fitted by this act (and why should they NOT
be y the whole country gains millions by IL.
some features of the conference Dill nave
been criticised and, perhaps. rlgntly cIlll-
cised The first section of the Dill requires
the purchase Of 100000 ounces, "or so
much thereof as may he offered In each
month at the market price thereof, not eX-
ceeding one dollar for 31ll4 grains Of pure
silver" that is, $l.29 per ounce.
The plain meaning of the phrase, "Or so
much as may be offered" Is That the Secre-
tary shall purchase at the market price
1 800 600 olinces each month, or so much
thereof as may be offered at not exceeding
100 an ounce: and no Secretary, alter
what was said on this point IN The senate
nv the advocates Of the bill, will presume 10
nut any other construction upon II or iall 10
purchase the full 100000 ounces month";
The committee therefore cOngratulates
the Il. Louis convention ana the country on
the gain that has been made since the con-
yentiOn met in November last.
But. while an undOubted gain has been
maid, the present law can no more DE ac-
cepted as a final settlement OF the silver
question. or of the money question, than
the act Of 1873 was final settlement OF
it. II is but step IN the dlrectlohol lree
cOinage-a long step let US hope-pu'
only that.
Metallic money must be relegated tonatu-
raj regulation through production from the
mines. or metallic money itself must efentu-
1lly be given up. Metallic money. the sup.
ulv and use of which as money is controlled
by legislation. is deprived of its highest
qnalitv as money, which is natural regula-
ton. thereby securing comparative stability
Of value through long periods OF time.
Hence. not until silver is restored 10 lts
constitutional place as money metal side
By side with gold in every mintage rlgnt ana
lcgal-tender function, will the silver ques-
ton be settled; and not Till then VIII aSta-
ton on this question cease.
The restoration of silver is not alone nor
chiefly the interest of those who mine II, II
is Of paramount interest TO all the people OIL
the country. Nor is anything more impor-
tant TO the world than regular and certain
money supply In no other way can an APP
proximation TO an equitable standard
through metallic money be secured.
AGITATION ADVISED.
The committee therefore advises silver
men everywhere to continue the agitation
of this most important Of all questions, ana
To continue To press their demands upon
Congress until free coinage Is restored.
And above all we urge the people every
where 10 question all candidates for Con-
eress and know when they vote Tor them
that they are voting for men who VIII vote
in the Fifty-secOnd Congress Tor the equal
use of both metals as money, 10 lne emu
that the country shall no longer be subjected
to the consequences of constantly SHRINK
ing volume of money and the constant APP
probation Of gold, attended by never
ending fall Of prices.
The discussion of the silver question on
this side of the ocean, and the new sill eT
! law. has led TO renewed discussion on The
other side. which has given rise to the
opinion that the present is "A favorable lline
| 10 renew negotiations with the states oil the
Latin Union and other governments, with
the view of establishing free coinage ioI
both metals on common ratio Tor all
countries.
This ratio, for manifest reasons, should
be 49, 10 instead Of Is to !. The confer
ence of American nations, held las. winter
at Washington. proposed a further confer
ence for the purpose of adopting a common
silver coin for the several American states
and new conference, with this view, is eN'
pccted to meet in Washington January
| next.
If you feel weak
| L L.