The Saline County journal. [volume] (Salina, Kan.) 1871-1893, 1890-05-29
col PHILLIPS on FINANCIAL QUEs-
TIONs.

member Of the banking and eur
reney or finance committee. The
utteranees were made In active
debate white the bills were pending,
and he was directed by the commit
tee TO present aud sustain the
measures. Much Of the language
has . prophetic Significance aud
seems 10 have fOTseen just the finan-
elal condition that has since occur
red.
Vol. 9. AppeHdix-Special Ses-
sion Senate and 18Th Cong, lst.
sess., 1871 Page 80, lat Col. par, !.
Statements have been made for
merly In this house from mIseOneep-
ton Of the facts, aud In the public
prints, that the silver had been de-
elining in value rapidly before 10
was demOnetized. Examination
proves this not 10 have been the fact.
As the house L. well aware, In 1871
Germany demoBstized silver. In
1873. by q provision adopted In an
appropriation bill, and which the
members Of the house and senate
have said repeatedly they did not
know they were enactlug, the silver
/ dollar was demnnetiZed In these
/ United States, or rather stricken
from coinage, for Il was q money
/ prescribed by the Constitution.
This Was done on the plea that sill
yer was declining, or rather its re-
mOnetiZation IL resisted on the
ground that the decline 10 silver no
longer makes 70 useful rs money.
/ Whist were the facts? Up to the
date OF the passage Of that act silver
for many years had ranged At about
sixty pence on the ounce In London,
not lower than fifty-nine. In Feb
ruary Of that year u Was q small
fraction under sixty, although quot
ell 81 iifty-nine aud n quarter for the
year ending Ia June. IL had not
been declining when tue act de-
mOneIizing the silver dollar took
effect, more than u had some times
declined previously. Since we de-
nIOnetiZed IL, aud the scandinavian
countries have demOnetized ID, Il
has fallen, aud has been al forty
eight pence, and even GOriy-siX
pence.
twill thus he seen that our de-
mOnetiZatiOn bad great effect in pro-
ducing this result, for its Use ~ coin
IL what gives silver its chief value.
We have thus stripped our silver,
one Of our most important prndue-
IiOns, Of much of its value. The
improvements in machinery ia our
western mines have actually doubled
the present silver production Of the
world. We hsve u la our power 10y
preserving its value 10 pay our debts
more easily, even 10 the balance Of
trade should turn sgainst us. We
have Il In our power through our
silver aud gold 10 dictate terms to
the money msgnaies of Europe, and
heroine what We may be, the ruler
la fihance. but 10y that wretched
act we threw away a facility 20 pay
our debts. weakened our political
roxrr. aud tried To- beIitile our own
production.
Page ri. III column, idem.'
MIR. PHILLIrS,-Mr. Speaker, I
have anticipated that those money
ell interests would wish To increase
the power Of their wealth. ! did not
expect from them any forbesrance.
I did not expect but they would i'm
crease 10y legislation or by any means
Ia their power their gains. But !
did expect. sir, that they would be
the accomplished gentlemen. the
men nf brain and thought we have
reason 10 expect the business men
OF our nation aud time TO he, aud
Who while they might lie selfish
would not bs stupid aud would not
wish TO kill the goose that laid the
golden egg; that they would have
some regard for protecting that
labor from which all their wealth
legitimaiely sprsng and from which
all its increase must spring.
Aud when those interests come
before us tOdsy, aud come demand
Ing forced resumption TO increase
the power Of money aud Its value, 1
warn them that they endanger the
very interests on which they feed;
aud I say To them that there IL no
| population in this measure,
although charges Of reputation are
made against men who would never
sacrifice the good faith of the United
states. We stand here today tO give
Shyluck his pound Of flesh, hut not
one drop Of Christian blood.
Mr.. speaker, | am admouished
that this house has been delayed too
long. ] rose nj the request OF some
| Of my colleagues upon tue con- mittee
to present this matter To the house.
I have shown YOU, think, siTs, that
the resumption hill was passed In q
manner which could scarcely COM
| mend measure Of such Importance
To the confidence of the people; I
have shown that those who favored
| the measure before us were willing
tO give a full chance for discussion.
Page I5-Appendix, lst column
The gentleman from Rhode
Island, MIR. Eamesl. my colleague
on the committee, vino think made
the abie-t presentation that could be
made nn the other side, said that |
had not stated what would be the
condition OF currency la case this
hill becomes law. ! thought ! had.
I stated distinctly that there had
been a forced contraction under tile
resumption act of upward OF sixty
tao millions in legal tenders and
/ national bank notes, aud AN actual
contraction Of one hundred aud
seven millions in all. I stated that
twenty-seven millions OF legal
tender notes had been destroyed;
that these notes we're still being de-
sIToyed, and would be unless We re-
peaird that resumption act that the
measure before u was the only
thing Thai could stop u aud retain
the volume OF currency the
country now needed and had, aud
that unless We passed this measure
tire secretary could reduce iiIty-fOur
millions more OF the existing legal
tender nOie-, destroying them, aud
would probably hold that lie could
call in aud destroy the remainder,
| using all the roiH he had boarded or