New-York tribune., 1890-05-23
WR DANIEL on SILVER.
ARGUMENT OF THE VIRGINIA SENATOR IN
FAVOR OF MONETARY REFORM
AMPLIFYING THE THEORIES or THE RADICAL
FRIENDS cF SILVER CORRECTED
b MIR. SHERMAN
!nr 1rLEcIAraI 10 THE 1KInrSE.I


,Br 1fLEGEArlI 10 TIE TKInrSE.l
washington, MAY Ex-senator Daniel OF VIZ
Sina. cnnvened the silver debate today with
highly rhetorical edlorcsccnt argument in favor
oi monetary rcforu" a. Interpreted By the Southern
pem"rIacy-or III other words the unhindcrcd ana
unrestricted coinage Of silver The Virginia orators
speech was something o. iir> effort" in the field OF
finance and was pudcnily restricted 10 plcaSngN
euphoniouS anplincaon of the principles and theories
already pat forward in condensed and t"chn
ca! form ~ the leaders in the senate in the free
coinage propaganda. Nr. Daniel dwcl,. for instance
at length on NJ. Joncss suggestion that the deptS
contracted in times OF cheap money" had been in
, ordnatey swollen by the rise in the vaiuc Of GOA
caused hy the ad pon OF the single gold 'ardad lie
also amplGed the idea that gl' far leS~ adapted
to poprlar use As money than silver and could never
bc made 10 serve al the neccs,ary pu noses of cir
culsting medium. Finally he a-sericG. a. others o1
the more radical friend, of silver" have done. ihat
the whole financial policy tlc country was ou' OF
joint. and that the only remedy for existing evils
was the expansion Of tho volume Of money to what
ever cItI7vacint extent il mi-ht be swcllcd by thc
opening Of the mint, To silver.
Mr. Daniel. il must be said only expressed IN"
prcponGerant sentiment The Democratic side OF the
senate when he advocated the free and unlimited com
aye Il silver. Probably not more than two or three
oi the minority senators are in favor oi any re
sirictOns on the Of silver as money. This f'ct
seems 10 nave 'S'dptu ll' U'll'' VI '''''' -
captions critics Of the Democratic press who are now
active in dcnouncng the motives and bclittng the
intelligence Of the few Republicans in the senate WHO
are open supporters Of the ircccoinaSc scheme.
The discussion FOR the we, on The silver bill prac
tically ended this evening
The financial system of the country. NJ. Dahl'l
said in opening hi, speech in dl-auay. II
comprchcnded taxation. currency and dchl' N'P
a,atclv and collectively they vcrc ont Of Joint.
Tho currency vas insufficient in volume to malntain
prices and was irrc~pnn-iyc TO the laws of tr"d'.
II wa conce,ted in the Treasury. \ hundred milI
ions - il was held redeem another portion ol IT,
that was like Itself, legal lender, while F:oopo'"'
OF # wa, lent out bankers without int rc-i. l"N
alton wa excessive The public debt had been put
in such anomalous relations 10 tie Law thai 10"
Government appeared on both sidr- 81 the -1l~
counter. in obviously ucompan'l' and contradictory
relation, one side O. the counter the Government
hoo,,ed ND tAc price. 81 the bond, far beyond thrir
par value. ON the o'her side II paid 'trm ''l'I'
maturity. at cNor!itaut price. Tn" t"N sfr'm ".'e
bnt on non intercourse. and was called the American
system How va, it that an American 'ft'ni WIS
demanded for taxes. and British - -i'm for cur
r,.cy, II thc citizen ~ the tinted states NA' NOT
allowed 10 trade more freely and 10 s'i higher pTic~
ia ,orern marlcis why moi IT, l.w 'aae money
freely th,, would stimulate a home market lfi"r
tho jury - All civil and enlightened nation, nr'"-'
ont the ccnturie- The Ca-c - gold and silver i''
Icou ho.rd and with our r..'r ihr Nations '""i
answered that io gold and silver belonged tl' f"y'
.ttrbuic Of money. Nr. Daniel 'li''"' li' ''
/ L,ol.p front which tho Tru,Ur, Department ifi
,lya,s shown AGAINST tlc u>e - silver a. money.
NJ Daniel rldlculcd thc id"a 81 an avaian'n" "'
silvcr crushing down upon IT, rn'"d states, 10 '''
~ frec coinage oi silver. % Wa- obvious d. ''''
that tine silver none, abroad would not come :" '"'
nitcd states mist and % w's ai-" obvious t' i"'.
WAS no such annual production Of -llNcr i 'h' ""'"
=. ,o r.us. any fear on that core. There N'- 'A'
one other point Of apprchc.,ior that thore was 20"
accumulated stock ~ silver that would rush 10 America
. .oor n, In. mint wa, open 10 free coinage but ih'
WAS answered by the secretary 81 the Treasury I"'"
sell who ,tatcd Ia MS report: " lh'Fe D. no Hh''"
accumulation II silver bullion anywhere ih i"" worm
There was no reason 10 suppose th't th" -"1' o"''"
r,..,ry 10 MAX. q dollar woulG enhance .n price.
lie believed that free c"lnaS, a., SILVER N'H" "'"'
gol4 into the country. and not drive II away Amen
can 1.-Two, had drawn gold thc United states ana
how better could the future Dee Judged than JOS ~.
past
There had been fall In the value Of the prodnci'
Of the .oA all over tie United s'atcs. The bond ''
iaortssgcs tho notes, ;Eo debts the taA''. I'll" "nN
g.to1. and contracts ia pay oi every hind. I.nanri
Al their GAeA L.ulo. The uudcrpnnir1- Size pi"i"r'
which 10 dl- .arce uio-c Dot '"d l"r''" & """
from thcu and haf icu tho r'oi " d"i "' ni''-'
O.. o.lgatous ~ tc Same h'.tni i'pm iAr si""nn ~
.oivencV. but i~.twe.n tl" ro'i ana ''' r"'', '''
had heen partition "f Ntiu" -" inai o." ''o''. '"u
la Ii a
,i,fT An rl,,inr b.. Iar de,rou-t1tton 90 -.'c.
l,ad bccn. prflai-. the lf"ltfei '"Nl''D"''"A ''"
tlat rc-nlt. IAai 40 % mp'"n"ui 90 ''I'I'N "I"
suioorAcl. Ihc m"tcm.i' :" .,.'.i' ..|' ' "
movement spllu sins from the rar- io"ut"n "i ''''
T.. uuLl,ul % or lLWD,'Ic} tiIt believed iu u" -'"'
dnctglre OF the FEDERAL institution That {" i"b''
ths (, ncl, welfare. ana not the "'!!'ic 90 '' 70
wa fundamental q On" Institution oi ti' '"N'i"'
40 great iclUhi, - the 'ai'I. Vs. l'n"i l-''It"'
lad ever willingly or consciously clrll-.rd 'i.''
from u. service a. money Ilu i'r iI''u ~''
had ccmonct.led it, in la tni not '' ''.''y
action. ard fhcl had occurred tlr mo- -inhci"I
MN, th., h.i oyer been recorded tl- hi.'"r %
the N.tiOu. That ac; had p""r Snue~lc Wn'-"
CoIggr-. The Ic"l l" had ur'. il pnn"' h''''l'-'
! Irurc-cnfItilc lad shown, hf speech D. "iiN'.
l,l.r M, Lnop ,ci,c that 81 va' bong dr".
. President ~ tAc nt"d -iaic>. via" had -lt"'d UT
act I'D done 80 icn"iJAih. ,
Nr ~h,imdu corrected NJ Daniels statement. Hh"
aid that tine bin tp coin trade dollar ana =" 'o'''
SILVER dollar, .a' Ucca dl-'r.-'d 100 ho'h h0l
two .,.r.. J. Iai been sen: - t0urT'-' ij Ii+
srcrcaiy of the 1Va~urv or April =. 10 "'.
from tla' iu" Up 9" ~, "'.'r" 30 l-'| me i.n '"
distIIutcd throughout the 'oi"iy. Tn" i''t '.''
,Lr Silver dollar va- oiled and tie irldr t'Idi
,ui ,tiutcd -, n WAS a. pnulN ""d palliHN lI'
.crt-i Of the time am !rct ~ the rg'id''N'
ur D.nicI ,aid that Nr. sherman ontir j.
right ln ntc;fuptiuc hn aad making il" "Nri'na'i2l
decentralization of silver ia lr13 VT q mdi'r .h
known - C.ngc,. and d" Tho c"unir'. Sl''i.,
| tlrc did not know Il "hcn ih' r'i vas l",-,'
-cnator stewart. of N,Nada. rp;ocntus great
silver connuuity. did not know TO-
Mr. Aldrcll. The senator from Ncvada vas h"i'
and voted for The IN Laughter
NJ ~tovait.i did not SNOW H. u was not stare
In fhc di.rrl-n tiiat There int" ltioh T."
leave ont the silver dollar o. the cpntrU' ir t-i
thing done on T. vaS an amendment offered ~ , -
senator from chic providing for m N cripiion ON inc
ur shcrnan-That was the trade dollar