Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1890-07-09
1jdings
THE SILVER CONTEST.
4 Conference Report FavOrs the Pur-
chase Of 4, 800, 900 Ounces Month
Iy-The Debate.

WASHINGTON, July SIN the senate
the conference report on the silver bill
was taken up.
Vest stated that the reasons why he
should vote against the report were that a
large majority of the senate had voted for
free coinage of silver, but the conference
report absolutely did away with the idea
Of free coinage, and was intended to con-
tinue the system under which silver had
been persistently degraded since 1878.
He was anxious 10 see absolute unity be-
tween the two metals as money metals.
He would like to see the time when six
teen ounces of silver would purchase one
ounce of gold, and when one ounce of
gold would continue, as at present, to
purchase sixteen ounces of silver. The
conference bill might give an increased
market for silver, but the principle for
which the senate voted, that two metals
should be on a parity, had been given
away on that bill, absolutely and COM
pletely.
Coke expressed concurrence in the
conclusion reached by Vest. He could
not support the conference bill of the
senate, as the conferees had not pre-
sented the bill to the senate which had
age of silver. On the contrary, they had
assented to bill which provided definite
ly for concession OF further coinage OF
silver. There was no compulsion on the
part OF the secretary OF the treasury to
coin silver after the lst of July. Silver
was then left to the discretion OF the secre-
tary, and such discretion was equal to
stopping the coinage Of silver. 1t was
fact, well known and admitted in debate.
lie was opposed to buying single ounce
Of silver not to he coined. He was op-
posed to the United States going into the
warehouse business for silver, or any
other product. If silver is not to be coined,
why should it be purchased. If the OBJ
ject of the bill was to advance the money
power OF silver, why should its coinage be
stopped, when coinage alone conferred
upon it the power of money. Two-thirds
of the people OF the United States, were
in favor of free, unlimited coinage of
silver.
Sherman defended, and explained the
conference report.
The question had arisen in the confer
ence committee" he said, "as to whether
the two houses could be brought to an
agreement on the two bills passed by
them, respectively. In the first section of
the conference bill the language OF the
first section of the house bill has been
retained somewhat, but the amount of
silver to be purchased has been increased
Much to my regret it has been fixed at
larger amount than the entire American
product of silver. 1t has been made man
datory (not permissable) on the secretary
Of the treasury to buy 4 900, 900 ounces Of
silver each month, which, at the rate of
$1.29 per ounce (or 10 to y, would amount
to an issue Of about 100000 in treas
ury notes. The legal tender clause in the
house bill and senate bill had been
somewhat different, and somewhat
alike also, and the question had come
up in the conference as to whether it
would be right to deprive the citizens of
the United States of the right to contract
for payments in gold or anything else.
1t had therefore been agreed unanimous
ly that the treasury notes to be issued
for silver, like the silver dollar on which
it was based, should be legal tender in
full of all debts, public and private, unless
otherwise stipulated in contract. That
same clause was to be found in the Bland
BILL"
Stewart-"Does the senator from Ohio
think there is any danger of the secretary
of the treasury falling to buy 4,5OOO00
ounces of silver per month, if he can
get it at less than par, as provided by
this act? ?"
Sherman-"Not the slightest. A sug-
gestion has been made about the presi-
dent and secretary Of the treasury haunt
ing the capitol regarding this bill. /
have not seen either Of them, and 1 do
not think single conferee has been
seen by either of them during the con-
ference. The president Of the United
States will do what he thinks is his
bounden duty to do, under this obliga-
ton"