Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-07-10
NATIONS CAPITAL.
Senate viii Vote on Conference
Silver Bill Today.
The Suudry Civil SsrrIcs appropriation
Bill Calls iaf S3i, ,2Si,e8O.
Bill to Exempt theatrical Companies
from letter State Commerce Law

Bin to Exempt Theatrical Companies
from letter State Commerce Law
wAsnISsroS. July s. Presiding oaheer
lnzalls announced his signature 70 the bill
for the admission of Wyoming as State
The bill uos goes to the President for his
signature.
On motion of Mr.. Blair. the Senate pro
decided 10 executive business.
The doors we're reopened at one o'clock.
The sundry civil appropriation bill vas
reported, and Mr.. Allison stated that he
would ssk for its consideration tomorrow.
Consideration of the conference report
on the silver bill was resumed
cockrell criticised the last clause of the
section of the conferer ee bill. and said the
language thsrein used indicated q prefer
ence for single gold standard. Tue Sec
retary Of the Treasury would so interpret
it, Until parity between the metals was
established, gold would be given the pref
srence and legal tender notes would be re-
deemed in gold. That was the most dan
geroHs power ever vested by Law in the
Secretary of the Treasury.
Teller-"Dees not the Secretary recog-
nize the fact thst under that section the
Secretary of the Treasury can pay for
treasury notes in silver if be chooses
Cockrell-"Un Unquestionably.
Teller-"Then Its simply a question Of
how the secretary will exercise discretion
Cockrell There is no question sbou,
that"
Teller--"Does not the Senator suppose
that the secretary viii pay in coin, tha,
which the holders Of treasury notes may
desire, if be can7"
Cockrell-"Certsinly
Teller-''Is not that proper e
Coekrell-"I think not at all
Teller That is Why France maintained
her parity between me .als. When the
holder of paper money wants coin for 1t, he
can have either gold or silver for it as he
desires. When he goes with gold he can
have silver for it. and when he goes with
silver he can have gold for il. Tha, i,
what the Secretary of the Treasury will DO
under this bill. lie wiye the holder of
treasury notes gold (loug as he has got it
or silver, lust as the holder desires"
Cockrell-''Fr France is 10 different situa-
ton from the United States. A rule in
in France is not applicable here At all.
This conference report is bold declaration
that the country is still on a single gold
standard and in the rede mpton of these
notes gold must be used. The Secretary
of the Treasury can drive the country to
part with every dollar of gold, and can lock
up in the vaults Of the treasury every silver
dollar. That Is the most dangerous power
ever given the Secretary Of the Treasury"
Platt--"Does the Senator mean to say he
would not give the Secretary of the Treas
ury the discretion ss to which coin be
should pay in
Cockrell-''I certainly would give him
that discretion. would say "redeemsble
in coin
Plstt-"That is all there is to this
Cockrell-"That is true, but there is
with it, a declaration which is the fatal
thing, that Is. gold standard still exists, AMI
must be maintained
Jones Of Nevsda-"Are you advocating
a change in the form of the bill or change
in the ofli 2e OF the Secretary of the Treas
ury. My contention is against the language
of the conference bill and against the dan
gerous power it vests in any Secretary of
the Treasury
Cockrell entered a most earnest and
The conferepce bill, as meaning practical
cessation of silver coinage after July. 1891
Jones of Nevada-"That is all we want.
tockrell-A''In other words, the dstin
guished Senator from Nevada is willing to
abandon the double standard. to make
silver mere commodity. stop its coinage
and tell the people of the country he has
done some thing for them in restoration Of
tho t1aul.ta atuutorI 10 "a illtpfr IN nj
silver on an equality with tobacco, hemp. |
wheat, osts, bacon and lard. He fayors
the plan of the Farmers Alliance, to es
tshl-h warehouses for the storage of silver
in connection with other commodities
That is treading on dangerous ground
This compromise. this conference bill. is a
total abanionme nt of all pretcnsions to a
double standard"
Mitrhell-"in the course of some ques
tlons involving Cockrell's consistency. he
remarked tina. while he was 10 favor of
free and unlimited coinage of silver. he
would support the conference bill, because
it was all that the friends of silver could
get"
Ccckrell-"Wc have not tried. There
has been but one conference committee.
and that conference was very prompt r
DliuHlNG It's rtUpft. ! UtltsNt lltt II NV
Senate will re ieet this report, the Houso
will in the end sgree to the Senate bill
The House has hsd no fair chance 10 pas
upon it. We made no determined effort it,
support of the Senate bill We show no
disposition to stand by what we have sol
elmiy done after the fullest, freest, fairesi
discussion ever had IN the Senate.
Daniel addressed the Senate. He did
not agree with some criticisms on the
language of the conference bill. He took
il that the clause as to the market price
sgnicd only just what it appeared to sig
Nifty He asked Sherman If that was not
its intent and purpose.
Sherman said the view of the eonferenc'
committee was that the Secretary of the
Treasury would he bound to buy four and
half million ounces of silver per month =,
market price. His failure to do so would
be a breach of public duty.
Daniel recognized that it WAS plain the
English Of the provisions, sn1 said tbst
while the language was little different
from what had been used in other bills, it
was not different in net significance. The
language was not sufficient to lead the Sen
s'e to vote against the measure il it was
otherwise responsive to the demands of the
country and exigencies of the time. The
bill would greatly increase the volume Of
currency; but he objected to the confer
ence bill because its tendency wa. not to
preserve gold Of standard value, bu,
create one. 1t placed into the hands of
those who. being sstute in the use Of w0ris
used them according to Talleyrand ides
for the purpose Of /conce aling their
thoughts The silver was, under the cor
ference bill. TO he purchased at a com
nifty value, and the silver bullion was not
70 be given money value IL was tho
studied effort of the bill to range and rank
classes to force gold into the pockets Of
bondholders aud leave 10 others than bond
holders scraps from the table; that wa.
the object.
The last assertion brought contradiction
from Sherman and Allison, the former
stating that fully 9s per cent. of the inter
est on the puhIic debt vas pad in the share
Of ehecks and drafts, which we're esshed
in paper money.
Continuing. he said Much g. he loved
the democratic party. be would rather sec
a republican president with financial sy.-
ten that ronId give relief to the whole
people. than to see democratic president
sresding out and crushing down (ss pre.i-
dents had done those great aspirations Of
the American heart. which asked for freer
almost here and fuller play to their ener.
gies. hopes. enterprise and ambition. He
would have the conference bill Tor bill
framed upon its lines passed and sen. 10