Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-06-13
NATIONS CAPITAL.
The SilTer Bill Still Diseased
BY The Senate.
Senators ETafts, Vance and 1orsin
lake Speeches On that Question.
Pensions for Maine People-ChApges %
In Maine Postal Routes.

WAsHIssros, jane IL. - Davis pre-
sented the conference report on the de-
pendent pension bills. After some debate
printed. with the bill A. agreed 20 by the
conference committee.
The Senate silver bill was taken up.
Evats addressed the Senste. He said in
comparison Of the bill as il passed the
House and the bill as reported with the
same amendments of the finance COM
mittee. brought divergeney of opinion With
in substantially marrow limits. He meant
tree coinage of silver and the opening Of
the mlnts in the United States 10 the
bullion of the world. and the step of much
gravity which would have vide conse-
quenees whether of good or evil, q step
not easily evaded and almost irretrievAble.
Evsrts said that in 1873. two metals
were and had been. since 1903 on parity.
1t was no law Of trade or nature that broke
up that parity. /. was the wit aud wisdom
of man. The tao metals had been,
throughout the worlds history. found tied
together. their relative value being txed
BY the comparison of labor needed to bring
them into existence. Sixteen days labor,
for instance. were necessary to produce As
much gold as one days labor could pro-
duce Of silver. In 1873 silver was worth
in the market - pence. which was par
with gold. In 1878 it had gone down to
55 pence. in 1881 to 81 pence, and in 1886
when the bottom vas reached, TO t2 pence.
What stupendous event in nature, he
asked, produced that sudden change! Moth
ing whatever but the folly of men.
They were not satisfied with the wisdom
and expense of the world they had made An
experiment of demonetizing silver and had
done so when all Legislators in both houses
of Congress were in a hypnotic condition.
Not one Of them were wide awake, and the
men ought to have been wide awake when
they were acting upon the money question
of the world. He characterized the act of
1878 As "murderous thrust at silver" and
said that every blow u ,der which silver had
shrunk and covered was blow of positive
law. Yet the argument made now was that
the effort to re arrange by law, the ratio of
gold and silver was like trying to put
physical body in space occupied by
another. He said, for the first time in the
progress of matter of redress, the question
now confronted the republican party, which
had a majority in each house and had con
troll of the executive power. 1t was for
that party To determine that interval of
iassitude and delay should be no longer
e extended
Vance addressed the Senate Nothing
is better established he said than the fact
of the necessity of more money for the
progress and prosperity of the country.
The wealth Of the world has increased ten
fold within the last fifty yssrs the output
of precious metals has kept pace neither
with the growth of wealth nor the populs.
ton. In consequence of this circulation,
the prices of all products are lower than
ever before, although the price of wages
has been kept up, owing to the labor unions
and other causes. Those who suffered
most from the depreciation of silver were
the agricultural classes of the country, and
the farmers were so much indebted that if
there was no aid given in the way of in
creasng the circulation. a large portion of
them were doomed to bankruptcy and, ruin
The tariff law had contributed lark iy to
the impoverishment of farmers by its OPP
Grating in the restriction of the foreign
market.
The insanest problem ever produced
was the curtailing of money by demonetiz-
ing silver at the time when wealth and
business of the world increased ten fold
He favored unlimited coinage of money
and restoration Of silver As il was before
iemonetized. He believed it was only
question of courage, and if the United
States made 3 beginning in opening the
door TO unlim tel coinage of silver. the
countries of the world would
follow the example.
Morgan addressed the Senate, particu
larry in reference to the amendments re
ported by the finance committee. lie said
the first address he made in the Senate was
in favor of the free coinage of silver. and
he bad had no occasion since then 10 change
his attitude on that subject. II, felt
obliged as a Senator to furnish 10 the peo-
pie of the United States coins of gold and
coins of silver. without discrimination be
tween the two. lie did no, claim to know
much about commerce. but it appeared to
him that if the United States should take
the lead in this matter and restore silver as
a money metal commerce would be stimu-
lated, more abundant crops be produced.
more abundant fabrics turned out in the
factories, and there would be increased sc-
tivity in the exchanges of these prsducts
and commodities.
Without concluding his remarks the Ser
ate at ) 30 adjourned,