New-York tribune., 1890-06-04
TALKS ON THE SILVER BILL.
SENATOR FARWELL WANTS TO ABOLISH
THE SUBTREASCRIES.
ALL THE GOVERNMENT ISSUES. HE SAYS
SHOULD BE LEGAL TENDER-MR. PCGH
WANTS FREE COINAGE AND
CHEAP MONEY
CHEAP MONEY.
r.y TELEGRAPH TO THE TRIBUNE

v,,,r.n Inc :, : rho silver debate IN the Senate
was continued today by Messrs Push OF Alabama anu
Farwell of Illinois. The Alabama senator Ihe every
other southern Democrat in Congress, favors rcc 'o
ace and cheap" money but to-day he devoic1 hii'oI
10 expressing the feeling Of his party on thc t'rH
rather than the money question. His spec,h Wa ho
an incidentally long one and was delivered HOm oaIc
fully prepared manuscript notes. 1t eActed MUG III
tercst however, even on the Demoora'N s'"o VI ''o
chamber
Mr. Farweu on the other hand, spoke but twenty or
twenty five minutes and held the close attention OF
the Senate all the time. A. the representative oi
great commercial community and hlln>eH hsiHN SUI
cessful man Of business the junior Illinois senator can
ALWAYS command an appTeciative hearing on hnaH'dI
subjects and tOday he had large circle oi listeners
He said little however about the main question IN
volved I'm the Jones bI-namcly. 10 what extent the
Government should 90 IN the efort 10 make silver Il
circulating medium. Two or three minor points VI
financial policy were dwet on almost exclusively anu
Mr. Farwell's speech I'm fact, be called pea lo
tho abolition Of the sub Treasures and for iree'
use of the National banks as agents I'm money matters
for che General Government. Mr. Farwcll would also
IKE TO have TIE proposed issues of silver certlcae'
made legal tender for all public and private debts
Mr. HscOck. who is a member Of the Finance Oo'ir
mittec will speak on the Jones bill morrow
Mr.. Pugh. in opening the debate. said that ne WI"
strongly in favor of making money more peh'l"
IL had been long time since the United states IN'
had any thing like a redundant circulation lac Peo
had never suffered, in any age or country l" '''i
merce trade or otherwise, from having 100 "u'"
coined money in circulation or as the OASIS oi 'i''"
lgton There could be no depreciation IN the umU Oh
,,o,ev va,,e combined of gold and silver so long a.
The Unit was declared by Congress to have te Vae o
a dollar. The only way that the ingenuity OF o"!o0"
Ccsld devise TO destr5y silver and goIc a. Ju-'
Of commerce and exchange. and as staioaIu ioI 'o
tulflment Of contracts, TO separate them anu l"
make either a commodity. That was the plan 'ha'
rtNd n
cl,ndestinelv by the enemies OF silver Mr. Push
quoted from the English fnancier Nr Eoscheh s'a'e
mcnt that the fall of the Roman Empire was as'i,
brought about BY the lack OF Suncleh' ol'"d'''' '
money and the absence Of an expansive currency anu
he said that the United states now confronted VIII"
. great financial phenomenon. In the near future ne
said the entire output of American gold ana siNe'
mines would be insufficient 10 meet the demahus VI "
Creasing population and wealth, ana the 'H''ou
might soon be in the place Of the Roman EhPio'
The debtor class would become clanoons LOT Ie4ol
laws made necessary by the insuficieh'E oi v"o
,reeous metals 70 furnish enough currency Inc
necessity for more expansive currency was perio.N
apparent and it's existence coud not oe dt1t any
Congress. That necessity could not oe m,' =! f
legislation that came short Of making aVaiiaoie 'o e
tire supply Of American mines 10 secure CIV t
Sufficiently expansive TO meet the dema'us -, s.
,onlc and TO satisfy their reasonable ana IesIhap
ya1.s lie should therefore Join his vote to the votes
Of those who were in favor OF free uhIl''''ou ~ ~
puisory coinage Of gold and silver bulhoh' -, 49,,
Mr. FarweI declared himself in full accord with te
rroso of the hill but said that he was in favor oi
co,oc still further He would for money an uio
silver offered and not a stipulated sum, aS pfoVIueu
for IN the bill and he would coin IL d' I'' ''''"''
value II the price Of silver should advance " POI
with gold "a, the friends OF the Dill ca'h ~ "'"1'
,h,, fre, coinage would come matter OF course
What objection could there be. he asked 10 pu."e
into the silver dollar 100 cents worth OF silver "'
dFcrencc would il make to anybody II a dollar were
made intrnscay worth 100 cents The people co'nu
not hay. too much money But, in his opinion the Dill
NonId not accomplish it, objects. Two OtheT uH"ss
vsre necessary The National bank system should DO
preserved end the sub Treasury system aooilsho"'
when these measures were adopted the people couu ge'
.u the money tho, needed. The National bank system
should bc per1,ctuatcd by substituting othe' DoioS
tan Jncd states bonds TO secure cncuIauoh' Inns
would 90 far further than any other measure thd' lie
coud conceive of to increase the volume IL currency.
Tic people would then utilize all the best bonus oi
the country and would procure such circulation As
Inc business OF the country demanded. The treasury
uoes 10 be issued under the Bill, would add largely
T. the circulating medium but, ShOln any sI'dt
foreign demand be made for silver aftci II reached
par with gold, thrt cr' Ilati0E was ha9le .! w. w.
reduced that the pending bill alone 'OHd nV' DC
dIenced upon to furnish he requisite circulation
Inc issues of the Government az 'ne HNchue ,a Vo
imued at it, present HgureJ "Oulu SUI V ~ H. c,ND
Inc bonds would be pad hist ahG thei lIe slygn snJ
backs lie did not tinN that the SrSnai!H M su o
OF the country should he goNyfheo S 'c ni IH ,a, ~ -
line debt Of the Government lie dd not thlhk hal II
WAS within the province oil congress 0ct"Iiiic
amount of the circulating medium But some law
Ike tie National Banking law, should be the means
bv which the people could dcicrHhne uiat
Ianking system could be permitted 10 live, there
Would be no demand (such wac now MADE py
icnator,) for an increase Of money. nder II inc
soope would get ali they wanted. The universal
'aw Of supply and demand would apply In that case
A. In all others. ,,r, ,s
lie had offered an amendment to the bill, provo
ing that all the issues Of the Government should be
icg,I lender for all debts public and private mo
Government was strong enough and rich enough 70
nav all Of It's debts, and hence all its Issues shouid
te legal tender For that reason he had o1cteo MS
amendment. II the independent Treasury sysrm
,onld be abolished then the money OF inc people
would subst antiay be left In their hands. Iat Wmch
UaS left in the Government vaults might Just az
peI go far as ts being Of any beneht 10 the people
ras concerned be destroyed. His object in favorng
Inc abolition Of the Sub Treasury was To- have all the
money Of the people in the channels OF business; rs
Il was before the passage ~ the Ihdcpehoent
Treasury act in 1S40. The money no" III
ihe sub Treasurlcs world II deposited IN the National
hanks add largely the volume of currency Tor bn'i
ness pnrposes lie would not advocate the deposit
o. the Government with the National banks
without adequate security for the whole amount
deposited That would certainly be mach SAFER tlan
The present system. Another reason Tor the chaIg'
would be that the money would be handled b' INC
National banks without any cost ~ the Government
and the saving thus effected would aggregate several
hundred thoussnd dollars per annum. Hc dld not
favor the repeal of the Independent Treasury act Tor
The purpose Of bcncftiuc the tanks. Ills purpose
was wholly In the interests ot tho people and to IN
rrease the circulation for their benefit.