Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-07-11
NATIONS CAPITAL.
Senate Agrees to Conference
Report on SilYer Bill.
Ih. President Signs Tie Bill lskins
WJoming 4 State.

| Wyoming 4 State.
Republican Senators to Confer on
Disposition Of Accumulat. a Business.
WAsAfssros, July l0-The Senate re-
sumed the consideration of tie conference
report on the silver bill. In the course of
the discussion, Jones asked What would the
gold dollar perform for the farmer, which
the paper dollar would not perform as well.
Morgan said the question showed he had
struck fat money man.
Jones-A treasury note represents so
much gold or silver behind il. 1t is no,
fat money. Instead of being promise to
pay, it is a certificate of the government
that a dollar is behind it, ard in the treas.
ury whenever the holder of q no:e wants il;
Morgzn-How can he get il unless there
is q promise TO pay-unless there is an ob-
legation to psyi
Jones-It is a promise to deliver coin for
Il.
Morgan-"I know it is in banking opera
/ tions."
| Jones Almost everything in the world
! is tranferred by symbol. If 4 man wants
| TO get money in a bank on a cargo OF mer-
| chandise, he takes the bill Of laiiDg to the
/ bank. He does ne; take the cargo and
| dump il On the counter. He takes his
| treasury note 70 the treasury, there is trans
fer of so many silver dollars or so ma "
gold dollars"
Morgsn-"rha; is nothing bu, promise
to pay"
| Jones-"I. is a great entiety. II takes
the red flag Of the sheriff from everybodys
window"
| Morgan-"Yes, and il takes the yellow
| flag of the monometsllist into the mining
camps
| Jones-''i am sstonished."
| Morgan-"The people will sstonish you
worse WHEN they pass their verdict upon
this bill.
| Morgan closed with an appeal to the Sen.
ators not to allow the Senator from Ohio to
thrust his stiletto again into silver.
/ Cali argued against the conference bill.
| Plumb said in the particulars which he
regarded as essential, the bill was compar-
suvely unobjectionable -supposing always
that \ compromise had TO be made. lie
had been surprised to find that in regard to
| the free coinage of silver, the Senate was
more advanced than the House. Free
| coinage was of no advantage, he said, be
cause it took the money supply Of the
| country away from the suggestion of con
troll by any body leaving it only to the op-
Grafton of natural forces.
| The conference bill would give to the
country as much money during the next
year as free coinage Of silver would give
| Under the conference bill four and a half
million ounces of silver would be pur-
chased monthly and treasury notes issued
for it. That would be great advantage
over the present rule of coming not lees
than two million silver dollars month. The
amount of treasury notes now issued at
the present price of silver is about 80 0o0,-
| 900; under the conference bill il could not
be less than go 900 600 and probably i.
would be 10 900 900.
That is very important gain.
Vance-"IIow long will that last?"
Plumb---"As long as silver is produced
and the act remains on the statute books.
Vxnce--"Does not this act provide that
the coinage Of silver will cease after judy
1912"
Plumb-"Yes, but the question Of coin
| age. and that Of the issue of silver ceftih
Gates are two separate and independen.
propos tions. The essential feature of the
conference bill is the first section, drec.-
ing the purchase of four and half million
ounces Of silver every month. | do not
find anything in the bill that discredits sill
yer as 1t now stands. IL we have been
haviog free couage, if silver had been
equsl with gold, and if we are now propoc
ing TO make il something else, and less
that would be different thing"
The bill is q long step in the right direc
tor. a much longer step than was the &C,
of 1873 in reference to the conditions the n
prevailing. A longer step because of the
increased amount of treasury notes that
will be issued under it. Once out. these
| notes will stay out, and will sire nGtben the
whole fabric of individual and govern
mental credit. They will be as popular as
sreenbacks were and will be Just as per.
maneutly par, of the circulation. The bill
is fair compromise. mean to say as
compromise II is fair TO the great interests
of the country which are dependent upon
the character and volume of money.
| Vance-It is admitted that the bill is not
what it ought to be. Common sense would
! dictate. then, that we try to make ii what
| it ought 10 be. We have made but ore
effort, having being met with a rebuff at
the other end of the capitol we immedi-
ately submit and will make no further
effort. We proposed bill for ;be beneti'
of the people. We are nov about to pa.s
one for the benefit of miners and dealers N
/ silver bullion. That is the difference be
tween the two bills Vance argued thai
the bill would not result in an increase OF
currency, inasmuch ss four or millions of
! the treasury notes issued each month for
silver would be presented at the treasury
and exchanged for gold coin; they would
then be used for the ne xt months purchase,
and so on.
! This suggestion was cont reverted By Al
lison. who reminded Vance thst the bill
provided that the amount of treasury notes
/ outstanding shall be neither more nor les.
than the amour, paid for silver.
| Dolph said he would vote for the confer
! ence bill, because be thought it as different
| from free coinage as night from day. and
4 because he feared lis rejection might re-
suit in the passage of the free coinage bill.
| The conference bill announced distinctly
! that It was the intention of Congress
| TO maintain the present gold stand.
ards. whereas, in his Judgment, free
coinage ~onld put the country on 3
| silver basis. In the course Of bis remark
| Dolph referred Satire ally to the change Of
views Of Senators who had voted for free
coinage but new favored the conference
/ bill.
| Teller resented this allusion to himself
! and others.
/ He admitted there was no free coinage
in the conference bill, but insisted t1st a.
| Objectionable a. it WAS TO him because il
was not free coinage it was step in the
direction Of free coinage.
The free coinage question would be here
at the next session and in the neKt Con-
gress.
! Mitchell said he voted for Plumb's free
coinsge amendment because he favored it
and because the people of Oregon favored
it. As he could not get the bill be desired
he would give 20 the conference bill BIZ.
earnest and unqualified support The bill
embodies almost literally the views he had
depressed 10 some remarks made BY him TO
the Senate IN Jnne.
The vote being taken the conference re-
port WAS agreed to. yeas 80 nays %. Frye
voting yea Hale paired with Gray.
A, z. ". the Senste adjourned