Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-14
THE GREAT PANACEA
For Each and All of the Financial
Ills of the United States.
SILVER DEBATE In THE SENATE.
Charges of an Arkansas Democrat Very
Vehemently Denied.
TIE BILL is NOT A CAUCUS MEASURE


to-day, Mr.. Jones resumed his speech In
advocacy of his bill. He opposed the idea
of redeeming Treasury notes in bullion on
the ground that when they were so redeemed
the monetary circulation would be con-
tracted; and the putting of bullion on the
market would not make up to the country
for the loss of money from its circulation.
He expressed entire confidence in the honesty
OF purpose and conscientiousness of motive
of the present Secretary of the Treasury,
but said as none of the Secretaries, for Il
years past, had coined a dollar of silver
more than compelled by law to do, future
Secretaries might conscientiously deem 1t
their duty TO keep in circulation the least
possible amount of the proposed treasury
notes, and thus the United States Treasury
might in effect become q mere purchasing
agent for the East India Company, or for
syndicates of English merchants wanting
bullion cheap in order to make their pay
mentS to India.
Gold, by reason OF its greater value, not
withstanding all the legislation in its favor,
could never become the common money
medium of the world. A gold coin that
would represent an average days labor
would be too small for convenient handling.
Silver was the money metal best suited to
the mass of the people, and to the variety
and character of transactions constituting
the interchanges of daily life.
BETTER DEMoNETIzE GOLD.
Were there any conceivable necessity for
the demonstration of either metal, why, he
asked, demenetize that which promised the
greater and more steady yield? If for any
reason society should decide that one of
them should be discarded, should it not
rather be that one which promised the
smaller future yield than that which prom
ised the larger? 1t was absolutely vital to
the welfare of society that both silver and
gold should be IN full and unlimited use
as money, and equally invested with the
power of legal tender. In conclusion be
said:
Ipredict that the restoration of silver to its
birthright will mark epoch in the history of
this Republic. 1t will place in circulation an
amount of money commensurate with our in
creasing population. 1t will give assurance to
our languishing industries that the volume OF
circulating medium is not to continue
shrinking, and that the tendency of prices shall
no longer be downward. 1t will increase the
wages Of labor and the prices Of the products
Of labor: it will reduce the price of bonds and
other forms of money futures: it will tighten,
but not inequitably, the burden of mortgages;
it viii increase largely, though not unjustly
1.-THE debt-paying and taxpaying power of the
tpeople. 1t win loosen the grasp of the creditor
from the neck of the debtor.
ONE OF THE ADVANTAGES.
By the reconciliation of silver money will
cease to be the object of commerce, and will
again become its benefcent instrument.
Activity will replace stagnation; movement
will supplanT inertia: courage will Danish fear;
confidence will dispel doubt: hope will super
sede despair. The lifting up of silver to its
rightful plane by the side of gold will set In
motion all the latent energies Of the people. 1t
will Danish involuntary idleness by putting
every willing man TO work. Ii will revive busi-
ness and reanimate the heart and hope of the
masses.
Capital, no longer fearing fall in prices. will
turn into productive avenues. The boards of
money lying idle in the bank vaults will come
out to enrich and bless alike their owners and
the community at large; while the millions of
dollars now invested at low interest in gilt
vestment in the busy field Of industry, where
they Will be utilized in the payment of wages
and the consequent dissemination of comfort
and happiness among the people.
And this IL will accomplish, not for the
United States alone, but for civilization. For
it is not too much TO say, Mr.. President. that
upon the decision of this question depend con-
sequences more momentous than upon that of
any other question of public policy within the
memory Of this generation.
QUESTION OF CIVILIZATION.
In broader sense than any other question
attracting the general attention of mankind it
is a question of civilization. 1t embodies the
hopes and aspirations of our race. The act OF
Congress which shall happily solve it will con-
stitute decree of emancipation veritable
as any that ever freed serf from thraldom, but
more universal in its application. 1t will pro-
claim the freedom of the white race the world
over; it will lift the bowed head Of labor; il
will hush the Uhrenody of toll; it will inaugu-
rate the true renaissance-a renaissance of
prosperity, without which, industry. learning, |
science, literature art are but apples of Sodon.
n fn Mr Topao
that if there was free coinage OF silver he |
believed that in three days the silver not |
used for coinage would be worth 81 29 an |
ounce, and that there it would remain. Mr..
Jones to-day had the same close attention
from Senators of both parties that he had
yesterday and at the close of his speech was
warmly applauded
Mr.. Jones, OF Arkansas, next addressed |
the Senate in criticism OF the pending bill. |
He said that the bill rs it stood should |
never become law, but should be amended |
by making it provide at least for the un-
limited coinage of silver whenever the |
price reached the point at which the Gov |
ernwent ceased to be purchaser. This was |
an absolute necessity unless the purpose was |
70 destroy silver as money. Those who |
would vote for the bill as il stood certainly |
INTENDED the demonetzation OF silver, and |
might as well avow it.
ONE OF THE CHARGES.
While striking fatal blow at the inter- |
est Of the great body OF the people they in |
tended only TO benefit the sellers of silver |
bullion by increasing its price. The delib-
crate purpose TO discredit the silver treasury /
notes, by refusing to make them a legal |
tender, suggested further the real purpose
had in view by the Republican party. He
was in favor of the issue OF GER
tifcates for coin and bullion,
aud of comforting upon them the
qualities of legal tender rs broadly and
completely as il was conferred upon the
coins which they represented. There was
no reason why those certificates should be in
any sense inferior 10 any other form OF paper
money. They were the very best form OF
paper money because they were rendered
doubly secure by the pledged faith OF the
Government and by the deposit Of coin de-
voted 10 their redemption.
Mr.. Teller said tnat the Senator from Ar
kansas seemed to be laboring under the inn
preston that the pending bill was the result
Of a Republican caucus. The Senator was
very much mistaken. There was no caucus
bill OF any kind before the Senate. Mr..
Jones replied that he had no doubt that the
statement of the Senator from Colorado was
literally true. At the same time, ii news
paper reports and the common understand
ing around the Capitol were entitled to any
consideration (and he was satisfied that /
they were), every Republican Senator, ex-
cept the Senator from Colorado, had agreed
(either in conference or caucus) to vote
for it,
CHORUS OF DEEIALs.