Rock Island daily Argus., 1890-05-14
SILVER AND GOLD.
The Debate in the Senate on the
Money Issue.
JONES CONCLUDES HIS LONG PLEA.

JONES CONCLUDES HIS LONG PLEA.
Great Things Promised as the Result of
Free Coinage-Some Inquisitive Sena-
tors-Committee Comments on the Two
Pension Bills-Butterworth Attacks the
Tariff Biu-An Oak Seed from England
Planted at washington's Tomb-Oficial
News Items.
WASHINGTON CITY, May H.-Silver was
the subject of senatorial eloquence again
yesterday, and Jones of Nevada was the
principal figure in the discussion. As soon
as the clerks desk was cleared of routine
business Jones took the floor to complete
his speech. He began by saying that If
the fears expressed by some that free coin
age of silver would drive gold from the
country, for every gold dollar that left, a
silver dollar would be in circulation. But
gold would not go; and if it-could be kept
only on condition of debasing silver it
ought to go. The total amount of silver
and gold in the worlds stock was about
equal; both possessed in common (and
neither in any higher degree than the
other) all the qualities which are recog
nized as necessary in money. The purpose
in using both had always been to preserve
society from the result of accidents in the
production of either, and the effect of de-
monetization of silver was TO defeat that
beneficent purpose.
Redemption in Bullion.
He opposed the idea of redeeming treas
ury notes in bullion, on the ground that
when they were so redeemed the monetary
circulation would be contracted; 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 pur-'
puse and conscientiousness of motive of
the present secretary of the treasury, but
said that, as none of the secretaries for
twelve years past, had coined a dollar
more than compelled to do, future secre
taries might conscientiousiy deem it their
duty to keep in circulation the least possi-
BILE amount of the proposed treasury notes
and thus the United States treasury might
in effect become mere purchasing agent
for the East India company or for syndi-
Gates of English merchants wanting bull
ion cheap in order to make their pay
ments TO India.
The Senator's Peroration.
He concluded as follows: IL predict, Mr..
President that the restoration of silver to
its birth-right will mark an epoch in the
history of this republic 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 will increase
largely. though not unjustly, the debt-pay-
ing and taX-paying power of the people.
1t will loosen the grasp of the creditor
from the neck of the debtor. 1t
will lift the bowed head of labor; it will
hush the threnody of toll 1t will in
augurate the true renaissance-a renais-
sance of prosperity, without which in
dustry. learning. science, literature, art,
are but apples of Sodom." Applause
Put Through "a Catechism.
Blair asked Jones if he meant TO be I'M
derstOod as stating that a fall in prices of
commodities was an absolute demonstra-
tion of the increased value of money He
(Blair) supposed that the fall in prices re-
sulting from protective tariff was bene-
fetal, and was not an indication of an in
crease in the value of money.
Jones replied that the tariff, if il had the
effect of reducing prices, did not do so by
reason of a certain percentage being inn
posed upon imported goods, but by reason
of the stimulus which it gave to home pro-
duction and TO inventions
Never Heard of recent Dollar.
Mcpherson asked whether, if silver dol
lars worth - cents were coined without
limitation thus establishing silver basis,
the holders of gold $500, 900, 900 being held
in the country would not absolutely with
draw it from circulation.
Jones said that he hardly knew what the
senator meant by silver basis, or by -
cent dollar He had never seen recent
dollar.
McPherson-Then the senator's argu-
ment is that, after we are on a silver basis
las we certainly would bel there would he
no inequality in the value of the money,
because the money would be all in silver
Jones-And no inequality between it and
gold
Withdrawal of Gold a 'Bogy."
Mcpherson - Certainly not, because
there would be no gold in circulation.
You could use your short-legged dollar in
payment of debts; but when you come to
make new obligations, you would have to
do so at prices equal 10 the difference be-
tween the value of gold and silver
Jones said that he had never heard of a
short-legged dollar. All that talk about
the withdrawal of gold from circulation
was a bogy to frighten people With the
exception of a few millions on the Pacific
coast, there was absolutely no gold in cir
culation in the United States There was
so little gold in circulation that it would
be no exaggeration to say that there were
millions of people in the United States
who had never seen gold coin.
Who Fathers the Bill?
Jones of Arkansas said that the bill
was all wrong; that the public did not
care what the bullion value of silver was,
as the public would receive no benefit
from the price The result of the govern
ment buying S4,500,000 per month would
be to cause the price to rise to the point
where the government would have to sus-
pend purchases. He favored an amend
ment providing for the unlimited coinage
of silver whenever the price reached the
limit in the bilI-37l. % grains for one dollar
He referred to the bill as the billy of Re-
publican caucus, and this brought Teller
and other Republicans to their feet with
the statement that it was not such a bill,
but merely the bill of the senate finance
committee Upon Jones saying that all
the Republicans in the senate would vote
for it, Ingalls,, Allison and others declared
that was not So The bill then went over.
THE OuEcTION nE pENSIONS