The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-06-04
Senator Farwell on SILVER Coinage.

WASHINGTON, June 3-Among the
memorials presented and referred were
resolutions from the Louisiana legislature
extending thanks to Congress and the
President for the relief afforded the suf
ferers from the recent floods.
The Senate bill for preventing the
adulteration of food and drugs was reported
and placed on the calendar
The resolution offered yesterday by
Edmunds for investigation by the com
mlttee on fisheries into the charges of mis-
management of the fish commissioners
office was taken up and after discussion
laid over.
The committee on education and labor
reported the Senate bill to provide for
obligatory attendance at school of children
IN Alaska, and the Senate bill without
recommendation to organize bureaus of
information In relation TO employment and
occupation and means of livelihood Placed
on the calendar.
The silver bill was again taken up and
Farwell addressed the Senate He declared
himself in full accord with the purposes of
the bill, but said he was in favor of going
still further. He would use for money all
silver offered and not stipulated sum as
provided for in the bill; and he would coin
1t at its market value. If the price OF
silver should advance to par with gold las
friends of the bill claimed it would) then
free coinage would come as a matter Of
course. What objection could there be, he
asked, to putting into silver dollar one
hundred cents worth of silver. Two other
things were necesSary-the national bank
system should be preserved and the sub
treasury system abolished When these
measures were adopted the people could
get all the money they needed. The issu-
ing by the government (uEder the pending
hill of Vco -.tL,
behind them as security, furnished a cir
culation that was absolutely safe and could
not be redundant and would still supply a
monthly retirement OF national bank cur
rency. The national bank system should
be perpetUated by substituting other bonds
than United States bonds to secure their
circulation. The people would then utilize
all the best bonds of the country and
would procure such circulation as the
business of the country demanded. The
treasury notes TO be issued under the bill
would add largely to the circula-
ting medium. He did not think
that 1T was within the province of
Congress to determine the amount of cir
culating medium. But some law, like the
national banking law, showed the means bv
which the people could determine that
matter for themselves. His object in IA
voring The abolition CT the sub-treasurv
was to have all the money of the people in
the channels of business, as it was before
the passage OF the independent treasury
act In 1910. The money now in the sub
treasures would, if deposited in national
banks without adequate security for the
whole amount, be deposited Another
reason for the change was that IL would be
handled by the national banks without any
cost to the government, and the saving
thus effected would be in the aggregate
several hundred thousand dollars per an
mum. He did not favor the repeal of the
independent treasury act for the purpose
of beneftting the banks.
At the close of F'arWelrs speech the sill =
yer bill was laid aside and the fortifica-
lions bill taken US. An amendment to in
crease the appropriation for rifled sea coast
mortars from $3.50, 600 TO S400. GOO was agreed
to. Without further action on the bill the
Senate adjourned.