New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-07-09
SILVER IN THE SENATE.
THE CONFERENCE REPORT DISCUSSED, But
NO VOTE REACHED.
EXPLANATION AND DEFENCE OF 1T BY MR..
ING TINE IN CRITICIsM-ALL THE
REPUBLICANS TO SUPPORT
THE COMPROMISE.
rBY TELEGRAPH TO TIE TBIBuNE.1


eulos.es OH Representative ;. :. Cox But the Demo
cratic policy of Obstructng public business by so called
"Gebae7 developed itself again, and the con
ference report talked over until 10 morrow. Two
Republican members Of the now apparently defunct
free cCiuase combination. Mcssrs Teller and stewart
gave some able assistance tOthe opposition by Offering
lingering explanations OF the which induced
them to support the compromise measure Otherwise
the debate' would have been confined wholly to the
empty and purely dstory protests OF such eminent
financial experts Senators Vest Coke, Voorhees, ana
Cockrcll. Mr.. Cockre. for instance, talked for an
hour or more some absurd bubble which nc raised
as the text of of the earlier sections Of the
conference report. Mr.. Bland came over from the
House of Representatives, and ostontatously Coached
the senior Senator from "Old Mississippi; but the
excited orator got tangled up hopclesSy on That
constituted the market price" OF silver and similar
intricacics of the pending measure.
The end in view reached successfully however.
and Mr. COckrell still unwindng himself from the
mesh Of contradictions in which he was involved when
the order for the Cox euoges read by the prcsd-
ing officer. The Democratic Senators Will probably
continue their criticisms the silver bill at tomor
rows session. They feel aggricved that the Repub-
can friends Of svero have unceremoniously aban-
dcned the roeconagc alliance and accepted the ex-
tremey generous terms offered by the Republican ma
jor!ty in the pending BILL senators Gray and Nc
PheTson who oppose free coinage, away from the
city. and Mr.. Wilson Of Maryland is paired with Mr.
Wilson, of Iowa. SO not single Democratic vote is
likely to be for the most liberal measure OF recoS
milton granted 10 the silver interest In many years.
But the compromise bill Will undoubtedly have the
support of every Republican In the Senate. 1t goes,
indeed, great way toward the absolute remonetza-
ton Of silver; yet is drawn as 10 insure the full re
tention Of gold as measure OF value. Much sgnil
canoe, in fact, is attached to the insertion in the bill
Of the proviso that upOn the demand Of the holder Of
any Of the Treasury notes herein provided for, tho
Secretary Of the Treasury SHALL under such regulations
as he may prescribe, redeem such notes in gold or
silver coin, at his discretion and to the further doc
otion that it is the established policy OF the United
states 10 maintain the two metals a parity with
each other the present legal ratio such ratio
as may be provided by law" This declaration Of
policy TO maintain the parity of the metals, II is
held, Will give the Secretary of the Treasury the right
to maintain that parity by such means be
sary at any time and this saving clause 1t + thought
will he as effective as the bullion redemption clause
Of the original House bill The fact that the ultra
silver Democrats bitterly chagined at the agrcc
ment reached by the Republican conferees may also DO
taken an indication that the present settlement Is
likely to prove as satisfactory to the country a
whole as any compromise possibly could have done.
With the silver question out of the way IL will be
nsily possible to 20 on at once with OF the two
great measures Of legislation loft pending before
the Senate.
Mr. Vest was the first speaker to-day the con
ference report. large majority Of the Senate had
voted lie said, for the free coinage Of silver: the
conference report absolutely did away with all idea Of
free coinage, and continued, and intended 10
tinue, the system under which silver had been per
sistently and consistently degraded since 1873 lie
was anxious to see an absolute parity between the
two metals as money metals. lie had never been a
"Sver man, for the purpose of coming silver, Or Of
increasing its price.
Mr. Coke expressed his concurrence in the con-
Cuson reached by Mr.. Vest The senate confcrces had
not represented the Will of the Senate which had been
declared for the free and unlimited coinage Of silver
On the contrary, they had asSented to bill which pro
vided definitely for the cessation OF the further coinage
Of silver at all
Mr.. sherman defended and explained the conference
report. The question had arisen I'm the Conference
Committee. he said, whether the two houses be
brought to agreement on the two bills passed by
them respectively In the first section of the con
ference bill the language OF the first section Of the
House bill had been retained somewhat, but the
amount of silver TO be purchased had been increased
Much his regret it had been fixed at larger amount
than the entire American product OF silver. 10 hal
been made mandatory mot permissivel on the Secrc
tary of the Treasury to buy 100000 ounces of silver
each month, which. at the rate of 81 20 an ounce
Tor sixteen to onci. would amount to the yearly issue
of about S70.OOO,o0O In Treasury notes. The legal
tender clause in the House bill and in the Senate
bin had been somewhat different. and somewhat alike
also and the question has come up IN the conference
whether it would bc right deprive citizens OF the
United states of the right 10 contract for payments
in gold anything else II had, therefore. been
agreed that the Treasury notes to be issued for silver
like the silver dollar which 1t based. should
he legal tender for all debts public and private
less where otherwise stipulated in the contract That
same clause TO be found in the Bland bill
Mr.. Voorhees, said that, in the practice Of his pro-
fession he always dreaded packed Jury The trouble
about the conference bill not whether the Secretary
Ophe Treasury would obey the law but that every SIN
gle section of the bill gave discretion 10 the Secretary
of the Treasury who packed against silver Every
lngle section Of the bill conferred and intended
TO confer, discretion the secretary OF the Treasury
by which he could destroy, dishono and degrade silver
as money. lie did reflect upon the present sccreI
tary Of the Treasury. The Treasury Department had
been packed" against silver ever since he (Mr Voor
hees) had been a member of the Senate, not merely
under the Republican party but under his own party,
until he weary Of it,
Mir. Teller said that, much as he dislikcd the adop
ton of a halfway measure, measure that tlwarted
the will of the people for free and unlimited coinage
OF silver no compelled TO support the conference
biz as the only which would bring relief to
the people of the United states for the next few
months. Congress would assemble IN December, ahd
II bill did not work we'll II could be reformed next
session. The Senate had been illuminated aud Sian
dered, not only in the public press but IN the House
Of ana the 9 nad been GsoeG 40
There had been no lobby in either house in the in
brought upon Congress had been brought upon it
this session Of Congress 10 defeat the free coinage
He believed that it impossible TO the free
coinage of silver at the present scSslon--not
that he did believe that there was majority in It's
favor in the House Of Representatives, but because
under a system which he could not speak of patiently,
the vO.Ce mai orty sted and could not bo
heard.
Mr. George asked Mr.. Teller why the provision had
been put into the bill that the minimum silver coinage
OF So 900 600 q month should be discontinued after
July l. 1891, II the Secretary Of tho Treasury thought
proper
sir. Teller replied that he could not give any reason
for it. II might be that that was a sop thrown to
those who for the suspension OF all
silver coinage. lie had made calculation as u the
Increase of currency that would take place under tho
of silver at yesterdays price ~ OF per ounce would
require the issue OF 8i,700,000 in Treasury notes.
All per the amount of Treasury notes TO
lie issued would BE S4.725.O00 per month at 81 10,
S4030O 900 at 81 90 81 400 900 and at par, 81 814,
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