The sun., 1890-05-17
thar msasuro which has besn do.

SStSd at such yoluminoys length
invites us into competition with all the Wori'
in the free coinage OF silver, i do not want an,
In nSsy to oan use b. RhFsS IN
highest standard of the most civilized nation.
Of the world win go hand In hand with thos,
Increase the volume OF our currency, based OF
bullion or coin. because do regard silver, o.
well as gold, as ono OF the metals chosen by, the
Almighty for currency But gold and silver
have varied from the very beginning Of timo
sometimes up and sometimes down aud they
that will make uso OF both gold and silver and
will vote for Il. Il not viii content myself by
simply voting in the negative"
The fi'SHSsoh soPsRTf ~ aesSs
Edmunds., chiefly, on the point Of the, gold re.
serge Of a hundred millions tor the redemption
there was not particle OF law on the statute
| books requiring such a reserve, and arguing
notes we're T rarely oePed for rG TedSmpon M S
Mr.; Edmunds said that Treasurynotes had
not been presented for redemption because
the people knew that they could get gold for
them whenever they wanted IT. and he related
the anecdote OF the. Frenchman who, when
there was q run on a bank. presented the notes
which he held, and on the coin being paid over
to him said: oh II you have got the money
Ido not want It; Il you have not got II do"
Treasury would fail. Just as q bank would. .
SE bu ss Re
tion OF Treasury notes, and 37O'OOO,OOO Tor Oil
Mr. Ingalls,, IKep., Kan.l argued that for some
years after, the redemption law tho gold that
had been obtained from the sale OF 4 and Az
serve but was confused. and mingled and con-
founded with the general resources OF the Gov
OF idsntcaion. Il @ had not been set aside as
n special fund until 1882. year or two after.
ward; He mentioned that for the purrose Of
sshes, dsseSS e taS sOf bs tbst 5ess 6se
ury. That was an idle assumption; q mere
superstition. Bonds had been sold TO the
amount OF $95000,0OO for. the purpose Of pro-
paid ever since. making some $i0,00O000 that
had been paid in interest DID anyb9dy sup;
Tor gold had been filed inithe Treasury and the
coupons out off and DESTROYED as they fell due.
there would haye been sny difference II the
been stated In the discussion to-day that In
the eleven years since resumption only s2s,.
Or less
terest paid out for the sake Of having that idle
and ominous gold lying In the Treasury: a % Win;
gold had been converted into greenbacks than
there had been OF greenbacks converted into
Mr.. Aldrich tRep.. r. H. asked Mr.. Ingalls,
whether he Thought that united States notes
would nave any RQueu value, a nunureu
millions OF bonds had been deposited in the
'rsfSS5z f ddnot' a. SsSpflMsfi sSid Nj. ingalls,.
"Then that would have been equally un-
necessary as to the gold reserve" said Mr.
Absolutely unnecessary" Mr.. Ingalls, as:
serted 1T 1T A Is q mere vague superstition and
Mr.. sherman lin an undertone,-" Fiat
Mr. Ingalls," Fiat money" says the Senator
from Ohio. There is no Hat money IN this
1t rests on tho credit of the
Government and on its capacity for re-
The discussion then turned on the monthly
debt statements OF the Treasury. Mr.. Ingalls,
asserting that he found In them astounding,
bewilderinG and irreconcllable dis
plain them. and Mr.. Allison, gave his views
llpon them, ooinclding generally with those of |
MIR. Sherman, and saying that there was an err
roneous but widespread belief In the country
nense amount Of fGoyernment money storedup |
IN the Treasury, while In fact the real surplus |
vas. as stated BY. Mr.. Sherman. $35, 100000. A
arGe amount of the money held In the
lebt, statement was money set apart for
peciflo purpose. and which could not be used
" any Secretary Of the Treasury without fur
her legislation. AS far as the gold
mounting to s49S,6O6.ooo that, amount OF
money was specially devoted by law to their
'ayment, and therefore not q dollar OF 1t could
70 touched 1t might be BE- tta that r there was
vas necessary. On that point he was not pre-
jared to give any opinion.
The Silver bill went over without action. The
ieiley Of Pennsylvania was postponed until
Alter a brief executive session the Senate ad-
burned until tomorrow.