The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-07-09

been persistently and consistently degraded
since 1878. He was anxious to see absolute
parity between the two metals. He would
like to see the time when sixteen ounces of
silver would purchase an ounce of gold, and
when an ounce Of gold would continue, as
at present, to purchase sixteen ounces of
silver. He read the closing clause of the
second section of the conference bill, at
being the established policy of the United
States to maintain the two metals on
parity with each other upon the present
legal ratio, or such ratio as may be provided
by law" and asked why that declaration
had been injected into the stomach of the
bill. 1t had been put in, he said, for the
purpose Of saying to the Treasury Depart
ment that until silver came to parity with
gold 1t should pay out gold, and public
business should be conducted on a gold
basis. He, for one, would never vote to
maintain and continue that practice. He
never had been "a silver man" for the pur-
pose of booming silver or increasing its
price. He was against that and all other
forms of subsidy. The conference, bill
might give an increased market for silver,
but the principle for which the Senate
voted, that the two metals should be on a
parity, had been given away in that bill ab-
solutely and completely.
Coke expressed concurrence in the con-
clusion reached by Vest. He could not
support the conference bill. The Senate
conferrees had not represented the bill
OF the Senate, which had declared for
the free and unlimited coinage of silver
On the contrary they had assented to n bill
which provided definitely for the cessation
of the further coinage Of silver at ALL
There was no cOmpuIsion ON the Secretary
of The Treasury to coin silver after the 1st
of July, 1891. Silver coinage was then left
to the discretion of the Secretary, and such
discretion was equal to the stopping of the
coinage OF silver. That was fact well
Hn md nIn ftnh dnhn ln
was opposed to buying single
ounce of silver not to be coined.
He was opposed to the United States
going into the warehouse business for silver
or any other product. Ii silver is not to be
coined, why should it be purchased? If the
object of the bill was to advance the money
power of silver, why should its coinage be
stopped when coinage alone conferred up
on 1t the power Of money? TwO-thrdS of
the people of the United States who were
in favor of the free, unlimited coinage of sill
yer, and an admitted majority In the Senate,
were shocked at every turn by the EXecu-
tive and Secretary of the Treasury. He
proposed 10 vote against the conference bill
because he preferred the law as it now
stood. Sherman defended and explained
the conference report.
The question had arisen in the Confer
ence Committee, he said, whether the two
Houses could be brought to an agreement
ON the two bills passed by them respective
ly. In the first section of the conference
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 to his regret it
had been fixed at a larger amount than the
entire American product of silver. 1t has
been made mandatory, not permissive, on
the Secretary OF the Treasury to buy 4,500-
COO ounces OF silver each month, which, at
the rate OF 81 % an ounce, or IL TO l, would
amount to the yearly issue of about S70,-
000,000 in treasury notes. The legal tender
clause in the House bill and in the Senate
bill had been somewhat different and some
what alike alSo aud the question had come
up in conference whether it would be right
to deprive citizens of the United States of
the right of contract for payments IN gold
or nything else. 1t had, therefore, been
agreed unanimously that the treasury notes
to be issued for silver, like the silver dollar
on which it was based, should be a legal
tender for all debts, public and private. un-
less where otherwise stipulated in a con-
tract; that the same clause was to be found
in the blank bill.
Voorhees, said the trouble about the con-
ference bill was not whether the Secretary
of the Treasury would obey the law. but that
every single section of the bill gave discre-
tion TO the Secretary OF the Treasury, who
was packed" against silver. Every single
section of the bill conferred and was in
tended to confer discretion on the Secretary
of the Treasury by which he could destroy,
dishonor and degrade silver as money. He
did not reflect upon the present Secretary
of the Treasury. The Treasury Depart
ment has been packed against silver ever
since he (Voorhees) had been member of
the Senate; not merely under the Repub-
lican party, but under his own party when
in power, until he was weary oft
Teller said as much as he disliked the
adoption of halfway measure he was
compelled to support the conference bill
as tho only measure which could bring
relief to the people of the United States for
the next few months. Congress would as
semble in December next aud if the bill did
not work well it could be reformed next
session. He was restrained by the courtesy
due TO another body (the House of Repre-
Sentatlyes) from expressing his opinion
with regard to its course. The body which
has been considered the representative
body of the American people absolutely
houted in the face OF the American people
the demand made upon it by Wall street,
disregardlng public sentiment. There has
been no LOBBY in either house, but there
has never been such pressure brought upon
Congress as was brought upon 1t at this
session to defeat tho free coinage of silver.
He believed it impossible to secure free
coinage at the present session, because the
voice of the majority of the House was
stiled and cannot be heard, and it would
never be heard until the people of the
men who were willing to represent them in
spite of exterior influences.
Stewart said II the conference bill is exc
cuted i'll good faitll-as the Senate was
bound to assume it would belt would work
great relief. He was confident IL would be
objected to less on that point and would
lead to free coinage.
Stewart-Does the Senator from Ohio
think there is any danger of the Secretary
Of the Treasury failing to buy 4,500, 600
ounces of silver per month, if he can get it
ut less than par, as provided in the act?
Sherman-Not the slightest. The Senate
cannot legislate on the idea that an officer
of the Government will not execute the
law. The suggestion has been made about
the President and Secretary of the Treas
ury haunting the Capitol in regard to the
bill. l have not seen either of them, and |
do not think a single conferree has seen
either of them during the conference. The
President of the United States will do
what he thinks is his bounden duty to do
under his obligation. As to his seeking to
Influence me OF my seeking to influence
him, that is rather beyond the bounds of
reason.
At 8 o'clock the conference report on the
Silver Bill went over till tomorrow and