The morning call., 1890-06-07
THE HOUSE.
Tbs Caucus Substitute Opposed by the Free
Coinage Members

WASHINGTON, June 6.-In the House to-day
the silver debate resumed Lind of Mime
sofa was the first speaker. He SAID silver should
be restored TO Its former position. This was
demanded by the great mass OF the American
people.
Lacey OF Iowa said the country has met with
a contraction of the currency. The pending bill
proposed TO give the country increase TO offset
the contraction and even more. IL was prac-
tIcally free-coinage bill. The capacity of the
mints was S5o,ooo,ooo. The free coinage OF
every dollar of American silver would be about
SOL ,o0o 900, yet this bill proposed TO give S54,
100000 year OF legal tender Treasury notes.
II was free coinage measure because it pro-
vided that when silver was at par the miuts
should be open to free coinage. The country
needed an expansion OF currency in a safe way,
and this bill provided forit.
Walker of Massachusetts spoke against free
coinage. He asserted that the decentralization
of silver was not the cause of decreased prices.
Prices had been going down a hundred years.
More money meant more misery.
Perkins OF Kansas remarked in that connec-
ton, I'VE all love misery"
Walker added that he was going tovote for the
pending bill because the members OF the House
from 1868 I'D to the present time, Tor the pur-
pose OF getting back here, had urged and encOur-
aged the people in their folly until they had come
10 such state OF mind that something must be
done or they would break the members up.
ILaughterl 1t was pure politics; that was all
about 1t.
Blount OF Georgia contended that silver de-
mOnetiZaton had cast biglItlng curse over
everybody except the capitalist To increase the
volume of circulation was the only way to re-
lieve only the agricultural interest, but every
other interest In the country. lie critlcized the
Treasury bill, decai ,IIg IL was intended TO stop
further coinage OF the silver dollar. 1t was
Wallstreet measure. He also criticized The
Caucus bill aud advocated free-colnage meas
ure.
right of member of the minority TO offer an
amendment. gag-law was placed upon the
minority for the purpose OF passing the bill
through the House, the effect OF which was to
demonetize silver The bill was a Walstreet
scheme and gold.bug scheme 10 change the
ratio between gold and silver. IL recognized
silver bullion OccOrdng to its gold yalu-. Silver
was being murdered in the house OF ils friends.
He especially criticized the bullion redemption
clause, arguing that II would prevent any appre-
ciable expansion Of currency. Ii would hold out
temptation TO the Secretary OF the Treasury TO
make sl,0oo,0o0 out OF speculation in Wall
street. Tie free coinage of silver would not
only appreciate silver bullion but depreciate
gold bullion and bring the two metals to
parity. The Government must either issue nat
money or give unlimited use to gold and silver.
Kerr OF Iowa advocated the bill as a long step
in the right direction IL would result In The re-
monetlzation OF silver aud IN the Two metals ul-
timately going hand In hand.
Townsend of Colorado said prosperity would
not return, nor the downward course OF prices be
arrested until silver was returned to its proper
place. The only complete and perfect remedy
was to reverse The action OF 1878 and 60 back to
The Tree ana unlimiied coinage OF silver.
Dorsey OF Nebraska said that.if Secretary Win
dom had purchased and coined the maximum
amount of silver allowed under the existing laws
(S4,00o,0o0 per month"; there would have been
no need of this discussion and he would have
strengthened the administration OF President
Harrison. To that section of the substitute
which provided for bullion redemption, Dorsey
emphatically objected. Would il not be better TO
cover the one million redemption fund Into the
Treasury and use IL asa part OF the circulating
medium, ana in case United States notes were
presented for redemption and there was no
money to meet the demand, allow the Secretary
TO sell bonds to meet the demand. The bullion
redemption feature would be stricken out, aud
lie appealed TO his side of the house to allow q
vote cn the proposition.
Mckae of Arkansas appealed TO the gentle
men OH tile other side who believed In free coin-
age to silver TO Its proper place. not step
by step. but as 1t was destroyed, In one jump.
The House at 8 O'Clock took recess until 8
O'clock.
AT the evening session the silver debate was
continued. Among the speakers were Burnes.
Lane OF Illinois. Shively and Holman. Ad.
iOurneu.