The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-06-22

edy was by international action. 1t de-
clared that the increasing population and
business of this country required more
money, and that $4,000, 900 could annually
be added with safety to the volume. 1t de-
clared that in increasing the currency of
this country, silver, as one of the country's
products, ought to be utilized. 1t
declared after a careful survey of the
silver situation throughout the world that
no surplus of silver existed, which would
threaten this country with inundation. The
report was fair, able and comprehensive in
its statement Of facts and existing condi-
tionS.
His recommendation, however, was sub
iect to careful scrutiny, and although at
first 1t was favorably regarded by the sill
yer men in Washington, upon close scrut-
my it was found to contain the germ of
destruction of the bi- metallic principles.
Mr. WINDOWS plan was THAT the govern
ment should take all the bullion that was
offered and issue silver certificates redeem
able in bullion. He proposed thus to issue
about fifty million annually. His idea in
making them redeemable in bullion was to
anchor the value of these silver certificates
to gold, by making them redeemablein bull
lion at its market value in gold. was in
Washington at the time and | can say that
there was general smile of satisfaction
when this silver report of Mr. WINDOWS
swept away from their antagonists two
points, which might otherwise have been
discussed Unfortunately, viz: the necessity
of increased volume OF money; and second,
as to whether surplus of silver existed
anywhere in the world which in case of
silver resumption, might swamp US with
the silver of the world. But upon reflec-
ton, the bi metallists became con-
WINGED that this bill would not do,
| hapco tho 0nDocitinD m hr1lliOn
sumption grew steadily from day
to-day, and as the administration held to
it with great tenacity, and much ill-feeling
arose, the President and Mr. Window were
denounced as being unfriendly to silver.
The measure having been formulated as
an administration measure was pushed in
the House as such. All the power of the
administration was used for it's adoption.
The committee on coinage reported in favor
of it. The finance committee of the Senate
reported against it. A conference of the
| Republican members of both houses was
held, and the result was that certain modi-
fications of the bullion redemption feature
were made in t is conference committee,
which finally harmonized all members of
the committee, both in the Senate and
House, with the exception of Mr.. Teller,
upon a measure providing for the purchase
of 4, $780, 900 ounces of silver per month, the
certificates to be redeemable in coin of law
full money or upon demand of the holder
| in the discretion of the secretary in bullion
itself.
Senator Teller alone of this conference
committee, refused to acceed to it and it is
safe to say that if it had not been for his
pertinacious opposition, the bi-metallists of
both houses would have been committed to
a grievions blunder. The national silver
committee stood by Senator Teller in his
| vii and ha hot no for.
ence bill had few supporters aud both the
House and the Senate went back, each to
their favorite bill.
Meanwhile time was being wasted in
fruitless attempts to harmonic the con-
fiicting elements, the administration all
the time holding to bullion redemption as
an essential feature of the bill. Finally g
caucus of the House Republicans was held
in which Mr.. Mckinley moved to strike
out from the bill bullion redemption. This
was vigorously opposed by Mr. Reed Of
Maine, and MIR. Cannon of Illinois. AS a
result the House Republicans voted to re
tain bullion redemption.
1t should be observed that the caucus
was not binding upon its mem bers, it wa:
a caucus for conference alone. The caucu:
was not largely attended, only sixty mem
bers being present and of these over
twenty declared themselves against bullion
redemption.
Then was witnessed the marvellous con
troll which Speaker Reed, through his com
mittee on rules, consisting of himself, Messr!
Cannon and Mckinley. exercised. over the
House. A special rule was made for the
!, consideration, of the bill the next day; bu
one day and half was to be given to de-
bate, no amendment striking out bullion
redemption was to be permitted, The only
vote allowed was upon the motion of Mr.
Bland to recommit the bill, with instruc
, tions to report free coinage bill.
Upon this issue the party whip was ap
| piled; every means of intimidation wa
used to compel the Republicans to vote TO
the caucus bill, rather than free coinag,
and as result only nine or ten Republican
| votes united with the Democrats in sup
port of free coinage, the rest of thu
3 Republicans voting for the caucu
5 bill, even though it contained the bullion
redemption clause, though many protested
1 against it in the debate declaring that the
only voted for it in the hope that the Sen
5 ate would strike out the bullion redemI
: ton. To give you an illustration of th
power that was exercised amongst Repub
S licans, it is only necessary to refer to tn
: speech of Mr.. Payson, of Illinois, one of tn
c most prominent silver men in the Republi
e can party, who declared openly in tn
House that the caucus bill actually demon
: etized silver by reducing it to a mere con
: modify, and yet, rather than ally himsel
) with the Democrats, he voted for the bi
f in the hope that the Senate, which as d.
clared was acting under the rule of tn
! caucus or the domination of the committe
: of three, would remedy the matter b
d striking out bullion redemption.
The action of the House Republicans we
d greeted with a storm of denunciatio
# throughout the country. The denunci
J ton was particularly marked in Washin,
G ton, members OF the silver committee gil
t ing public utterance to their views, decla
l. ing that Republicans had violated the
: faith with the party. sand holding up Il
It promoters of the bill to public repudiatic
l. at the polls.
: During all this time frequent conference,
S were held between the leaders of the hou.
S and the extreme silver men Of the Senat
l. At these meetings / learned to respect Il
e sincerity, if not the wisdom, of the viev
}. of those men who opposed US, notab
lie Speaker Reed, of Maine, and MIR. Canno
h of Illinois.
a In conference which had with the
If gentlemen in connection with several +
ID publican Senators, they showed the utmo
e disposition to utilize silver in every way
IS increased circulation, but they feared tn
lie if the silver money of the country was i
g creased without international action, d
s. two money metals would part compan
d, that the mere powor of the governmel
v could not hold the silver dollar whose bl
Id lion value was not equal to dollar, up
Is its present purchasing power, al
Of that if they once parted compaI
I'd the silver would crowd into b
E. country and gold would flow away. Al
Ia i