, 1890-07-09

report on the silver bill was taken up.
Vest stated hsi reasons why he should
vote against the report. A large major
ity of the senate had voted, he said, for
the free coinage of silver, but the confer
ence report absolutely did away with the
idea Of free coinage, and was intended to
continue the system under which silver
had been persistently and consistently de-
graded since 1873. He was anxious 10
see absolute parity between the two met
ais as money metals. He would like to
see the time when sixteen ounces OF silver
would purchase an ounce of gold-when
an ounce of gold would continue las at
presently to purchase sixteen ounces OF sill
yer. He read the closing clause of the
second section of the conference bill. 1T
being the established policy of the United
States to maintain the two metals on a
parity with each other upon tue
present legal ratio, Or such
ratio as may be provided by law" and
asked why that declaration had been in
serted, why that stump speech had been
injected into the stomach OF the bill. 1t
had been put in. he said, for the purpose
OF saying to the treasury department that
until silver came up TO a parity with gold
it should pay out gold and public business
should be conducted on a gold basis. He,
for me, would never vote to maintain
and continue that practice. He had
never been a silver man" for the pur-
pose OF booming silver or increasing its
price. He was against that aud 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 by that
bill absolutely and completely.
Coke expressed concurrence in the con-
clusion reached ty Vest. He could. not
support the conference bill. The senate
oonferees had not represented the bill of
the senate which declared for the free
and unlimited coinage of silver. On the
contrary, they had assented to a bill which
provided definitely for the cessation of the
further coinage of silver at all. There
was no c%ompulsion on the secretary OF
the treasury to coin silver after the LIST of
July. Silver coinage was then left to the
discretion OF the secretary, aud such dis
erection was equal to stopping the coinage
of silver. That was a fact we'll known and
admitted in debate. He was opposed to
buying a single ounce OF silver that was
not to be coined. He was opposed to the
United States going into the warehouse
business for silver or any other product.
Ii silver was 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
lone conferred upon it the power OF
money? The two-thirds of the people OF
the United States who were in favor of
the free and unlimited coinage of silver
and an admitted majority in the senate
were checked at every turn by the execu.
tive and the secretary of the treasury. He
proposed to vote against the conference
oil because he preferred the law as it
nov stood.
Sherman defended and explained the
conference report. The question had
arisen 10 the conference committee, he
SAID. whether the two houses could be
brought to an agreement on the two biIls
passed by them respectively. 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
oil silver to be purchased had been in
creased. Much TO his regret it had
a ~ u larger amount tnan
the entire American product of silver. 1t
had been made mandatory mot perm,ssi-
ole) on the secretary of the treasury to
buy 4. 500, 900 ounces OF silver each
month, which, at the rate of Sl.29 an
ounce (or sixteen to one) would amount
To the issue of about SIT, 00O, 900 in treas
pry notes, The legal tender clause in the
house bill and in the senate bill had been
somewhat different and somewhat alike
also. and the question had come up in
conference whether it would be right to
contract Tor payments in gold or anything.
~ mad therefore been agreed unanimous
~ taht the treasury notes to be issued for
snver, like the silver dollar on which it
vas based, should be legal tender for all
aepts. public and private, unless stipu-
lated 10 contract. That same clause was
10 be found in the Bland bill.
otewart-Does the senator from Ohio
.nink there is any danger ofthe secretary
Oh the treasury falling to buy $500, 900
ounces OF silver per month, if he can get
u a, less than par. as provided in the act2
oherman-Not the slightest. The
senate cannot legislate on the idea that an
omcer OF the government will not execute
me law A suggestion had been made.about
the president and the,secretaryiof the treas
ery haunting the capitol in regard to the
2'l- L have not seen either of them and
40 not think a single conferee has seen
either OF them during the conference. The
president of the United States will do
what he thinks 1t his bounden duty to do
under his obligation. As to his seeking
10 influence me. or my seeking to ipfu-
ence him; that is rather beyond the
POUNDS of reason.
voorhees, said the trouble about the
conference bill was not whether the sec