The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-05-13
DEPOSITS OF BULLION.
THE BILL FOR THE ISSUE OF
TREASURY NOTES TAKEN UP.

sanator Jones of Nevada Opens the
Debate With a Long Speech in
Favor of Putting Silver on an
EQUALITY With Gold-Close Atten-
ton Paid by the Senators.
WASHINGTON, May 12.-In the Senate
this morning, among the bills reported
from committees and placed on the calen-
dar were the following:
The Senate bill to authorize the county of
Pulaski to maintain high wagon and foot
bridge across the Oemulgee river near
Hawkinsville, Ga.
Mr.. Hoar. from the Judiciary committee
committee, reported back the House amend
ment to the Senate antitrust bill with an
amendment. Messrs. Vest and Coke stated
as members of the committee that they did
not concur in the report, and Mr.. Hoar ex-
plained the effect of the action recon-
mended. The matter went over till to-
morrow.
The Senate proceeded to consideration
of the bill authorizing the issue of treasury
notes on deposits of silver bullion.
Mr.. Jones of Nevada, who reported the
bill from the committee on finance, ad-
dressed the Senate.
THE GENERAL UNREST.
He spoke of the general unrest prevailing
throughout the country. The prices of all
commodities, he said, had fallen, and con
tinued to fall Such phenomenon as a
constant and progressive fall in the general
range of prices had always exercised so
baleful an influence on the prosperity of
mankind that it never failed to excite at
Nhar, foil IN ,o,-ioa
operating on the products of all industries,
when it was found not to be confined to any
one cline, country, or race, but to be
diffused over the civilized world-found not
to be characteristic of any one year, but to
go on for series of years,
it became manifest that il could not arise
from local, temporary, or subordinate causes
but that it must have its ground and devel.
opment in some principle of universal ap-
plication. What was it, he asked, that
produced general decline of prices in any
country9 1t was a shrinkage in the volume
of money relatively to the population and
business.
ALL THE MONETARY SYSTEMS WRONG.
The world had never had a proper
system of money. Prosperity and
speculation had been stimulated
at times by great Yields
from the mines; and when those mines were
worked out there came revulslon and ad-
versity. He went on to speak of the natu-
raj ratio between gold and silver existing
for 2, 500 or 5000 years-a ratio of 1513 to
l, and said that it was only since the legis-
lative proportion of silver in Germany and
the United States and its banishment
from the mints of Europe that
any material change in that ratio
took place; and that the present
divergence in the relation OF the value of
the two metals was directly due to the legal
outlawry of silver. and not to any natural
causes. 1t had always been the object of
the creditor class to enhance the value of
money by reducing its volume; so that
when the gold mines of California and Aus
tralia were producing the largest yield, it
was proposed to demonetize gold.
A FRENCHMAN's SCHEME.
He quoted the French publicist Cheva-
lier as advocating the discarding of
that metal which gave the
greatest abundance, and quoted
another Frenchman (Bonnet) as saying that
the world was saturated with precious
metals, and that if there was any danger
against which it was necessary to guard it
was that of saturation. The motive of de-
monetizing in the case of silver as well as of
gold was, Mr.. Jones said, to aggrandize the
creditor class of the world and 10 confiscate,
SO far as practicable, the rewards of the
hardy toilers Hespoke of the demonetizing
OF silver by Germany after her war with
France as having inflicted greater evils on
her people than her armies had inflicted on
France. and said that when il began to
have its effect a veritable hegira Of the
German population began to take place. If
surprise were felt at the selhshness of the
privileged classes in Europe aud the de-
monetiziug of silver, what, he asked, what
was to be said in defense of the United
States in demonetizing silver7 No such
stupendous act of folly and injustice, he
said, had ever been perpetrated by the rep
resentatives of free people.
NOT A CREDITOR NATION.
The United States was not creditor
nation. Its people did not own thousands
OF millions in foreign bonds so that they
would be paid their interest in appreciated
money. Instead of that demonetization
helping to rob creditor foreigners it helped
them to despoil the debtors in Anne rica. In
view of all the circumstances; in view of
the herculean difficulties with which
the nation was surrounded in 1873.
the demonetization of silver by
the United States had to be
regarded as one of those historical blunders
that are worse than crimes. 1t was the
child of ignorance and it had proved pro-
hfic parent of enforced idleness, poverty
and misery. No better remedy could be
applied than absolute reversal of that legis-
iatlon, and putting back the monetary sys-
tenn of the country to what it was before.
RELATIONS OF THE METALS.
Mr.. Jones went into historical review
OF the relations which the two metals had
Dorne to each other as money since Great
Britain, the first among the nations of the
earth to take that action, deEonetized sill
ver
Recurring then to the pending bill, Mr..
Jones said that he had reported it from the
committee on finance, but that it did not
1uliy reflect his views regarding the relation
winch silver should bear to the monetary
circulation of the country, or the world.
ne declared himself at all times and in all
places firm and unwavering advocate Of
Tree and unlimited coinage of silver.
IN view, however. of the great
diversity of views prevailing on the subject
ana the possibility that by reason Of such
ulVersity the session of congress might
terminate without aifording the country
any relief from the baleful and benumbing
eHect OF the demonetization Of silver, he
nao Joined with the other members of the
committee in reporting the bill. Under the
circumstances, however, he wished to say
that he held himself free to vote for any
amendment that might be offered which
might tend to make the bill a
more perfect measure of relief, and that
might be more in consonance with his in
QlVldual convictions At the st1opestion of