, 1890-05-14
WASHINGTON NEWS.
Senator Jones Concludes His
Speech on the Silver Bill.
Protest Entered Against the
Duty on Wooden Goods.
The House Nearly Through
With the Tariff Bill.


delphia demonstrating against the in
crease of the duty on dress goods, made
wholly or partly from wool.
The committee on pensions reported
back the house substitute for the senate
dependent pension bill. Moved that il
be ~non-concurred in. Agreed to.
The senate then resumed consideration
of the silver bill and Jones OF Nevada
continued his speech begun Yesterday.
He concluded his speech at a quarter
past 3, having spoken FIVE and a quarter
hours. He had the same close attention
OF both parties be had yesterday. The
attendance on the Democratic side at
times was larger thar on the Republican.
Senator Jones opposed the idea of re-
deeming treasury nute5 in bullion on the
ground that when they were SO redeemed
the monetary circulation would be con-
tracted, and that putting bullion on the
market would not make up to the coun-
try for the loss of money from ~circula-
ton. He expressed entire confidence IN
the honesty OF purpose and the con-
scie~nciousness of motive of the present
secretary of the treasury, but said that
as none of the secretaries for twelve years
past bad coined a dollar OF silver more
thar compelled by law to do. future sec
~retaries might deem it their duty to keep
in circulation the least possible amount Of
proposed treasury notes, and thus
the United States treasury might in
effect become a mere purchasing agent
for the East lndia col or for syndi-
Gates Of English merchants wanting bull
ion cheap in order to make their pay
ments to India. Gold, by reason OF its
u~antar uaiua and MT nit hata - I.n Ill t.
~islation in its favor, could never become
the common money medium OF the world.
Silver is the money metal best suited to
the mass of people and to the varlety,and
character of transactions constituting the
i~nterchanges OF daily life. Were there
any conceivable necessity for the demone-
t~ization of either metal, why demonetize
that which promised the greater and more
steady yield2 1t was absolutely vital 10
the welfare OF society that both
silver and gold should be in full
and unlimited use as money and
equally invested with power as legal
tender. In conclusion he said: | pre-
dict, Mr.. President, that the restoration
of silver to its birthright will mark an
epoch in the history. of this republic. 1t
will place in circulation IN amount oil
money commensurate with our increasing
population. 1t will give the assurance to
u languishlng industries that the vol.
ume of our circulation medium is not to
continue shrinking and that the tendency
of prices shall no longer be downward. It
will increase the wages of labor and the
prices of the products OF labor. 1t will
reduce the price of bonds and oiher forms
of money $ %curities. 1t will tighten, but
not inequitablY, the burden of mortgages.
1t will increase largely though not unjust
ly, the department paying and tax paying
power OF the people. 1t will loosen the
grasp OF the creditor from the neck of the
debtor.
BY the demonetizl alton OF silver, money
will cease to be an object OF commerce
and will again become its benefcieut IN
strunent. Activity will replace stagna-
ton. movement will supplant inertia,
courage will Danish fear, confidence will
dispel doubt, hope will supercede despair,
and the lifting up of silver to its rightful
place by the side of gold will set in mo
ton all the latent energies of the people.
1t will Danish involuntary idleness by put.
ting every willing man to work. 1t will
revive business and reanimate the hearts
and hopes of the masses. Capital, no
longer fearing a fall in prices. will
tuIu lhbo pfoQuCllNt avenues Tue
boards of money idle in banks vaults,
while millions of dollars now invested at
low interest in gilt edged securities will
seek more profitable investment in the
busy field of industry where they will be
utilized in payment of wages and conse.
quently the dissemination of comfort and
happiness among the people, and this it
will accomplish, not for the United States
alone but for civilization. for il is not too
much to say, Mr.. President, that upon
the decision Of this question depend con-
sequences more momentous than upon
that of any other question of public
policy within the memory of this genera
ton. In a broader sense than any other
question attracting the general attention
Of mankind, 1t is a question of civilization.
1t embodies the hopes and aspirations of
our race. The act of congress which
shall happily solve it will constitute a de-
cree OF emancipation as veritable as any
that ever freed a serf from
thralldom, but more universal
in its application 1t will proclaim
the freedom of the white race the world
over 1t will lift the bowed head of labor
and will hush the threnody OF toll. 1t will
inaugurate a true renaissance Of prosper
ity, without which industry, learning. sci
ence, literature and art are but apples of
Sodom.
In answer to questions. Jones said if
there was free coinage of silver he be.
lieved in three days silver not used for
coinage would be worth 81 ,25 an ounce
and there it would remain. Jones today
had the same close attention from the
senat from both parties that he had yes
terday. At the close of his speech he wa
warmly applauded.
Jones of Arkansas next addressed the
senate in criticism of the bill. He said
that the bill as it stood should never be-
come a law, but should be amended by
making it provide at least for the unlim-
tied coinage of silver whenever the price
reached the point at which the govern.
ment ceased to be a purchaser This was
an absolute necessity unless the purpose
was to destroy silver as money. Those
who would vote for the bill as it stood,
certainly intended the decentralization of
silver, and might as well avow it. While
striking a fatal blow at the interests of a
great body Of people, they intended only
to benefit the sellers of silver bullion by
increasing its price. The deliberate pur
pose to discredit silver treasury notes by
refusing to make them legal tender sug-
gested a further purpose had in view BY
the republican party. He wa in favor
OF issuing certificates for coin and bullion
and conierring upon them qualities Of
legal tender as broadly and completely as
It was conferred upon the coins which
they represent. There was no reason
why those certificates should be in any
sense inferior to any other form of ID
money. They were the very best form of
paper money because they were rendered
doubly secure by the pledged faith of the