The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1890-06-06
IN SENATE And HOUSE
Advocates OF Metal In the House do
Their Best to Resist Mckin-
ley In q Fight In
the House.

WASHINGTON, June 5.-In the senate to-
day the silver bill was taken UP.
Hiscock addressed the senate on the
proposition of free coinage. He believed
a majority Of the people opposed the
opening of mints TO free coinage. Ma
tional conventions Of both political par
ties would, by decisive majorities, repu-
diate such a proposition.
Sherman addressed the senate. He
had, he said, consented to the increase of
the circulation in the proposed bill to S54,-
100000 q year. He believed that treas
ury notes based on silver bullion would be
as safe substitute for paper money as
could be conceived. He did not fear to
give to those treasury notes every sanction
and value that the United States could
confer. He did not object TO their being
made legal tender for all debts public and
private. That was far preferable to the
free coinage of silver, because, with all
the efforts made to get the silver dollars
into circulation, there was not one of
them in circulation for every inhabitant.
Passing to the question of the demone-
tization Of silver in 1871, Sherman declared
that at that time the silver dollar was an
image Of the past, lost to sight and
memory, and ignored by two generations
except as q convenience for the exporta-
ton of silver bullion. II was no wonder
the senator from Nevada (Stewart) did
he voted for the bill. The only wonder
was that he knew of its existence. The
hill was publicly discussed two or
three wears AGO and its objects
were well known. No bill was
ever more fully discussed than
that and yet his friend Morrill, said he had
voted against Il because IL discontinued
the charges for coinage. He had Thought
II necessary. he said. In closing the sub
iect to trace down the lie not only for
himself hut for all others engaged i'm that
legislation,
Coming back to the question of the bill
he said the result of free coinage would
be TO demonetize gold and cause gold
to be boarded or exported. The free
coinage of silver would be the reversal of
the established policy of the Government.
From the beginning II would limit the coin
age To a single metal and thai would be sill
yer as sure as fate, Silver would, with free
coinage. he the only standard of money
I'm the limited States. A Mound sterling
would be worth 81 instead of a, 4,s2L and
the American dollar would be as in colo
NAL times. worth three English shjllinps.
or four francs. In Conclusion, Sherman
said he would vote for any measure that
would. in his Judgment. secure and main.
tain the bi-metallic standard, one that
would not tlemonetize gold nor cause il "a
be bearded or exported. but that would
establish t,oti, pold and silver as n com.
mon standard, at a fixed ratio, not only i'm
the United States, but i'm all other nations
of the world,
Teller congratulated himself and the
country that the mask was off the faces
of the so-called silver party which he said
parades before the senate finance com,
mittee bill. If there had been any ques.
tion ms 10 the attitude of the distinguishet
senator from Ohio before he oot up, ne
one who listened to him could doubt II
now that Inc ISherman) was for a higl
standard and that standard gold, He wa,
for the Abandonment of silver as N none,
metal. leaving il to he used only as a sub
sidary coin. He TELLER welcomed IN,
issue.
Stewart gave, from his point of view, a
resume of the Legislative proceeding,
,,,h;.h ro.,,Itod ;p tho ,lonopet;,,t;on N,