Evening journal., 1890-05-14
TUG w'orSs Or nnH~ - r.
aAs- ss@-ssN "a O-.-@asf@S0
The Silver Debate Continued in
the Senate.
TWO JONEsEs TAKE THE FLOOR.


Coizage Is Adopted?-mr. McPherson
and the 'short Legged silver Dollar"
WASHINGTON, May i4-In the senate Mr..
Davis from the pension committee reported
m favor Of a disagreement to the house
amendment to the dependent pension bill
a conference was ordered, and Messrs
Davis, Sawyer and Blodgett were appointed
confreres on the part Of the senate. The
senate then resumed consideration Of the
silver bill and Mr.. Jones New continued
his speech. Fears had been expressed. he
said, lest gold should leave the country by
reason OF restoring to silver its full none
tary power. Such would not be the case.
For every gold dollar that left there would
be a silver dollar in circulation II. how
over, gold could be kept only on condition
that equality and justice should be de-
stroyed, who doubted that 1t should 90.
Against Redeeming Treasury Notes.
He opposed the idea Of redeeming treas
ury notes on bullion on the ground that
when they were so redeemed the monetary
| circulation would be contracted, and the
| putting of bullion on the market would not
| make up 20 the country for the loss of
money from its circulation. He expressed
entire confidence in the honesty OF purpose
and conscientiousness of motive OF the
present secretary Of the treasury. Gold, he
said, could never become the common
money medium of the world A gold coin
| that would represent an average days labor
would be too small for convenient hand
ling. Silver was the money metal bestsuited
to the mass Of the people aud 20 the variety
and character Of transactions constituting
the interchanges Of daily life
An Eloquent Pororation.
In conclusion he said: ~ predict that the
restoration of silver 60 its birthright will
mark an epoch in the history Of this re-
| public. 1t will place in circulation an
amount Of money commensurate with our
| increasing population. II viii give assur-
anee 70 our lapguishing Industries that the
volume Of our circulating medium is not
to continue shrinking and that the ten
| dency OF prices shall no longer be down
ward. 1t will increase the wages of labor
and the prices OF the products OF labor; it
| will reduce the price Of bonds and other
| forms Of money futures; it will tighten,
but not inequitably, the burden Of mort
Cages; It will increase largely though not
unjustly, the debt paying and tax paying
| power Of the people 1t will loosen the
| grasp pof the creditor from thefIieck OF the
debtor The act of congress which shall
happily solve this great question will con-
stitute a decree of emancipation as veri-
table as any that ever freed serf from
thraldom, but more universal in its appli-
cation. 1t will proclaim the freedom Of
the white race the world over; IL will lift
the bowed head Of labor; it viii hush this
threnody Of toll. II Will inaugurate the
true renaissance-.a renaissance Of pros
science, literature, art are but apples Of
Sodom.n
Would Gold be Driven Away
Mr.. Mcpherson asked Mr. Jones whether
heasserted that. with free coinage OF sill
yer, gold would not be driven out of the
country to a greater extent than a dollar Of
gold for every additional dollar of silver.
Mr. Jones said that was his statement.
Mr. Mcpherson asked whether, IL silver
dollars worth seyenty-two cents were
coined without limitation (thua establish
ing a silver bassl the holders of gold
ts5oQ 100000 being held in the country
would not absolutely withdraw IT from
l.crculation. Mr.. Jones said that he hardly
knew what the senator meant by q silver
basis on BY a seventy-tyo cent DOLLAR. He
had never seen q seyenty-two cent dollar.
The "short Legged silver Dollar"
Mr.. pherson-Ihen the senator's argu-
ment Is that, after we hre on q silver basis
l-ths we certainly should bel there would be
4 no inequality in the value of the nioney
because the money would be all silver?
Mr. Jones-And no inequality between it
and gold
Mr. Ph@son- Certaiply, because there
would be no goldin circulation. You could
use your short legged silver bill la the pay
+ ment Of debts but when you came tomake
new obligations you would have 70 do SO at
Z prices equal to the difference between the
+ value Of gold and silver.
Mr. Jones said chat he had never heard
e Of a short legged dollar. All that talk
: about the Withdrawal Of gold from cirenla-
4 ton was bogy to frighten people. With
the exception of a few people On the Pacific
coast there was absolutely no gold Ia circu-
lation ia the United States. 1t would be
7 no exaggerationlto say that there are mill
ions Of people in the United States who
had never seen gold coin.
Jones tArk.) Criticlses the Bin.
Mr. Jones (ArlS.) addressed the senate in
criticism Of the pending bill The demone-
tizatisn Of silver hQd95eep an integral part
Of a great economic system, conceived, ex
ecuted and maintained by the Republican
party in'uttcr disregard Of the general in,
terests of the country. The. purchase Of
, 81 500 900 worth Of silver per month would
I Gonsnme the worlds surplus Of silver Il
r so, bullion would rise rapidly in value after
the passage of the act, and might soor
reach the point at which the government
would (under the operation of the law b,
required to suspend its Purchases While
il remained up the government could buy
, no silver a9d there would not be one dollar
coined. The net result would be a greai
increase in the value Of silver bullion as
8 commodity simply; bnt its demonetizatioT
would be complete and absolute. The bill
B should be amended by making it provide
0 at least, for the limited coinage Of silve
| whenever the price reached the point al
\ which the government ceased 20 be pur
d chaser
2 Mr., Teller said that the senator from
Arkansas seemed to be laboring under thI
o impression that the pending bin was thl
. result Of a Republican caucus. The sena
n tor was very much mistaken There was
q no caucus bin before the senate. Mr.
y Jones replied that il newspaper reports and
a The common understanding around the
y .apitol Tere true every Republican SENATOR
% sNcept the senator from Colorado htu
agreed either IN conference or caucus, Dy
fOte for it Senators iggalls, Allison ana
others denied The truth ot tine s'a1emeht;
~ Mr. Allison said the bill was the result OF
- fbe deli5erations fthe finance consmittee,
h an tile memhers 9f both political pafties
e participating in its preparation
II An Ex-aIinister's Suicide.