Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-06-07
The Silver Bill Also Takes Up the
Time In the House.

The House resumed debate On silver bill.
Blount of Georgia criticised the treasury
bill declaring it intended to stop the fur
ther coinage of silver dollars. Itrelegated
silver to the same plane as any other COM
modify. He criticised the caucus bill and
advocated free coinage measure.
Bland of Missouri inquired whether it
was in order for him to offer an amend
ment. The Speaker replied that it was
not.
Bland said he could only protest against
the denial of The right of the member of
the minority to offer an amendment. lie,
| as a member Of the committee on coinage,
weights and measures, asked whether he
would be allowed to offer free coinage as
substitute, the chairman replied that it
would be so arranged. He did not want to
| charge any gentleman with acting in bad
faith but did charge that there had been
| some neglect in carrying out the promises
Of the committee. The gag law was placed
upon the minority for the purpose of pass
ing the bill through the House, the effect
of which was to demonetize silver. The
bill was Wall street scheme and gold
bug scheme to change the ratio between
gold and silver. 1t recognized the silver
bullion according to its gold value, ell
yer being murdered in the House of it,
friends.
He especially criticised the bullion re-
deRption clsuse, arguing that it would pre-
vent any appreciable expansion of the cur
frency. It would hold ont temptation to
the Secretary of the Treasury to make
million dollars out of speculation in Wall
street. No Congress which hsd any regard
for the officers of government would hold
out such temptation. The free coinage
of silver would no, only appreciate silver
bullion it would depreciate gold bullion
and bring the two metals to parity. Some
men cried ont for dear money and cheap
goods. Was it a Wall street cry that had
heard its echoes on this floor. Government
must either issue fiat money or give unlmi
ted use to gold and silver.
Kerr of Iowa advocated the bill Is long
step in the right direction.
Townsend of Colorado said it was mat
ter of history that from the foundation of
the government until 1878 there existed
free coinage both of gold and silver a ratio
of l6 to |. The fuctuation in ratio was
nominal until 1873 and very sensible since.
Silver has been a money metal almost from
the dawn of history. The operations of
q bi metallic system have exerted material
influence of the relative value of the two
metals. As long ~ the system was in
force Notwithstanding the changes in the
value of the metalsl the market price of
| silver remained steady. When the link
| between the two metals was broken the
| silver market was open to all factors that
60 to influence the price of commodities.
| The departure from bi-metailic standard
has been the cause Of untold misery of
wsge-workers and benefited only those
in the erjoyment of fxed incomes payable
in gold. Prosperity would not return and
| the downward course of prices would not
be arrested until silver returned to its
proper place. The only complete and per-
| feet remedy was to reverse the action of
| 1873 and go back to free and unlimited
coinage of silver.
| Skinner of North Carolina denounced as
| crime the demonitizstion of silver in
| 1873. and sail ii would not compare with
the enormous Elm that this Congress would
be guilty of if it deprived silver of its
money function.
Dorsey of Nebraska spoke of the vast
number of petitions pouring in from all
sections upon Congrers in favor of silver
legislation. The republican party, he
said, would be held responsible in case dis
aster followed itsI action. or failure to act,
the people would hold it to . strict &C.
count. The demoni,izAtion Of silver in
| 1873 was national crime, followed by the
greatest financial disaster this country
ever experienced. Every one admitted the
| insafficiency of circulating medium. and
| it would easily be shown that the creates,
prosperity ever experienced by our people
was when they had the largest amount OF
circulation per capita
1t had been charged that the Republican
administration was defelect in its duty in
not coming the maximum amount of silver
allowed under the existing Law, and the late
administration 10 open to the same charge
President Cleveland, before taking the oatf
of office. predicted that free coinage vouit
bankrupt the country. II Secretary Win,
dom had purchased and coined q maximum
of four millions month, there would have
been no need Of this discussion and hs
would have strengthened the administration
of Presidens Harrison.
To that section Of the substitute which
provided for buliions redemption, he en-
phsecaily objected. There is no need fol
such section. II the silver bullion vas il
: the treasury Il could be sold for the gois
coin necessary to redeem the notes, and q,
: man would ever desire to have his notes re
deemed. II had been said, in the case O
: the specie redemption fund, that il the go.,
, reserve vas not in The treasury, the not
: holders would want gold. Would it not b