The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-07-10
SILVER'SROW WITH GOLD
sENAToR CoCKRELL SAILS INTO
THE CONFERENCE REPORT.


the Treasury is Given Too Much
Power-Au Pretense OF Equalizing
the Metals Abandoned-He Likens
the Plan to the Sub-Treasury
Scheme.
WASHINGTON, July Reconsideration OF
the conference report on the silver bill was
resumed in the Senate this afternoon, and
Mr.. CockreIl continued his argument against
the report.
He criticised the last clause of the second
section of the conference bill, and said that
the language therein used indicated a
preference for a single gold standard. Ihe
Secretary of the Treasury would so interpret
it. Until parity between the metals was
established gold would be gwen preference
and legal tender notes would be redeemed
in gold. That was the most dangerous
mower ever vested by law in Secretary OF
the Treasury.
Mr.. Teller-Does not the senator recognize
the fact that under that section the Secre-
tary of the Treasury can pay Tor treasury
notes in silver if he choosess
Mr.. Cookrell-Unquestiona
Mr.. Teller-Then it is simply question
of how the secretary will exercise that dis
cretionl
Mr.. Cockrell-No question about that.
Mr.. Teller-Does not the senator suppose
TldL UQe 6eCTGIhIg VIII poJ AA VIC SOAA
the holder of the treasury notes may desire,
if he can?
Mr.. Cockrell-Certainly.
Mr. Teller-Is not that properS
Mr.. Cockrell-I think not, not at all.
THE WAY THEY DO IN FRANCE.
Mr.. Teler-That is the way that France
has maintained her parity between the two
metals When the holder of paper money
wants coin for it he can have either gold or
silver, as he desires. When he goes with
gold he can have silver for it, and when he
goes with silver he can have gold for it.
That is what the Secretary of the Treasury
will do under this bill He will give to the
holder of treasury notes gold las long as he
has got it, or silver, just as the holder DESIRES
Mr.. CockrelI-France is in a different
situation from the United States. l know
what the rule is in France. 1t is not ap-
plIcable here at all.
Mr.. Jones of Arkansas, with the consent
of MIR. Cockrell, read an extract from an
article in Yesterdays New York Euenin0
Post, a paper opposed. he said, to silver
legislation i'll all its forms, to the effect that
the conference report contained some
features not embraced in either the House
bill or the Senate bill and tending to make
it better measure than either also stating
that the purpose of the silver men had been
''foiled.'
EQUALIZATION ABANDONED.
MI. OOChIcll-I I6SlsSlJ Wuab udN6 bhtus
That article Is from very able representa-
tion Of the gold interest, aud it is a warning
from the senator from Nevada (Mr. jones'
that he has abandoned the cause of eQuali-
zation of silver with gold. This conference
report is intended as bold declaration that
the country is still on the single gold stand
ard, and that In the redemption of these
notes gold must be used. The Secretary of
the Treasury can drive the country to part
with every dollar of gold and can lock up
in the vaults of the treasury every silver
dollar That is the most dangerous power
ever given to a Secretary Of the Treasury
since the foundation of the government.
Mr.. Platt-Does the senator men to say
that he would not give to the Secretary of
the Treasury discretion as to which coin he
would pay in!
Mr.. Cockrell-I certainly would give him
that discretion. 1would say: "Redeemable
in coin."
Mr.. Platt-That is all that there is to this.
THE FATAL DECLARATION.
Mr.. Cockrell-That is true; but there Is
with it declaration which is the fatal
thing and that is, that the gold standard
still exists and must be maintained.
Mr.. Jones of Nevada-Are you edvocat-
ing change in the form of the bill or a
change in the office of the Secretary of the
Treasury? Do you desire a change in that
department?
Mr.. Cockrell-Not at ALL My contention
is not that Ny contention is against the
language of the conference bill and against
the dangerous power which it vests in any
secretary of the treasury
Mr.. -Cockrell went on with his argument.
and taking up the third section of the con.
ference bill he entered his most earnest and
solemn protest against it as meaning prac-
tcal cessation of silver coinage after July.
1891. ''
Mr.. Jones of Nevada-Thas is all we
want.
SORT OF WAREHOUSE SCHEME
Mr.. Cockerell--In other words the dis
tlnguished senator from Nevada is willing
10 abandon the double standard to make
silver mere commodity, to stop its
coinage and to tell the people of
the country that he has done some
ealng Tor them in restoration
OF the double standard. He is willing to
make silver commodity, to place it on an
equality with tobacco, and hemp. and
wheat, and oats, and bacon and lard. He
tavors the plan Of the farmers alliance to
establish warehouses for the storage OF
silver IN connection with other coxnmod-
;rS' sTtes' Inst IS treading on dangerous ground.
Anls conference bill is a total abandonment
OF al pretensions to a double standard.
Mr DAME! addressed the Senate. He old
noI agree with some Of the clauses or Ian
guage OF the conference bill. He took 1t
IuaU Ihe clause as to the market price sig
- JuSO WndU IL appeared at first
Dlush 10 signify, and he asked Mr.. Sherman
VI that was not its intent and purpose
Mr.. Sherman said that, as he had stated
yesterday, the view of the conference com
Mlttee was that the Secretary of the Treas
0ry would be bound to buy 4.5OO, 900 ounces
oi sIVer per month at its market price. and
ueat ms failure to do SO would be a breach
OF public duty. '''0A
MI Daniel recognized that that was the
Rlaia English of the provision, and said
mat while the language was little differ
suU from what had been used in other bills
~ ~ was not different in it's net Significance
Ine language was not sufficient to lead the
senate 10 vote against the measure II IL
were otherwise responsive TO the demands
ol the country and to the exigencies of the
nl3es, the bill would greatly increase the
voiume OF the currency. But vet he was
no not prepared to vote for the conference bill
mere were features in it which he did not
approve.
A VICTORY FOR SILVER
o.. silver had, however, won the battle
SILVER had never held such a vantage
ground as 1t now held. There was no more
uouot that this congress would not adjourn
wthout leaving the free coinage bill on the