Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-05-14
NATIONAL CAPITAL.
Senator Jones Finishes His srsument
on The Silver Bill.
MARION BIGGs ON SWEET OIL.
He Claims More Protection, and
Prociaims Himself an Inde-
pendent American.
ESPECIAL DISPATCHES TO TIN RnooRD-usloa.l
CONGRESSIONAL.
IN THE SENATE.

presented ana referred was one by Quay from
the business men of Philadelphia demonstrating
against the increased duty on dress goods made
wholly or partly from wool.
The Committee on Pensions reported back the
House substitute for the Senate dependent pen
sion bill and moved that 1t be not concurred
in. AgTee d to
The Senate then resumed the consideration of
the silver bill, Jones of Nevada continuing his
speech began yesterday.
Senator Jones opposed the idea of redeeming
Treasury notes in bullion on the ground that
when they were so redeemed monetary circula-
ton would be contracted, and putting bullion
on the market would not make up to the coun-
try for the loss of money from circulation. He
expressed entire confidence in the honesty of
purpose and the eonscientiousness of the mo-
tive of the present Secretary of the Treasury
but he said as none of the Secretaries for twelve
years past had coined a dollar OF silver more
than compelled by law to do, future Secretaries
might conseientiously deem it their duty to
keep in Circulation the least possible amount
proposed OF Treasury notes, and thus the United
States might in effect become a mere purchas-
ing agent for the East India Company or for
syndicates of English merchants wanting bull
ION cheap, in order to make their payments to
India in gold by reason of its greater value.
Notwithstanding all the legislation in its favor
it could never become the common money
medium of the world. Silver is the money
metal best suited TO the mass of the people, and
TO the variety and character of transactions
constituting the interchange of daily life. If
there wss any conceivable necessity for the
etize that which promised the greater and more
stegdy yielo? II was absolutely vital to 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 ~ predict Mr.. Presi-
dent, that the restoration of silver TO its birth
right will mark an epoch IN the history of this
Republic. 1t viii place in circulation an
amount of money commensurate with our in
creasing population, 1t will give assurance to
our languishing industries that the yo ume of
our circulation medium is not to continue
shrinking, and that the tendency of prices shall
no longer be downward. 1t will increase
the wages of labor and the prices of
price of bonds and other forms of
money securities. 1t will tighten, but not in
equitably. the burden of mortgages. 1t will in
crease largely though not uDjustly, the debt
paying and tax-paying power of the people.
1t will loosen the grasp of the creditor from the
neck of the debtor. By the reconciliation of
commerce. and will again become its benefcent
instrument of activity and will replace stagna-
ton. This movement will supplant inertia
with courage, win Danish fear with confidence,
will dispel doubt with hoe, will supersede
despair. The lifting up of silver to its rightful
place by the side of gold will set in motion all
the latent energies of the people. 1t will Danish
involuntary idleness by putting every willing
animate the heart and hope of the masses.
Capital, no longer fearing fall in prices, will
turn into productive avenues. The hordes of
money lying idle in bank vaults will come out
to bless and enrich alike their owners and the
community at large, while millions of dollars
now invested at low interest in gilt edged
securities will seek more profitable invest
ment in the busy fields of industry, where they
will be utilized in the payment of wages and
consequent dissemination of comfort and hap
piness among the people. And this it will accom-.
plish, not for the United States alone but for civ
ilizaton, tor it is not too much to say, Mr. Pres-
dent, that upon the decision of this question
depends consequences more momentous than
upon that OF any other question of public policy
within the memory of this generation in a
broader sense than any other question attract
ing the general attention of mankind.
lit is question of civilization. II embodies
the hopes and aspirations of our race. The Act
of Congress which shall happily solve it will
constitute a decree of emancipation as veritable
as any that ever freed the serf from thralldom.
but, more universal in its application. it will
proclaim the freedom of the white race the
world over. 1t will lift the bowed head OF
labor 1t will hush the grumbling of toll. 1t
Will inaugurate true renaissance-a renais-
sance of prosperity-without which industry,
learning, science, literature, are but the apples
of Sodom "
In answer to questions Jones said IL there was
free coinage OF silver, he believed in three
days the silver not used for coinage would be
worth Sl.29 an ounce, and that there it would
remain.
Jones to-day had the same c'ose attention
from the Senators of both parties that he had
yesterday, and at the close of his speech was
warmly applauded.
Jones of Arkansas next addressed the Senate
in criticism of the bill. He said the bill as it
stood should never become a law, but should be
amended by making it provide at least for IN
limited coinage OF silver whenever the price
reached point at which the Government
ceased to be purchaser. This was an absolute
necessity, unless the purpose was to destroy sill
yer as money, Those who would vote for the bill
as 1t stood certainly intended the demonetiza-
ton of silver, and might as well avow it. While
striking fatal blow at the greatest body of the
people, they intended only to benefit the sellers
of silver bullion by increasing its price. The
deliberate purpose to discredit silver Treasury
notes. by refusing 10 make them legal tender,
suggested further the real purpose had in view
by the Republican party. He was in favor OF
the issue of certificates for coin and bullion,
and OF comforting upon them qualities of legal
tender as broadly and completely as it was
conferred upon the coins which they rep
those certificates should be in any
sense inferior TO any other form of
paper money. They were the very best form of
paper money, because they were rendered
douoly secure by the pledged faith of the Gov
eminent, and by the deposit OF the coin devoted
TO their redemption.
Teller said the senator from Arkansas seemed
to be laooring under the impression that the
pending bill was the result of a Republican
caucus. The Senator was very much mistaken.
There was no caucus bill of any kind before the
Senate.
Jones replied that he had no doubt the state
ment of the Senator from Colorado was literally
true. At the same time, IL newspaper reports
and the common understanding around the
Capitol were entitled to any consideration land
he was satisfied they were, every Republican
Senator, except the senator from Colorado, mad
agreed (either in conference or caucus to vote
for it.
Senators Ingalls,, Allison and others inter
rupted and said that was not true.
mes OF Arkanses-Theh / hope We will find
g large nun er OF Senators on that side voting
Jones Of Sevada-The Allison bill now on
the calendar, SO tar from being the result
of Republican caucus, is the result of
the deliberations of the Finance Com
mittee, all the members of the committee
of bota political parties participating in its
preparation, No suggestion OF a caucus was
made en- either side Of the chamber, so far as /
know until some time after this bill was re-
ported, and thoroughly concur In what was
said by the Senator from colorado-that there
was no agreement or understanding on this side
of the chamberto vote for the bill.
Jones of Arkansas-Memberso OF the Repub-
lican party have said to me in private conveTsa-
ton that this bill had been approved by every
Senator on that side except the Senator from
Colorado.
Harris, a member of the Finance Committee,
said the bill was reported by majority vote
and that he had no knowledge or suspicion of a
caucus having had anything to do with it. The
minority Of that committee had, when the bill
was under consideration, favored-and still
fayored-the absolute free coinage OF silver, but
the question OF the minority, OF which he was
one, had narrowed itself down to the point OF
accepting the pending measure IN lieu OF the
existing law under which only - 1000 of silver
dollars were coined monthly. He himself de-
cided TO do so.
The bill then went over until tomorrow and
the executive session adjourned.
IN THE HOUSE.
WASHINGTON, May 13th.-Tbe House wen,
into Committee of the Whole on the tariff
bill McNillin of Tennessee moved 10 reduce
the duty on ammonia There WAS no reason
he said why that article of necessity TO farmers
should be so heavily taxed.
Mckinley of Ohio opposed the amendment
Since the tatiH encouraged competition IN this
country the price OF ammonia bad been re.
dnced irnn - to ~ cents per pound. il there
was any danger In the oscillation between the
extreme free trade and the eXtr iue which
created inequalities among Americans them.
selves BIO Insisted, we should not create
Inequalities here The protective system
lines. exeept where the presence of those
national boundary lines indicated the presence
OF those CONDITIONS against the influence
of which IL was necessary 10 interpo,e the bar
rier OF d protective tariff. Competition never
created new industry. They were created by
the work of the brain, by inventors The com
mittee tried TO do the best ii could in framing
the bill but IL ives always not safe TO rely alto
pether upon the testimony OF henetciaries up
der the law Applause on the Democratic side.
He indicated his belief respecting the prope!
functions of the tariff Act, and would sooner
resign his seat than depart one hairs breadth
from tha; belief OF course he respected the
wisdom of the committee, but why was Pau
favored and Peter turned down? Why increase
the profits OF certain classes? He could name
= 9AA hos.