The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1890-07-10
SILVER AND GOLD.
Questions and Answers in the Debate
In the Senate.


In the Senate.
WASHINGTON, July 9.-In the Senate to-
day consideration of the conference report
on the silver bill was resumed. Mr.. Cock
rell criticized the language used in the con-
ference bill which indicated, he said,a prefer
ence for a single gold standard. The Secre-
tary of the Treasury would so interpret it
until parity between the metals was estab-
lished.- Gold would be given the preference
and legal tender notes would be redeemed in
gold That was the most dangerous power
ever vested by law in the Secretary of the
Treasury.
Mr.. Teller-"Does not the Senste- recog-
nize the fact that under that section tho.
Secretary of the Treasury can pay for
treasury notes in silver If he chooses?''
MIR. Cockrell-" "Unquesti0nably."
Mr.. Teller-"Then it's simply a question
of how the Secretary will exercise his dis
cretion."
Mr.. Cockrell-"There is no question about
that"
MI. TelIer-'Does not the Senator suppose
the Secretary will pay in the coin which the
holder OF treasury notes may desire, If he
can?
Mr.. Cockrell-"Certainly.'
MIR. Teller-"Is not that proper?"
Mr.. Cockrell-"I think not at all"
Mr.. Teller-"That Is the way France main
tanned 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. When he goes with silver, he
can have gold for it. That is what the
bill. He will give the holder of treasury
notes gold, as long as he has got it, or silver
just as the holder desires"
Mr.. Cockrell-"France is ina different sit
uation from the United States. The rule in
France is not applicable here at all. This
conference report was intended as bold
declaration that the country Is still on a sim
gle gold standard, and in the redemption Of
these notes gold must be used. The Secre-
tary of the Treasury can drive the country
lock up in the vaults of the treasury every
silver dollar. That Is the most dangerous
power ever given secretary OF the treas
Mr.. Platt-"Does the Senator mean to saw
he would not give the Secretary Of the
Treasury discretion as to which coin he
| should pay imp
Mr.. Cockrell-"I certainly would give him
that discretion. IwOuld say 'redeemable in
Mr.. Platt-"That is all there is to this"
Mr.. Cockrell-"That Is true, but there Is
with 1t declaration which Is a fatal thing.
That is that gold standard still exists and
| must be maintained.
Mr.. Jones Of Nevada-"Are you advoeat-
| ing a change in the form Of the bill or
change in the office of the Secretary Of the
| Treasury
Mr. Cockrell-"My contention is against
| the language of the conference bill and
| against the dangerous power it vests in any
| secretary Of the treasury" Mr.. COckrell
entered a most earnest and solemn protest"
against the third section of the conference
| bill as meaning practical cessation of sill
| yer coinage after July, 1891.
Mr.. JOnGS of Nevada-"That Is all we
want"
Mr.. Cockrell-"In other words, the dis
| tinguished senator from Nevada is willing
| to abandon the double standarI, and to
make silver a mere commodity, stop its
| coinage and tell the people of the country ne
| has done something for them In the restora-
| tion Of double standard. He Is willing to
| place silver on an equality with tobacco,
| hemp. wheat, oats, bacon and lard. He
| favors the plan of the Farmers Alliance, to
| establish warehouses for the storage of
| silver in connection with other commodities.
| That is treading on dangerous ground.
| This compromise and this conference bill are
| a total abandonment of all pretenslons to
| double standard" r.sCockrellsexpressed
| the belief that If the Senate stood by its
| bill and demanded another conference 1t
would be with very good chance OF
success.
Mr. Daniel declared that he objected to the
| conference bill because silver was to be pur-
| chased at its value as commodity and sill
| yer bullion was to be denied money value.
| 1t was a studied effort to range and rank
| classes to force gold into the pockets Of
| bondholders and leave to others than bond
holders the scraps from the table. That was
| the object
| from Messrs. Sherman and Allison, the
| former stating that fully 9S per cent of the
Interest on the public debt was paid in the
shape Of checks and drafts which were
cashed in paper money.
In concluding his speech, Mr.. Daniel de-
clared that the friends of silver should stand
by the Senate lbill regardless of collision
between the President and Congress. He
said that dearly as he loved the Democratic
party he would rather see a Republican
President with sound financial policy than
a Democratic President who trampled on the
demands Of the peOple for freer cOinage.