The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1890-07-11
REPORT ADOPTED.
The Conference Silver Bill Wins In
the Senate.

WASHINGTON, July 1O.-The Senate today
resumed consideration of the confer
ence report ON the silver bill. In the course
of the discussion. Mr.. Jones asked what
would a gold dollar perform for the farmer
which paper dollar would not perform as
well.
Mr.. Morgan said the question showed that
he had struck fat money man.
Mr.. Jones-"A treasury note represents so
much gold or silver behind 1t. 1t Is not fat
money. Instead Of being promise to pay,
it is certificate of the government that a
dollar is behind 1t and in the treasury when
ever the holder of the note wants it,
Mr.. Morgan--"How can he get it unless
there Is promise to pay? unless there is an
obligation to pay?"
Mr.. Jones-"It is promise to deliver coin
for it.. Almost everything in the world is
transferred by symbol. II man wants to
get money In the bank on cargo of mer-
chandise. he takes the bill Of lading to the
bank. He does not take the cargo and
dump 1t on the counter. He takes his
treasury noteto the treasury and there is
transfer of SO many silver dollars or so many
gold dollars"
Mr.. Morgan.-!"That is nothing but a
promise to pay"
Mr.. Jones-"It is a great entity. 1t
body's window"
Mr. Morgan-"Yes, and it takes the yellow
flag of the gold monometalist into the mining
camps"
Mr. Jones-'I am astonished."
Mr.. Morgan-"The people will astonish
you worse when they pass their verdict upon
this bill"
Mr.. Morgan closed with an appeal to the
Senators not to allow the Senator from Ohio
to thrust his stiletto into silver.
Mr.. Plumb said he had been surprised to
find in regard to the free coinage of silver.
that the Senate was more advanced than the
House. Free coinage was OF advantage, he
said, because it took the money supply Of the
country away from the suggestion of coutrol
by anybody, leaving 1t only to the operation
of natural forces. The conference bill
would give to the country, as much money
during the next year as the free coinage Of
bill, four and half million ounces Of silver
would be purchased monthly, and treasury
notes issued for it. That would be a great
advantage over the present ruling of coming
not less than two million silver dollars a
month. The amount of treasury notes now
issued at the present price of silver was
about thirty millions. Under the confer
ence bill, il could not be less than sixty mil
lions and probably would be seventy mil
lions. That was very important gain. The
bill was long step in the right direction,
a much longer step than was the act of 1878,
because of the increased amount OF treasury
notes that would be issued under 1t. Once
out these notes would stay out, and would
strengthen the whole fabric of individual
and governmental credit, They would be as
popular as the greenbacks were, and perma-
nently a part of the circulation. The bill
was a fair compromise.
Mr.. Vance-"It is admitted the bill Is not
what it ought to be. Common sense would
| dictate that we try to make 1t what IL ought
| to be. We have made but one effort Being
met with rebuff at the other end Of the Cap
| itol, we Immediately submit and make no
| further effort We proposed bill for the
| benefit of the people. We are now about to
| pass one for the benefit of miners and deal
| ers in silver bullion. That is the dlterence
| between the two bills"
Mr.. Vance argued that the bill would not
| result in an increase Oh the currency, mas
| much as the four or five millions of treasury
| notes issued each month for silver would be
| nresented at the treasury and exchanged for
| gold coin. and then be used for the next
| months purchase, and so on. This sugges-
| tion was controyerted by Mr.. Allison, who
| reminded MIR Vance that the bill provided
| that the amount of treasury notes outStand-
| ing should be neither more nor less than the
| amount paid for silver.
IN repIv to a satirical remark by Mr.
| Doiph respecting the action of the free coin
| ace senators in supporting I'll conference
| hill. Messrs. Teller and Mitchell declared
| that while the bill was not a free coinage
| measure it was step towards it, and that
| free coinage would appear in the next Cor
gress again.
The vote was then taken, and the confer
| ence report agreed to-yeas, 80; nays, 26 /;
Mr.. Frye voting yea, and Mr.. Hale being
paired with Mr.. Gray. At 6 D. m. the Sem
ate adjourned.