Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-05-14
NATIONS CAPITAL
Senator Jones Continues Speech
on the Silver Bill.
Only Thirteen OF ooe Hundred and
Ftfty-eix Psgss considsrsd.

4
committee on pensions reported back to the
House . substitute for the Senate depend
ens bill and moved the House substitute be
non-concured in and conference asked
Agreed to.
The Senate n O'Clock resumed the con-
sideration Of the silver bill, Jones Of Ne
expressed. he said. least gold should leave
the country by reason Of restoring to silver
its full monetary power.
! Such would not be the case. For every
gold d, llA- thas vas left there would be
silver dollar in circulation. II gold could
be kept only on condition that equality and
justice be destroyed, Sho doubted it should
go.
No argument for the demonetisation could
be found IN fluctuations of yield from
the mines. The history Of the world af
forded no example Of extraordinary yield
Of both melals. simultaneously. except in
. single inssxnce-tae discovefy Of mines
in America. The total amount of silver
and gold in the worlds stock 10 about
equal; both possessed in common, neither
in any higher degree than the other, but
all their qualities recognized as necessary
in money. The purpose In using both has
| always been to preserve society from the
results Of accidents in the production of
either The effect Of the demonetizatio
of silver was to defeat that benefcent par-
pose. He opposed the idea of redeeming
tre asury notes in bullion, on the ground
that when they were so redeemed monetary
circulation would be contracted and the
putting of bullion on the market would not
make up to the country for the loss of
money from It's circulation,
He expressed eotire confidence in the
honest purpose and cohscientiousness of
the motive Of the present Secretary of the
Treasury, and said as none of the Secre-
taries for twelve years past had coined .
dollar of silver more than compelled to by
law future Secretaries ght conscien-
tiously deem it their duty to keep in circu.
lation the least possible amount of pro
posed treasury notes, and thus the United
States treasury might in effect become
mere purchasing sgent for the E,st India
Company, or for syndicstes of English
merchants wanting bullion cheap in order
to make their pay ments to lndiG. Gold, by
reason of its greater value, notw ithstand-
ing all legislation in it's favor, could never
become the common money medium of the
world.
A gold coin that would represent an aver
age days labor would be too small for con-
vsrient handling. Silver was the money
metal best suited to the mass of people, and
to the variety and character OF transactions
constituting the in,erchanges of daily life.
The supplies OF both metals in existence, If
united by Law, in full money function.
would have steadiness of value which
could not be attained by either, separately
No amount of current production that could
be expected from the mines could effect
any appreciable reduction in their value,
there being already combined stock Of
over eight billion dollars on hand.
II so iiety should decide that one Of them
should be discarded, should it not rather
be The one which promised the smaller fu
ture yieldf The restoration of silver TO
its bi-thright will place in circulation an
amount of money commensurate with our
increasing population. 1t will give an
assurance to our languishing industries that
the volume of our circulating medium is
not to continue shrinking, and that the ten
dency of prices shall be no longer down
ward. Il will increase the wages of labor
and the prices of the products Of labor
" i'll reduce the price of bonds and other
forms of money futures; will tighten, but
not inequi,ably, the burden of mortgages
will increase largely, though not unJustly
the d. BIT paying and tax paying power of
the people. and will loose the grasp of the
creditor from the neck Of the debtor.
By the RECOMMENDATION of silver, money
will cease to be on Obi ct of commerce,
and v i'll again become its beneficent instru-
ment. The lifting up of silver to its right
full plane, by the side of gold, will Danish
involuntary idleness by putting every will
ing man to work. 1t will revive business
Capital. no longer fearing q fall in prices,
will turn into productive avenues The
boards of money lying idle in bank vaults
viii come out to bless aId enrich the COM
nunit, while the millions of dollars now
inves ed at low rate of interest in gold
edged securities, will seek more prof able
investment in the busy field of industry.
where it will be utilized in the payment of
wages. And this it will accomplish, no,
for the United States alone, but for civlliz.
alton.
Jones Of Arkansas, spoke IN criticism of
the bill. which. he intimated, vas . repub
lican caucus measure. Its authors, by re.
fusing TO make silver treasury notes re-
dee mable in bullion, showed an un~illing-
ness to avow operly. As the secretary of
the treasury seemed to do, desire to mske
silver 4 commodity only; yet by . less
frank and candid method arrived inc vitably
at precisely the same result. To purchase
| four and q half millions worth of silver q
month would consume the worlds surplus
of silver. II so. bullion would rise rapid
ly after the passage of the act. and might
soon rea h q point at which the govern
ment would. under the operation Of the
law. be r. quired to Suspend its purchases.
| Silver bullion would remain at that price,
because the M ment it fell . shade below
one dollar for 81 ! I grains of pure silver
the government again be came the purchas-
er, and the price went up again. While it
remained up, the government could buy no
silver, ana there would MT be one dollar
coined The net re suit would be q great
increase in the value of silver bullion - .
commodity, simply; its demope ization
would become complete and absolute. The
bill should be amended BY making it pro-
vide at least for an unlimited coinage OF
silver sbenever th price reached . point
at which The government ceased to be q
purchaser.
Several republican Senator'S denied the
bill WAS i caucus measure.
! Jones Of Arkansas-''A me mbef OF the
republican party said to me in private con-
versation that this bill vas approved by
every Senator on ;ha. side except the SEN
ator from Colorado
The bill went over till tomorrow.
Il was voted to recommit the House
amendment to the antitrust bill TO the
judiciary committee.
After the executive session the Senate
adjourned.
More Amendments for the Tariff Bill.