The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-06-07

was s50,00O,0O0 the output of the minis
was col ,0uO,U0O % The free coinage of
every dollar of American silver would be
about fifty-one million dollars, yet this bill
proposed to give s54, 100000 a year of legal
tender treasury not es. 1t was a free coin
age measure, because it provided that when
silver was at par the minis should be open
TO free coinage. The country needed an
expansion of the currency in a safe way,
and this bill provided for it.
Walker, of Massachusetts, spoke again st
free coinage. He asserted that demoneti-
cation of silver was not the cause Of the
decrease in prices. Prices had been going
meant more misery.
Perkins, of Kansas, remarked in that CON
nection that we all love misery.
walker remarked that he was going to
vote for the pending bill becsuse the
members of the House from 1868 up to the
present time for the purpose of getting
back here had urged and encouraged the
people in their folly until they had come
to such state of mind that something
must be done or they would;breakEthe mem
bers up. Laughter. 1t was pure poll
tics; that was all there was about it.
Blount. OF Georgia, contended that silver
RECOMMENDATION had cast blighting curse
over everybody except the capitalist. To
increase the volume of circulation was
the only way to relieve, not only the agri-
cultural interests, but every other interest
In the country. He criticised the treasury
bill, declaring it was entered to stop fur
ther coinage of the silver dollar It was
a Wall street measure. He also criticised
the caucus bill and advocated a free coin
age measure.
Bland said he could only protest against
the right of a member OF the minority to
o1fer an amendment. The gag law was
placed upon the minority for the purpose
OF passing the bill through the House, the
effect OF which was to demonetize silver.
me bill was Wall street scheme and
gold bug scheme to change the ratio be-
tween gold and silver. Itrecognized silver
bullion according to its old value. Silver
was being murdered in the house of it's
friends. He specially criticised the bullion
redemption clause, arguing that it would
prevent any appreciate expansion of the
currency. 1t would hold out temptation to
the secretary of the treasury to make a
million dollars out of the speculation in
wall street. The free coinage of silver
would not only appreciate silver bullion,
but depreclate gold bullion, and bring the
two metals to a purity. The government
must either issue fiat money or give I'M
limited use to gold and silver.
Kerr, OF Iowa, advocated the bill as
long step in the right direction. 1t would
result in the reconciliation OF silver, and
IN the two metals ultimately going hand in
hand.
Townsend, of Colorado, said prosperity
would not return and the downward
course of prices would not be arrested
until silver returned to its proper place.
The only complete and perfect remedy was
to reverse the action of 1873 and go back to
the free coinage and unlimited coinage of
silver
Dorsey, .of Nebraska, said if Secretary
Window had purchased and coined the
maximum amount OF silver allowed under
the existing laws (S4,000,000 per month";.
there would have been no need of
this discussion and he would have
strengthened the administration of Presi-
dent Harrison. To that section of the sub
stltute which provides for bullion redemp-
ton, Dorsey emphatically objected Would
1t not be better to cover the one million re-
demptlon fund into the treasury ana use it
as part OF the circulating medium, and in
case United States notes were presented
Tor redemption and there was no money to
meet the demand, allow the secretary to
sell bonds to meet the demand? The bullion
redemption feature would be stricken out.
and he appealed to his side of the House to
allow vote on the proposition
Mr.. hoe, OF Arkansas, appealed to the
gentlemen on the other side who believed
IN free coinage to restore silver to its
proper place, not step by step, but as it was
destroyed-iD one jump.
The House at o'clock took recess until
evening