The Portland daily press., 1891-01-08
Another silver Nay.

Another Silver Day.
WASHINGTON, January 7.-After the
transaction of some unimportant business
the financial bill was taken up. Mr.. Daniel
favor of absolute free and unlimited coinage
OF silver. 1t was happy omen. he Thought,
for the country and Senate, that on the first
day OF the legislative session of the new
year the Senate should have laid aside the
measure that seemed to involve a sectional
friction, and which would have been las
many apprehended) disturbing to the cordial
and every day improving relations now ex-
isting between all sections and races of the
country.
Mr.. Daniel then made long speech In
favor Of free coinage, after which Mr.. Frye
asked him II he did not see that free coinage
of silver would enable specuIa ors In New
York. who now held Il. .000, 900 ounces of sil-
yer to get $1.29 an ounce for 1t instead Of
$1.04. Mr.. Daniel admitted that 1t was
true. but added then the brood of silver
spectators should be exterminated.
Mr.. Daniel, speaking of the Presidents
supposed opposition to the free coinage Of
silver, said: 'If the Executive did see fit
not to respond TO the popular sentiment In
favor of silver, the country would find a
President who would"
Mr. Plumb credited the silver act of the
last session with having had the effect Of
preventing universal financial panic.
Who objected to Congress leglslating on
the subject Of finance? 1t was, as rule the
class of people that lived on fixed incomes
and had nothing on the sea of venture. He
agreed 1t was in the power of handful of
people on account Of fright (real or affected
at legislation by Congress. to do great injury
TO the country. AS the condition Of things
was today and had been for a long time, half
a dozen men might stand between every citi-
zen Of the United States and the proper pro-
ceeds Of his labor; they might break up
banks and mercantile establishments. might
paralyze the business of the country II they
saw fit to do so.
The chief question with him (Plumb) was
not the value of silver, but the volume of
money outstanding and available for the
transaction OF the business Of the people.
He was opposed to the first section OF the
bill. He did not hold that free coinage sill
YER was panacea for all evils. but he did
contend 1t was a long, wise and much needed
step in the right direction.
Mr.. HiscocK said he believed more than
half of the people Of The United States were
opposed to the opening Of the mints to the
free coinage Of silver.
In response to a question Mr.. Hi.cock ad-
mitted that there was no question as to
whether the value Of silver would be In
creased by the Increased use Of the metal.
HIS objection TO the pending amendment
(and the objection Of the people whom he
representeo) was that for some time, at least
1t would have the effect Of contracting the
currency. The amendment meant the alb
Mr.. Hiscock defended the fourth section
(for the issue of two per cent bonds) declared
himself In favor OF issuing two per cent
bonds to withdraw all present outstanding
bonds.
Mr.. Stew art said we were between 700, 600.
900 and 800, ,000.0O0 bonds outstanding. They
were at the average premium Of % per cent
so their redemption would require an In.
crease of the national debt to at least one
thousand millions in 2 per bonds.
A. 10 al 81 NJ
ter brief executive session, the Senate at
5.45 adjourned.
The Coinage Bill Laid Over.
WASHINGTON, January THE House
committee on coinage. weights and measures
held a brief meeting To-day. At the sugges-
tiOn of Mr.. Bland the consideration of bis
free coinage bill was deferred until the next
meeting Of the committee one week from to
day. when 1t will be the first business In or
der.
The House went into committee of the
whole for the further consideration Of the
shipping bill
Mr.. Herbert Of Alabama opposed the
measure because 1t proposed to grant ind Is.
criminate subsidy to vessels of every char
acter engaged In the foreign trade.
Mr.. Dinglsy Of Maine. in advocating the
bill, laid stress upon the importance to the
country OF maintaining the merchant ma
riDe. Members should be drawn away from
individual considerations and lifted up to
the consideration of this question of trans
question, Congress was dealing with one OF
the essentials of pure government. Unless
some such step as this Is taken by the gov.
ernment, almost every vessel engaged In the
foreign trade and fying the American fae
would be driven from the ocean. Reviewing
the decadence Of American shipping inter-
ests he said, In such q condition as the coun-
| try now found itself. with only 12a per cent
| Of the foreign carrying trade, and with Great
Britain enttenched on every ocean route
terrly out of the power Of private
| individuals without assistance in some di
rection tu disl"dge the shipping bill OF Great
Britain. Mr.. Dinghy gave numerous stats
tics showing the policy OF Great Britain In
| subsidizing steamships. He explained anC
defended the provisions Of the bill. dwelling
| specially upon the provision including sail
| ing vessels within the benefits conferred by
the bill. The subsidy provided for would
put American aud foreign vessels on ever
OF the bill for the first year would be 5000
600, Of which all but ABOUT 100000 or S4Oo,
600 would come from the postage and ton
mage dues. Taking theihighestrate OF In
crease in tonnage estimated as the result oi
the provisions OF the blll, the creates
ed in one year would be S7,000,000. afte
which the rate Of paymsnts would steadil!
diminish.
Mr. Dockery of Missouri said three cause
constituted an effectuai barrier against an
attempt to restore American carving trade
First was the difference In .cost: bet wee
American and foreign vessels; second. th
greater running expenses Of American ves
sells; third, the harsh and restrictive feature
OF our navigation laws, heavy TONNAGE due:
consular fees and other dues. He asked Nj
Farquhar, chairman Of the comm tees, no
mucn the Pacific Mail Steamship Compan
wonld get. Mr.. Fsrqunar replied that the
companies. Mr.. Dockery said that was n
answer he asked If the Pacific mail st0c
had not risen on the probability of the pa,
sage of the bill.
Al. Fatquhar warmly replied II that weI
so he was glad of IT.
Mr.. Dockery said he wanted to take th
TACT home to the farmers Of the west that So
100000 were being taken from the tIeasur
to sustain and support q few New Euglan
| shiDOwners.