The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-01-08

SILVER prOQucl OF past years WOuIO De
brought to American mints unless new steps
were taken for its demonetization, q very
improbable contingency.
SILVER NOT A DESTROYER.
He tMr. DanieD would like to ask the
senator from Ohio, who was so very appre-
hensive Of silver deiuge, in what century
of the worlds history had there ever been a
nation of men submerged and destroyed by
a silver delugel Byron had said In his
apostrophe to the ocean: "Assyria, Greece,
Rome, Carthage, where are theyl
Thy waters wasted them when they
were free, and many tyrane
since" The wickedness of men had de-
stroyed Sodom and Gomorrah. The con-
queror had gone over jerusalem many
times Epideniics had decimated and the
waters of the ocean had rolled over many
an ancient power; but where, o where, had
there ever been one of those nations
that had either perished or declined on
account Of having too much silver I'm its
pocket! The idea OF silver deluge was a
mere ghost that stalked across the scene. II
all the silver in the world were to come to
America, it ought TO be welcomed, for the
country would then become the greatest,
richest, strongest and most prosperous and
happy nation of the world.
CHANCE OF THE sPEcULAToRs.
Mr.. Frye asked Mr.. Daniel IL he did not
see that free coinage Of silver would enable
spectators in New York, who now hold
SIS, ,000, 900 Of silver, to get 81 30 an ounce
for it instead Of 81 04l Mr.. Daniel admit
ted that that was true. and added that the
b ood Of silver SPECTATORS would be exter-
minated. Whenever silver should be ad-
mitted to free coinage, the cry of
the speculators would be ended in
the land. Mr.. Daniel went on to
discuss the sections Of the bill in detail.
The third section, allowing bank circula-
tion 10 the full extent of bonds deposite ed,
and the fourth section, providing for the
issue OF per cent. bonds to buy up the
bonds at higher rates of interest, he con-
demned as transaction that would largely
enhance the value Of the outstanding bonds
and would require the government to pay
larger prices for them. No man, he said,
could serve two masters, and yet the Senate
was deliberatilg on a measure to enhance
the value Of the outstanding bonds and then
to issue bonds to purchase them after they
had been advanced in value Such finance
as that had not been proposed by the silver
men. 1t was selling out the interests of
the American people to national bank
bondholders. He did not believe that
the Senate could seriously consider the
passage of a measure that involved such
impossible relations as the government
going out and bulling the value of bonds
which 1t was attempting at the same time
to purchase. In conclusion, speaking OF the
Presidents supposed opposition to the free
coinage of silver, Mr.. Daniel said that if
the executive did see fit not TO respond to
the popular sentiment in favor of silver the
country would find President who would.
PLUMB's OPPOSITION.
Mr.. Plumb was the next speaker. He
favored legislation upon the financial
I'm hI1fh a WI a m civ
support TO the bill as reported by the
finance committee. He was opposed to the
first section, providing for the purchase OF
IL, ,000, 900 outces of silver. He was a BIZ
metallist. He did not hold that free coin
age Of silver was panacea for all the evils,
but he did contend that it was long, wise,
and much needed step in the right
direction.
MEANS Decentralization OF GOLD.
Mr.. Hiscook said that to listen to the
speeches Of tine advocates Of free silver coin
age stranger might be impressed with the
idea that the senator's who were opposed
to the fres coinage Of silver were few in
number, and were only representatives OF
the gold kings and gold bugs. he believed
that more than one-han of the peo-
pie of the United States were
opposed to the opening of the mints to
free coinage of silver. He agreed with Mr..
Sherman's argument that the pending free
coinage amendment meant absolute de-
monetization Of gold. He asserted that
with free coinage of silver that metal
would be sent TO the United States from
Europe and ccined into dollars, its owners
realizing the profit between its bullion
value and its coin value.
DEFENDS THE BOND SECTION.
He defended tho fourth section ror the
issue Of four per cent. bonds and said that,
as they would be used by national banks to
secure circulation, and as the banks paid
one per cent. taxation on their circulation,
the interest on two hundred million of
bonds would be practically only one per
cent To an inquiry why two per cent
bonds should not be issued to with
draw all the present outstanding
bonds, MIR. Hiscock declared himself
in favor of that. He recognized
the fact, and SO did the people of the east,
That the national bank circulation was an
tagonized and must go, so as TO make room
for silver. He accepted the situation, and so
did the people of the east. He was willing
to have the whole national debt funded in
per cent honds, with the privilege to the
national banks to take as much of the new
bonds as they choose and make 1t the basis
OF circulation.
STEWART REPLIES. 1ss0t~
Mr.. Stewart spoke briefly in reply to Mr..
Hiscock's argument concerning the Q per
cent. bond proposition, and then Mr.. Saw
yer moved an executive session. BE- 80"
co." said Mr. EdmuEds, ,rr' ''iet US take
vote on this bill now" Ed ysi
MIR. Stewart expressed desire that an
early day should be fixed for taking a vote.
Mr.. Edmunds-What is your idea of an
early day9
Mr.. Stewart-Let us say Saturday next.
n a my
The session is drawing to an end; and this
most important and immaculate bill ought
to be got into the form OF law at the earliest
possible moment. The country, OF course,
is suffering fer it. Disaster and bankruptcy
are said TO be impending. and therefore we
ought not to leave a stone unturned to get
an immediate vote upon it.
After brief executive session the Senate
adjourned.