Omaha daily bee., 1891-01-14
CONGRESSIONAL PROCEEDINGS
Morgan Gives Notioo of an Amendment t.
the Financial Bill.
IT ABoLlsAEs THE TAX on STATE BANKS.
sherm1n Speaks for Four Hours
Against Free Coinagc-The Army
Appropriation Bill In the
House.

WAsuiSGToN, Jan. 13.-In the senate today
Mr. Morgan on behalf Of Mr. Colquitt gave
notice Of an amendment to the financial bill
| aDollshlng the tax on state banks
The bill for the erection of a public build.
ing at Joliet, ILL.,, to cost sl00,O)J was passed
The senate then resumed consideration of
| the financial bill and was addressed by MIR.
Sherman. The Stewart amendment, he said
was a radical proposition which chan god the
whole character of the bill. 1t was a propo.
suon that the United States sho aid pay 81. 25
for every ounce of silver bullion that might
be offered from any part Of tho world. Not
only this, but 1t had no option as to the mode
ofpaymcnt The option was in the hands
ofthe owner This proposed measu,e gave
preference to silver over gold; not only this,
but was not open to further amendment To-
DAY the value of silver in the markets Of the
world was something about sl.O5 an
ounce. Here was an offer to pay "a cents an
ounce more than the market price Mr.
Sherman also criticised the proposition that
silver was to be formed into coin or bars at
the option of the owner, "without charge
He said now in all sincerity that If he be-
lievep free coinage Of silver would enable us
that of gold he would vote for free coinage
today. But If it were admitted that silver
could not reach gold except by the govern
ment paying bounty to the producers of do
nestle silver he did not think there was any
danger of the measure passing. MS. Sher-
man spoke of the Latin union and said the
United States was much more liberal to
silver than was even France, and yet the
nf thn
prosperity Of France, and that Won
derful prosperity has been attributed
to its treatment of silver. He said
twas ridiculous to present France as a sill
yer country. SILVER was not the legal tender
there for higher amount than for so francs.
he did not see why his silver friends nor the
people ought to be satisfied with the present
law. IL was compromise proposition, made
after grave reflection. Why should the bull
lion owners of Nevada and Colorado be paid
more than the market price for their siverl
The present law worked well. Last session
1t was agreed to by the silver men as all they
wanted. 1t contained declaration, which
he thought, was point of honor, that it
would be the policy of the United States to
maintain the parity of the two metals Now
within year, measure was proposed which
would destroy that parity. The immediate
effect OF free coinage would be to ihcJ ease
the expectation of gold. While the currency
would be expanded by the issue of treas
ury notes, it would be contracted by the
expectation of gold. Another effect would
be to increase the proportion of silver. When
the market for silver was in the most dis
turbed state possible, when the United States
alone was bulling silver against the world
when the Latin nations were seeking a more
stable standard, it was proposed that the
United States should step in and buy silver
at price far above the market value. Was
it not a serious thing to make this offer, in
view OF the great store of silver in the world2
Continuing, Mr.. Sherman said he was
ashamed that great nation like ours should
be content to lower its standard of value to
JOIN China, Japan and the South American
states and TO leave company of the CONNER
cial nations which now hopefully stood by
most standards of value, for whatever might
tion that in the great business trans
actions Of life silver would not answer
the purpose. 1t would be measured
by the ton. Gold alone was the standard
value. He could see nothing in the future of
this measure except distrust, fear and change
of values. II would iniure all those who de-
pend on their labor. There was no difficulty.
MIR. Sherman asserted, in keeping gold and
silver at a parity with each other When
They separated in market value and when il
was clearly perceived that either metal was
going down in value, then the ratio should he
changed. He believed the best money ever
devised by man was the treasury notes of the
United States issuing under the law of last
IS.
The common people believed in hard money.
They were willing TO have paper money! but
they wanted it maintained at par. He eau
toned the democratic senators from the east
and the senators from the southern
states that if they committed them
selves to the palicy of free coinage
OF silver then they would have the burden of
that commitment next year when the respon-
sibility OF legislation would be upon them,
and he reminded them that during the four
wears of 0emOrrntic minis 9 fratinp hos b,l
not dared propose such measure, but Kept
as quiet as possible and no alliance would
drive them to the principle of free coinage.
For one he would stand by the legal standard
Of value, on which public and private con-
tracts had been based. After speaking four
hours Mr.. Sherman resumed his seat amid |
applause.
Mr.. Teller said the senator's argument had |
been an appeal against the mines of the coun- |
try. The question was not one of compensa-
tion to miners, but whether the world |
wanted silver as money.
Mr.. Allison said it was true that the peo- |
pie of the United States did not favor the
use of metallic money in ordinary |
transactions, whether of silver or |
gold. They preferred paper substitutes |
for coin, whether the coin be of silver or |
gold. He alluded TO the recent monetary |
stringency and said that in obedience to what |
he believed to be the wish of those who de-
sired to increase the currency and those who |
wished to give steadness to silver bullion he |
had voted in favor OF the first section of the |
bill, in favor Of making an additional pur-
chase Of Sl2, 10000 of silver, but after having |
listened to the speeches of the senators from |
Colorado and Nevada he would, when the |
opportunity offered, move to strike from tae |
bill it's first section. The last section of the |
bill he regarded as a vital one. 1t author
lied the president, when sufficient number
of commercial nations had agreed upon COM
mon ratio, to make a proclamation TO that
effect and to open our mines to free coinage.
That was q statement to the nations of the
world that the United States was ready when
they were to use silver us money. He argued |
from historical parallels that under the free
silver coinage provision gold would 60 pra',tii !
cally out of the country, or would pc held at
its value abroad, compared with the value of
silver bullion. He regarded the proposition
of free coinage as premature. He did not be-
lieve that the United States could maintain
it alone, and that vas his argument He |
would therefore vote against the amendment.
Messrs. Alrich and Evarts also spoke
against the amendment.
Mr. Mcdonnell spoke in favor of free coin
age.
The hour then being late it was decided
that Messrs. Jones Of Nevada, Ingalls,, Glib
son and Hiscock be allowed TO address the |
senate in eXtenso tomorrow, after which
ten-minute debate will be entered upon. Ad- ,
journed.