The morning call., 1891-01-14
THE SENATE.
Debate on the Free Coinage Amendment to
the Silver Bill


the Silver Bill.
WASHINGTON, Jan. 13.-Morgan on be-
half of Colquitt gave notice Of an amend
ment to the Financial Bill abolishing the
tax on State banks. The Senate resumed
consideration of the Financial Bill, aud
was addressed by Sherman. The Stewart
amendment, he said. was radical propo-
stion which changed the whole character of
the bill. IL was proposition that the
United States should pay 81 % for every
ounce of silver bullion that might be offered
from any part OF the world. Not only this,
but it had no option as TO mode Of payment.
The option was in the hands of the owner.
This proposed measure gave preference 10
silver over gold. Not only this, but it was
not open to further amendment. To-day
the value of silver in the markets OF the
world was somewhere about 81 05 an ounce.
Here was an offer to pay "a cents an ounce
more than the market price. Sherman also
criticized 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 believed the free
maintain the value of silver bullion
up to that of gold he would
vote for free coinage to-day. But il it were
admitted that silYrr could not reach gold
except by the Government paying a bounty
to producers OF domestic silver, he diu not
think there was any danger of the measure
passing. Sherman spoke OF the Latin Union,
and said the United States was much more
liberal TO silver than was even France, and
yet the Senate had been told of the great
prosperity of France, and that wonderful
prosperity had been attributed to its treat
meut of silver. He said it was ridiculous
TO represent France as a silver country.
Silver was not legal tender there Tor
higher amount than 30 francs. He did not
see why his silver friends or the people
ought not 10 be satisfied VITA the present
law. 1t was a compromise proposition, made
after grave reflection. Why should the
bullion-owners of Nevada and Colorado be
paid more than the marke: prices for their
silver? The present law worked well. Last
session it was agreed TO by the silver men
as all they wanted. 1t contained a declar-
alton, which he thought was a point of
honor. that 1t would be the es-
tabliShed policy of the United States
to maintain parity Of the two metals. Now.
within a year, a measure was proposed
which would destroy that parity The inn
mediate effect Of free coinage would be to
increase the expectation of gold, and while
currency would be expanded by the issue of
Treasury notes, it would be contracted by
the expectation of gold. Another effect
wonld be to increase importation of silver,
when the market for silver was in the most
disturbed state possible; when the United
States alone was bulling silver against the
world; when the Latin nations were seek
ing more staple standard, il was proposed
that the United States should step in aud
buy silver At price far above the market
value. Was it not serious thing to make
this offer, in view ofthe great store of silver
in the world Continuing, 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 the company
of the great commercial nations, which now
hopefully stood bv the best standard of
value. For, whatever might be said of
silver, no one should question that in the
great business transactions OF life silver
would not answer the purpose. it
would be measured by the ton. Gold
alone was standard of value.
lie could see nothing in the future
of this measure except distruSt, fear and
change Of values. 1t would injure all those
who depend upon their labor and upon the
production of the farm and of the work
shop. There was no difficulty, Sherman
asserted, in keeping gold and silver at parity
with each other When they separated in
market value, and when it was clearly per-
ceived that either metal was going down in
value, then the ratio should be changed.
He believed the best money ever devised by
mau was the Treasury notes of the United
States issued under a law of the last seS-
siOn-gOld certificates and silver certificates.
The common people believed in hard money.
They were willing to have paper money,
but they wanted IL maintained at par. He
cautioned the Democratic Senators from the
East and the Senators from the Southern
States if they committed themselves to a
policy of free coinage of silver, they would
have the burden of that commitment next
year, when the responsibility OF their legis-
lation would be upon them; and he re-
minded them that during four years Of Dem
ucratic administration they had not dared to
propose such "A measure, but kept as quiet
as possible, and no alliance would have
driven them to the principles of free coin
age. For one, he would stand by the legal
standard of value on which public and pri-
vate contracts have been based. After
speaking four hours, Sherman resumed his
seat amid applause.
Teller said the Senator's argument had
been an appeal against the mines of the
country. The question was not one of COM
pensatiOn to the miners, but whether the
word wanted silver as money.
Allison said 1t was true the people of the
United States did not favor the use of
metal as money in ordinary transactions,
whether of silver or of gold; they preferred
pap er substitutes for coin, whether the coin
be of silver or gold. He alluded 10 the
recent monetary stringency and said, in
obedience TO what he believed to be the
wishes OF those who desired to increase the
currency and those who wished to give
steadiness to silver bullion, he had voted in
favor OF the first section of The bill in favor
OF making an additional purchase of Il, 600
ounces OF silver But after having listen ed
to the speeches Of the Senators from Colo
RADIO and Nevada, he would, when the 0p-
portunity offered, move to strike from the
bill its first section. The last section of the
bill he regarded as vital one. 1t author
lzed the President, when Il sufficient num-
Der OF commercial nations had agreed upon
common ratio 10 make proclamation
10 that effect, and to open our mints to free
Rtufpmant
nations of the world that the United States
was ready. when they were, to use silver as
money. He argued from historical parallels
that, under free silver coinage provision.
gold would 90 practically out OF the country,
or would be held at its value abroad conf
pared with the value of silver bullion. DE
regarded the proposition of free coinage as
premature. He did not believe the United
States could maintain it alone. and that was
his argument. He would, therefore, vote
against the amendment.
Aldrich and Evarts also spoke against the
amendment.
Mcconnell argued in favor of free coinage.
The hour then being late, it was decided
that Jones of Nevada, Ingalls, Gibson aud
Hlscock should be allowed to address the
Senate in extenso tomorrow, after which
the ten minutes debate will be entered
upon. Adjourned.