New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-08
HISCOCK OPPOSES THE FINANCIAL BILL

DEMOCRATS AND FREE COINAGE.
Washington Jan. (speciaD-The silver debate In
the senate along rather perfunctorily to-day and
it is clearly evident that vote upon Mr.. Stewards
frce-colnage amendment must be reached in day or
two. The Nevada senator. who, since his temporary
success Of Monday in shelving the Election bill. mas
been pluming himself the real leader Of the anti
Republican coalition in control Of the Senate. made
the first this morning toward obtaining speedy
action by asking unanimous consent that vote should
be taken on Friday. No objection was made on the
Republican side. did the Democratic Senators seem
disposed to counter the wishes Of their present
useful ally from Nevada. In Mr. Germans absence,
however. they did not feel like consenting TO bind
ing agreement and Mr. Cockrcll, Mr.. Gray and Others
suggested that the matter be left open until tomorrow
morning, Mr.. stewart intends to insist upon fixing
an hour for the vote, and will try 10 get continuous
session ordered IL the Democratic Senator's indulge in
dlatory debate. lie WILL no doubt. yield another day
however if that is desired and allow vote 10 be taken
on saturday instead OF Friday.
1t is said that Mr.. German is having some difficulty
in keeping The Democratic Senator's in line in support
of freeconage legislation. Three Of them, Mcssrs.
Gray. Mcpherson. and Wilson, of Maryland, voted
against the Free Coinage bill passed BY the silver coal
ton Of last summer. and others would have had some
hesitation in sticking the combination If they had
not known that the House Of Representatives
record against that policy. Mr. German himself. it
is understood, is not an extremist on the
silver question; but lie is willing To sub.
ordinate his financial opinions 10 the exigcnci1s
Of the party situation in the Senate II is not known
how many other Eastern Democratic senator's will sink
their real views on the free coinage question, now
that bill Of that sort has appreciate chance
of passing both Houses Of Congress But Democratic
deposition to free coinage will not be plentiful enough
in any contingency TO defeat the silver extremists.
for number of Republican senators who voted against
taking up the Financial bill will undoubtedly support
1u1ittg cd eiyes
TO that policy very thoroughly last summer The
present coalition will lose, in fact. but one Repub-
lCan vote-that Of MIR Washburn, Of Minnesota, who
opposes both the Election bill and the Free Coinage
bill.while il will gain presumably the votes Of
senators Paddock, ingalls,. Plumb. Squire, Mitchell,
Moody Pierce and perhaps those OF Senator's Cameron
Power and Sanders.
| The debate to-day carried on by Mcssrs. Daniel,
Plumb and Hiscock. Mr.. Daniel has made numerous
speeches the silver question and his remarks have
long since ceased to offer illumination. Mr.. Plumbs
views also well known. but he was listened 10
because Of his force and originality debater lie
advocated the free coinage Of silver but proposed the
retention OF several Of fne sections ~ the pending
bill. Mr. Hlscock made strong extompore speech
in reply to MIR. Plumb. and pointed out most clearly
and conclsey the fatal defects Of the proposed
RECOMMENDATION Of gold Under existing conditions,
as MIR. Hscock said. the Stewart amendment means
simply the abandonment Of the gold standard by the
degradation Of the currency Of this country TO
the level Of that Of China, India and Mexico.
Good for thus cutting the United States on
from the standards of value in among the great
commercial nations Of the world hard 70 find, and
Mr.. Hiscotk pressed home this point upon the free
coinage men with great effectiveness.
Mr.. Plumb credited the silver act ~ last session
with having had the effect OF preventing universal
financial panic. Whatever might be said about the
silver bill Of last session and about It's shortcomings,
its effect on the immediate situation had been Of a
most benefcent character.
Mr. Hi.cock said he believed that moro than
half Of the people OF the United states opposed
to the opening of the mints to tho free coinage OF
silver.
| In response 10 a question from Mr. Stewart. he ad
mitted that there was no question as IN whether the
vaue Of silver would be increased by the increased
OF the Metal.
Mr.. Teller inquired whether silver. il tn. United
states opened its minis 10 its coinage, would not be
equal in value 10 gold.
| Mr.. Hiscock replied that, far as tbs United
| states concerned, the opening Of tho mnts to
silver-with the great nations Of Europe declining to
| cooperate not have the eject 10 advance the
price Of silver to parity with gold. His objection 10
| the pending amendment that il wonld rcnSo
the volume Of circulation. His objection. and the OBJ
lection Of the people whom he represented was that
for some time n least II would have the effect NJ
| contracting the currency. The amendment meant the
absolute decentralization OF gold IL proposed ia mako
a silver basis; and the moment that gold ~
premium (no matter how small the frartionl thu,
moment it would be retired from circulation. II WAS
laid that other countries would establish bmetallsm
Why should this country take the lead In the move
mont II there anything In the world that would
prevent the free coinage Of silver by other nations. IL
would be the opening of our mints; for. were this
done. foreign nations would have opportunity
change their silver for gold. In the even, that
gold to premium would not contraction follow
The people he represented opposed 10 the pending
amendment because the thought had found lodg
ment in their minds that the free coinage Of silver
would replace that metal a parity with gOI. on
the contrary, they believed that the effect Of freo
| coinage would be to pull the two metals apart
Mr.. Teller Challenged the production Of proof that
any Of the nations of Europe would Scnd their silver
10 the United states there free coinage Of silver
here and denied that there any force whatever
| in that suggestion.
Mr.. Hiscock replied 10 Mr. Teller and again claimed
that with free coinage Of silver that metal would be
sent TO the United States from Europe and coined
dollars-its realizing the profit between its
bullion value and ito coin value He defended the
fourth Of the bill flor the issue Of per cent
! bonds) and said that they would be used by Ma
paid per cent taxation their circulation. the in
icrest on tire $2o0,O0o,000 d boDds would be pract
SoGs osy ond per not se be- issued an to all PER
| outstanding bonds Mr. lIiscock declared himself in
favor Of nat lie sc9,eG the isIt ia and 60 did the
|
vas antagonized and must CO. so TO make room for
silver lie accepted the situation and did the PEG
plo OF the Fact. willing 10 have the whole
| National debt funded In per cent bonds with tho
privilege to the National banks TO take much OF the
bonds they chose and make IL basis OF clrcu
| atiOD - -
| Mr. Stewart characterized Mr. IIiscocks position As
remarkable. There were, he said, between 800 000-
| 900 and $500 600 900 Of bonds outstanding. They
were at average premium Of IS per cent 50 that
| their redemption would require an Increase OF INC Ma,
tonal debt TO at least 81 900 100000 in per cent
| bonds.
| SENATOR MCCONNELL GETS THE SHORT TERN.
| Washington, Jan. (specian-Thc two Idaho Scha-
| tors drew lots for terms to-day, and 10 Mr.. Me
,.LL. ilroll .Lcd