Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-01-14
CONGRESSIONAL.
YESTERDAYS PROCEEDINGS OF The
NATIONS LEGISLATURE.
nfessrs. sherman, Allison. Aidricb, and
Others Against the Free
Coinage of silver.
lBy telegraph to tho Dispstch.l

lBy telegraph to the Dspatch.l
WASHINGTON. January 49, 1881.
senate.
Mr.. Morgan, on behalf Of Mr.. coiquiit, gave
notice Of an amendment to the financial bill
abolishlng the tax on State banks
Tho bin was passed providing that army on
GERS ON the limited retired ist who shall hsve at
tanned the age Of siIty-four shall be transferred
10 the unlimited list and providing further that
tho number Of officers on the limited Hat shall
be $50.
The Senate then resumed consideration OF the
financial bill and was addressed by Mr.. sher-
man.
SHERMAN ON THE SILVER BILL.
The pending freo-coinage amendment. Nj
Sherman said. was n radical proposition which
| changed the whole character OF the Dill ana eK-
| cited hts feelings somewhat He thought tnat
under the circu instances he was JUSTIFIED IN All
he said the other day, and what he said then he
| repeated now. But now he wished TO discuss
tho measure as business question which sneci,
| Of he tinted states II would be per-
| ceiyed that amendment was q proposition That
| the United states should pay tL2y Tor every
ounce Of silver bullion that might Dc onered
| from any part OF the world. The United states
was not at liberty TO pay for that bullion 10 sll-
yer coin or silver dollars, OF which ithsd SOO,-
| 100000 IA tho Tresury but the option was en-.
tirely with the holder Of the bullion 70 demand
| coin or bars, or Treasury noteh- Iho optoh "AS
| ia the hands Of the owner.
Mr.. stewart Inquired whether the sano did not
spply In regard 10 gold.
PREFERENCE TO SILVER ovKR GOLD.
MIR. Sherman replied that Il did not This
| proposed measure was mucn broader. rs ne
| would presently show. This gave preference 70
| silver over gold. Not only this, but whether In
| tended or not this amendment was offered In
| such a way that II was not open TO further
amendment The price was nxed at S.R. To-
i day the value of silver In the markets OF the
| world was something about s1.05 an ounce. Here
was an offer 70 pay "a cents an ounce more than
the market price.
| COINAGE WITHOUT CHARGE.
| There was another feature Of this proposition,
which was that silver was 70 DO formed into coin
\ or bars at the option OF the owner without
| charge" There could be no deduction made In
| the mint for the expense OF preparing the silver
for coinage. IL was true that under tho law gold
| was coined without charge. But there was
| charge for preparing and stlf1ening tho metal.
| adding the proper alloy. The depositor OF gold
| bullion was liable 10 q deduction for these
| charges, but under this measure the owner OF
| silver bullion was subjected TO no charge what
| ever The bullion was deposited and cciued or
| made into bars without charge.
| Nomatter In what form silver was presented
| It had TO be worked over. The pure silver de-
| posted was sometimes more difficult 70 WORK
| than that containing alloy, because the alloy
must be added 10 It. At the minimum, accord
ing 70 tho Director OF the Mint, the cost OF re-
hnlng and coming silver was two cents an ounce.
These two cents were paid by the United states
10 put into shape bullion deposited for which II
| paid Sl.29 an ounce.
EFFECT or THE PROPOSITION.
| He had said the other day that this proposition
would tend 10 change the standard OF valuo
| OF ali property IN the United States, and
| that in time Il would demonetlze gold. There
4 ~ from MisaOuTi INT. Nestl had
made the remark that II the free coinage OF Sill
| YER would put gold at premium, would seps-
rate the two metals, and would change the nature
| ~ contracts he would refuse 10 60 further In
that direction. lie (Shermanl said now In all elm
ccrity that II he believed that the free coinage OF
silver would enable US TO maintain the value OF
silver bullion up 10 that Of gold he would vote
for free coinage to-day. But II II were admitted
| that silver could not reach gold except by the
Government paying bounty 10 the producers Oh
domestic silver he did not think there was any
danger Of this measure passing. ~ IL were so-
mttted that tho parity between gold ana silver
couId moi stand except by the United States
standing az purchaser IN the world, he ola not
think that this was q thing that ought TO DO aim
| ed at
TEE IDEAS OF ANDREW JACKSON.
Mr.. sherman concluded by recalling TO sena-
tore on the other side who represented old ana
| settled States with mining properties and where
industries were diversified that back OF all their
arrangements there was strong ana deter
mined symathy which they had Tor the oid IDEAS
| OF Andrew jackson. The common people Do
| lieved in hard money. They were willing 10
have paper money, but they wanted II main
| tanned az par. He cautioned the Democratic
senstors from the HAST and the sena-
| tors from the southern States that II they COM
mitted themselves to the policy OF tho free coin.
age OF silver they would have the burden OF ina!
commitment n ext year when the responsibility OF
| legislation would be upon them. and be remind
| ed them that during the four years OF Demo-
| cratic Administration they had not dared 10 pro
nose such a measure. but had kept as quiet as
POSSIBLE; and no alliance would nave urlS s.,
Thorn 70 the principle Of free coinage. For one
he would stand by the legal standard OF yalue
on which public and private contracts had been
based.
Atter speaking for about four hours Mr.. Sher-
man resumed his scat amid considerable ep-
plause.
TELLER IN REPLY TO SHERMAN.
Mr.. Teller briefly replied 70 some Of Mr.. Sher-.
| mans arguments, disputing the correctness OF
Mr. Sherman's statistical reference In regard 70
| the production Of gold and silver and asserting
| that Mr. Sherman's use Of statistics OF the
! amount Of silver In existence, the amount OF
annual production and cost per ounce was not 70
| the point The Senator ought 10 know that the
| interest OF the whole human race Was centred on
| this question. II did not matter II IL cost bui
| one cent TO produce an ounce OF silver. Inc
question was whether the world wanted " as
money.
| ALLISON AGREES WITH SHERMAN.
| Mr.. Allison said that we're It not for the fact
| that no was a member Of the Committee on
Finance he would take no part In the deoate'
1 The bill had been reported 70 the senate on the
| 23d Of December during his absence. The Dill
had been considered In committee and the
fourth section had been stricken out ana another
| one substituted when no was not present 1here.
fore, he was not committed TO the substitute an
| would vote against the amendment He desired
Ia make this statement IN order that IL could moi
| be said that the change had been made by hls
| vote. ca
| mau and was directed largely against the free
| coinage amendment, the effect OF which, he
| argued, would DO al infiax OF silver from al.
| parts Of the world, and the boarding aud
eventual outflow Of gold
THE 24-cEsT BONUS.
| The effect Of the amendment would be TO pay
10 the owners Of silver bullion "a cents per ounce
more than the market value. II 1t was paid y
| would be paid from the United states Treasury
and would come out Of somebody's pocket lie
| was arguing to show that the logic OF the amend
| ment was not the logic elAimea Tor u. III was
| but a poor pretext for the free-coinage measure
| II the effect Of il was only 20 take care OF oui
| own production and give 10 our silver-eUnert
| "a centA II looked 10 the establishment by the
| United States Of ratio which did not prevail
| anywhere else on the globe IL might DO thai
| with our production OF 50,OO0,OO0 ounces We
could do this without deranging our situation az
respecting metallic money. IL was because ne
| believed that We could not that ne was opposed
| 10 the free coinage OF silver
THE PROPOSITION PREMATURE.
| Believing as he did that the effect OF the mea'
| sure would be-hrst, TO hoard gold and next Y
| send II abroad, he could not vote for the amend
ment He believed that II the United state:
adopted the principle OF the free coinage OF sh
| YER European countries would simply fold theil
| arms and 20 quietly 10 sleep, retaining their sill
| yer until they needed moro money and ther
they would send their silver 70 the United stale:
and convert IL into gold money. He regarded
| the proposition Of tree coinage as pre-
mature. lie did not believe that the United
states could maintain II alone, and that wes M
| argument lie would therefore vote against tht
| amendment He hoped, however, that the oil
| would pass withoutit IL would check the ten
| deney to reduction Of the volume OF paper
| money, because II absolutely prohibited the re-
| tirement OF national bank notes unless Urea
| sury notes we're substituted for them.
ALDMcH's REASONS FOR OPPOSITION.
| Mr.. Aldrich said that as he believed that Mr.
| Stewards amendment would be, II enacted int
law, disastrous 10 the great Interests OF the
| country. he felt that he ought, as member o.
| the Finance COMMITTEES, 10 express very briehy
| but with the utmost candor the reasons whict
| Iat him 70 that conclusion, lie was quite Will