The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-01-14
He lmpl0res Democrats to Vote
Against Free Coinage.
PRESENT LAW GOOD ENOUGH.
Ballot on Financial Bill to Be Taken
at Close of Today's Debate.
The Bering Sea Suit VIII BE Thrown
Out by Supreme Court, Which Lacks
OBSERVATION-DISCLOSURES Angry at Can
ada's Impudent Interference.

WASHINGTON CITY. Jan. Is.-In the Senate
Morgan, on behalf of o. Colquitt gave notice OF
an amendment to the financial bill, abolishing
the tax on state banks.
The Senate then resumed consideration of the
financial bill and was addressed by sherman
stewarts amendment, he said, was a radical
proposition, which changed the whole character
OF the bill. 1t was proposition that the United
states should pay lbs for every ounce of silver
bullion that might be offered from any part of
the world. Not only this, but it LETT no option
as 10 the mode of payment The option was in
the hands OF the owner. This proposed measure
gave preference to silver over gold not only
this, but 1t was not open TO further amendment
Today the value OF silver in the market of the
world was something about sl.05 an ounce.
Here was an offer to pay "A cents an ounce more
than the market price.
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
III all sincerity that hcbelieved if the free coinage
OF silver would enable the United States to
maintain the value OF silver bullion up to that
OF gold, he would vote for free coinage today
But II it were admitted that silver conld not
reacn gold except by the government paying
bounty TO the producers OF domestic silver, he
ala not think there was any danger of the meas
ure passing.
;, sherman spoke OF the Latin Union. and said
the nifed states was much more liberal to sill
yer than was France; and yet the Senate had
been told OF the great prosperity OF France: and
US wonderful prosperity had been attributed to
It's treatment of silver. He said it was ridic-
ulous to represent France as a silver country
Silver was not legal tender there for higher
amount than 30 francs. He did not see why his
silver friends or the people ought not to be sat
isfcd with the present law 1t was a eompro-
mise proposition, made after grave reflection.
Why should the bullion owners OF Nevada and
colorado be paid more than the market price
for their silver? The present law worked we'll.
AT the last session it Was agreed TO by the silver
men as all they wanted. 1t contained deelara-
tion, which he thought was a point of honor.
that it would be the established policy OF the
nlted states TO maintain parity of the two
metals. Now, within a. year, measure was
proposed which would destroy that parity. The
Immediate effect of free coinage would be to
increase the expectation of gold. While the
currency would be expanded by the issue of
treasury notes, it would be contracted by the
expectation of gold Another effect would be
to increase the importation of silver. When the
market for silver in the most disturbed
state possible: when the Latin nations were
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 stable standard, it was proposed
that the United states should step in and buy
silver at a price far above the market value.
Was 1t not serious thing to make this offer, in
view OF the 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 great company of the commercial ma
tons, which now hopefully stood by the most
stable standard of value For whatever might
be said of silver, no one would question that in
the great business transactions of life silver
would not answer the purpose. 1t would be
measured by the ton. Gold alone was the
standard of value. He could see nothing in the
future of this measure except distrust, fear and
change of values. lt would injure all those who
depend upon their labor and upon the produc-
tons of the farm and workshop. There was no
difficulty, sherman asserted, in keeping gold
and silver at a parity with each other. When
they were separated in market value and when
it was clearly perceived that either was going
down in value, then the ratio should be changed.
He believed the best money ever devised by man
were the treasury notes of the United states. is
sued under the law OF last session as gold certif-
Gates and silver certificates. The common peo-
pie believed in hard money. They were willing
to have paper money, but they wanted il main
tanned at par. He cautioned the Democratic
senators from the East and the senators from
the Southern states that If they committed them
selves to the policy of free coinage of silver
they would have the burden OF that commit
ment next year. when the responsibility OF leg
islation would be upon them; and he reminded
them that during the four years of Democratic
administration they had not dared propose such
a measure, but kept as quiet as possible, and
no alliance would have driven them TO the prin-
ciple of free coinage. For one, be would stand
by the legal standard OF value, on which public
and private contracts had been based. After
speaking four hours sherman resumed his seat
amid applause.
an appeal against the mines OF the country. The
question was not one OF compensation to the
mines, but whether the world wanted silver as
money.
Allison said ii was true the people of the
United States did not favor the use of metallic
money in ordinary transactions, whether OF sill
yer or gold. They preferred paper substitutes
for coin. whether the coin be of silver OF gold.
He alluded to the recent monetary stringency,
and said that in obedience to what he believed
to be the wishes of those who desired to increase
the currency and of those who wished TO give
steadiuess TO silver bullion, he had voted in IA
yor of the first section of the bill, in favor of
making an additional purchase OF 100000
ounces OF silver, but after having listened to
the speeches of the senators from Colorado and
Nevada be would, when the opportunity offered,
move to strike from the bill its first section The
last section OF the bill he regarded vital one.
1t authorized the president, when sufficient
number of commercial nations had agreed upon
a common ratio TO make a proclamation TO that
effect and to open our mints to free coinage.
That was statement to the 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 the free
silver coinage provision gold would be practi-
caliy the money OF the country or woufd be held
at its value abroad compared with the yallle of
silver bullion. He regarded the proposition of
free coinage as premature. He did not believe
the United States could maintain IL alone, and
that was his argument. lie would therefore vote
against the amendment.
Aldrich and Eyarts also spoke against the
amendment.
Mcconnell argued in favor of free coinage.
The hour then being late, 1t was decided that
Jones of Nevada, Ingalls,, Gibson and Hiscock
shall be allowed TO address the Senate in extenso
tomorrow, after which ten minuteS debate shall
be entered upon. Adjourned.