Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-02-20

| the speakers before the House coinsge commit
tee today. He said the farmers of the
| country demanded, and would insist on
more money. He advocated free coin
age as one means to this end and
| also the sub-treasury scheme and the issuance
of paper money as other methods whereby
more money could be put into circula ton.
The people demanded great deal more money
and it was the duty Of the government to fur
nish it. Mr.. Simpson said he did not care If
| free coinage did cause silver to come to the
United States he wished it would come, and it
/ conid not come too soon, for il would give the
people more money.
| Mr.. wADDELL ALSO SPEAKS.
/ Alonzo Waddeil of South Dakota, Who was
defeated for Congress at the last election as the
candidate of the Farmers Alliance, also spoke
in behalf of free coinage. which, he said. was
| advocated by all the members Of the alliance
Pierre Humbert, Jr., of Boston concluded the
argument begun by him yesterday in advocacy
OF free coinage.
PROTEST FROM BOSTON.
MIR. E. B. Bacon Of Milwaukee, representing
the chamber of commerce and Merchants As
sociation of Boston, submitted an argument
against the passage of the free coinage bill, and
MT Wickham, the chairman Of the committee,
laid before it the protest adopted at meeting
OF Baltimore manufacturers against the passage
OF additional silver legislation.
THE SILVER ACT OF 1878.
Mr. John J. Knox OF New York, formerly
controller Of the currency, then made a state
ment with reference to the passage of the silver
act of 1873. He said it had been charged pub
hcly. both in this country and in England, that
the parties who framed the act and those who
were prominent in its passage through Con-
gress were guilty of passing the act by secret
methods and without giving the people of the
United States or their representatives in Con-
gress knowledge of what the bill contained or
what Its effect would be.
He was an officer of the Treasury Depart
ment at the time and everything done in con-
necnon with the act was open daylight.
de read from departmental reports prior to the
| framing of the bill, discussing the silver ques-
tlon The bill was then framed, he said and
sent to all the ASSAY and mint officers and to
every one specially interested in the subject,
| with request that they communicate their
views by marginal notes on the copies
| sent them. Among those to whom copies of
the Dill were sent We're President Barrow of
Columbia College and Prof. Taussig. he also
read from congressional proceedings in sup
| port OF his assertion that there nothing
done secretly in connection with the passage
| of the bill.
The act of 1873, he declared, simply regis
| tered In the form of q statute what had been
| years.
SENATOR STEWARDS REPLY.
Senator Stewart of Nevada was then given an
opportunity to close the hearings He said
that he should not take up very much time with
any statement of the clandestine manner
| in which the decentralization of silver
in 1873 had been accomplished. He
had made several speeches on that
| matter. The proceedings in Congress would
whatever, and that the amendments which had
been fixed in the bill had never been submitted
and printed in the Gkobe, as was customary in
all legislation. He thought that if anybody
knew that the step was to be taken and its
effect he did great wrong not to call il to
public attention ana have the question thor
oughly understood.
Representative Walker interrupted Senator
Stewart to inquire if he asserted that anybody
intended to do a great wrong. The Senator
responded that whether they comprehended
the great wrong or not he was not the Judge
Mr.. Walker insisting on his question and stat
ing that the Senator came before the
committee as an expert Senator Stewart
said: If you want my opinion as an expert
think it was very improperly done and very
severely open to adverse criticiss>,. Whether it
was design or negligence, the mode of legisla-
ton by which the demonstration Of siIve. had
been accomplished should always be crit
icised.
IN FAVOR OF FREE coISA9F.
Senator Stewart then made an argumer. in
favo- of free coinage. He asserted that if the
United States should adop. free coinage It
would add only SIS, 200 900 a year to our circr-
lation. The question whether that addi-
ton was a safe one and he contrasted free
coinage with the Senate finance committee
bill, which had been approved by
the bankers. The finance committee
bill provided for a rapid imitation
and would increase the circulation as much in
a few months free coinage would in five
years He believed in free coinage rather than
government purchase Of silver, because the
former took 1t out of the market as
a commodity and removed all chance for
speculation. He had seen it stated
that there was as high as SOC, 900 900 of silver
in the world worth only SO cents on the dollar
which would come here under free coinage
He asserted that the only silver worth less than
dollar was some $4,000 900 accumu-
lation of bullion and the coins Of
Mexico. AL the European silver was worth 81
per cent more than the par value of our silver
dollar, the silver Of India was worth per cent
more and the silver of South America about
per cent more. Those countries more
over, needed their silver for their own
people. England, he declared, had forced
China and India to lessen the demand for
silver. III order to keep down the price here;
and he asserted that if the United States for six
months maintained free coinage there would
De general struggle TO secure the surplus
stock Of silver.
NIB. WALKER AGAIN WANTS NAMES.
Senator Stewart, having stated that he
wished to wipe out the great crime of the nine
teenth century-the demonstration Of silver,
Mr.. Walker asked him to name one person con-
nected with that crime.
Senator Stewart replied that he was not pros
ecuting any one. He wasn't now in the crimi-
nal court. The crime was too notorious.
THE QUESTION OF CREDIT.
The Senator then took up the question of
credit and said it had grown out Of all bounds
compared with actual money. Business men
were afraid of collapse.
Mr.. Walker asked the name of q single insti-
tuition whose failure had not been due to dis
honest or foolish management
Senator Stewart responded that great many
good business men had failed. Look he said
at the number of men who have had lately to
give MP railroad securities for Is or 80 cents on
the dollar. The Secretary of the Treasury went
over to New York and gave the bondholders
who wanted to buy these railroad stocks the
money with which to do it.
THE HEARING CLOSED.
After q colloquy between Senator Stewart
and Mr.. John J. Knox and several Of the COM
mittee over the manner in which the act Of
1873 was passed the committee closed the hear
ings and soon afterward began considera-
ton ofthe Senate free coinage bill in secret SEES
sion.
AN ADVERSE REPORT.