The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-03-23

Obliged to vote for free coinage, although they
DID not believe in it, because their constituents
had so instructed them. He believed an ap-
preciating, fuctuating standard was better than
constantly falling standing. 1t had been ssid
Shat as we had free coinage
OF silver before 1873 without dis
sstrous results, why should disaster now follow
this bill? He desired 10 remind the American
people that the monetary condition OF the world
had entirely changed since 1878, and those con-
oitlons were now beyond our control. Gold is
the standard of nearly all the nations of Europe,
and when We declare for free coinage OF silver
where wall gold go? 1t will go to a premium,
and premium upon gold is a discount on sill
Yer. The rest of the world will fix the depreci-
alton upon silver according TO the markets OF
the world, and our stsndard will then be 20
cents to the dollar. That means to repudiG.e;
1t means TO throw this country into dishonest
settlement of every debt contracted upon our
present gold basis. lApplause.l
In concluding Williams presented
substitute bill of the minority, providing
for an international monetary conference.
Representative Harter of Ohio, also
Democrat, spoke in opposition to the bill.
and insisted that the Bland bill, instead
OF increasing the volume of money in
circulation, would, in its results, actually
decrease it through depreciation. He
continued:
Since 1878 we have minted s729 10000 in gold,
or an average of over si0,o0o,o00 per year. Under
the Bland bill this would cease, and free coin
age would drive out our gold and leave what
remained merchandise, as wheat, corn and
cotton are. The unlimited coinage of gold and
silver on the ratio OF sixteen to one would drive
out gold, because 1t would undervalue il.
Gold sells in all parts OF the world for % ss times
lis weight in silver, and, If under free coinage,
W. ,iy crit-ai fna oil a1F oil
perience shows we would have no gold in
circulation This bill is not for free coinage; it
it, pure and simple, bill to compel the people
of the United States to buy the entire product
OF a most prosperous and fourishing interest,
small in the number of its members, but very
rich in dollars, at price which gives them on
the cost OF production n protective tariff, or
bounty of over l43 per cent No. content with
this enormous burden which the bill
places on the over 63009,00o of
our people in no way interested
owners of silver mines, it proposes to make
the United States the virtual purchaser OF all
the silver produced in the world, and at II
cents per ounce, while much of it costs not over
81 cents per ounce, and a great deal of it, after
deducting the profits of the lead products, not
over to 20 cents per ounce. submit that an
equally mad proposition never secured the as
sent OF any legislative body in the world, and If
1t passes this House. now that its provisions are
laid bare, it will be a record which will come
back to plague and shame its members down to
the hour they go into their collins.
But for this discussion We would be getting
from Europe sl5,0O0,0G0 or s20o10,00o of gold
month. Iustead of this, alarmed and excited
Europe is sending back our stocks and securi-
ties by the ream. Their purchases of the pest
quarter century are coming back by every
steamer, and instead of gold reaching our shores
1t pours out and away through every channel
Continue this wild craze for free silver, and fair
crops in Europe next year will bankrupt the
United States. Let US counsel and compel wise
and prudent action now, and those who come
after us will praise our wisdom and bless our
memory. Neglect this opportunity and the
names of those who vote to fasten ruin on our
land will be forever odious.
Raynor of Maryland, also a Democrat,
said the mine owners, who were to be
given SIS, 100000 year more profit than is
now being made, could well afford to in
undate congress with whole libraries of
literature and employ hosts of lobbyists to
advance and promote the scheme. The
mints were to be opened. and 20 cents
could be coined into government dollar.
Would the people get any of it? No;
every dollar of profit would go down deep
into the pockets of the Nevada and Colo
RADIO millionaires.
Tracy of New York at this point an
nounced the election of Roger @. Mills as
United States senator from Texas. The
anti-free coinage men were particularly
enthusiastic in applauding, as they regard
Mills as opposed to the Bland bill.
Abner Taylor of Illinois then took the
floor and offered an amendment that all
pensions be paid in gold. Speak ng of the
bill, he said he represented the only party
opposed to this measure, the Republican
party. He admired the Democratic party
for the facility with which it got on both
sides of the question. When the bill
reached the Senate and was up for a vote,
the gentleman who would probably be
nominated in Chicago (HilD would con-
veniently be in cloakroom or out on an
excursion. Laughter Then the Demo-
cratic party would straddle the question.
The gentleman from Missouri would tell
his people he was for free coinage, and his
Mugwump friend from Massachusetts,
(Williams) would tell his people he was
against it. Such was the facility with which
the Democratic party got on both sides of
the question. This bill would enable the
wealthy class to pay the laborer 20 cents
worth of silver for one dollars worth of
toll. The majority report showed con-
clusively that the purpose of the trainers
of the bill was to place this country on a
silver basis and let it stand side by side
with India, Mexico and China. Hopkins of
Illinois said the demonstration of sill
yer would benefit two classes, the rich
mine owners and bullion holders and the
spectators. During the last congress it
was demonstrated that a syndicate of
these mine owners had established liter
arv bureau in Washin oton CITY and sought
to create a sentiment IN favor of
silver One of their stock argu-
ments was that more money was needed
for business, and owing to the poor
crops this argument found ready attention
in the West. In 1850 we had SIS per capita
of money, and every one would admit that
it was a prosperous business time. Then
there had been great increase in the cir
culating medium, until we had more
money per capita than England, rich as it
was. France was pointed to as country
which had more money per capita, but
which had no such banking facilities as
ours. We should take heed of the expert
ence of the Argentine Republic. Hopkins
protested against the bill as hardship to
the laboring man, and also to soldiers and
sailors on the pension list.
Compton of Maryland offered an amend
ment to the bill, TO restrict the free coinage
of silver to that produced in the mines of
the United States.
Crawford of North Carolina spoke in
support of the bill, and Stevens of Massa-
chusetts, a Democrat, recorded, in the
name of his constituents, q most emphatic
protest. As Democrat, speaking from q
Democratic standpoint, he felt obliged to
4.