Los Angeles herald., 1892-06-03
WHO ORIGINATED RECIPROCITY?
Senator Turpie Throws Some
Light on the Subject.
The Honor Belongs to Neither Blaine
Ner Harrison.
Stewart Concludes His Argument fol
Free Coinage-senate and House
Proceedings - washing
ton Notes.
By the Associated Press.

BY the Associated Press.
WASHINGTON, June 2.-On motion of
Allison the senate agreed to an adjourn
ment from today till Monday. Notice
was given by Vest Of his intention to
address the senate on the wool tariff; BY
Morgan OF his intention to speak on the
free coinage Of silver, Tuesday.
Turpie's resolution, calling for the
correspondence between Hayti, Colum-
bia and Venezuela, regarding reciproc-
ity, was taken up.
Turpie addressed the senate upon
the resolution and said there was Z
struggle between two statesmen as to
which one was entitled to the honor Of
having devised the scheme Of recipfoc-
ity. 1t was found, however, that
neither of those prominent statesmen
could lay the slightest claim to being the
originator of the policy. Reciprocity
treaties dated back to 1903, when what
was known as the Methuen treaty was
entered into between Great Britain and
Portugal, but under the 60 called reci-
procity treaties with South America, the
secretary of state substituted his own
power for that of congress, and declared
the purpose Of reciprocity not CONNER
cial but wholly political.
Turpie's resolution was adopted.
Stewart resumed his argument in
support of his bill providing free coin
age Of gold and silver. He expressed
surprise at Sherman's statement that
he was in favor of the Bland Allison
bill. Sherman, he said, criticised the
bill while he was secretary Of the treas
ury, and urged its repeal. Sherman
predicted that the Bland act would bring
the country to . silver standard, and
Stewart declared that the law of 1890
would inevitably bring the country to .
paper standard, or to the market value
Of the standard value Of silver, because
it was going to be impossible to main
tain gold payments under the existing
law. Every weekly statement Of the
treasury showed that the percentage Of
gold coming out was growing less and
less, until it was now only IA per cent.
of the aggregate receipts.
In response to query by Higgins, if
he preferred q silver basis, Stewart said
he preferred anything rather than the
enslavement of the people by an attempt
to reduce the whole world to the narrow
basis of gold. II would reverse the
policy of the administration, which re-
versed the law. 1t is the duty of the
secretary Of the treasury to redeem the
paper OF the government in the currency
which is most convenient. / say the
present policy, under the existing law,
will reduce US not only to . silver basis,
but to basis of the commercial price of
silver, because it is impossible to main
tain on the present volume of gold the
existing credit fabric of the world"
In the course of his argument Stewart
ridiculed Sherman's expression Of sym
pathy for the working classes, and for
the pensioners. 'Sympathy % he ex-
claimed. "There is not blood enough in
all the gold trust men for one MOS
quito"
At the close of Stewards speech, the
silver bill went over without action.
A resolution was reported from the
finance committee for the appointment
of committee of five to inquire whether
the law relative to national banks fur
nishes sufficient protection to depositors
and to other creditors, and to investi-
gate the recent failures OF national
banks, and any other violation of the
law or irregularities. Agreed to, and
Chandler, Higgins, PETER, Harris and
Mcpherson were appointed.
After executive session the senate ad-
journed till Monday.