St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-23
GlANlS Ut flNANCE.
They Engage in Hot and
Earnest Strife Over the
Silver Bill.
MIR. Bland Opens With a Very
Plausible Plea for His
Measure.
Williams and Harter Lead the
Opposition in Able
Efforts.
Democrats and Republicans
Step Together on Either
Side the Debate.

cussion i'm behalf of the free coinage
people, and Representative Williams,
of Massa chusetts, an anti-free coinage
Democra t, made the opening speech III
opposition to the bill.
For three days the air has been full
of rum ors of filibustering designs on
the part of the anti-free coinage people
to opp ose vote on the bill, but if such
designs exist they are evidently not to
be carr led into execution until after the
three days debate and when the hour
for final vote arrives. The galleries
were crowded when the free coinage
bill was called up under the resolution
of the committee on rules and its read
ing rogue sted by Chairman Bland.
Even the foreign diplomats. who are
usually the last to display an interest IN
the proceedings of congress, were OIL
hand in considerable numbers, and
their presence in the diplomatic gallery
attested that the silver question was in
deed one OF worldwide interest.
By unanimous consent, on the request
of Mr.. Bland, it was agreed that even
ing sessions should be held today and
tomorrow from 1880 to 1920 for consid-
Grafton of the bill. "This BILL" said
Mr.. Bland, in opening the discussion,
proposes to go back hundred years in
the matter of coinage. 1t was just
hundred years ago that the wise found
ers of this government adopted what
we call
sThe Double Standard
''They provided for the coinage of
Il ,iJx n
minis of the United States; that silver
should be coined the same as gold.
should have the same advantages and
the same recognition: that the silver
dollars should consist of 81 4-100 grains
of silvcr-precisely the dollar of silver
that is called for in this bill. This bill
provides that gold and silver shall be
equal at the minis. Applause.
Mr.. Bland sent to the clerks desk a
letter from the director of the mint,
stating that the cost of coming silver
would be about a cent and half per
dollar, and that $45, 100000 in round fig
ures could I've coined every year. Con-
tinuing, Mr.. Bland stated that while
this bill placed gold and silver on an
equality in the matter of the issue OF
coin notes in their deposit at the minis.
it also maintained that equality by pro-
Viding that when coin notes should be
presented for redemption the govern
ment should be free to redeem them in
either gold or silver, as it may prefer.
In the course of his argument Mr..
Bland stated that he would move at the
proper time to amend by providing that
the coin notes shall be issued as rapidly
as the minis found it practicable to coin
the bullion.
In arguing for q greater volume of
money, Mr.. Bland said that notes and
bonds are not mOney-they are conyen-
fences. The whole fight over this issue
is between the capitalists. who demand
interest, and the people, who demand
money instead of interest. Great APP
plause.
Decided Action Needed.
The gentleman denounced the period
ical attempts made for international
conferences and international agree
meuts every time the free coinage of
silver is proposed. The moment, he
said, this great government declares for
the free coinage of silver, the other
commercial nations. too, will solve that
question. The restoration of silver here
means the restoration of it everywhere
the world over. The moment you
restore silver, if gold is taken from cir
culatlon, prices will go down in proper
ton and that, neceSSltateS money from
abroad to purchase commodities here
that go down because Of the contraction
of money. Everything will be cheap.
The man who holds his gold is simply
holding it for silver; for silver will take
the channels of circulation. Gold is
tyrant, who won't tolerate any competi-
tiou. Let silver be coined once and see
what the result will be then. You bring
him to the level of the common people
of this country. Applause. You may
have to pay a little more; but labor, after
all, is the only money. Wall street is
today dewonetizing labor and wheat and
cotton. This bill remonetiZeS them all.
[App!ause.]
In conclusion, Mr.. Bland said: 81
appeal to- gentlemen on this floor to lay
aside every idea of party eXigency,
every idea but that which is right and
just, and to cast their votes according
to the dictates of their own conscieDces
and to the pledges they made to the
great productive masses of this country.
If they do that this bill is safe; this
cause is won." [Applause.]
Preniu IN and Discount.
In his opening, Mr.. Williams said
that many members of the house would
feel obliged to vote for free coinage al
though they did not believe in it, be-
cause their constituents have so con-
structed them. We believe that an ap-
preciating standard is better than fluc-
tuating standard, better than a. con-
stantly falling standard. 1t had
been argued that, as we had
the free coinage of silver before 1873
without disastrous result, why should
fol hi 10
desired to remined the American peo-
pie that the monetary conditions of the
world have entirely changed since 1878,
and those conditions are now beyond
our control. Gold is the standard of
nearly all the nations of Europe, and
when we declare for the free coinage of
silver, where will the gold go? 1t will
go to a premium, and premium upon
gold is discount upon silver. The
rest of the world will fix the deprecia-
ton upon silver according to the mar
kets of the world, and our standard will
be 70 cents to dollar. That means re-
pudiation; it means the throwing Of
this country into dishonest settlement
of every debt contracted upon our
present gold basis. [Applause]. In con-
clusion Mr.. Williams presented the sub
Stitute bill of the minority, providing
ence.
Representative Harter, of Ohio, also
a Democrat, spoke in opposition to the
bill, and insisted that the Bland bill.
instead of increasing the value of money
in circulation, would. in its results,
actually decrease 1T. The day after the
president signed a free coinage bill,
instead of having 81, 300, 100000 in circu-
lation for the use of the people, we will
have 81, 200. 600, 900, for the money will
be deprecated to this extent. Demo
| Gratis are
Opposed to Protection.
vet many of them desired by this bill
to give the silver producer the benefits
of a protective system. Unlimited
| coinage of gold and silver on the basis
| OF 16 per cent to one of gold would drive
out the gold because it would under
value it. Gold sells in all parts of the
| world for @. Sc times its weight in silver.