People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1892-09-09


minis and thrown into circulation, pro-
pose that the Government shall purchase
all the silver it can with Treasury notes
or with gold, or with both. The gold dol
lar is at premium of sixteen cents over
the silver dollar. The Treasury note
dollar being based upon the gold dollar,
is OF course just as valuable as gold
dollar. It is sixteen cents premium over
the silver dollar.
Mr.. Atkins. The legal tender?
Mr.. Mills. No, the silver that may be
made into a legal tender.
Mr. Warner. Not its purchasing
power
Mr. Mills. Yes, its purchasing power.
Il the legal tender dollar is the same as
the gold dollar it's purchasing power is
the same And that it is the same is
proved to-day by the Treasury having
ons hundred aud forty or one hundred
and fifty millions of dollars OF gold in
its vaults, which can be called for in ex-
change of the Treasury notes of the
Government. But the holders of the
Treasury notes refuse to demand the
gold the Treasury note being equal In
all power to the gold dollar.
Now what l propose is that the Gov
eminent shall purchase silver in unlim-
tied quantities and coin it; coin it all for
the benefit of the people and give it all
the debt paying power Of the Iegal-tender
dollar: that the dollar, half dollar, quar-
ter dollar and dlme-in a word, all the
silver coins struck from your minis shall
oe invested with all the functions of
money, that they shall measure value,
exchange value and pay value Well,
what will be the result Of that when you
give them all this debt-paying power9
linen the silver that comes into the
treasury can be used in payment of your
public debt. You cannot pay it with
treasury notes, for the creditor holds
you are bound to pay to him in coin.
But you can pay it with the cheaper
metal, with silver when it is cheaper
than gold. And it is the duty of the
Government to pay the peoples debt,
just as you would pay your own debts,
with the cheaper metal
But you cannot pay the public debt
with silver it you merely coin for the
bullion-holder who owns the Nevada
mines, because you simply coin his bull
hon for him, and he takes it back in the
form OF coin. But If you purchase the
silver you help to bring the treasury note
into circulation, and you coin the dollar
as your own, and then you make use of
that dollar in the payment of your in
debtedness.
1 further provide in my amendment
that all persons having these silver coins
may bring them to the treasury in any
quantity, $50, 900 or 800, 900 or any 9th
er amount, and exchange them at par
Tor legal tender notes. Now, the treas
ury note is much more convenient money
than the silver money. It is not SO
heavy, of course. It ls equally valuable
with gold. And just as long as the
treasury note Is worth ! per cent. more
than the silver dollar all the silver would
go into the treasury to get the benefit Of
the & per cent. premium. And when it
goes into the treasury either by purchase
OF exchange, the Secretary is directed to
pay it on the public debt before using
the gold or treasury notes. When a
large amount Of silver shall be coined
and In circulation il will seek the treas
ury to be exchanged for the more con-
venient and equally valuable treasury
note money, which may be constantly
applied in reduction of the public debt
We cannot pay the debt in gold. The
creditor will not accept it in paper, and
silver is our only hope for deliyerance
from it's burden. I trust we shall not
dlsappoint the reasonable expectations
Of Our people by refusing to use 1t for
that purpose.
Here the hammer fall
A vote was taken on this amend
ment the same day, and showed so
members for and 155 against. Of
the minority voting with Mr.. Mills
were the II greenbackers. The
utmost that the Democrats can claim
is that Of nearly 200 members less
than so would avail themselves of
the chance they then had to grant
free silver.
The true cussedness of the Demo-
cratic position on this question is dis
closed when Mr.. Mills, then hon.
estly endeavoring to do his duty by
his people, tried to make provision
for the payment Of the principal and
interest on the public debt in coin, in
exact compliance with the law which
provides for payment IN com of
weight and fineness current when it
passed.
That Mr.. Mills had an insight in
to the truth, his statement that the
public debt could not be paid in gold
alone clearly proves.
Since then, the people have en-
>dured depreciation and practically
bankruptcy in their efforts, and the
last admission of the treasury is that
the bonds will have to be renewed
when due.
Mr.. Mills is now against the peO-
ple-and a Senator.
Give the Democracy chance.
Yes, several more chances, and then
the people will rue at their leisure.
The Democrats held a primary
election in Fulton county Tuesday
to select members of the legislature,
there being the six names voted for