The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-03-07
DEMOCRATIC OPPOSITION TO FREE
SILVER.


The brains of the Democratic party in
congress are against free silver coinage.
The free silver coinage bill of Senator
Stewart included among its opponents
Senators Carlisle and Mcpherson. Sem
ators German, Hill, Villas and Palmer are
opposed to free silver coinage, and Senator
Vest, an old-time champion of free silver,
admits that "free coinage, made an issue
by the national Democratic convention,
means division, and division means de-
feat; that the making of this issue would
close New York, Connecticut and New
Jersey, without adding one electoral vote
to the Democratic column"
In the House Mills, of Texas, agrees with
Senator Vest, while Harter, of Ohio, Ray
nor, of Maryland. Williams, of Massachu-
sets, and Tracy, of New York, bitterly de-
nounee free silver as fraught with enor-
nous industrial disaster to the working
masses and commercial ruin to the mer-
camille classes, and now claim ninety-two
Democratic votes against free coinage:
New England, fourteen; New York,
twenty-one; Pennsylvania, ten; New Jer-
sey, four; Delaware, one; Maryland, five;
Ohio, three; Indiana, two; Illinois, seven !;
Michigan, two; Wisconsin, eight; Min
nesota, three; Iowa, two; California. two;
Kentucky, two; South Carolina, two; Ala
bama, two,s and Missouri, two. These
members with seventy-seven Republicans
would make up a majority of seven in the
House against free coinage, and would
kill the bill on square vote.
The minority report against the Bland
bill, written by Congressman Williams, a
Massachusetts Democrat, is very able
document, and ought 10 be fatal to free
silver legislation with any man of fair
business sense and financial intelligence.
Mr.. Williams shows by figures what
the effects of Germany's demonstration of
silver was In 1878 on the countries of the
Latin union, and how, after Germany had
unloaded on their minis in brief time
considerable of her silver, the mints of the
Latin union had to restrict the output of
silver for their own protection.
things followed the sale of German silver
in 1873, the effect now would be all the
more disastrous, as Germany alone has
100000, 600 in silver to dispose of; France
has $3.50, 600, 600 in 5-franc pieces locked up
in the vaults of the Bank of France, which
her people will not take, and Austria is
making desperate efforts to go on a gold
basis, and has 500, 600, 900 in silver which
she would be only too glad to trade off for
American gold.
Free coinage OF silver means fraud
upon the people in compelling creditors
by force of law TO accept 20 cents in salts
faction of every debt of dollar. Mr.
Williams shows that this defrauded credI-
tor class would not be the "gold bugs, 1"
the bankers and the great capitalists; it
would chiefly include the people of small
means; the small depositors in savings
banks, in life insurance companies and
kindred institutions, The great debt bur-
dened railroad and similar corporations,
in whose bonds and stocks these small
savings have been invested By savings
banks and life insurance companies, would
be prompt to pay these debts contracted in
gold in dollar worth 80 cents less, Just as
everybody during and after the war
"greenbacked" his creditors by paying off
his gold debts in deprecated United States
paper. As Democratic Congressman Har-
ter pointed ont. every Union soldier.
when free silver coinage forced our
gold to take wings and reduced us 10 the
level of silver standard like Mexico.
would lose 80 cents on every dollar Of his
pension money.
This would he the consequence Of the
enactment Of the Bland bill, which pro-
vides that the uni, Of value shall be two
units: one the standard silver dollar.
worth 20 cents, and the other the gold dol
lar, worth 100 cents. The hill further pro-
vidcs that standard gold and silver coin
shall he received in the United States in
payment Of all debts. The purpose Of the
bill says Mr.. Williams, is 10 provide two
different dollars and = compulsion upon
the citizen to receive either in payment of
debts due him. II does not require any
knowledge Of monetary or financial laws
10 demonstrate that the compulsIon Of the
legal-tender power must force upon the
creditor cheaper and debased dollar. Few
debtors will pay 100 cents 20 discharge
their obligations when 20 cents will suffice
in law. The standard silver dollar OF the
United States contains silver which is
bought by the government for about 20
cents and stamped dollar. ANY citizen
can today purchase like amount Of silver