The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1892-03-23

4
| Mr.. Williams, in opening his address,
said he trusted that In his remarks ne
should truly represent the people OF the
country in accord with him in his views
on this great question. He trusted TO oe
able to represent not only the minority OF
the minority but the majority OF the MI
nority as well.
Mr.. Boutelle-ssYou have not been re-
uuested or commissioned to do anything
of the kind and have no authority. '''r4
Mr.. Williams said he was acting by no
request, but in behalf of the minority Oh
the committee and in behalf of the cause
he represented, which knew no party,
but was
A Mere Question of Patriotism
upon both sides. The man who drew
party lines upon the merits of this ques-
ton did not represent his cause. He
represented himself or his party, but did
| not represent the true interests OF the
| great American Commonwealth. Con-
| tinuing. Mr.. Williams said he now spoke
out Of party which during the Pc
riod of resumption never altered Its de-
termination to assist in and secure the
resumption of specie payments.
Mr.. Simpson of Kansas-sWhat party
was that?"
Mr.. Williams = "The Democratic
party
MI. Williams said the fundamental en-
ror on the part of the free coinage men
was the assumption that the quantity OF
money was essentially more important
| than the quality of money, and that
money itself was of supreme Importance
as compared with credit. The funda-
mental argument made by the advocates
of the bill was that the United States had
| free coinage Of silver before 1873, and that
| there could be no danger now in restor-
ing law which operated without loss to
the country. He had, in the minority re-
port attempted to point out the fact that
the monetary condition of the world had
entirely changed since that time and was
entirely beyond our control. Under the
pending legislation we
Would Come to Silver Standard.
1t was not probable that gold would re-
main in circulation at the rate fixed by
the bill. When gold was cut off and
driven to a premium, silver would go to
a discount. The premium on gold was
,, the discount on silver. Silver would de-
preciate and the rest of the world would
| fix the amount of depreciation. The
people who would lose by this deprecia-
| ton were mainly the industrial classes.
The international conference was the
true solution of this question.
Mr.. Harter of Ohio, said the Bland bill
would contract and debase our money.
Mr.. BANDS claim that the passage Of his
bill will make money more plentiful is
misleading and untrue. Since 1873, we
have minfed $729,O00,000 in gold, an
o--a.o,., - o.ro,, eA0 0ON O0N xroor I'm
der the Bland bill, this would cease.
Free coinage would drive out our gold
and leave what remained as
merchandise. Gold sold in all
parts of the world for 22.S6 times
its weight in silver and if, under free
coinage, we only give it the value of Is,
all human experience shows that we
would have no gold in circulation after
the President signed free and unlimited
coinage bill. This bill was, pure and
simple, bill to compel the people of the
United States to buy the entire product
of most prosperous and fourishing in
dustry at price which gave them on the
cost of production a protective tariff, or
bounty, of 142 per cent. The bill also
proposed to make us the virtual pnr-
chasers of all the silver produced in the
world at 129 cents an ounce, while much
great deal of it, after deducting profits
on the lead products, not over from to
20 cents an ounce. We would, but for
this Bland bill discussion, be getting
from Europe five or twenty millions of
gold a month. Instead of this,
Alarmed and Excited, Europe
is sending back our stocks, bonds and
securities by the ream. Gold pours out
away from us through every channel.
Continue this wild craze for free silver
and fair crops in Europe next year will
bankrupt us.
Mr.. Tracy of New York announced,
amid loud applause, the election of Rog-
er @. Mills to the United States Senate.
Mr.. Abner Taylor of Illinois then of
fered an amendment providing that all
pensions be paid in gold. He said he
represented the only party that opposed
this measure. He denied the right of
the gentleman from Massachusetts Mr..
Williams] to speak for the Republican
party or for the minority of the commit
tee on coinage.
Mr.. Lind of Minnesota suggested that
Mr.. Taylor, in referring to his colleague
as a 'Mugwump' was out of order ac-
cording to the report of the committee
on printing submitted yesterday.
Mr.. Boutelle sarcastically intimated
that the Chair might not have heard the
remark.
The Speaker pro tenn, Mr.. Richardson,
sustained the point of order.
MILLIONS FOR THE MISSISSIPPI.
Senate Favors Generous Appropriation
to Cover Five Years.
WASHINGTON, March 21.-In the SEN
ate today, the bill to improve the Missis-
sippi river and prevent destructive floods
was taken up. 1t was amended to in
crease the amount appropriated from
$15 1000, 900 to $1S,750,000. Mr.. Frye,
chairman of the committee ON commerce