Los Angeles herald., 1892-03-23
2.OOO.OOO

1000, 600 ounces of silver monthly, and
it's friends proclaimed it was done in the
interest of silver. In the interest of sill
yer opposed that bill. told the gen.
tlemen they were deceiving themselves
and the country, and that silver could
not be brought TO par in any such man
ner. The law of 1878 compelled the
coinage and use of silver dollars. The
law OF the last congress used bullion for
what? AS mere dead capital in the
treasury, which might as well be at the
bottom of the Potomac. Was the United
States to be frightened by the action OF
other nations? Because they were de-
monetizing silver and going to the gold
standard, must the United States follow
suit? This silver question will not
down, because it is one the American
people we'll understand"
In conclusion, Bland said: Il appeal
to the gentlemen on the floor to lay
aside every idea OF party exigency;
every idea but that which is right and
just, and cast their votes according to
the dictates of their consciences and the
pledges they mace to the great product
i've masses OF this country. II they do,
the bill is safe; the cause is won."
[Applause.]
At the conclusion OF BANDS speech,
Taylor, OF Illinois, Republican, claimed
the right to open the debate in opposi-
tion, as representing the only party op
| posed to free silver.
Williams of Massachusetts,, however,
was accorded the privilege by the
speaker, because he had presented the
views of the minority.
Il am acting" said Williams, Gin be-
half of cause which, as lar as | know,
knows no party, but is mere question
of patriotism on both Sides" Jap
plause.l
Continuing, Williams said many men,
bers of the house would feel obliged to
vote for free coinage, although they did
| not believe in it, because their cOnstitu
ents SO instructed them. He believed
an appreciating standard was better
than a huctuating standard ; better than
constantly failing standard. 1T has
been adjudged,, said he, THAT as we
had a free coinage before 1873
without disastrous results, why
should disaster now follow this
bill?" He desired to remind the Amer
ican people that the monetary conditions
of the world were entirely changed since
1878, and those conditions were now be-
yond our control. "Gold is the stan
dard of nearly all the nations of Europe,
and when we declare for the free coinage
of silver, where will gold go? 1t will go
to premium-a premium upon gold
and discount upon silver. The rest OF
the world will fix the depreciation upon
silver, according to the markets of the
world, and our standard will then be
seventy cents to the dollar. That means
repudiation; it means throwing this
country into dishonest settlement of
every debt contracted upon our present
gold basis" [Applausel.
| In conclusion, Williams presented a
substitute for the bill of the minority,
providing for an international monetary
conference.
Representative Harter of Ohio, also a
Democrat, spoke in opposition to the
bill, and insisted that the Bland bill,
instead of increasing the volume of
money in circulation, would, in its re-
suits, actually decrease it through de-
probation.
Continuing Harter said: "Since 1873
we have minted 1923 900, 900 in gold. or
an average of SAC, 900 900 per year. Un-
der the Bland bill this would cease, and
free coinage would drive out our gold
and leave what remained, as merchan-
| uicC1 ac WhCht3 SOII Sud COtbOu, CtC.
Unlimited coinage of gold and silver On
the ratio OF Is to /, would drive out
gold, because it would undervalu- it.
Gold sells in all parts of the world for
22.S6 times its weight in silver, and il
under free coinage we only give it a
value of 16, all human experience shows
that we would have no gold in circula-
tion. This bill is not free coinage
bill: it is, pure and simple, bill to
compel the people of the United States
to buy the entire product of most pros
porous and tlourishing interest. small in
the numter of its nem bers, but very
rich in dollars, at price which gives
them on the cost OF production a pro-
tective tariff or bounty of over 143 per
cent. Not content with this enormous
burden which the bill places on the over
| 63, 900 900 of our people not interested
nj nor owners of silver mines, it proposes
to make us virtual purchasers of all the
silver produced in the world, and at 129
cents per ounce, while much of it costs
not over 81 cents per ounce,
and great deal of it, after de-
Quoting the profits on lead products,
not over five to twenty cents per ounce.
submit that an equally mad PROPOSE.
tion never secured the assent of any leg
islative body in the world, and if it
passes this house, row that its provis-
ions are laid bare, it will be a record
which will come back to plague and
shame its members down to the hour
they 60 into their collins.
''But for this discussion we would be
getting from Europe $l5, 100000 or $780,
900, 900 of gold month. Instead OF this,
alarmed and excited Europe,is sending
back our stocks and securities by the
ream. Her purchases of the past
quarter of century are coming back by
every steamer and instead of gold reach
ing our shores, it pours out and away
through every channel. Continue this
wild craze for free silver, and with fair
crops in Europe next year you will
bankrupt the United States. Let us
counsel and compel wise and prudent
action now, and those who come after
us will praise our wisdom and bless cur
memories. Neglect this opportunity
and the names OF those whose votes
fasten ruin on our land, will rot"
Raynor of Indiana, also Democrat,
said the mine owners who had been
given $lS 900, 900 year more profit than
is now being made, could we'll afford to
inundate congress with whole libraries of
literature and employ host of lobbyists
to advance their scheme. When the mints
were opened and seventy cents could be
RI to L. Al1