New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-06-03
SILVER STILL THE TOPIC.
sLNATCE STEWART FINISHES HIS SPEECH
TIE MAKES AN ARGUMENT FOR FREE COINAGE.
Avn TILE RIIL GOES OVER.

HE MAKES AN ARGUMENT FOR FREE COINAGE,
AND THE BILL GOES OVER.
Washington June o.-At Q O'Clock the bill TO provide
for the free coinage of gold and silver was laid before
tho senate. and Mr.. Stewart resumed his argument
in support OF It, He expressed his surprise at Mr..
sbermans statement on Tuesday last that he had
been I'm favor of the Bland Allison bill That sur
nrise WAS caused by his (Mr. Stewartsl familiarity
with the views expressed by the senator from ONO
on that subject while he secretary CT the treasury
Mr. Sherman had criticised that bill in three elaD
crate reports and had urged its repeal Ana yet nc
had told the Senate the other day that 1t was
GOOD hill and that he approved it. 1t seemed 10
him Mr. Stewart) that Mr. Sherma''s remarks were
defective Or else that his prophecies ana pteucue
were not Of much value. That senator had 'ou INC
Senate that the free coinage of silver would BRING
the country TO silver standard Just as he hau pre-
dcteyi that the Bland act would do
The present law (Mr Stewart decareO wonio 40
vorse than that The law OF 1890. which Mr.. sher-
man approved to-day, but might not approve 10
morrow would inevitably bring the country 10 "a
naner standard or to the market value standard OF
silver, because 1t was going to be utterly npossio
10 maintain gold payments under existing law
There was nearly Sl.O0O,00O,OOO outstanding III
paper and silver. while there was only Sll3'ooo'ooo
Of cold I'm the Treasury-includng the SlOO.OOo,ooo
regarded as reserve for the redemption OF green
hacks And every weekly statement OF the treasury
showed that the percentage of gold coming lh'o '"e
Treasury was growing less and less, untl IL WIS o
only Ii per cent OF the aggregate receipts lie nouoeo
that the secretary Of the Treasury in an lnerVe" Ill
NewYork Yesterday said that there would De ho
premum paid on gold during the present AdminisTa-
ton that he had power TO issue bonds in oroer 10
get gold SO as to keep the two metals on pafiV
and that they would be kept at a parity
Mr. Higgins asked Mr.. Stewart ii he preierrca tha'
the country should to a silver basis.
Mr. Stewart would prefer anything rather lhdi
have the people ensaved by attempting to rcduce ue
whole world TO the narrow basis of gold There Is
over 800 900 900 of silver in the Treasury ana te
law makes silver coin legal tender equally with gold
I would reverse the policy of the Administration whic
has reversed the law There has not been. for The
last twenty years any gold obligation the Govern
ment And it is the duty of THE Secretary OF the
Treasury 10 redeem the paper OF the Government Ill
that currency which is most convenient SAY 'n"'
the present policy under existing law, will reduce u'
NOT only 10 silver basis but to the commercial pr1cc
of silver because IL is impossible 10 maintain on INC
urcsent volume of gold, the existing credit fabric OF
the world ~,
In the course OF his argument Mr.. stewart rlocuieu
Mr. sherman's expression of sympathy Tor the WORK
ing classes and for the pensioners sympathy JIG
exclaimed there is not blood enough In all OF the
gold trust men for one mosquito" 1t would not
DO he said for those robbers hey were nothing cisg
10 claim for themselves all honesty. Honesty Woulu
6e hanshed from the world when the crime OF 10 D
was justified How long the people would submit 70
such robbery he did not know. But WINE nS aen
he would continue TO warn them. lie lad been
often told him that he was throwing away Ms .i"e III
telling the truth; but he did not believe II, ne
believed that the country would nave iree coihhse
os silver and would have it in the near future. 800
At the close of Mr. stewards speech the silver bill
went over without action.