The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1892-03-23


Let US remember as rule when money is
plentiful, prices are good. You may have
TO pay little more, but labor after all is
the only money. Wall street to-day is de-
monetlzlng labor, wheat and cotton. This
bill demonetizes them ALL" [Applause.J
At the conclusion of BANDS speech
Taylor, OF Illinois, Republican, CLAIMED
the right to open the debate in opposition
as representing the only party opposed to
Tree coinage. Williams, however, was &C
corded the privilege by the speaker because
ne mad presented the views of the minority.
~ am acting" said Williams, Sin behalf
OF cause which, so far as l know, knows
no party, but is mere question of patriot
ism on both sides" Applause. Contin-
Jung, Williams said many members OF the
House would feel obliged to vote for free
coinage, although they did not believe in it,
because their constituents had so instruct
ed them. He believed an approaching
standard was better than a fuctuating
standard, better than
A CONSTANTLY FALLING STANDARD.
1t has been argued that as we had free
coinage Of silver before 1878 with
out disastrous result, why should disaster
now follow this bill?
He desired to remind the American peo-
pie that the monetary conditions of the
world had entirely changed since 1878, and
these conditions were now beyond our con-
troll. Gold is the standard of nearly all the
nations of Europe, and when we declare
for the free coinage of silver where will
the gold go: 1t will go to a premium, and
premium on gold Is a discount on silver.
The rest of the world will fix the depre-
citation upon silver according to the mar
kets of the world, and our standard will
then be 20 cents to the dollar. That means
reduction. 1t means the throwing OF this
N trXy ir1to linh 'rf
every debt contracted upon our present
gold basis" Applause
In concluding Williams prevented the
substitute bill of the minority providing
for an international monetary conference.
Representative Rarter of Ohio. also a
Democrat, spoke in opposition to the bill.
He insisted The Bland bill, instead of in
creasing the volume of money IN circula-
ton, would actually decrease it through
depression.
Continuing, Harter said, since 1873 we
have minted S729, 600 in gold, or an av-
erage of over $40, 600, 900 per year. Under
the Bland bill this would cease, and free
coinage would
DRIVE OUT OUR GOLD
and leave what remained merchandise, as
wheat and corn are The unlimited coin
age of gold and silver on the ratio Of 16 to
l would drive out gold, because it would
undervalue it. Gold sells in all parts of
the world for 22.S6 times it's weight in sill
yer, and, if under free coinage we only
give it a value of 10, all human experience
shows we would have no gold in circula-
ton.
This bill is not for free coinage,
1t is pure and simple bill to compel the
people of the United States to buy the en-
tire product of the most prosperous and
1curishing interest, small in the number
of its mem bers, but very rich in dollars, ct
q price which gives them on the cost of
production protective tariff, or bounty, of
over 143 per cent. Not content with this
enormous burden which the bill places on
the over sixty-three millions of our people,
in no way interested as owners Of silver
mines, it proposes to make US the 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 deduct
ing the profits on lead products, not over D
to 20 cents an ounce. l submit that an
equally mad proposition never occurred the
assent of any legislative body in the world,
and if 1t passes this House, now that its
provisions are laid bare, it will be record
which
WILL COME BACK TO PLAGUE
and shame its members down to the hour
they go into their collins. But Tor this dis
cussion we would be getting from Europe
fifteen or twenty millions of gold month.
Instead it is 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 fair crops in
will hoT inf 10 NJ ad
States. Let US counsel and compel wise
and prudent action now, and those who
come after US will praise our wisdom and
bless our memories. Neglect this oppor-
tunity and the names of those whose votes
fasten ruin on our land will rot"
RAYNoR, OF MARYLAND,
also a Democrat, said the mine owners who
were TO be given eighteen millions a year
more profit than was now being made,
could well afford to inundate Congress
with whole libraries of literature and en-
ploy hosts of lobbyists to advance and pro-
mote their scheme. When the minis were
opened and 70 cents could be coined into q
government dollar, would the people get
any of it? No. Every dollar of profit would
go deep down into the pockets of Nevada
and Colorado millionaires.
Tracy, of New York, at this point an
nouuced the election of Roger Q. Mills as
United States States Senator from Texss.
The anti-free coinage men were particu-
larry enthusiastic in applauding, as they
regard Mills as opposed to the Bland bill.
ABNER TAYLOR, OF ILLINOIS,
then took the floor and offered an amend
ment that all pensions be paid in gold
Speaking of the bill, he said he repre-
sented the only party opposed to this
measurable Republican party. He ad-
mired the Democratic party for the facility
with which it got on both sides of oues-
ton. When the bill reached the Senate
and was up for vote, a gentleman who
would probably be nominated in Chicago
(Rill) would conveniently be in the cloak
room or out on an excursion. Laughter. |
Then the Democratic party would straddle
Missouri would tell his people he was for
free coinage, and his Mugwump friend
from Massachusetts (Williams) would tell
his people he was against it. Such was
the facility with which the Democratic
party got on both sides of a question. This
would enable the wealthy class to pay
laborers
SEVENTY CENTS WORTH OF SILVER
for dollars worth of toll. Tho majority
report showed conclusively the purpose Of
the trainers OF the bill was to place this
country on a silver basis and let it stand
side by side with India, Mexico and China
Hopkins said the demonstration of silver
would only benefit two classes-rich silver
mine owners. bullion holders and specu-
lators. During the last Congress it was
demonstrated that syndicate of these
mine owners established literary bureau
in Washington and sought to create a SEN
timent in favor Of silver One of their
stock arguments was that more money was
needed for buriness and owing to poor
crops. This argument found ready atten
ton in the west. He had taken pains to