The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-03-23
THE COINAGE DEBATE,
Silver Dollar Bland and Hard
Money Harter Speak.
A BATTLE BETWEEN DEMOCRATS.
Why Gold Is Flowing to Europe While
Our Securities Are Returning.
The Agitation Conducted By and For the
Benefit of the Mine Owners, Who Find
Jealous Allies in Those Who Think
Plenty of Money Means Prosperity.

WASHINGTON CITY, March 22.-The silver
debate has opened in the House, and from
indications it will be a battle of the giants.
Chairman Bland, of the committee on
coinage, weights and measures, the author
OF the bill, opened the discussion in behalf
OF free coinage today, and Williams of
Massachusetts, anti-free coinage Demo-
crat, made the opening speech for the op-
position. The air had been full of rumors
OF filibustering designs on the part of the
antl-free coinage people to delay a vote,
but If such designs exist, they evidently
were not to be carried into execution until
after the three days debate. The galleries
were crowded when, at 1920, the bill was
called up under the resolution of the COM
mittee on rules.
Tracy of New York raised point of Or
der against the bill being considered in the
House, holding that, as the issue of coin
notes by the treasury for the exchange of
bullion involved an expenditure by the
treasury, the bill should be considered in
committee of the whole. The speaker held
that as the bill did not make specifications
for an appropriation it should not be con-
sidered in committee of the whole. 1t was
agreed that evening sessions are to be held
today and tomorrow.
Bland, IN opening the discussion, said:
This bill proposes to go back 100 years in the
matter OF coinage. 1t was just 100 years ago
that the wise founders OF this government
adopted the double standard. They provided
for the coinage of gold and silver without limit
at the mints of the United States that silver
should be coined the same as gold, should have
the same advantage and the same recognition;
that silver dollars should consist of 37l 4-1O0
1f al,
called for in this bill This bill provides that
gold and silver shall be coined at the ratio
fixed by the act of 1887. The so-called present
ratio is l6 20 l. or, to be exact, Is SO to l.
This bill provides that gold and silver shall he
equal at the mints tApplause.l In order that
this equality should be preserved it is neces-
sary that silver should be put on the same plane
with regard to the issue of certificates at the
mint.
Bland here sent to the clerks desk let
ter from the director of the mint, stating
that the cost of coming silver would be
about ~ cents per dollar. and that s45,-
100000 would be coined every year. Con-
tinuing Bland said:
The bill placed gold and silver on an equality
in the matter OF the issue of coin notes. not
only in their deposit in the mints, but also
maintained the equality by providing that
when the coin notes should be presented for re-
Gemption the government should be free to
deem them in either gold or silver, it might
prefer. Thus coin notes issued on q deposit of
gold bullion, might be redeemed in silver, or
coin notes issued on deposit of silver,
might be redeemed in gold, as the treasury
might prefer He would propose later an
amendment to that portion of the bill providing
that coin notes shall be issued as rapidly as the
bullion is deposited He would move Ct the
proper time to amend by providing that coin
notes shall be issued as rapidly as the mints
found it practicable to coin bullion.
In arguing for a greater volume of money,
Bland said he would admit that the system of
credits which had grown up in the country does
to a certain extent, economic in the use of
money, but in the end the day of payment of
these obligations always comes, aud then we
must have the money. In 1851, when we passed
the bill for the refunding OF the national debt,
the national banks OF the United States surren-
dercd SIS, coo 600 into the national treasury as
threat made for the purpose of inducing a veto
from the president, a threat which effected its
purpose, and the result of this withdrawal of
,0e9 from circulation put the interest up
in New York at the rate Of l per cent. a day
Notes and bonds are not money, they are con-
yeniences. The whole fight over this issue is
between the capitalists, who demand interest
and the people, who demand money instead of
interest. [Great applause.l He denounced the
ferences to secure an international agreement
every time that the free coinage of silver was
proposed. Are we to be shackled here by the
apathy of the governments of other nations?
Is our financial system to be regulated
not by our own ideas of justice and our
own convenience, but by the convenience OF
other nations. (AppIauset The moment this
government declares for the free coinage of sill
yer other commercial nations, too, will so.ve
that question. Self-interest will compel them
to do so. The restoration of silver here means
its restoration everywhere the world over.
[Applause1 Gold and silver have been the ser
wants of civilization since civilization began.
They are twin brothers. aud when you sever the
ligature both die. Before gold can leave this
country there must be some other form of
money to take it's place. The moment you re-
store silver if gold is taken from circulation,
prices will go down in proportion and that ne
cessitates money from abroad to purchase the
commodities here that go down because OF the
contraction of money. Let silver be coined
once and see what the result will be then. You
bring the capitalist to the level of the common
people of this country. LApplausel; to the
level OF silver, where he ought to be-
Let Us remember that as q rule when money
is plentiful prices are good. You may nay a lit
tie more, but labor, after all, is only money,
and Wall street today is demonetizng labor,
wheat and cotton. This bill remouetizes them
all. Applause
Blsnd declared that the action of the United
States government on the silver question had
been an invitation to Europe to go upon the old
standard. We began silver demonstration in
1873, and in all our efforts 10 restore silver we
have been defeated by limitations. When the
free coinage bill was passed by the House in
ISIS by a two-thirds majority and went to the
Senate the same idea of international agree
ueut was injected into the question, and mean
n.r a. f. 40,
two 10 four millions of silver monthly, and its
friends proclaimed that il was done in the in
terest OF silver. In the interest of silver be
opposed that bill. He said the gentlemen
were deceiviug themselves and the country and
silver could not be brought to par in such man
ner. The law of ISIS compelled the coinage aud
use Of the silver dollar. The law of the last
congress used bullion for what? As mere dead
capital into the treasury, which might as well
be at the bottom OF the Potomac Was the
United states to be frightened by the actions of
other nations? Because they were demonetiz-
ing silver and going 10 the gold standard, must
the United States follow suit? This silver
question would not down because it was one
the American people well understood.
In conclusion. Bland said: ~ appeal to the
gentlemen on the 1oor to lay aside every idea OF
party exIcency, every idea but that which is
right and Just and cast their votes according 10
the dictates OF their conscience and the
pledges they have made to the great productive
masses Of this country. II they do, this bill is
safe and the cause is won" tApplause.l
At the conclusion of Bland's 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 accorded the