Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1892-03-24

their Judgments go beyond the narrow
limits Of their congressional districts and be
accountable to the people OF tho whole
country. The fundamental error on the
part Of free coinage men was the assump-
tion that quantity of money Ia essentially
more important than quality of money,
and that money itself is of supreme import
aDce as compared with credit.
Continuing, Mr.. Williams said the funda-
mental argument made by the advocates Of
the bill was that the United States had free
coinage of sivcr before 1878 and that there
could he no danger now in restoring the law
which had operated without loss to the
country. He had in the minority report
attempted to point out the fact that the
monetary condition of the world had en-
tirely changed since that time and was en-
trely beyond our control.
The gentleman from Missouri (Mr. Bland)
had asked whether our mon etary system
was to be regulated by the rest of the world.
The monetary system OF commerce was ever
the system of the world and we could not
settle it alone. Under the pending legisa-
tiou we would come to the silver standard
1t was not probable that gold would remain
in circulation at the rate fixed by the bill.
What was Il silver standard and what did it
mean? When gold was cut off and driven
to premium where would silver go? 1t
would 60 to a discount. T. premium on
gold was d discount on silver Silver would
depreciate and the rest OF the world would
fix the amount of the depreciation. Our
standard would be in very truth 10 cents
in the dollar and the people who would lose
by the depreciation were mainly the indus
trial classes. The wealth that was loaned
was in part in the wealth belonging to the
industrial classes.
An international conference was the true
solution OF this question Hle agreed that
it was unfortunate that gold was becoming
the standard coin OF Europe. He believed
that this country should do everything it
could to bring silver into circulation. But
he did not believe that because We saw the
evil (Which was a worlds evil this country
should attempt to do the world good and
afilct its own people with disaster. If gold
was appreciating, the whole world was suf-
eriug and not the United States alone. For
this country to undert take to stem the tide OF
the commerce of the world was reason
able as it would be to attempt to stop the
rise of the mercury by getting an elephant
to step upon the bulb.
Mr.. Harter of Ohio said "The Bland
bill will contract and debase our money.
/
bill will make money more plenty, is mis-
leading and untrue. Since 1878 we have
mnted $729 900, 900 in gold alone, or an
average of over $40, 900, 600 per year. Tn
der the Bland bill this would cease
and free coinage would drive out
| our gold and what remained merchandise
Gold sells ia all parts of the world for %. 81
times ITS weight III silver, and il under free
coinage We only give it Il value of l6, all
human experience shows we would have nu
gold III circulation after the president sign
ed u free ana Unlimited coinage bill.
Mr.. Raynor of Maryland said the present
silver dollar was dishonest and did not com
up to the test Tne domand OF the mine
owners for free and unlimited coinage he
| denounced as fraud by which no one wa,
| to profit except the mine owners, to whoiI
was given the privilege of dumping theii
bullion upon the people at coinage price
away above its market value. Free coinag,
of silver meant the demonstzation of golc
| by forcing it from the channels of circuia
! llon.
MIR. Tracy of New York announced, amid
| loud applause, the election of Roger q
| Mills to the United States Senate.
Abner Taylor of Illinois then offered a,
amendment providing that ali pensions shall
only party that opposed that measure Ii,
denied the right OF the gentleman from
Massachusetts (Mr. Wiliams) to speak fol
the republican party or for the minority o
| the committee on coinage
| Mr.. Hopkins of Illinois said the condition
Of this country were adjusted to golC
standard aud he knew OF no greater calam
ity which could befall the country thar
that this bill in its present form should b,
| enacted into law.
Mr.. Epes of Virginia, q member of tn,
committee. arguel that there was no reason
| to fear a food of silver in our mints
was u mathematical certainty, he said, thai
| free coinage would restore silver to "a stan
dard with gold.
Mr.. Stevens of Massachusetts, recorde,
against the BILL in the name OF his constitu
ents and his party, his most emphatic pro
test. 1t was as democrat, speaking from
a democratic standpoint, that he felt obliget
to raise his voice against this measure whc
| proposed one of the most stupendous propos
tions ever presented to an American Con
gress. The public credit was to be used t.
enable ring of silver spectators to unloa,
their produces upon the American people
Pending n conclusion of his remarks tn
| House took n recess until 1870.
The Evening Session.
At the evening session the silver bill wa
again considered. Mr.. O'Donnell of Michi
gan opened the debate, opposing the. bill
Mr.. Weadeck of Michigan, and Mr.. Bower
of California, and Mr.. Winn of Georgi
supported the bill. Mr.. Covert of Ne,
York denied that the bill was a democrati
measure. lie said it was in every sense
sectional measure The protest against tn
attempted legislation came not from on
political party; nor did it come from on
special class of our people.
Mr.. Lewis of Mississippi favored the hi
and Mr.. Post of Illinois opposed it.
Adjourned.