The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-09-05
Allen of Nebraska presented resolu.

tlon directing the Secretary of the Treas
ury TO inform the Senate whether that de-
partment at any time redeemed any silver
or coin certificates in silver coin, as pro-
vlded by the Sherman act; what is the
coinage value of the uDcoined silver bull
lion purchased under the act; why it has
not been coined as the act requires. and
what rart, if any. OF the paper money re-
deemed in gold since March 4. has been
Cancelled or otherwise withheld from cir
culation. Referred to the Finance Com
mittee.
Kyle offered free coinage amendment
to the repeal bill. Referred to the Finance
Committee.
The repeal bill was then taken up and
Senator CulIom of Illinois took the floor and
spoke in favor of repeal 81 am for re-
peal," he said, "because in my opinion the
Government cannot afford to buy silver
and coin. or issue paper on it and call it a
dollar when in fact the silver in dollar or
deposited as security for dollar, is worth
less than 80 cents [ am not a monnmet-
allist. | do not believe in the disuse of
either of the two metals named in the con-
stitutiOn. but the closer commercial rela-
tions Of nations which mark the advance
of civilization make international concur
renee in free unlimited coinage of both
metals as money more desirable, if not alb
solutelv necessary. The people want sill
yer; so do /. The people want, first of all.
all our circulating medium, whether gold,
silver or paper, of equal value; so do /.
The people are more interested in know
ing their money is all good and will con-
tinus so, than they are to know of what
material it is made.
Il do not believe, if we discontinue the
purchase of silver bullion now, 1t will be
long before some more satisfactory plan
for its use will be devised. A s long as the
act remains on the statute-books we will
surely come no nearer tree coinage than
we are now. The American people do not
desire a policy toward silver, either by
cont uiDg the purchase Of bullion or by
the adoption Of free coinage, which will
result in driving all gold out of the coun-
try and making this silver nation. This
the majority will not and ought not to sub
NIT to.
Repeal does not make gold the stand
ard money of the country. 1t is the unit
of value now. 1t was made so by the act
Of 1873. The United States alone cannot.
in my opinion, maintain the free coinage OF
silver unless we are willing TO become a
silver nation and drive gold out. What we
want is an international agreement secur-
ing the use of both metals and free coinage
on an agreed ratio; and if we repeal the
act of 1890 and stop the purchase Of silver,
l believe we will get it.
The policy of piling up silver bullion is
not wise statesmanShip. and in a little
time it will surely be stopped. The United
States must adopt financial policy which
will do even justice between all classes.
All geographical divisions, between debt
ors and creditors. between employers and
employees, should be borne in mind. Uni
versal bankruptcy, which for some time
has threatened the country. is as fatal to
the creditor classes as to The debtor.
There has been much said in this de-
bate about the attitude of the two great
parties as anDouHeet i-ssslrrGv,ls srF4 t4yy-7iis.
In nv action / am not prompted by any
political platform. / shall act as my
judgment dictates is the best. l will vote
for repeal because it may help restore con-
fidence, even though the act did not have
much part in producing the lack of it,"
Proceeding the speaker attributed the
present stringency TO the attitude of the
party in power on the currency and tariff
and closed with an appeal fo- speedy
action.
Mitchell of Oregon Interrupted Cullom
and asked whether if the Sherman act
were repealed there was any provision by
which silver could be coined.
Cullom replied there was not to his
knowledge
NJ itchell asked what was to become OF
the hundred and forty or fifty million
ounces of silver in the treasury.
Cullom replied that he supposed the
party in power would devise proper and
wise measures 10 meet the situation.
Aldrich said the repeal did not affect the
power of the department 10 coin bullion
for the redemption OF treasury notes
Coke Dem.) of Texas obtained the floor
at the conclusion of Cullom's remarks. He
said, in part: "The settlement of the
money problem can only be brought about
by the establishment of bimetallic cur
rency as it existed prior to 1873. The peo-
pie will never be content until the wrong
of 1879, by which one-half the money of
the country was stamped out in order 10
double the purchasing power Of the other
hall, has been undone and reversed.
IL the single gold standard be estab-
lished in America then the Rothschilds
and the Bank of England with their New
York associates will become the arbiters
OF American finance and the dictators of
our financial policies, because they control
the gold which the United States would
have to have. The abandonment of silver
by the United States would be its death
knell as money except in a subordinate way
and for subsidiary coinage. We have no
hope of an international agreement. The
United States must depend upon Itself IL
bimetallism is expected"
When Coke concluded his speech the
Senate went into executive session to con-
slider the nomination of certain officers
whose confirmation Berry Cd of Arkan-
sas said was essential to carry in to effect
the Presidents proclamation opening the
Cherokee Strip on the 10th of Septem Der.
At 800 the Senate resumed its legis-
iatiye session, and PETERS amendment to