The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-09-05
.CULLOM AGAINST SILVER.
The Illinois Senator Talks in
Opposition to Silver.
PETER FOR WHITE METAL.
The Kansas Senator Speaks for the
Silver States.
he Presents bIany Arguments to Show
Why the Sherman Law Should Not
Be Repealed-He Win Con-
clude Today.

WASHINGTON, Sept. 4.-There was 6
sharp contest in the Senate today between
capital and labor, and capital won. SEN
ator Allen, the new Populist senator from
Nebraska, attempted to secure adjourn
ment in honor of Labor day. He was
ably seconded by Senator PETER and by
others. Senator VOORHEES, warmly OPP
posed the proposition and insisted that nc
greater compliment could be paid to labor
than to proceed at once to a consideration
of the important legislation before the
Senate. Mr.. VOORHEES, carried the day,
Al to s.
The joint resolution making Sept. Is
the centennial anniversary of the laying
of the corner stone of the capitol building
a holiday in Washington, passed as it
came from the House.
Mr.. Butler submitted an amendment to
the repeal bill removing the tax on state
bank circulation, provided such banks
secure circulation by coin or approved
state or municipal bonds.
Mr.. Gallinger introduced bill supple
mental to the pension act of June q, 1890,
providing that except in cases of estab-
lished fraud no pension shall be sus-
pended until ninety days. notice to the
pensioner and after full investigation
on sworn testimony, which was referred
to the Committee on Pensions.
Mr.. Allen of Nebraska presented res
olution directing the secretary of the
treasury to inform the Senate whether
that department at any time had re-
deemed any silver or coin certificates in
silver coin, as provided by the Sherman
act; what is the coinage value of I'M
coined silver bullion purchased under the
act; why it has not been coined as the act
requires; what part if any paper money
has been redeemed in gold since March 4,
cancelled or otherwise withheld IRON cir
culation, which was referred to the
Finance committee.
Mr.. Kyle offered a free coinage amend
ment to the repeal bill, which was referred
to the Finance committee.
EThe repeal bill was then taken up and
Senator Cullom of Illinois took the floor
and spoke in favor of repeal. The follow
ing are significant extracts: l am for re-
peal because in my opinion the govern
ment cannot afford to buy silver and coin
or issue paper on it, and call 1t a dollar
when in fact the silver in a dollar or de-
posted as security for the dollar is worth
less than sixty cents. am not a mono
metallist. do not believe in the disuse
OF either OF the two metals named in the
constitution, but closer commercial rela-
tion5 with nations which marks the adj
vance OF civilization makes international
concurrence in the free and unlimited
coinage of both metals as money more
desirable, if not absolutely necessary.
The people want silver, SO do l..
The people want first of all,
all our circulating medium, whether gold,
silver or paper, of equal value; so do 1.
The people are more interested ia know
ing that their money is all good, and
will continue SO, than they are to know
of what material 1t is made. l do not be-
lieve if we discontinue the purchase of
silver bullion now that it will be long be-
fore some more satisfactory plan for it's
use will be devised.
So long as the act remains on the
statute books we will surely come no
nearer free coinage than we are now.
The American people do not desire a
policy toward silver either by continuing
to purchase bullion or by the adoption OF
free coinage, which will result in driving
all the gold out of the country, making
this a silver nation. This the majority
will not, ought not to submit to. Repeal
does not make gold the standard money of
the country. 1t is a unit of value
The United States alone cannot, in my
opinion, maintain the free coinage of sill
yer unless we are willing to become a sill
yer nation and drive gold out, What we
want is an international agreement Sc
curing the use of both metals and free
coinage on an agreed ratio, and if we re-
peal the act of 1890 and stop the purchase
of silver, / believe we will get it.
The policy of piling up silver bullion is
not wise craftsmanship, and in little
time will surely be stopped. The United
States must adopt financial policy which
will do even justice between all classes,
all geographical divisions, between
debtors and creditors, between employers
and employees. 1t should be borne in
mind that universal bankruptcy, which
for some time has threatened this coun-
try, is as fatal to the creditor classes as to
the debtor.
There has been much said in this debate
about the attitude of the two great par
ties as announced in their platforms. In
my action | am not prompted by any
political platform. l shall act as my
Judgment dictates is best. l will vote for
repeal because it may help to restore con-
fdence, even though the act did not have
much part in producing lack of 1T. The
speaker attributed the present stringency
to the attitude of the party in power on
currency and tariff, and closed with an
appeal for speedy action.
Mr.. Mitchell. of Oregon, interrupted
Mr.. Cullom, and asked whether, if the
Sherman act was repealed, there was any
provision by which silver would be coined.
Mr.. Cullom replied that there was not
to his knowledge.
Mr.. Mitchell asked what was to become
of the hundred and forty or fifty millions
ounces of silver in the treasury.
Mr.. Cullom replied that he supposed
the party in power would devise proper
and wise measures to meet the situa-
ton.
Mr.. Aldrich said the repeal did not af-
feet the power of the department to coin
bullion for the redemption of treasury
notes.
Mr.. Coke. Democrat, of Texas, obtained
the floor at the conclusion of Mr.. Gull
lom's remarks. He said, in part: Settle
ment of the money problem can only be
brought about by the establishment of
currency as it existed prior to
1873. People will never be content until
the wrong of 1873, by which one-half the
money of the country was stamped out in
order to double the purchasing power of
the other half, has been undone and re-
If q single gold standard be es-
tablished in America. then Rothschild
and the Bank of England, with their New
York associations, will become arbitra-
tors of American finance and dictators of
our financial policies, because they con-
troll 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
subordinate ways and for subsidiary
coinage. 1--WE have no hopes, he said,
ssof an international agreement. The
limited States muSt derend uDOn itself If
is expected. y
When Mr.. Coke concluded his speech,
the Senate went into executive session to
consider the nominations of certain Off