The Meeker herald. [volume] (Meeker, Colo.) 1885-current, 1893-11-04
CONGRESSIONAL PROCEEDINGS.
I'll. Prev silver senators Give FAIR
ing of Coming Disaster



a., of Tuesday Oct II, still continues.
IT. stewart of Nevada gave notice
Amendment which he lntehutu ~ o... 10 baId
repeal bill, proposing conference 10 ,o,,reen
5elegntes OF the United States, Mexico, .en
tai and South America, Hayu anu an
Domingo for the adoption oil a cV uI''io
yer coin to be legal tender IN an cUuin'e -
transactions between the clliZehs Vi M nj -,
rI.s represcutcd In the conference ing 80
siJ.r,tinn of the bill to repeal the puFehaslns
oI.uses Of the silver act Of 1870 was theh re-
s,,,n.d and MIR. Jones OF Nevada entered tne
fonrth iu.tallmcnt OF his argument III oPpo
ton TO the bill Mr.. Jones niaue hi ..' ,.ban
,,on NJ Inc arguments he was advancing "nen
tnn senate took a recess on saturday e'cniu5
that the standard OF country eouiu
neither gold. silver nor a maieriat tI1hs, -
that whatever the standard might DC, ~ ~
ouantltntiyc, and the value OF euch w, ,,,st
nenJed upon the number OF units, anu tnas
ihcrr could be but single stahuhtu III
country, and that one of quantity ,a
l;O5 u. M Mr.. Jones remarked tha' nc
desired 10 yield the floor TO MI. leileI, ca
pressing his desire TO resume MS 7Pee'N nv "
other time. .r. ,rbt,h was
,hen asked him. as TO whether he Thought tiie
Government of the United states coulu W" -
the coinage of silver maintain inc paIiti 80
tween gold and silver he desired 20 ny W. ,,si
reached. While money was not merchandise
n
commodity was used. It's value was deter
mined by the law OF supply and demand.
Mr.. Teller then answered the question by
saying that the government OF the United
States could maintain the parity Of the two
metals because he did not believe that more
silver would come 10 the country than Us
business would absorb In other words, the
demand would be equal to the supply. II the
whole world would return to the bimetaliist
condition existing prior 10 1873, they would
t1rufI ~ ftT.
except as TO those things which discoveries
bad le.sened the cost of production.
Would the free coinage of silver by the
United States alone produce that favorable
condlllonf asked Mr.. Palmer.
III will not answer the question In that way.
The coinage OF silver by the United states
slonc might not do tn replied Mr.. Teller.
"fhe position take Is that II the United
States proceeded to system that recognized
silver rs money In equal terms with gold, our
example would be followed by other coun-
tries and then the monetary system Of the
world would return TO the 1873 systcm-n
At $40 Mr.. Teller announced that his
throat troubled him, and without concluding
his speech, yielded the floor.
Mr.. Stewart then addressed the senate In
advocacy of his proposed amendment for a
Pan-American conference. In the course OF
his speech Mr.. Stewart was interrupted by
Mr.. Dolph, who asked u question.
~ am glad the senator asked the question,
-
| point wan. 10 elaborate on
This caused the fret ripple Of laughter dur
| ing the day, and several senators suggested to
Mr. Dolph that be withdraw bis question.
you cannot withdraw it,n said Mr.. Stew
art,ainid laughter, aud as he proceeded TO an
swer the question Mr. Dolph disappeared
| from the chamber.
At5 O'Clock NJ Stewart, without conclud-
! ing, yielded, aud the Senate took a recess un-
til 1880 tomorrow morning.
bill for the relief of the Mormon church was
! agreed 10.
/ According to the special order adopted Last
week, the House then proceeded to the con
sidcratlon OF the bankruptcy bill.
oENAtE.-arter some routine business Mr..
! Stewart resumed his speech against the repeal
bill, but al 80 yielded the floor to Mr. ionc.
Of Nevada who continued his speech begun
snr's dar- hefnrn lie sail ha d.-iJas5 ~ cot
ton or bushcl OF wheat, and not With a
metal that wac constantly Increasing In value
dollar which increased IN value made the
rich richer and the poor poorer, whereas II
the dollar deceased in value the slightest
there would be day OF jubilee to the over
burdencd debtor.
Mr.. Mcpherson of New Jersey thought II
gold had appreciated, interest would have
gone up and labor have gone down, whereas
In the past ten or fifteen Year, United States
bonds had fallen from 8 to per cent while
labor had gone up In irregular increasing "a
uos. II gold had gone up, as was alleged,
Mr.. Mcpherson expressed hi, inability TO uu.
derstand how a country on gold basis could
stand those connections.
Mr.. Jones replied that he had shown to the
satisfaction of every man that listened 10 him
that one OF the biggest proofs OF m Increase
especially In n new country, was n decline In
the rates OF interest II money were incrcas-
Ing In purchasing power. In its command
over land and over the production of labor
everywhere, and II prices were falling who
wanted to enter into any buslnessi When
money was Increasing In value and prices were
falling money congess.d In the ccnters; there
was no demand for 1t In real legitimate bus.
mess enterprise The re.u, was trcmen.
dous contest and competition to get hold of
giltcdgcd securities.
Mr.. Jones expressed his regret that the
public press should be so lntolerant of those
who were trying TO do their duty as they saw
Mt, and that attempts should be made by
Influences outside of the Senate TO railroad
legislation through the Senate Without at
tempting TO cr!tcisc any of those who IA
vored repeal, he had never heard one of them
give reason why It wanted the purchasing
clause repealed.
Mr.. Jones Mt O'Clock said there was no de-
sire among those on his side of the question
TO consume time unnecessnrily but As he was
tired he would yield the floor and allow his
colleague, Mr.. Stewart, to resume his speech
and he would ask the Indulgence of the Sem
ate TO proceed at some other time.
Mr.. Faulkner, being satisfied that the re-
marks OF Mr.. Jones correctly stated the posi-
ton OF the opponents Of the bill, moved that
the Senate take a recess until 10 o'clock to-
morrow, which was done.
HousE.-Dcbste on the bankruptcy bill
was resumed. A lively debate took place.
closed by Mr. Bryan in opposition to the bill,
He claimed the bill was not drawn In the in
tercst OF the debtor class. 1t comes from the
wholesaler who desires better method OF
collecting his debts. Under the state laws
the man who attacks the credit of debtor |
was liable for damages, but this bill would |
place every debtor at the mercy Of the cred. |
ltor whether he was solvent or not The |
news from the Senate Of the probable passing
OF the repeal bill and the establishment; oil
the gold standard In this country Will neces-
sitate some law TO relieve the debtor of his
debt. But 1t ought to protect voluntary
bankrupts. There will be enough involuntary
oankrupts when the Voorhees, bill goes into
operation.
At the conclusion Of Mr.. Bryan's speech,
1t 4 40 the House adjourned.