St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-15

coinage value the aggregate sum of the
treasury notes authorized by that acD
all the remainder of such bullion shall
be deemed available for the issue of
silver certificates; such remain
der or surplus bullion shall
be coined into standard silver
dollars, and such dollars shall be used
for the redemption OF silver certificates,
as now required by law; provided that
this shall not be deemed to alter or
amend any provision of the act of July.
1890. The second section provides that
National Banking
associations shall be entitled to receive
circulating notes to the value, at par, of
United States bonds on deposit. not,
however, TO exceed the amount OF
capital stock actually paid in.
The bill was read and referred to the
finance committee.
Mr.. Hill Dem. New York; here
offered resolution declaring it to be
the sense of the senate that no legisla-
ton other than Legislation pertaining to
the finances shall be considered at the
present extraordinary session of con-
gress. lie asks that the resolution lie
on the table for the present.
Mr.. Stewart (Rep. Nevada) sent to the
clerks desk to have read an article
from the New York Recorder. headed
Give US Free Silver"
After portion of the article had been
read. objection to its further reading
was made by Senator Hoar and Senator
Hawley. and the article was ordered
printed as document-Mr. Stewart re-
marking that the Recorder was the first
great paper in the city Of New York
that had said a word against the. annihi-
latlOn and destruction or half the money
Of the country. and that that showed
either that the sentiment of New York
on the subject OF silver was changing or
that the Recorder was very brave
paper.
Mr.. Hoar rep, Massachusetts, gave
notice that he would tomorrow call up
the resolution aS to the Montana Sena-
torial case land would after Wednesday
press 1t to a conclusion, to the exclusion
| of all other business.
Mr.. Vest (Dem.. MissourI called up
| The resolution offered by him last Tues
| day, favorine bimetallism and the free
and unlimited coinage of both gold and
| silver. without discriminating against
either metal, but maintaining their
| parity.
Before beginning his speech in sup
| port of the resolution. Mr.. Vest had
| read the declarations in the Republican
and Democratic platforms Oh the sub
| ject of liver, in order to show that
both parties were practically agreed on
| that question. He said that it was time
for the people of the United States to
know whether politics were juggle
| and
or whether the solemn declarations of
parties were worthy the confidence of a
free people.
| Taking up the Sherman act, Mr.. Vest
spoke of it as q houseless and homeless
| legislative dog. with no one even to give
| it bone, and without being able to find
kennel in which TO hide its diShon0red
| head. And, nevertheless. he would vote
| against Its repeal without guarantee,
| as solemn as the great necessity of the
| people, that SIlvee shall exist in the
| United States as money metal. He
| had been known as the firm andszSin
shrinking friend of the president of the
United States, and had in all his cam
paign speeches in Missouri declared Nh.
Cleveland 10 be bmetallist like him
self, and that the only differed in refer
| ence to the ratio. lie had the right
to make that statement, because Mr.
veland had accepted the nomination
which pledged the Democratic party to
bimetallism. 1t had been as well
known that the Democratic party stood
on the doctrine of bimetailism as that il
had met IN Chicago and nominated Gro
yer Cleveland for the presidency. He
did not undertake to say now that the
president was opposed to bimetalliS III,
| or that he would not give his executive
sanction to measure to coin silver at a
commercial ratio with gold; but he did
undertake to say that the presidents
message was most significant for what
it failed to say. He undertook to say
with the greatest respect for ..
The President.
and without the slightest doubt of his
honesty of purpose, that when he failed
Gn that great state paper to say one
word in respect to bimetallism, he Ger.
tainIy meant that consideration of the
question of the free coinage of silver,
at any ratio, was so impracticable that
it did not need executive notice. AS tt
the assertion that silver should be de.
mOnetized because it tiuctuated in value,
while the value of gold was Stable, he
read an extract from what he called "a
remarkable pamphlet" written by Mon
teith Douglass. business man of Lon.
don, before the closing of the Indian
minis, pleading with the people of Grea
Britain in favor of bimetalllsm as the
only sure foundation for financial ex
istence, and declaring that silver has
really fuctuated much less than gold.
in replying to questions by Mr.,
Gray, of Delaware, Mr.. Vest as.
serted that any discussion OF
the subject would be inperfec
and unsatisfactory which did no
admit, on both sides, what was known
to every intelligent man, that. if the
volume of money was increased, the
price of commodities went up, and tina
if the volume of money was decreased,
the price of commodities went down
He had seen the day in the vicisSitude:
in his life when $50 of paper would no
buy loaf OF bread, and when S. golt
piece would buy house and lot. l
was not necessary for him to say when
and where that was, because he did no
wish to revive war issues. Laughter.
And so, if one half the coin currency OF
the country were struck down. the bur.
dens of those who owed money would
be doubled. anu the prices Of commodi
ties would be put down, beyond compu-
/; tatiOn.
Mr. Horace White
had stated In a recent article In tn
, New York Evening Post that he hoped
, that day would come; that he wanted t
, see everything cheaper, because tina