The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-26


by Mr. peudleton. dem. Of Texas. who eX-
pressed,his intention 90 vote for the free
. coinage Of silver al anyratio that had been
; suggested, but. at the same time, he held
the purchasing clause Of the Sherman
act responsible for the present hard
I times
Mr. Bowers. rep. Of California, said
! that the vote to be taken next Monday
would be a vote as 10 whether silver
. should be destroyed as money and the
. country placed upon "A gold basis Pass
( free coinage bill, and we would find the
/ nations Of the world begging US 20 Join
IN an international agreement for the
coinage Of both gold and silver.
Mr.. Pigott, dem, Of Connecticut, spoke
] in favor Of repeal
/ Mr. Dockery, dem. Of Missouri said
/ that since the beginning Of history gold
/ and silver had been recognized as the
money metals of the world. The practical
/ question before them was what ratio
would best maintain the golden mean be
/ tween the two metals and between the
/ debtor and creditor. AS far as his action
was concerned. he would vote to maintain
/ the entire pledge of the Democratic party
at Chicago, not only to repeal the pur-
| chasing clause but to enact such legisla-
/ ton as would give to gold and silver free
coinage without discrimination against
either metal The unconditional repeal
]
/ ditional surrender of silver. His vote
would be recorded to restore silver to its
/ place of honor and dignity Applause.
Mr.. Moon rep, of Michigan, was in
! favor of bimetallism, which he believed
would relieve the people from the present
! stringency.
! Mr.. Cobb of Alabama argued that the
/ Wilson bill would place the country on
/ gold basis, and he was therefore opposed
/ to il unless it was amended
AGAINST EITHER RATIO.
Mr. Burrows, rep, of Michigan, then
claimed the floor; and asked unanimous
| consent that he be permitted to speak for
/ forty minutes,
MIR. Bland objected and Mr. Burrows
declined to address the House for five
minutes
Subsequently Mr.. Bland withdrew his
! objection and Mr. Burrows proceeded
with his speech. He held that if we coin
! our silver dollars at the ratio of l6 to or 20
! to / we would have dollar worth intrin-
sically less than the gold dollar. To such
a proposition he could not give his assent.
! Those who favored the repeal Of the act
Of 1890 were the only real bimetallists,
! and they were pursuing the only course
/ by which bimetallism could be main
! tanned. The free and unlimited coinage
| Of silver at any of the ratios would de-
strOy bimetallism and would reduce this
/ country to a single standard, that of sill
yer, and that deprecated. The opening
! of the minis Of the United States to the
| unrestricted minting for individuals of
| silver into legal dollars at any ratio to
! gold less than the commercial value OF
! both metals under the pretense of aiding
| the cause of bimetallism or for the pur-
! pose Of establishing or maintaining
! bimetallism in the United States, was
simply playing upon the sentiment and
credulity of the American people.
A PoTPoURRI OF OPINIONS.
Mr. Marsh, rep, of Illinois,
was outspoken and direct in favor of free
and unlimited coinage of silver,
! Mr. Joseph, dem, Of New Mexico,
| spoke in favor of free coinage.
Mr.. Compton, dem, of maryland,
| said he had been in favor of the free coin
| age of silver, but his opinions and con
! victions had changed, and he would now
vote for the unconditional repeal of the
! purchasing clause of act of 1890.
Mr.. Money, dem, of Mississippi,
said that he had come to Washington pre-
pared to vote for repeal but since he had
been here he had changed his front, if
not his views, and he intended to vote
| against the repeal of the purchasing
clause of the Sherman law.
Mr. Durborrow, dem, of Illinois, ar
gued that the United States alone could
not adopt free coinage. The people de
manded the repeal of the Sherman law,
believing that it was responsible for the
| present distress.
MIR. sPR1NGER's VIEWS.
Mr. Springer followed. He said; IT at
tribute the actual condition which now
exists in the country to three controlling
| and fundamental causes. First, the tariff
legislation since the war, the protective
tariff laws which are imposing enormous
burdens upon the people to protect favor
! lite interests. There has been over-prO-
duction by this unnatural stimulant;
there has been over borrowing, Over-trad
j ing, over-drafting, and their inevitable dis
aster
''The second cause in my Judgment, for
the present financial condition is found in
the decentralization of silver in 1873, and
the third cause. the authority given by
| the Sherman act to purchase 100000
ounces Of silver each month and to issue
treasury notes theron, which treasury
notes, under the ruling of the treasury
department, were redeemable in gold.
! There are, of course, other causes which
| might be referred to, but these three, it
seems to me, arc the most responsible"
we have been called together by the
| President in extra session for the
sole purpose of effecting the re-
peal of the purchasing clause
of the Sherman act Shall we answer
this universal demand for repeal, a de
mand which meets no negative response
throughout the length and breadth of the
| land, with the statement that we will not
repeal the purchasing clause until con
gress agrees to do something else on some
| other matter2
WHY SILVER HAS DEPRECATED.
1T is Just as parliamentary, just as rea-
| Sonable, to insist that the tariff bill shall
be included in the bill for the repeal of
the Sherman act as to insist that the
measure for the demonstration of silver
shall also be Incorporated in that act.
The depreciation of silver, in my judg-
ment, resulted from two causes FIRST
its decentralization by the United States
and other great powers of the world; and,
secondly, because of the enormously in
creased production of silver bullion since
decentralization took place. AS soon as
this repeal measure is adopted, | trust
that the law-making power of the gov
eminent will enter upon the considera-
ton of this subject and the members of
this House will put forth every effort in
their power to investigate thoroughly,
and afterwurd to formulate properly,
such a measure as will meet fully the ex-
pcctatiOus Of the American people
Some have charged that President
Cleveland will not cooperate with the
representatives Of tho people upon this
subject; that he will not sign his name to