St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-02-08
ELoQUENOE AROUSED.
Great Silver Debate in the Upper
House of the Legislature,

upon the silver resolution lntIOQ uCeQ
by Gen. Sanborn on Jan. 9. The first
move of the senior Ramsey senator was
to strike out 1.-TWO and half' and in
sert "ten" in that section OF the bill re-
lating to the value of silver coins. In
the resolution as introduced 1t was pro-
vided that the nominal value of silver
coins should not be more than ~ per
cent greater than the market value.
By this amendment the nominal value
must not be more than 10 per cent
greater than the market value.
In moving this amendment Senator
Sanborn briefly reviewed the financial
history of the country and declared that
it is the duty of the legislature of Min
nesota to 20 on record on such questions,
thereby aiding in producing sound
public sentiment. The present depres-
sion of silver was cited and the danger
pointed out.
Argued by Sanborn.
cat present there are 7O0.00O,0OO of
silver in circulation that circuIates with
gold while it is worth 36 per cent less
than the value stamped upon it," said
the Ramsey county senator. "ThiS is
held up by the stamp of the govern
ment and the government is able to pay
all its obligations. The danger is that
some morning all this that is money now
may be commodity tomorrow. This
IS not like treasury notes, promise to
pay. These notes are based on the
credit of the government"
Passing on, Gen. San6Orn called the
attention of the senate to the fact that
at the time of the discovery of gold IN
California an attempt was made to de-
monetiZe gold. At the present time
there is in circulation but $50 per capita
i'll the United States. while there is $50
in France. Of gold there are at present
less than $1,000, 10000 and of silver but
little more. This gives but s. per capita
to the people Of the world, when the
proper average should not be less than
$50 per head. The financial history Of
this country for the past thirty years
has been diSgraceSul.
This great country should have no
debt" he said. 1.-The government
ought 10 have its full credit for use in
times of great danger. The Democratic
party, while it left the treasury empty
in 1861, did better than the Republican
party mas since, because
d. LEFT No Debts,
and when the great crisis came this gov
eminent was able to issue treasury
notes and bonds by thousands Of mill
ions"
The demand of civilized nations is
for circulating medium of from Sl5 to
$50 per capita of their population. 1t is
fair to compute the civilized people of
the world at 4OO,000,0O0, and The whole
population of the earth is shown by Of
fetal returns to be at this time 1,500,-
100000. The aggregate OF all silver in
the world is little if any more than
81, 600, 900, and the aggregate of the
gold little less. The total circulation
Of the two metals is taken at SS,000,000,
900, or but SIS per capita of both
metals for the population of the world,
or $50 per capita for the civilized nations
alone. Hence a redundant currency
cannot result from the free coinage of
silver. France now has $50 per capita
of circulating medium, the United
States and Great Britain more than $40,
and it is considered thatS5 per capita is
required for the highest and best inter-
eStS of the Eastern IA tons. Is there
anything in the objection that silver is
no longer precious metal and is cum
berSOme and lncOnvenient as currency?
1t has certainly proved more acceptable
to our people than gold, and both metals
circulate more acceptably in the form
OF treasury notes, promising to pay it
out Oh demand than in kind"
Peculiarly American.
Gen. SanbOrn urged the fact that sill
yer is peculiarly an American prOduc-
ton, and that it should therefore be as
largely utilized as possible. Public
sentiment and the debtor class, always
the largest, favor it. The opposition to
silver comes from those drawing gov
eminent salaries and those who profit
by the decentralization.
1.-The European" continued Gen.
Sanborn, engaged in the commerce
and carrying trade Of China and the
Oriental nations must naturally oppose
it, for their business is made more
profitable with silver cheap ana de-
pressed than otherwise. The creditor
class, of course, faVorS receiving the
greatest value possible from its debtors,
and would naturally favor demonetiza-
ton of silver. 1t is clear that the inter-
ests in favor of the characterization of
silver are private interests, while in
favor Of the free coinage OF silver into
money on par with gold on the pres
ent basis of the two metals all public
interests unite.
1.-The people Of this country have at
vast expense constructed four lines of
railroad across the continent to all our
ports on the Pacific coast. The dream
of Col. Benton is now fully realized,
that the quickest and cheapest route for
the merchant princes OF the Orient to
reach the civilized nations of the West
is by travelling toward the rising in
stead of the setting sun. We should not
fOrGgO the advantages of this peculiar
situation, but seize upon and take con-
troll of that commerce that has
rolled in a uniform and resist
less tide from the East to the
West during the whole his
toricaI period and built up the cities of
Nineveh, Babylon, Smyrna, Athens,
Rome and London, and all that is now
turned to our ports on tho Pacific and
taken to Europe through the lines of
communication extending across this
continent. Thereby we create a market
for all our silver, now reaching q pro-
duction of more than one hundred mill
ion annually; at the same time we omen
d vast and profitable field for American
enterprise, and avail ourselves of the
opportunities and privileges that God in
his wisdom has conferred upon the peo-
pie of the AnglO-SaXOn race, especially
upon our own land"
Following Gen. Sanborn, Senator Don
nelly offered the following substitute
for the original resolution. This sub
stitute follows:
DOnnelly Substitute.
Whereas, The decentralization of silver
is the result Of conspiracy against
mankind with which to increase the
power of the great capitalists of the
world by correspondingly decreasing
the prosperity of the great masses of
the people through the reduction of the
metallic money of the world one-half in
volume, thereby doubling its purchaS-
ing price: and,
Whereas, The highest financial au-
thorities in Europe agree that this
scheme has already reduced the value
OF all forms of property in the world
from IS to 80 per cent; and,
Whereas, The continuance of this con-
Continued 0R Sixth Page.