Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-09-08
Mr.. FAULKNER'SPlAN
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Continued from First page)
Gold and silver although stamped with the
sovereign seal of the nation was governed
and controlled by the same principles that
influenced other commodities. Believing
that this law had no exception. whatever
amount of coinage to be determined upon
as equaling the domestic demands, he
thought should be maintained at the pres
ent ratio Mr.. Faulkner saw no solution
OF TINS problem except international BIZ
metallism. England he'd always been and
was today stumbling block 10 the inaugu~
ration OF International bimetallIsm. but
England had to face today a condition that
had never before existed, ana. convince5
that her national Interests demanded the
adoption of the double standard she would
at once remove the only obstacle TO the
accomplishment of that bimetalisEn-
why He Votes for Repeal.
Il shall vote for the repeal of the rur-
chasing clause of the act Of 1890" said Mr.
Faulkner, mot for the reason that L be-
lieve IL is the cause Of the prostration Of
our business industries and our financial
strngency, nor that it has induced a want
of confidence on the part Of the people in
the integrity and stability Of our financial
system, but for three good ana Sufficient
reasons:
First. The authority and direction it con-
fers upon the Secretary tf the Treasury
to enter the markets ami purchase s.SoO.c6o
ounces Of silver monthly, without airy limit
as TO the time when this accumulation Of
bullion shall cease, presents a constant
menace, and tends TO depress me price OF
silver bullion. The act Ia founded upon q
raise theory as to the proper functions of
government In its .7ela5 ms to money, and
furnishes a vicious preceaeat for the
future.
Second. In the execution of its provi-
sions. especially In the storing OF the hull
ION ana the issue OF treasury notes, IL has
been the fruitful source of the strongest
arguments against the use OF silver as Q
part OF our monetary system.
Third The people believe. however err
roneousiy, that the disturbances through
which We are passing are mainly due to
this act, and Ike any other 'faith cure"
It's repeal (Which is proper in any event.
VIII assist in restoring confidence, THE want
Of which is the chief obstacle to the restor.
alton of business activity
His Proposed Amendment.
'Mr. President, although / shall vote 10
repeal the purchasing CLAUSE Of the act Of
1880. i certainly hope I may not be called
upon to do SO without having first secured
an amendment TO the bill now pending be-
fore the Senate which WILL by law. and not
by a mere declaration, give notice 10 the
world that this government Will exercise
all It's powers. employ all its resources. and
throw the weight of ITS great influence in
favor Of the re-esta bishmelt OF silver on
an equality with gold as a standard Of
value. Ii may not be the part Cf wisdom
TO attempt to establish that result at this
time. under the ron litions affecting the
white metal throughout the world. but pro-
vision should at least be made by an
amendment for additional coinage OF full
legal tender silver dollars at the present
ratio to an amount that would be rapidly
absorbed in the business transactions Of
this country, the aggregate amount, In
GLIDING that already coiued and the silver
bullion In the treasury, which should be
directed TO be coined. not TO he less than
Ssoo.oeocoO. the coinage required 10 be not
less than 100000 per month until (. reach
es the aggregate limit. The most conserva-
| tive should not fear the passage and eSe-
cution Of such law. The limit being es-
tablished 1t would constitute 10 menace
! to financial stability. ami the capacity Of
the country, with its immense business in
! terests. TO absorb that amount, after the
withdrawal OF notes Of less denomination
than $40 none who are familiar with bust
ness demands can question. I hope at the
proper time to submit suca an amendment,
upon which the sense OF the senate may
be taken.
His Faith I'm the Future.
Mr.. President although 1 have express
ed with perfect frankness and sincerity
the opinions i now hold as to the courss
| which il seems to me best to pursue In the
/ interest OF future 5imetailism, Yet i have
such confidence In the wisdom ana pa
/ trfotism of those who have been friendly
/ to the double STANDARD that / shall not
hesitate to exercise my judgment, and vote
as may deem best for the public inter-
SSts upon any amendments that may be
submitted during the consideration Of this
bill
Mr. President history Is replete with
instances in which mans fnhumani.y to
man has made countless thousands
mourn but a widespread public serti-
ment, awakening TO injustice and oppres-
sion, has always redressed In time the
| crimes, blunders and follies of preceding
years. Surrounded as we are by the COM
plications of the present ana the uncertain
ties Of the future. we can but hope that We
| will see at no distant day a confidence Of
| the nations, each member animated and
impelled by motives of the purest national
and universal patriotism. called 10 settle
| for all time, on a lust and equitable hasis,
the re-establishment OF silver IN she place
| OF honor to which IL Is entitled. and TO
| that end must be directed our hest en-
| ergies. inspired by the Inwavering faith
| that such a contamination viii be bless
| ing bounded only by the confines Of civil
ization."