Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1893-08-25
GREAT SILVER DEBATE.
OPENING ADDRESSES ON BOTH
SIDES OF THE QUESTION.
Mr.. Wilson Introduces n Bill for The
Repeal OF the Sherman Law-Mr.
Bland Proposes a Free Coinage
Substitute Speeches of Messrs.


The discussion OF the silver question at the
Special session or Congress is attracting the
attention OF the country. The debate began
In the House as soon as Mr. Wilson of West
Virginia, offered bill to repeal the silver
purchase clause of the Sherman law. II
provides for the repeal of that portion Of the
act OF July IA. 1890. which authorizes the
purchase OF silver bullion by the Secretary of
the Treasury, aid that this act shall not i'm
pair or in any manner affect the legal-tender
qualities OF the standard silver dol
lars heretofore coined. and il Is
declared that the United States shall main
tain the parity OF the two metals, gold and
silver. at the established or such other ratio
as shall be established by law"
Mr.. Bland. OF Missouri, offered rs a sub
stitute his bill providing for the free coinage
OF silver at ratio of Is to /. and Mr.. Ray
ner. of Maryland opened the great debate
in support Of Mr. Wilson's bill
Mr.. Rayner said he was in favor of the I'M
qualified req cal OF the purchasing clause of
the Sherman bill without any condition or
provlso whatsoever. He was not in favor OF
purchasing another ounce of silver or the
coming Of it at the present ratio Orany other
ratio. He desired 10 add that he had no hos
t1l1ty whatever to the use of silver on a proper
basis as circulating medium but, after
earnest consideration, he was convinced be-
yond all doubt and question that its recog-
hItlOn as circulating medium. Without IN
ternat1onal agreement. was a financial under
taking utterly impossible of accomplishment,
except at the risk OF ruin and disaster In
his opinion the present ratio was unjust and
arbitrary. 1t lay not in the power Ofthe Gov
eminent to purchase the silver product of the
mines, to impress upon it fictitious value,
and by legislative decree compel the people
TO take it at price in utter disproportion to
the price which it commanded in every COM
mercial centre of the world. If the
United States continued in this mad attempt
to equalize that which was unequal, if this
desperate system Of finance was to prevail
then nothing but disaster and ruin would fol-
low in its track. e this system were TO
prevail the United States might as
we'll retreat from its lofty position as
one OF the great Nations Of the world and
lock hands with bankrupt Nations of the
earth which believed in broken promises and
repudiated debts, and be banished from the
field OF honor. It might be true that the free
coinage Of silver would tend for a while to
keep up the fictitious standard of the coin,
but the value of the bullion would always be
controlled by the market price. 1t would
fiuctuate like every other commodity it
would be governed by the laws of supply and
demand, and eventually, according
to every cardinal and accepted
axiom Of political economy, the coinage
price would become the bullion price; the 4
unit Of value would be the market value the
money basis would be the basis ofthe cheaper
metal the Gearer metal would leave the
avenues Of trade; initiation would give way
to panic private obligations would be nulll-
fed; public obligations would be discredited
and the honor of the Nation would be i'm
paired.
1t was claimed that we required in this
country a system of bimetaIlism, but we
would never have this until the commercial
Nations of the earth agreed upon proper
ratio and just so long as the Sherman act
oiTlA6 no tofI
was an international ratio q financial i'm
possibility. SO long as we purchased silver
and parted with gold. so long would none
tary conferences result in failure. When
we ceased purchasing silver, and pro-
claimed to the world that the gold dol
lar was the standard and the unit of Ameri-
can value, then we could bring our rivals to
terms, because there was not a sufficient
amount of gold in existence to supply the
demands of commerce and the necessities Of
the worlds circulation. Every dollar of the
Nations coin must be a dollar everywhere
and in every commonwealth. Let not the
United States stamp lie upon its coin in
order to crafty the greed avarice of any
section of the country. A few months ago
the Democracy of the Union in convention
assembled denounced in the most vehement
terms the Sherman bill, and pledged itself to
its repeal. He was in favor of keeping that
pledge.
A member inquired whether Mr.. Raynet
was in favor Of keeping the other pledges
made in that platform
Mr.. Rayner replied that he knew that the
declarations of that document had been CON
;trued in various ways, according to the
views Of the gentlemen interpreting them,
out there was no ambiguity about the plat
Orm, and there was no escape from the
binding obligations it imposed upon the
Democratic party, except by base betrayal
If the people. If the Democratic party be-
%In
line before it had another opportunity to
1etray them. AS far as he was concerned.
n this critical hour, he was not in the
east degree disturbed by the glittering
catch word Of political conventions. He was
GUIDED by a higher and purer faith He be-
ieved in forever striking from the tenets of
Dur creed the superstition that Nation grew
-ich in proportion to the wOrthlessness Of the
money it could issue. In place of that sup
srstition he would substitute the inscription
hat we cherish our honor as much as our
liberty.
NIB. BLAND PLEADS FOR FIRE. COINAGE.
Mr.. Bland Dem., Mo-, the great silver
advocate, expressed his regret that num-
per of gentlemen had changed their opinion
On this silver question. The Sherman law
vas the only law on the statute books that
ooked to the use OF silver as money of the
The repeal Of the Sherman act
vas part of the Chicago platform. An
other part was declaration for the use of
both gold and silver as the money of the
country. Speaking for the people he rep
resented, he understood that the free coin
lge of silver in accordance with the platform
necessarily repealed the Sherman law. The
wo laws could not exist together. They
we're inconsistent. Members were now asked
% repeal the sherman act and take their
chances Of securing something in its place
which would meet the pledge Of the platform
% coin both gold and silver.