The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-30
4 SILVER COMPROMISE.
QUESTION or Az AGREEMENT BE-
TWEEN SENATORs ARTSES s0AIN.
Senators Harris. OF Tennessee. and Morgan,
Of Alabama, Oppose Unconditional
Repeal by tho Senate.

WASHINGTON. u. c.. sept. 2.-rne
compromise on silver talk is more pro-
rounced to-day than II has been at any
time this session. u IS hard 10 iind any
tangible ground for it. but the fact IS very
aoparent 10 Is believed that the abandon
raeat by the managers of the repeal biii,
NJ their scarcely concealed intention 10
force an issue next week. may be inc
bssis for great deal Of this talk but
prominent Democratic senator, who mas
been Identified from the beginning win
the movement 90 reconcile the connict or
oriulOn between the TWO elements In MS
marty is to-day confidently expressing tne
opinion that at an carly date, probably
come time next week. compromise VIII DC
reached. by the terms of which the silver
bullion now in the Treasury VIII be coined
during a period OF about four years; that
a sufficient amount OF silver VIII tnen be
purchased from time TO time 10 bring the
total silver circulation up 90 eight hundred
millions. that bonds viii be issued suit
clant 10 bring the gold reserve up 10 TWO
hundred millions. and that the bank cir
cr.atlOn As 90 be extended 90 the par value
Of bonds deposited 20 secure their circu-
llt0u
Harris aud Morgan Oppose Repeal.
The duty Of having quorum present IN
the Senate this morning before the read
ing OF yesterdays Journal began was un-
dertakeu by Mr DOiph. When the roll
cali closed there were still six senators
lacking. but after fifteen minutes waiting
a. was announced by the Nice-President
that there were forty-three senators-an
exact ouorum-preseut. Then the journal
was read and the routine morning busl-
ness proceeded. Cameron presented pc
ruon signed by Wharton Barker or Phii-
odelphin. and many business firms OF that
city asking senators 20 legislate 80 as 10
preserve the protective character OF the
tariff and the integrity OF silver as a
money metal, and he asked that II be read
hnd printed IN the Record. ODlecuOn was
made 20 that request and then II was or
dercd that the petition be printed as
document.
The silver purchase repeal bill was taken
up at u % and Mr.. Harris, member
OF the Finance Committee, made an ar
gIment against the bill-Mr PETER hav-
lng yielded the focr 20 Mr. Morgan, and
Mr. Morgan having yielded 10 Mr. Harris.
IIe asserted that the Sherman act had
no more 10 do with the business troubles
OF the country than the lighting OF frlc-
tl0n match had 10 do with a cyclone No
pay all just demands against IL according
10 its contract. in proof Of which Qf
proof were necessary he needed only 10
refer 70 the fact that during the panic
all kinds OF money were hoarded-sllVer
certificates and silver dollars as well as
gold certificates 'greeUhacks and gold.
The great. the real question was whether
gold alone viii be the basis Of circula-
ton and silver be totally abandoned as
money except as subsidiary coin. The
passage Of the pending bin meant and.
ia his opinion. was intended TO mean that
the American people should have no more
legal tender silver dollars, and that hereaf-
ter silver shall be used only as fractional
currency It meant practical demonetiza-
ton Of silver. in his opinion the passage
Of the repeal bin was much more likely
20 be followed by proposition TO strike
down the legal tender quality Of the eX-
isung silver dollars than by one TO coin
more silver. The Chicago platform had
denounced the Sherman act as a Cow
ardly makeshift" $50 do i, said Mr..
Harris. 1T also declared for the use Of
both gold and silver as standard money,
and for the coinage Of both, without dis
elimination against either. Can Il be-
SAID he, that the proper effect OF the
pending bin would be to secure parity
between the two metals when its only
object Is 10 degrade, more and more. the
one metal while II booms the other?"
Tie deprecated the idea Of asking for
eien governments TO give their consent
20 am International financial policy. Let
us he said, formulate and establish
our own home policy and maintain it.
We are, I'm my opinion, able 10 do go
ana 30 is our high and solemn duty TO
our own people TO establish and maintain
"a bmetalhc standard. We legislate for
the people OF the United states, not for
The people Of other countries Let lis
coin AN our silver into legal tender money
az some fixed reasonable rate. So far as
am concerned, 1 am quite satisfied with
The ratio of l6 10 I.
Senator Morgan speaks again.
Mr Harris said that If the Sherman |
act were repealed, that would be the last |
recognition Of silver as money and he |
quoted from a speech made by Mr. Voor- |
hees. in the Senate last February. stating |
uat he " OUld have voted fer a bill then |
pending 10 repeal the Sherman act. had /
u not been for the fact that such repeal /
would have demonetized silver and left |
u unsupported by one word OF legislation. /
Mr. Harris said 10 the senator from /
indiana that when he passes this bill, he |
e'gs. in effect. demonotize silver and /
leaves it supported by no law. He viii |
Lll also that the most earnest OF his /
Hrnds now. I'm passing IL will be the most 1
earnest and active and determined op- 1
p'nents Of any measure that may be pre- /
bhcd proi Csing 10 utilize silver in any |
way or TO any extent.
oi That ] am supremely confident. When /
ue senator from luCiana shall have
l'ssei the bill with the aid OF Republi-
can votes, and Of a Democratic contin- /
gent be will find himself powerless 10
enact any other law for the use OF silver,
o' ior The repeal Of the ten per cent. tax
Sl Sldte banks Nest Of those who aid
s''A now Will not do so then. Pass this
.+I, ana they will have accomplished
U7r object and win then desert. And
~ shall pass no other bin on the finau-
~" question. This IS a trap which I
4' not Intend 20 be- caught i'm. / VIII not
'.sent 90 this bill being enacted unless.
anu until, there Is Incorporated I'm it
measure that will give 20 the debtor
=. ~ purchasing classes a sufficient volume
money 90 enable them 10 pay their
Az t's on terms equal 10 those existing al
ume the debts were contracted.
tl''i 10 DO now that. and all that was
c,,,afy 10 be done on the financial
- 81 conclusion Mr. Harris said: I am
c1.-' 10 accept any fair and reasonable
80 PROMISE. More than that 1 cannot
-. 80 viii not say on this point. will vote
~. every amendment IN harmony with
q n Ne"s which / have expressed. And
= hnall De forced % come 10 a direct
-, "h me question OF unconditional re-
-" (which this bin means. as n now
Ssl1'l. 4 snail vote against It's passage
90 N'f6an addressed the Senate in