The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1893-09-02
FROM WASHINGTON.
Debate ON fhe silver Quesfion-conces-
skous ON Both Sfdes-Bi-mefnIiism
10 be the Policy OF HE United
states-The Wisdom of senator
Gorman-s Course.


WAsHIxGTos, August 81, 1S93.-The de-
bate on the silver question, which has occu-
| pied the attention OF Congress and of the
country since the meeting Of the extraordi-
nary session, has been conducted, in large
measure, on much higher plane and on
much broader and more statesmanlike ground,
than has heretofore characterized similar dis
cnssious either branch of the federal legisla-
ture.
The friends of the administration policy of
unconditional repeal. including all those who
have heretofore been advocates OF the prin-
ciple OF recommendation, have furnished sew
era examples of more liberal views in the
memorable debate which closed in the House
on Saturday, and is still pending in the Sen
ate II has been conceded by several of the
advocates of the Presidents policy, that
recommendation in finance is wrong in princi
Pile, and they have justified their advocacy OF
the repeal of the Sherman law, without any
substitute silver legislation, on the ground
that it was the surest road to ultimate bl
metslism.
An illustration of this is found Id the fol-
lowing paragraph taken from the speech of
Mr. Rayner, who opened the debate in be-
half Of the Wilson bill for unconditional re-
peal in the House:
Now il is claimed what we require in this coun-
try system of bi-metalsm, bimetallic standard
-Ilat say, the Tree OF DOt1 BOlI
at the government minis. But, Mr.. Speaker, will
never have this until the commercial nations of the
earth agree upon proper ratio, and just so long SO
the Sherman act remains upon the statute book as
long is an International ratio financial impossible
ity. So long we purchase silver and part with
gold 50 long will monetary conferences result in
failure. When cease purchasing silver and pro-
claim the world that the gold dollar is the stan
dard and the unit of American value then we can
bring our rivals to terms, because, in my opinion
there Is not sufficient amount Of gold IN existence 10
supply the demddsof and the necessities Of
The l0orCifs circulation (Appiause)
This, it will be observed, involves quite a
concession on the part of Mr.. Rayner, and is
quite in advance of any views heretofore ex
pressed by him on the bi-Inetallic standard,
as related 10 the monetary question.
Similar concessions were made all through
the debate by prominent statesmen, who have
heretofore been classed as monometallists,
while, on the other hand, many heretofore
ultra silver men have readily conceded that
the purchase clause of the Sherman law is an
obstacle rather than an aid to ultimate free
coinage.
There are certain fundamental principles
of monetary science which have been stupidity
ignored in previous perfunciory and demagog-
ic discussions of this question, that have been
| fully recognized in this debate. There are
Two distinct and antagonistic theories which
have, from time to time, been recognized in
monetary Iegislation-the automatic theory
of money, and the theory of fiat money. The
former is based on the right of every indIvid
ual possessing gold or silver bullion TO have
the same coined free of charge at the Gov
eminent minis, under certain regulations rs
to comparative value, into legal tender coins
The second is hHed on the right OF the Gov
ernment TO make paper or any other com
modify, regardless of its intrinsic value, cur
rent rs legal tender money, by the mere hat
of the Government.
The former theory is based on the gener
ally accepted fact that just enough gold and
silver can be taken from the mines of the
world TO supply the monetary demands OF the
whole world tdeducting something for use in
the arts), and that the stability of the volume
of money and consequent stability of Values
is more surely maintained by the free coin
age of the precious metals than by the fiat Of
any government liable to be swayed by cor
rupt OF arbitrary influences.
From the earliest ages, the automatic the
DRY has rested upon the free coinage OF both of
the precious metals, neither of them alone be
ing deemed adequate; and the two metals have
been said to have ''dfvine mission" to that
end. since the product of both seemed to keep
such marveousIy even pace with the increase
of mankind, and consequently growing mon
etary demands. Hence it was that one of
the bi metallist orators in the House elo-
quently exclaimed, quoting from Holy Writ,
"Whom God Almighty has joined together
let no man put asunder."
But it came to pass, during the period from
1870 to 1878, that America was contributing
"A great preponierance of the silver product
of the world, and the North American Re
public was a debtor nation in heavy obhga-
tons. numbering among her creditors nearly
all the nations of Europe. In this state of
affairs, European nations began to demone-
tie the white metal. having in view the two
fold object of depreeiating the value of Amer
lea s product, aud increasing the weight and
burden of Americas obligations which they
held. In 1873, the United States, under
Republican domination, made themselves
party to the scheme of silver characterization,
and the subsequent history of the question IS
familiar to all.
Therefore, as result of this large and en-
lightened view of the question which the de-
bate has evolved, there is alarge consensus OF
opinion that bi-metallsm in finance is right
in principle and especially advantageous to
America. and the repeal OF the Sherman bill
is justified, on both sides, on the score thatl
it is the surest means of accomplishing the
ultimate object of true and honest bi-met
allism.
But there are many liberal minded and pa
triotic men in Congress who think, that the
Wilson bill, which has passed the House,
does not pave the way as efficiently as might
be in the direction of ultimate bi-metalllsm.
The Wilson bill, which is in the direct line
indicated by the Presidents message. pro-
vides for the unconditional repeal of the
Sherman law, without any declaration at all
of the American policy of bi-metallism.
The Wilson bill differs from the Voorhees,
bill, which has been favorably reported from
the Senate finance committee and is now be-
fore the Senate, only in its failure TO declare
the faith of Congress in bi-metallism as a
monetary principle. 1t is deemed proper,
by the friends of the double standard, that
the Legislative branch of this Government
at least, ought, in this great emergency, to
make some clear declaration which will show
the other powers, when another monetary
conference may assemble, on which side OF
this question the American nation stands
Ii seems now 10 be reasonably certain that
a repeal bill in the substantial shape OF the
Voorhees, bill will, without much delay, be
enacted into law. The fact that such assur
ance can be given. demonstrates the great
wisdom Of Senator German and other Demo
cratic leaders. and is the result OF skillful
diplomacy Had a vote on the unconditional
repeal proposition of the Presidents message
been precipitated in the early days OF the
Senate's session, as urged by the Republican
Senators and some of their Mugwumpian al
lies in Maryland, like the Baltimore San, the
measure would have been irretrievably de-
! fealed.
in Philadelphia, Pa, on Saturday Robert
Railway, sailor. took awful revenge on
George Stiles. Stiles had borrowed $40 from
Railway and failed TO repay it. Roadway
hearing that he was about 70 remove 70 New