Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1893-08-26


pealed the purchasing clause IL would not
strike down nor kill silver In his opinion 1t
would lift up silver and make 1t the equal OF
gold.
Mr.. Alexander dem, N O. advocated free
silver coinage and spoke of n larger currency.
II some relief were not given TO the country
there might be trouble
Mr.. Sperry dem, Conn., opposed free coin
age and advocated the Wilson bill. The silver
men did not seem TO care whether the ratio
should be 10 or 20
Mr.. Cox dem, Tenn.) argued against the
Wilson bill He was speaking, he said, in be.
half OF the poor colored men of his country
Mr.. Settle rep, N e. said that the furthest
he would go was for the coming Of the Amer-
can product He was not in favor OF an increase
OF the currency that did not increase with
sound and good money. He was in favor Of bi.
metalism and would vote for the Wilson bill
Mr.. McLaurin dem, S. C.) spoke in opposi-
tion to the Wilson bill. The situation had
come to pass when his people could stand it no
longer The people of his state understood
that the contraction OF currency meant wealth
for the few and poverty for the millions, Dem.
ocrats might as well try to twist one of the cy-
clones Of the west the wrong way as to attempt
to stem this tide. We are in the same condi-
ton that we had been in l776 except that
then we had been trying to eliminate the power
OF King George instead OF King Gold. Was the
United States to be forever tributary prov
ince, puny, sickly boy that had q spasm every
time that its old mother had the hysterics2
Mr. McDannold dem, Ill), said he was in
favor OF the free coinage OF gold and silver Ut
any ratio that might be acceptable. He would
then remove from both their legal tender quail
ity. But the government should have the priv
ilege Of paying every dollar 1t owed in coin.
That was the only method Of restoring the
parity OF the two metals.
Mr. Bartlett dem, N. W said he was in
thorough accord with the presidents message.
He represented farming constituency, labor.
ing constituency, a banking constituency, and
all demanded that the purchasing clause be un-
qualiiedly repealed Without internationa
agreement there could be but one standard and
he was in favor OF that standard, and to-day
that standard was gold.
Mr., Stockdale dem, Miss.) said this fight
was not between the east and west; it was be-
tween the creditor and debtor classes. He
liked the east but the people OF the south
would not forsake their own interests in order
to benefit the east or the west
IN THE SENATE
On the 10th Mr.. Sherman rep, O.) charao
teriZed as unwise and unbusinesSlilIe PROPOSE
ton by Mr.. CoclSrell authorizing the secretary
| of the treasury to redeem (at par and accrued
INTEREST," such of the per cent bonds as may be
presented for redemption, and TO pay for them
in new legal tender notes A discussion followed,
in which Mr. Cockrel ridiculed the idea of letting
the national banks increase their circulation,
while his proposition to increase the greenback
circulation was opposed by the senator from
Ohio, the friend and supporter Of national banks
and the great gold monometallist
Mr.. Berry dem, Ark spoke in advocacy OF
| the double standard OF gold and silver.
On the 18th Mr. Voorhees, called up his ma
tional bank currency bill and moved its imme-
| diate consideration. He felt called upon TO say
| that his bill was not introduced for the benefit
| of the national banks, but was rather intended
| to make use of the machinery which those
| banks now employ for the benefit OF the gener
al ftN1 sfF Ftontf tf,,T,r
| fronting the American people, and every rem
| edy suggested could only be q remedy with the
| promptest action. Here was an opportunity for
| quick work, and he hoped that the senate
would see the advantage to be gained by q
prompt passage of the bill.
Mr.. Allen (pop., Neb.) advocated the adoption
OF the amendment offered by him to suspend in
| terest on the bonds on which the increased cir.
| culatio is based. In his judgment the bill
would commit the country to a policy Of a con.
| tinuance OF the national banking system ana
/ he believed that the time had come when safety
| required the overthrow OF that system and the
| wiping it OF existence as speedily possible.
| Mr.. Stewart (Ncv) said this was no time for
| the national banks TO ask a further subsidy
until every effort was made TO relieve the couu-
| try II that effort was not made in good faith
| II would not be the fault OF the silver men.
| They would agree TO everything that would
| give relief They asked subsidy, no ad-
vantage, no change of policy
Messrs. Mcpherson dem, n. J.) and Man.
derson rep, Neb) argued against the Allen
| amendment
Mr.. PETER Cpop., Kan) spoke against the ma
| tional banking system AS banks of issue the
| national banks would have to CO. Their useful
| ness had expired and they should no longer
| cumber the earth He opposed the bill and
suggested the issue Of 300 900 in greenbacks,
| which would, he said, go far toward restoring
| confidence
| The Allen amendm ent being rejected, the
| next question was on the amendment offered
| by Mr. Cockreu (dem Mo- for the redemption
| at their face value and accrued interest OF such
| per cent bonds as may be presented for re-
demption and TO issue greeubacks to pay for
| them. This amendment was opposed
by Mr. Mcpherson (oem., n. j. and
| Mr.. sherman rep, o.. The latter char
| acterized it as an unbusinesslike transao.
tion. The government of the United States
could not now increase its demand liabilities.
1t would be unsafe to do it. Such proposition
| would shake the foundations OF the govern
ments credit Nobody doubted that the gov
| ernment was strong rich, powerful and able to
| main tain every dollar OF Its money and pay in
| gold and silver coin, but it was not able to as.
| sumo new obligations now.
| Mr.. Cockren (Mo) advocated the amendment
| He urged that there was no difference in the
governments liability between greenbacks
| and national bank notes, because the holder OF
national bank notes could demand greenbacks
greenbacks The question before the senate
was whether the necessary increase of curren
cy should be made by the government or should
be percolatcd through the national banks,
On the 2lst Mr.. Morrill, rep, Vt) said he
had not yet abandoned all hope OF bimetallism
and therefore he should gladly vote for the re
peal Of so much OF the act OF 1890 as required
the purchase OF silver. After its repeal the
country would not be dependent upon gold
alone for currency and there would be much
more OF silver than of gold and more Of pnpe.
currency than ever before, and us the silver dol
lar would not be demonetzed whenever more
silver could be coined and utilized without
crowding gold to premium II would
be done by universal consent; bu'
the treasury should be relieved from
its embarrassment of furnishing gold to pay fol
silver bullion. To maintain silver within the
existing standard on parity with gold, whilC
increasing the public debt by the daily purchase
OF over ive tons of silver bullion, the treasury
notes for the payment OF which were practical
ly redeemed in gold, was too heavy task, anC
the administration had acted wisely in appeal
ing to congress. AS TO the declaration OF tn,
silver mine owners that they would not conSen
to the repeal OF the act OF 1890 without