St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-02-08
ELooUENOE AROUSED.
Great Silver Debate in the Upper
House of the Legislature.

upon the silver resolution intIod uced
by Gen. Sanborn on Jan. 9. The first
move of the senior Ramsey senator was
to strike out 1.-TWO and half' and in
Sert ten" in that section OF the bill re-
lating to the value of silver coins. In
the resolution as introduced 1t was pro-
vided that the nominal value of silver
coins should not be more than 2I per
cent greater than the market value.
By this amendment the nominal value
must not be more than ~ per cent
greater than the market value.
In moving this amendment Senator
Sanborn briefly reviewed the financial
history of the country and declared that
it is the duty of the legislature of Min
nesota to 20 on record on such questions,
thereby aiding in producing a sound
public sentiment. The present depres-
sion of silver was cited and the danger
pointed out.
Argued by SanbOrn.
"At present there are 700.000,000 of
silver in circulation that circulates with
gold while it is worth SO per cent less
than the value stamped upon it," said
the Ramsey county senator. "Ihls IS
held up by the stamp of the govern
ment and the government is able to pay
all its obligations. The danger is that
seine morning all this that is money now
may be commodity tomorrow. This
is not like treasury notes, a promise to
pay. These notes are based on the
credit of the government.
Passing on, Gen. SanbOrn called the
attention of the senate to the fact that
at the time of the discovery of gold IN
California an attempt was made to de-
monetiZe gold. AT the present time
there is in circulation but $50 per capita
i'll the United States, while there is $50
in France. Of gold there are at present
less than $1,000, 100000, and of silver but
little more. This gives but s. per capita
to the people of the world, when the
proper average should not be less than
$50 per head. The financial history Of
this country for the past thirty years
has been diSgraceSul.
This great country should have no
debt" he said. 1.-The government
ought to have its full credit for use in
times of great danger. The Democratic
party, while it left the treasury empty
in 1861, did better than the Republican
party has since, because
1t Left No Debts,
and when the great crisis came this gov
y
notes and bonds by thousands Of mill
ions"
The demand of civilized nations is
for circulating medium of from SIS to
$50 per capita of their population. 1t is
fair to compute the civilized people of
the world at 100000 900, and the whole
population of the earth is shown by Of
fetal returns to be at this time 1000
100000. The aggregate Of all silver in
the world is little if any more than
$4,000, 100000, and the aggregate of the
gold little less. The total circulation
of the two metals is taken at $4,000, 000,-
900, OF but So per capita Of both
metals for the population of the world,
or $50 per capita for the civilized nations
alone. Hence a redundant currency
cannot result from the free coinage of
silver. France now has $50 per capita
of circulating medium, the United
States and Great Britain more than $40,
and it is considered thatS5 per capita is
required for the highest and best inter
ests of the Eastern nations. Is there
anything in the objection that silver is
no longer precious metal and is cum
bersome and lncOnvenient as currency:
1t has certainly proved more acceptable
to our people than gold, and both metals
circulate more acceptably in the form
of treasury notes, promising to pay il
out on demand than in kind"
Peculiarly American.
Gen. Sanborn urged the fact that sill
yer is peculiarly an American prOduc
ton. and that it should therefore be as
largely utilized as possible. Public
sentiment and the debtor class, always
the largest, favor it. The opposition tc
silver comes from those drawing gov
eminent salaries and those who profit
by the decentralization.
1.-The European" continued Gen
Sanborn. engaged in the commerce
and carrying trade of China and the
| Oriental nations must naturally oppose
| it, for their business is made more
profitable with silver cheap ana de
| pressed than otherwise. The creditor
| class, of course, faVOrS receiving the
greatest value possible from its debtors
| and would naturally favor demonetiZa
| ton of silver. 1t is clear that the inter
ests in favor of the demonstration OF
silver are private interests, while il
| favor Of the free coinage OF silver int
money on par with gold on the pres
| ent basis of the two metals all public
| interests unite.
1.-The people of this country have a
| vast expense constructed four lines O.
| railroad across the continent to all GU
ports on the Pacific coast. The dream
| of Col Benton is now fully realized
that the quickest and cheapest route TO
the merchant princes of the Orient t.
reach the civilized nations of the Yves
is by travelling toward the rising in
stead of the setting sun. We should no
fl,on n ,t,fr Of hi in
situation, but seize upon and take con
troll of that commerce that ha
rolled in a uniform and resist
less tide from the East to tn
West during the whole his
torical period and built up the cities o
Nineveh, Babylon, Smyrna, Athens
Rome and London, and all that is nov
turned to our ports on the Pacific ant
taken to Europe through the lines 0
communication extending across thu
continent. Thereby we create a marke
for all our silver, now reaching a pre-
ductiOn of more than one hundred mill
ion annually; at the same time we one
vast and profitable field for America
enterprise, and avail ourselves Of til
opportunities and privileges that God i
his wisdom has conferred upon the pee
pie of the Anglo-SaXon race, especial
upon our own land.'
Following Gen. Sanborn, Senator Dor
nelly offered the following Substitut
for the original resolution. This sui
Stitute follows:
DOnneIly Substitute.
Whereas, The decentralization of sllve
is the result Of conspiracy agains
mankind with which to increase til
power of the great capitalists of til
world by corresponding decreasin
the prosperity of the great masses {
the people through the reduction of til
metallic money of the world One-half
volume, thereby doubling its purcha
ing price; and,
Whereas, The highest financial at
thorities in Europe agree that tn
scheme has already reduced the Walt
of all forms of property in the worl
from 25 to 80 per cent; and,
Whereas, The continuance of this CO..
Continued On Sixth Page.