The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1893-08-30
GREAT SILVER DEBATE.
OPENING ADDRESSES ON BOTH
SIDES OF THE QUESTION.

Substitute speeches OF Messrs.
Eayner and Bland.
The discussion OF the silver QUESTION at the
special session OF Congress is attracting the
attention Of the country. The debate began
In the House as soon rs Mr.. Wilson, OF Wet
Virginia, offered bill to repeal the silver
purchase clause Of the Sherman law. It
provides for the repeal OF that portion OF the
act Of July il, 1890, which authorizes the
purchase of silver bullion by the Secretary Of
the Treasury. and that "this act shall not i'm
pair or ir any manner affect the legal-tender
qualities OF the standard silver dol
lars heretofore coined, and it 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 as sub
stitute his bill providing for the free coinage
of silver at q ratio Of 16 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 un-
qualified req eal OF the purchasing clause Of
the Sherman bill without any condition or
proviso whatsoever. He was not in favor OF
purchasing another ounce Of silver or the
ceining Of it at the present ratio or any other
ratio. He desired to add that he had no hos
ttlity whatever to the use OF silver on proper
basis as circulating medium, but, after
earnest consideration, he was convinced be-
yond all doubt and question that its recoS-
milton az circulating medium, without in
ternational agreement, was 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. It lay not in the power ofthe Gov
ernment to purchase the silver product OF the
mines, 10 impress upon 1t fictitious value.
and hy legislative decree compel the people
20 take il 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, II this
desperate system of finance was to prevail
then nothing but disaster and ruin would fol-
low in its track. II 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. 1t might be trse that the free
keep up the fictitious standard Of the CON,
but the value Of tho bullion would always be
controlled by tha market price. 1t would
ductuate like every other commodity; 1t
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
unit o! value would be the market value the
mon ~ basis would be the basis ofthe cheaper
Yneta: the dearer metal would leave the
avenues OF trade; imitation would give way
to paUic private obligations would be nulli-
fd: public obligations would be discredited,
aud the honor Of the Nation would be i'm
g,1red.
l, was claimed that we required in this
c>uutry a system of bimetallism, but We
wDaid never have this until the commercial
Nations of the earth agreed upon proper
ratio; and just so long as the Sherman act
remained upon the statute books, 80 long
WIS an International ratio financial inn
possibility. So long as we purchased silver
and parted with gold. so long would none
aary conferences result in failure. When
we ceased purchasing silver, and pro-
claimed to the world that the gold dol
,1ar wss the standard and the unit of Ameri-
can value, then we could bring our rivals to
terms, because there was not 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 It's coin In
order to crafty the greed or 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 itselfts
its repeal He was in favor OF keeping that
pledge.
member inquired whether Mr.. Rayner
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-
.strued in various ways, according to the
views of the gentlemen interpreting them,
but there WAS no ambiguity about the plat
form, and there was no escape from the
binding obligations it. imposed upon the
Democratic party, except by base betrayal
OF the people. II the Democratic party be-
.rayed the people now it might be long
time before it had another opportunity to
betray them. As far as he was concerned,
dn this critical hour, he was not in the
ueast degree disturbed by the glittering
catch word of political conventions. He was
guided by higher and purer faith. He be-
iieged in forever striking from the tenets OF
. our creed the superstition that a Nation grew
: r.ch in proportion TO the worthlessness OF the
money IT could issue. In place OF that sup
.erstition he would substitute the inscription
Liberty.
= ME- BLAND PLEADS FOR FREE COINAGE.
Mr.. Bland (Dem., Mo-, the great silver
advocate, expressed his regret that num-
ber OF gentlemen had changed their opinion
on this silver question. The Sherman law
was the only law on the statute books that
looked to the use Of silver US money Of the
country The repeal Of the Sherman act
was a part OF the Chicago platform. An
other part was a declaration for the use OF .
both gold and silver as the money OF the
country. Speaking for tho people he rep
resented, he understood that the free coin
age OF silver in accordance with the platform
necessarily repealed the Sherman law. The
two laws could not exist together. They
were inconsistent. Members were now asked
10 repeal the Sherman act aud take their
chances OF securing something in its place
which would meet the pledge o. the platform
to coin both gold and silver.
Mr.. Bland then reviewed recent silver and
financial legislation. and contended that it
was the fight on silver which had precipi-
tated the panic. 1t has been brought about
designedly and for purpose. There was no
doubt about that. The panic had begun and
was alarming the country but he declared
that il the demands Of the bimetallists were
not complied with the panic would become
one 10 earnest. He appealed to members to
stand by timetallism and not to obey the de-
mands OF the Sbyloc&s. France had afforded
medium OF exchange for all the world dur
inr seventy years ut q ratio OF 15I3 OF silver
to OF gold. At that ratio France had been
able to maintain the parity of the two metals
ALI over the world. That was proof that
the Government OF the United States could
do 50 at a ratio OF 16 to /. IfEuropa refused
to accept that ratio. the effect would be to