The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-08-26
IN THE HOUSE.
The Debate Continued Yesterday and Z
Bs Concluded To-DAy.

The Debate Continued Yesterday and Ia
Bs Conciudsd To-Day.
WASHINGTON, Aug. 25.-The first un-
pleasantness over the silver debate In the
house occurred this morning when Bur
rows Of Michigan asked for an extension
of his time to 10 minutes. Bland of Mis-.
souri, objected to this, but after some de-
bate the speaker acceded to the request.
The speaker appointed a committee TO
represent the house at the proceedings Of
the hundredth anniversary OF the laying
of the corner stono Of tho capitol.
The second day Of the five-minute de-
bato In the house on the silver bill began
this morning. Pendclton, OF Texas, and
Bowers, OF California, spoke In favor Of
free coinage; Dockery, OF Missouri, and
Moon, of Michigan, for bimetallism. Cobb
of Alabama opposed unconditional repeal.
Burrows OF Michigan advocated repeal.
He was opposed to free coinage and laid
the blame for the present financial dis
tress at the door of the democratic party,
saying financial distress was the result of
fears of the manufacturers regarding
tariff legislation. He contrasted the con-
dition of the country as shown in Presi-
dent Harrison's last message andin Pres
ident Clevela nd's message to the extra
session.
Springer then took the floor. Springer
began with review OF the existing fiuan-
cial conditions and set forth tho duties
which lay on congress to apply q remedy.
He declared there were three leading con-
trolling causes OF the present conditions
tariff legislation since the war, demoneti-
zation of silver in 1873 aud tho silver pur-
chases under the authority OF the Sber-
man act. The treasury rulings i'm regard
TO silver certificates issued for silver bul
lion purchased made them redeemabie In
gold, as this was the only way in which the
government could make good It's pledge
to maintain parity between gold and
silver. The fact that silver bullion was
held as collateral for the redemption OF
silver certificates added nothing TO their
face vaiuo. That value depended on the
pledge OF the maintenance of n parity
with gold aud the fact that the certificates
were full legal tender. Tho dcnonetiza-
ton Of silver In 1878 did not destroy silver
as much as the Sherman act did. In 10
years from its passage silver deprecated
"A 4-l0 per cent; in three years since tho
passage of the Sherman act it has fallen
25 per cont.
Tho speaker continued. stating that the
president had called congress in extra ses-
sion for the sole purpose Of repeating tho
purchasing clause OF tho Sherman act.
Would congress refuse TO comply with
this universal demand TIL an agreement
had been made TO do something In some
other matter? IL was just as reasonable
TO demand that the tariff bill he included
in bill for the repeal OF the Sherman act
as the demonstration of silver. The re-
monetization of silver in this country nj
ratio OF l6 10 would either
bring the nation down TO n gold stand
ard or advance the price of silver bullion
to the coinage value u the silver dollar.
II the former. II would result, In finan-
cial crisis compared with which the pres
ent depression would be as q zephyr to
q cyclone. Hundreds OF millions Of
foreign capital invested IN this country
would be Withdrawn. our credit destroyed
and we would sink to the condition OF
Mexico. India aud China, and be thrown
out Of harmony with the great CONNER.
cial powers, which now buy nearly eish,
hundred millions of dollars worth
of our products. There is nc
ground for the declaration that
unless free coinage is incorporated
in this measure. silver will be deserted
lConiinued on the Fourth paye.l