The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-08-26
SPRINGER MAKES A TALK.
He Is With the Administration
Though 1t Has Thrown Him Down.


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
@ his time 20 fsvty iniiIGs ses. rs Of
Missouri objected to this, but after some
debate the Speaker acceded to the request.
The Speaker appointed a committee to
represent the House at the proceedings on
the one-hundredth anniversary of the lay
ing of the cornerstone of the Capitol.
The silver debate was then proce ed
with, and Pendleton OF Texas and Bowers
OF California speke in favor of free coin
age; Dockery of Missouri and Noon of
Michigan for bimetallism; Cobb of Ala
bama opposed unconditional repeal. Bur-
rows of Michigan advocated repeal, op-
posed free coinage and laid the blame for
the present financial distress at the door
of the Democratic party. saying that
financial distrust was the result of fears
of manufacturers regarding tariff legisla-
tiOn. He contrasted the condition of the
country as shown In President Harrison's
last message and in President Cleveland's
message to the extra session.
DurbOrow of Illinois favored repeal. He
was followed by Springer. who began
with a review of existing financial condi-
tons and set forth the duty which lay on
Congress to apply the remedy. He de-
clared that there were three leading. con-
trolling causes of the present conditions
tariff legislation since the war, the demon
etization of silver 10 1873, and silver pur-
chases under the authority Of the Sher-
man act The Treasury ruling in regard
10 silver certificates, issued for silver
bullion purchased, made them redeemable
in gold, as it thus was the only way in
which the Government could make good
it's pledge to maintain the parity OF gold
and silver
The fact that silver bullion is held as
collateral for the redemption of silver GER
tidcates added nothing to their face value.
That value depended on the pledge of the
maintenance of its parity with gold and
the fact that the certificates were full
legal tender. The demonetizatien of silver
in 1873 did not destroy silver as much ms
the Sherman act. In the sixteen years
from its passage silver had deprecated
"a 4-10 per cent; in three years since the
passage of the Sherman act it had fallen
% per cent.
The speaker continued, stating that the
President had called Congress in extra
session for the sole purpose of repeating
the purchasing clause of the Sherman act
Would Congress refuse to comply with
this universal demand till an agreement
has been made TO do something else on
some other matter? It was just as reason
able to demand that a tariff bill be in
cluded in the 0ill for the repeal of the
Sherman act as the emonetization of sill
yer. The reconciliation of silver in this
country at ratio of 16 to ] would either
bring the nation down to a gold standard
or advance the price of silver bullion to a
coinage value with the silver dollar. II
the former it would result in a financial
crisis. compared with which the present
depression would be as a zephyr to cy-
clone. 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 and China. and we would be thrown
out of harmony with the great CONNER
cial powers which buy yearly $780,
100000 worth of our products. There
is no ground for the declaration that unless
free coinage is Incorporated in this measure
silver would be deserted alike by Congress
and the President. The Presidents rec
ord is not such as to justify the belief that
he Will prove false to mis- pledges. The
Speaker believed the President and Senate
alike would join In keeping the pledges to
the people by an agreement to such meas
ure for the use Of silver as will justify the
expectations of the American people.
March of Illinois opposed the Wilson
bill and favored free coinage. Compton of
Maryland spoke in favor of free and un-