The Russellville Democrat., 1893-09-14

AheHd HOWL 1H Lhcft cfeaf ul 5cefHlntut of just what ought to be done that finds expression in a definite and simple policyY | No. There is a list of policies, each in conflict with the other. If one is right all l the rest are vrorg. What confusion of 1 thought We should take no step in the l dark. We should take no step that checks. nay that does not incraass tie employment I and prosperity cf our people; but these amendments are cast out ike A drag net, to catch every crude and thoughtless vote that may be around.
 But let us look at inc amendments q little in detail
 You say you would change the ratio. We have lost the support of Austria; we have lost ths support of India and in her important particulars there have been very great and recent changes. Are we prepared to say now without investigation, before single bill upon the subject has gone to the appropropriate committee, what the proper ratio is under these con. | ditionsS You would change the ratio even to 20 to |.
 Do gentlemen not see that if they cast the weight of America into the scale in favor of atio of 20 to 1 they bring all l the power that we possess to make that the ratio fir all the worldf As you increase 1 the amount of silver in dollar you tend l to increase the standard and value of every dollar ia every debt now due from maa 10 man. cannot Low argue this in all its bearings. But you propose now to fore stall the future. There may be infinite 1 confusion and there may be well-nigh in 1 finite contraction of our money and of the l world money in this. strongly incline I to the opinion that your action would tend l greatly to defeat the ultimate end we en- certain. See, gentlemen, the effect of the l Sherman law. Silver mine owners ex- l pected benefits and have reaped only dis aster, and take fresh warning against hasty ] expedients.
 l If that policy is successful it contracts l the volume of the worlds money, not only as regards the l future output, but also as regards the world entire present stock of silver. Such colossal proposition for | contraction I have never heard of before. And gentlemen say they would revive the old Bland law. We all know that so long as the issue of credit notes or the l continuation of depreciated coinage is kept up by the credi, of the government our position becomes more and more ex- posed. That law is eminently better than | the present one, but you do not couple with it grant of power to the secre- | tary of the treasury to recruit by any means our redemption fund. No amend ment, under the order, can be offered. If you coupled the re enactment of the Bland law with this power I would vote | for it, but otherwise l must vote for straight repeal. The essence of the trouble is that we have collapsed under 1T. a IA without some plain and sufficient provision for maintaining their parity. Under another form you would continue which we are now suffering, which gives us $l at one end and contracts the cnr- rency $10 at the other end of our financial | Mir. Cox--Will the gentleman permit a | question:
 | MT. Breckinridge of Arkansas Yes, sir. l Mir. Cox-Your proposition, as 1 under stand it, is that we can not maintain the parity between the two metals unless Mir. Breckinridge of ArkansasI did not | yield for an argument, MT. Speaker, but | for a question.
 | Mir. Cox have not risen to make an argument. simply want to put my ques- | tion in an intelligible form. Now, after | you have put in circulation your five or six millions of silver and you undertake to maintain itfor your proposed bill says 1 that you will undertake to maintain the parity between gold and silver how do | you propose to maintain that parity with the money that is already outstanding in | silverP
 | Mir. Breckinridge of Arkansas>-Mr l Speaker, know of no way on earth of main l taining the parity between the different kinds of money except for the public treas ury to stand ready to receive them inter changeable over the public counter. GAp- | plause That is honoiing silver, and the moment the government does not honor it, | 1t falls to it's bullion value. And when the
 people are satisfied that the federal gov
 ernment is no longer both abls and willing | to maintain it, then it falls to it's bullion value. Applause
 Mir. Cox-Then as to the silver dollar | that is outstanding and is put in eircula- | ton and maintained in circulation at pres
 ent, you maintain that it is the duty of | the United States to provide that every | dollar of that shall be redeemed in gold !; | that that is what the treasury must do in
 order to maintain it's parity9
 Mir. Breckinridge, of Arkausas-l say 1 that in carrying out that instruction of | the law it is his duty, or if it were not his
 duty, then when he fails to do it as a mat
 ter of practice, our silver dollar is no
 longer par dollar in this country. tAp-
 plause.
 know, Mir. Speaker, there are good
 many who entertain the view indicated by
 the gentleman from Tennessee, but con
 slider that view one of the
 most deeply rooted but absolute fal-
 lacies that can take possession of the pub
 lie mind The principle is that there must
 be power to redeem, oI honor, 1 care not
 what you call it, any piece of paper or any
 coin that is of le material value than
 that which constitutes the standard of
 your country, or such paper or coin must
 inevitably fall in value. No token or n oney
 of less bullion or other material value is
 floated at par with ihe s'audard except by
 credit kept good by readiness to redeem it.
 With greatly contracted volume of all
 money and the legal-tender circulating
 medium this would not manifest itself, but
 if you approach an adequate supply and do
 not do this you are subject to panic from
 every breath of adverse wind, and when
 you clearly exceed the imperative demands
 of a crippled commerce parity is gone.
 Here tLe hammer fell.
 MT. Cox -I ask that the time of the
 gentleman from Arkansas be extended
 Mir. Breckinridge of ArkansasI can
 finish in two minutes.
 The Speaker pro tempore-The gentleman
 from Arkansas desires two minutes further
 time. Is there objectien9 The chair hears
 none.
 Mr Breckinridge of Arkansas The
 house has been very kind to me in pre-
 viously extending my time, and l thanh
 the house and my friend fiom Tennesses
 (Mr Cox), and will close with only few
 words more. l wish to say only this il
 conclusion That the question befor.
 this house new is not whether you are 1T
 favor of unlimited coinage, not whether ,no., ma ir. faunr nf l.arruin., nnA tha nihel