The herald., 1893-09-05

department at any time redeemed any
coin certificates in silver coin as pro-
vioed by the Sherman act; what is the
coinage value of the uncoined silver bul-
lion purchased under the act; why 1t
has not been coined as the act requires;
what part, If any, of the paper money
redeemed in gold since March Atm Is
cancelled or otherwise withheld from
circulation. Referred to the finance
committee.
Kyle offered free coinage amend
ment to the repeal bill. Referred to
the finance committee.
The repeal bill was then taken up.
cUlLoM ADDRESSES THE SENATE.
Senator Cullom of Illinois took the
floor and spoke in favor of repeal Fol-
lowing are extracts from his speech:
81 am for repeal because. in my
opinion, the government cannot afford
to buy silver and coin or issue paper on
il and call it dollar when, IN fact. the
silver in the dollar or the bullion de-
posted as security for q dollar, is worth
less than so cents. 1 am not mono
metallist. l do not believe in the disuse
of either OF the two metals named In
the constitution, but the closer com
mercial relations OF the nations, which
marks the advance of civilization, make
international concurrence in free and
unlimited coinage OF both metals as
money more desirable, If not absolutely
necessary. The people want silver: SO
do l. The people want, first of all, all
our circulating medium, whether
gold, silver or paper. OF equal
value so do /. Ttae people
are more interested in knowing that
their money is all good and will continue
to be, than they are to know what ma.
terial it is made of. l do not believe Ii
we discontinue the purchase OF silver
bullion now, it will be long before some
more satisfactory plan for ii's use will be
devised. So long as the act remains on
the statute books, we will surely come
no nearer to free coinage than we are
now. The American people do not de-
sire policy leaning toward silver, either
by continuing the purchase OF bullion or
by the adoption of free coinage which
will result in draining all the gold out
of the country, making this silver
nation. This the majority will not or
ought not submit to. Repeal does not
make gold the standard money of the
country. 1t is the unit of value
now. 1t was made 30 by the
act of 1873. The United States
alone cannot, in my opinion,
maintain free coinage of silver, unless
we are willing to become silver ma
tion and drive out gold. What we want
is an international agreement securing
the use of both metals and free coinage
on an agreed ratio, and if we repeal the
act OF 1890 and stop the purchase OF sil-
yer, believe we will get it. The policy
of piling up silver bullion is not wise
stateemanship, and in little time will
surely be stopped. The United States
must adopt financial policy which will
do even Justice between all classes, all
geographical divisions, betw cen debtors
and creditors. between employers and
EMPLOYEES. 1t should be borne in mind
that the universal bankruptcy which
has for some time threatened the coun-
try is as fatal to the creditor classes as
to the debtor. There has been much
said in this debate about the attitude OF
the two great parties as announced in
their platforms. In my action l am not
prompted by any political platform. I
shall act as my judgment dictates is
best. will vote for repeal because it
may help to restore confidence, even
though the act did not have much part
in producing the lack of it."
Proceeding, the speaker attributed the
present stringency to the attitude OF
the party in power on currency and
tariff, and closed with an appeal for
speedy action.
Mitchell OF Oregon Interrupted Cul-
lom and asked whether, If the Sherman
act was repealed, there was any provis-
ion by which silver could be coined.
Cullom replied there was not to his
knowledge.
Mitchell asked what was to become of
the 100, 600. 900 or 10000, 900 ounces of
silver in the treasury.
Cullom replied that he supposed the
party in power would devise proper and
wise measures to meet the situation.
Aldrich said repeal did not affect the
power of the government to coin bullion
for the redemption of the treasury notes.
COKE GETS THE FLOOR.
Coke (Dem.) OF Texas obtained the
floor at the conclusion of Cullom's re-
marks. He said, in part:
1.-THE settlement Of the money prob
lem can only be brought about by the
establishment of bimetallic currency
as it existed prior to 1873. The people
will never be content until the wrong OF
1878, by which one-half of the money
of the country was stamped out in order
to double the purchasing power OF the
other half, has been undone and re-
versed. II single gold standard be
established in America. then the Roths-
childe and the Bank of England, with
their New York associates, will become
the arbiters of American finance and
the dictators of our financial policies,
because they control the gold which the
United States would have to have. The
abandonment of silver by the United
States would be its death knell al
money, except in subordinate ways anC
for subsidiary coinage. We have NJ
hopes Of an international agreement
The United States must depend upoI
itself if bimetallism is expected"
When Coke had concluded his speech
the senate went into executive session
to consider the nomination of certain
officers whose confirmation Berry (Dem.
of Arkansas said was essential to carr,
into effect the presidents proclamation
opening the Cherokee strip on the 16ti
of September.
PETER SPEAKS.
At 3 80 the senate resumed its legisla
tive session and Peffer's amendment
the repeal bill providing for free coir
age, being the pending question, wa
read preparatory to Pefer's addressin
the senate.
To.a, DAM of NavoJo x,,ouad kb a