The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-09-17

this great nation. With al rs opportunities.
ard. when the disparity between these values
now nc be Is shs well nGh 90 per cent is
payment Of debts contracted at one standard
In another standard, and that deprecated. Il it
having that question fairly submitted to them.
are willing that We should acnle down our
I am not one OF them. But il we ure to do 1t.
IN view OF the scarcity OF gold-which believe
Is 30 scarce that 1t 10 not now and cannot be
the stand ard OF the worlds monev-let us do 1t
by REDUCING the number OF grains In the gold
dollar. II u is necessary. in order to secure the
true relations between the debtor and creditor
classes. | want to ask the Senator from Ne
vada tMr. Stewart whether he wants to bring
this country to the exclusive standard OF
Mr. Mr. sts e want to bring it where it was
Senator will say that We ought to GO to.a silver
standard at this moment. And yet. it is Just
purchasing silver and putting it in the Treas
m n,,n .. lev years at az most: when We
and then We viii be All a. ' silver Standard rd.
I ! belieys that Just AS much MS he
dressing the senate: have studied that
question for oil these years and have brought
Rsnesd
In value between gold and silver at the ratio OF
was worth 81 30 per ounce how can wo do 1t
pow when # is only worth - or "A cents
years a continuous absorber Of silver m money.
but has now stopped its coinage. and has nut
herself in a position where she need not buy
ported the bill! Of the sepato from Ohio
M Ma shermsnl to repeal the law 9t
l favored that delay then. because believed.
as as now now beli9ye that Then great Industry
have to- is
affairs before that legislation is changed. Not
only for that reason did favor the delay, but
influence on the International conference
, which b met on the 3Qth OF May last. believe
not have taken fhe action she took In mid;
summer. She. did not take that action until
ait .,T. the zee conference was POSTPONED for not
Mr., Cookrell. IDem. ol-Can you tell why
that that biil was not pressed for consideration at
Mr. Allison-The Senator knows that that
was short session and that every moment Of
was i'm possible to take UP that Sill .' ' ~
Mr. President. have been diverted some.
di.closes the tact that when YOU make
@ Ratio ne
take to say, TINT It Is utterly. Impossible
time. The ratio OF % to would be an unwise
rntio. because we have known the price OF
silver to change by 70 per cent. In single day;
was known silver went down 20 per cent; In
the next week 1t went up - per cent. How.
then. can we makea ratio that will measure
the valuo Of all debts and all credits on the
situation, Ia IrJIia has changed the SIT:
will 60 down below the cost Of pro.
Mr.. Culloml TELLS me that It 70 below 1t now. |
have no doubt that II is. But what MS a mat
ter Of fact. are We buying the silver for? We
are buying 1t for TIE people Who consume, the
from Mexico. from Australia, and from every
place where they produce 1t, thereby Keeping
up their price as well as our own. We are buy
Ing II in face Of the fact that England has come
with the producers In the selling OF slver."
After Il further elaboration Of this point Mr..
Allison continued:
% Therefore. believing as do. am In favor
e the repeal OF the purchasing clauses ., Inc
can maintain the gold standard in India than
have that can fly from this chamber to my
home under present conditions. But We can
the purchase Of silver win have the effect it
may be but straw-of helping England to
carry out her present Indian nolicy. They
have. undertaken to sell council rupees AZ
r. ns' P BEEN sS snS 40 But
help them to hold up the. price. OF silver bullion
they can carry out their policy as RESPECTS
India Therefore. II we continue these silver
fnda The ineyiabie efrect Of What we are
doing here 10 either to uphold or to destroy or
pair the ability OF England to maintain its
policy In India. 1--WE cease to purchase silver
land to carry out that policy and 1t will be-