The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-02-10
BLAND'S SILVER BILL
1t May Pass the House Next Tues
day After Being Amended.
Explained Yesterday by It's Author,
Who Wants All the Bullion in the
Treasury Coined.
DENOUNCED BY MIR. STONE
Who COntended There Was No
SeigniOrage in Existence,
And Likened the Proposition to En-
beZZlement and Watering" Treas
ury NOtes-Speechb by Mr.. Harter.

WASHINGTON, Feb. 9-The entire day
in the House was consumed in debate
the Bland silver seigniOrage bill the speak
ers being A1ess~s. Bland, c.. w. Stone Nc
Keighan, Harter and Kilgore. The debate
will be interrupted tomorrow at 2 o'clock
by the special order setting aside the rest
of the day for eulogies upon the late Rep
resentatlve O'Neil OF Pennsylvania. 1t is
expected that vote on the bill will be
reached by Tuesday at the furthest, and
Mr.. Bland is confident that it will pass.
This opinion is generally shared by the
leaders on both sides. although there prob
ably will be some notifications of the bill
that will make it more acceptable to the
Democrats who are now opposed to it.
A tangle growing out of the important
roll call by which the House, yesterday,
went into committee of the whole the
bill opened the proceedings this morning.
Mr.. Babcock explained that he had not
voted on that roll call and Mr.. Tracey and
Mr.. Reed attempted to make the point that
this broke the quorum and the subsequent
proceedings of yesterday were, therefore,
vitiated. 1t was discovered. however. that
Mr. Marshall and Mr.. Shell were recorded
as not voting, and as their votes would
complete the quorum, no further objection
to the approval of the journal was made.
After some unimportant routine business,
on motion of Mr.. Bland the House went
into committee of the whole for considera-
ton of the seigniorage bill. Mr.. Bland eX-
plained in a few words that he had never
agreed as stated in some of the papers, 70
striking out the second section or the Dll
which provides for the coinage o. froI1 an tbe tbe
question of raising revenue ne resarueu
the second section as more important Ihah II
the first 'If we are to deal with the bull
lion in the treasury he said "let US deal
with il as a whole We have already re-
pealed the purchasing clause OF the Sner-
man act. No more bullion VIII come INTO
the treasury. Why should we not com
what is there? To coin only the seiSnioraSe
(s55 O0O OO), would be tantamount 10 ue-
claring that the rest should remain theTe
as worthless 1t should be dedicated TO
monetary use AS far as L am concerned
I never will consent TO stop half way.
QUESTIONS FIRED AT MIR. BLAND.
.swhas advantage" asked Mr.. Coombs.
"would accrue from the coinage or this
bullion when no one wants it,?
.sThe people want every dollar they can
c,ot !, rappIied Mr.. Bland ''The difficulty is
that there is not enough money IN circuia-
ton" Al. hnI .,oes
into effect" inquired Mr.. Tracey: TO re-
deem the silver certificates in gold: ..,s
do you understand that SiINer cSi III en
Bland in turn.
"Well." replied Mr. Bland. "the Secretary
of tba Treasury has never so held The
Secretary has maintained that all that was
necessary to keep all classes OF our cur cur
rency at par was TO keep the greenpdchds ,Id
at par They gold obigations and,
Therefore interconvertible, and while SILVER
certificates have not been redeemes1 IN e96r e9
them. This keeps all our currency at par:
I am speaking now from the standpoint OF
cIared that it was only necessary to Keep
enough gold in the treasury to meet IGrelgh
exchanges Under me 9,6 aF The al treasurv
notes outstanding were redeemaDie aE sli-
YER "And if I were Secretary OF the Ireas-
ury I should so hold" he added enphatlc-
aIiv ''I would not use my discretion in the
interest of the gold gamblers or TINS c0un-
try. This bill hoWever he connned mn ire t,; 1es es
snect 1t ONLY provides that having been
redeemed Gin gold or otherwiseC these notes
shall not b. reissued, but shall be destroyed
and coin shall take their place. In other
words. the holders will no longer be able
to force their redemption again ana again
in gold" (Applauseo
LIKENED TO EMBEZZLEMENT.
Mr.. c. w. Stone, of Pennsylvania, who
is at the head of the minority of the COM
rnittee on coinage, weights and measures,
ranl;ed 10 Mr.. Bland. He agreed, he said,
with MIR. Bland that if the first section of
the bill were to be passed the second sec
ton should be. "If we are prepared TO
agree to the practical embezzlement OF
trust fund in the first section we should not
hesitate at the irregularity contained IN the the
second section" He cOntended that there
was no existing seigniorage; that 1t was
purely imaginary a yet. SelgTnorage, ne
said was the profit arising TO the govern
rncnt ont of the coinage of bullion; but the
bullion not having been coined there was
| no seigniorage. There might pc IN uhle
| but there was not now. one mlSht as Wen
| take out of tank ten gallons of oil and
| saw this is Darafine and the other is OIL or
! chop off fifty pounds Of a bullock and say
| future processes so much parafine or so
| much leather could be separated from a
| tank OF oil or a bullock as to claim that
| there was so much bullion and so much
| sefgniorage before the bullion was coined.
| TO attempt to coin this imaginary seign-
| forage Mr. Stone said, will be breaking
| faith with holders of the treasury notes Is
| sued against all the bullion which 1t has
| their redemption. There were in the treas
| urv 40 500 Sl3 ounces of silver, on which had
been issued s15S 80 trs2Spry es1 p4tes ,t IL
| age value was SlS. .91i.96l and its present
| market value but S97.156.072 To coin this
| ALLEGED seigniorage would be n virtual en-
| bezzlement of $30,Cc0OOO worth OF the bullion
| behind the treasury notes. His apprehen-
| sion was that this policy would involve the
| country in financial ruin. III SooWO,WO OF
| additfonal treasury notes were issued rs
| REQUIRED by the provision of this bill With
| out q dollar for which certificates were Is
|
! certificate would bear on its face lie. II
| vas i'm effect. watering the treasury
| ro.es TO the extent of $55,O00O00, when the
| face value Of these notes already exceeded
| the arIzet value of the bullion security
! bahind them by over ST, 600 900. In conclu-
! sion in speaking of the silver question, Mr.
| Stone declared himself in favor OF the larger
| nse of silver if an international agreement
! could be reached. He referred to the dis
! turbance i'm England and Prussia over sill
I YER Europe" said he, is walking th'
floor. Let us pursue the Fabian policy oi
nonaction and we can make terms for the
! usa of silver" (ApplauSe.)
Mr.. McKeighan made u free-silver orgu
! ment A gold basis and high tariff. hi
| said was discriminating against the Yves
! in the interest of the East. IF had th'
! uoWer' said he. 81 would strike down th'
fariff that protects the East and force i
into competition with the West as the Eas
forces us into competition" He went on t
indorse the bill and seigniorage bill as
step in the right direction.
MR.. HARTER'S SPEECH.
At the conclusion OF Mr.. McKeighan'.
speech which consumed an hour and
half Mr. Harter took the floor in opposition
10 the bill. There was, he said, little plac,
for sentiment In the discussion of this bill
but an abundant opportunity for the exer
else OF common sense. The United State!
had bid goodbye 10 the coinage OF silver
! That question had been settled and. h