The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1894-02-20
BLAND'S FIGHT FOR SILVER.
FREE COINAGE DEMOCRATS TO
THE FRONT.
The Pending Measure an Initial Step
The South and West Arrayed
Against the North and East.

l
Against the North and East.
WASHINGTON, Feb. I5.-The bill in
troduccd by Mr.. Bland for the coignage
of the seigniorage in the treasury
being the regular order, it was taken
up in Committe of the Whole.
Mr.. Rawlings (Dcm.) of Utah, con
tinued his speech, which was ycster-
day interrupted By adjournment. He
said that the gentleman from the
East smiled with derision at the finan-
cial theories of the South and West.
But the latter sections of the country
could do without the East, wheroas
the East, with its great manufacturing
enterprises and tceming millions was
dependent upon the West and South.
The miners of the West could produce
money for the people of that section.
while those of the East would be de-
pendent upon them.
Mr. Latimer (Dem.), Of South Caro-
lima, supported the bill. He reviewed
the demonetiZation legislation of 1873,
adduccd evidence to prove that it was
the result of Il conspiracy against
silver, and recitcd the evil con-
sequences that had followed its enact
mcnt. He believed that the Secrc-
tary of the Treasury had used the
latitude given him to discriminate
used the same ingenuity to interpret
the laws governing the seigniorage as
he had the statutes bearing upon the
issuance of bonds, there would have
been no necessity for the introduction
Of the pending bill.
Mr.. Hendrix Dem of New York,
said that the impression prevailing
throughout the world was that the
United States had gone out of the
business of giving fictitious value to
deprecated money. The dcmonetiza-
tion of silver, like an evil genius, was
now haunting the English House of
Parliament. The situation in India
had now reached an acute stage. The
question of silver affected the entire
world, and was now awaiting settle
mcnt somewhere, in some way. The
world is now in u listening attitude,
waiting for England to do something
Speaking of the pending bill Mr.
Hendrix said that its feature are good
and its general features are not new.
Every ounce OF silver purchased by
this Government had been paid for in
hard gold dollars, the best money in
the world. The Secretary had here
toforc coined seignioragc. He had
nCvSl come to Congress to do what he
was authorized. to do by the Sherman
act. But he had, no legal or moral
right to take an imaginary portion Of
the bullion deposited III the Treasury
and designate it as seigr\ pragc. The
secretary of the Treasury MAD already
coined $2T, 100000 of silver bullion,
and had made Il scignioragc of $ts n0O,-
600, which had been coined. Let hiho
continue to coin seigniOrage from time
TO time, in reasonable amounts. but
not select an imaginary portion Of the
httl Liam Il H., :.
age.
He believed that the Secretary of the
Treasury could satisfactorily handle
the financial question at this time.
He believed that the people of all
sections could trust to his wisdom and
discretion, and leave the matter to
his Judgment, without the enactment
of mandatory Instructions. If u bill
was now passed, which required the
Secretary of the Treasury to issue
what is practically fiat money, it would
add to the already great anxiety of
people, and gold would walk out of
the Treasury at an unprecedented
rate and create financial troubles
which could not now be estimated.
Mr. Simpson (Pop.), of Kansas, re-
fcrred to the remarks made by Mr..
Walker (ltcp.), of Massachusetts.
yesterday, in which he said that the
entire financial problem should be left
to the banks to solve. He read Mr..
Walkers biography, to show that he
was shoemaker, and said if Il shoe
maker could discuss the financial
question, why not farmer The
bankers desired currency which
would be a means of money making
for themselves, but the farmer and
laboring people needed a currency
which would be the most useful to
them and attended with the least cx-
pcnse. He believed in the issuance of
Hat money, and thought the Govern
lnent could issue currency based upon
the credit OF the Government and in
crease tho circulating medium. He
favored the pending bill because it
would Increase the volume Of money.
Simpson rcfuted the impression
which he said had prevailed in the
East. that the Populsts believed in an
irredccmablc currency. He pro-
nounccd the whole system of gold re.
dcmption as II makcshift. There had
never been any but Hat money. He
would limit the issue of Hat money to
the wants and needs of the people. He
SAID that there should be at least
enough money to supply per capita
circulation of $50.
Mr.. Boatncr (Dcm), OF Louisiana,
favored the bill, which. he said,
simply authorized the Secretary Of the
Treasury to utilize the receipts of the
Government to pay its obligations.
Mr.. Enloc, tDem.), of Tennessee,
favored tho bill and said that its oppo-
nrnts were not satisfied with the re-
peal of tho purchasing clause of the
sherman act, but desired to stop the
issue of money in any form. He said
the opponents Of this bill wore in tho
woods to kill every othc. industry,
and the country, except tlat of clip
ping coupons from bonds. &c believed
that rs soon as the m0ncy realized by
the salc Of bonds had become exhaust
ed, the banks of New York would
again raid the Treasury land compel
repeated issues of bonds
He had talked with ia gentleman
who said that if the pending bill
| passed not another Nnd could be
placed in New York 1f the credit OF
the Government was IT the mercy of
| Wall street it should bc allowed to go
by default. The cifCA to establish a
plutocracy would faiB The day when
the South could be ferrorizcd either
by bayonets or fnsbcial threats had
passed. The peOpf would take care
Of themselves. ItB the duty of Con
grcss to take awiS from the Sccre-
tary of the Treasury his scrctionary
power. There lad been too much
abuse OF such pow r. He believed that