St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-02-14


It-Johnson, of North Dakota,
Favors Silver Coinage.
WASHINGTON, Feb. 1S.-The house
spent the day in debate on the Bland
seigniorage bill. the principal speeches
being those by Mr.. Culberson, of Texas,
in favor of the measure, and MI.
Coombs. of New York, in opposition.
Several times today Mr.. Bland at
tempted to reach an agreement for clos
ing general debate tomorrow with
view to securing q vote, but objection
was made. Over forty members nave
asked for time to speak, and 1t may De
possible that a special order Will be re-
quired to bring the bill 10 4 vote, but
Mr.. Bland does not think this method
will have to be restored to. The debate
on the Bland silver se!gniorage bill was
resumed today III the house. Some
routine business preceded 1t. Inc
speaker laid before the house the Ha-
waiian message from the president
transmitted yesterday. At the request
of Mr.. Burrows it was read, and then
referred to the foreign affairs
committee. Mr.. johnson (Rep.. n.
d. said that he favored the
coinage of seigniorage and the silver
bullion in the treasury. but that was
only the superficial purpose of the
Bland bill. Mr.. Bankhead (Dem., Ala.)
supported the Bland bill, as modified by
the amendment of its author, offered
yesterday. He favored the more liberal
use of silver, and he could see no rea-
son why the legitimate profit of the
government in the purchase of silver
could not be coined into standard
money. Mr.. benson Dem., Ala.) fol-
lowed Mr.. Bankhead. and discussed the
general phases of the silver question
from the standpoint of a
FREE SILVER ADVOCATE.
He attributed the universal distress
to demonetization of silver. He sketched
the trepidation produced in the old
world by the disruption of the trade
value in India.
Mr.. Coombs (Dem., N.Y. opposed the
pending measure. 1t was not pleasant
for him, he said. to differ from his DEM
ocratic colleagues. He approached the
question, he said. as business PROPOSE
tion. The first section of the bill pro-
vided for the coinage OF the imaginary
Seigniorage in the treasury. There had
been purchased since 1890, 450, 000, 900
ounces of silver. for which the govern
ment paid SAGA, ,000, 600. Its value today
was but 1895. OOO.O 600. In other words,
the loss to the government, if liQuidated,
would be 16S,O0O.OOO.
Yet" SAID Mr.. Coombs, "we are
asked, in the face Of that great loss, TO
presume that the government has made
in seigniornge since 1890 100000 l
do not know anything in the shape of
business proposition more mOnStrouS.
There are not S419, 100000 in silver. If
the provisions of this bill should be car
ried out, this aggregate of coined silver
would be increased to 5000, 900. 900, worth
today IN the markets of the world but
S295, ,000.000."
MIR. Brown, of Indiana, attempted to
have the house concur in the unanimous
report of the committee on elections in
the Whalley- Cobb contested election
case from Alabama. confirming Mr.
Cobb's title to his seat, but Mr.. Pence
(COl.) objected. and. on motion of Mr..
Bland, the house then went into COM
mittee of the whole for further consid-
Grafton OF
THE sEIGNIoRAGE BILL.
Mr.. Bland sought to make an arrange
menI to close the debate at l o'clock
tomorrow, but his suggestion met with
chorus of objections from the Repub-
lican side. Ihereupon Mr.. Filgore
(Dem,, Tex was recognized to COM
plete his speech begun last Friday.
He began by denying the statement
made by the opponents of the bill that
1t would force the secretary of the treas
ury to redeem the treasury notes of
1890 in silver. 1t would not in any way
Interfere, he said, with the redemption
of these notes in gold or silver, at the
option of the holder, but having been
redeemed, silver coin or certificates
would 90 out to take their place III the
country's currency.
Mr.. Bell, of Texas, who followed,
contended that The real question at issue
was whether the United States should
paper money or issue Understanding
bonds upon which the national banks
would issue national bank notes. If The
treasury notes were redeemed and can
celled, and silver or silver certificates
issued in their stead, the inevitable re-
suit would be the boarding of the legal
tender money Of the country.
The people did not want silver. In
spite of the great effort to get it into
circulation, in spite Of the fact that
S1,39O,O00 had been spent in sending il
to various sections OF the country, il
had all found its way
BACK TO THE TREASURY,
and there was now outstanding a beg
gary S50,OGO,0OO.
If there must be imitation, why not
issue paper money; why not save the
expense Of coinage?
If there should finally be disaster on
account of the over-issue of silver. the
poor. unable to bear the loss, would be
the sufferers.
There was no better plan for pushins
this country over onto silver basis, il
his opinion, than the passage of thi
bill.
Mr.. Culberson Dem., Tex.) said tn,
general object of the Bland bill was t.
get the silver bullion now in the treas
ury in circulation as rapidly as possi
bic. About SOS, ,O00, ,Oo0 of it would be
pare addition TO the currency. woult
not depreciate any class of money. mol
carry taiut OF depreciation into the
currency. He was free coinage adyo-
cate and in entire accord with the pur
pose of the bill. If it became law il
T9uld save !he issua of $4,000, 900 o
lnterest-bear!ng bonds. The govern
Eicnt needed aud must have tha
amount of money, and n,ore, too. T.
be entirely frank, The purpose of thi
bill was to put $4,000, 600 silver dollar
or silver certificates into circulation.
His criticism Of the BIZ! was By (.