Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-03-09

L ~ lOJt.
jnctIon to Mr.. Alllson's motion, 10 as 10
leave the bill open TO amendment ne
proposed to show the importance OF
having the bill amended. He declared
that there was no disposition on his side
Of the chamber to prevent action on the
bill. There was therefore. Nd objection on
the part Of the majority TO avail itseif
OF the accidental position OF the bill IN
Its having passed beyond the amendment
stage. He suggested that senator's on both
sides should proceed In the matter with
out taking advantage OF rapid declara-
ton on the part Of the presiding oihcer
that the bin had been read third time.
Mr. Harris declared that the bill had
reached its present stage through the
regular methods OF procedure in the SEN
ate. and he knew of no reason why the
bin should not be disposed OF in thirty
minutes. Certainly he would not consent
to any reconsideration unless a majority
OF the Senate ordered II on a yea and nay
vote.
Mr.. Sherman appealed to Mr.. Harris,
as a kind-hearted man, and a man obser-
want OF the courtesies OF the Senate,
whether IL was wise 10 insist upon the
result OF a vote taken without the
knowledge of several senator's. He then
went on to argue against the Dill. In his
opinion, II was a violation of the public
faith. as declared in the act OF $780, which
pledged to the redemption OF the silver
certificates the entire silver bullion pur-
chased by them. He believed, also. that II
was the beginning OF an unlimited issue
or paper money TO meet current expendi-
ture, and he believed that 1t would SUBJ
Of Ito,
and silver the monometallism of silver
only. Congress was already threatened
with the question Of the free-conage Of
silver. The Senator from Nevada (Mr.
Stewarp had been on the point OF of
fering such an amendment yesterday, and
had only withheld 1t until after the pend
ing bill had passed. II had been said in
the newspapers Che did not know with
what accuracy that the author OF the
measure CMr. BlanD proposed to intro
duce in the House of Representatives a
bill for the free coinage OF silver.
Mr.. Sherman proceeded to read the pro-
visions OF the act Of 1890, and to argue that
they were entirely repugnant to the pro-
visions or the pending bill. The act of
lSo, he said. meant clearly that the sill
yer bullion purchased under II should he
coined into dollars as needed TO redeem
from the act OF 1880 this passage, And the
gain Of the seigniorage arising from such
coinage shall be accounted for and paid
into the Treasury" and said: This segn-
iorage did not arise until after this bull
lion was coined. and. therefore, this pro-
vision about the gain Of seiguiorage did
not operate or come into existence. ac-
cording to the decisions Of two secretaries
Of the Treasury-one Democratic and the
other Republican.
BREACH OF PUBLIC FAITH.
After further remarks on this point.
Mr.. Sherman said: This bill is plain
and palpable violation of the public faith
az plain as II you should refuse 10 pay
United States bonds-that this bullion so
purchased for Treasury notes shall re-
main intact in the Treasury only 10 be
used for the purpose Of the redemption Of
Treasury notes. The bill before us,
strarge to say. provides for taking sJj.-
0oo.O0O OF the bullion thus pledged TO the
redemption Of Treasury notes. 1t takes II
from the vaults of the Treasury Depart
mont, where IL Is pledged, az sacredy as
mortgage upon land. or as any other OBJ
legation OF public faith. AMI what does
IT propose to do with this $jJ,WO.OW? Not
to redeem Treasury notes. Not to main
tain the parity between Treasury notes
and gold But this SIS, O,0O0 is 10 be
taken In plain violation OF the law or
1890 In plain violation Of the obligations
Of public faith. in plain violatiOn OF the
contract between citizens or the United
States and the United States at large.
| say that this is a breach or pubic
faith, which ought To stamp upon this
measure the condemnation of every man
who has any regard for the Obligation
of contracts
Mr.. Manderson called the attention OF
the Senate to the fact that under tv''
lar gllage OF the seigniorage BILL not oniy
might 55, go 90 OF silver dollars be coined,
but an additional $j5,00o.o0O OF Federal
notes be issued.
Mr.. Aldrlch inquired satirically whether
that WAS not the Intention OF the trainers
OF the bill
Mr.. Manderson could imagine that that
was what was desired by those who
framed the bill, but he thought there was
no question of that being the English OF
II.
1T cannot be interpreted in any other
way" said Mr.. Aldrich.
II do not see how" Mr.. Henderson
assented. "and, therefore, | appeal to the
Senator from Tennessee (Mr. Harris)
whether this ambiguity OF expression, 10
treat it very mildly. should not be RENE
died before this bill passes the Senate.
SILVER DOLLARS ON HAND.
Mr.. Sherman continued his argument
against the bill. 1t was impossible. he
said, 10 have more than two or three mil
lions of silver coined monthly. and there
were now some 3V00lO.OO silver dollars
on hand. And yet. without waiting until
there was a demand for that silver for
- Of atr lat n
posed 10 issue silver certificates on the
faith OF the silver bullion 10 the amount
OF &j5 900. 60. And yet IL seemed 10 him that
the suggestion OF the Senator from Ne
braska (Afr. Mandersom was clear and
unquestonable. II was perfectly clear
that the sjj.OcO000 could be doubled If an
excess OF the first f55.000,e0 was demanded
by the needs OF the Treasury. He sai
that the proposed issue OF 100000 OF
paper money was based on money stolen
from the fund pledged TO redeem Treasury
notes without any sanction whatever. So
far from doing such thing he would
be willing 10 borrow money at any rate
| of interest rather than endanger the whole
financial system of the government by
such large increase of paper money
without any backing.
In the further course Of his argument
Mr.. Sherman declared that there had not
| been a dollar gained by the government
| I'm the purchase Of silver bullion. There
never had been any foundation for seig-
| niOrage. The old word "selgniOrage" was
| one which ought not 10 BE- engrafted ON
the laws of the United States 1t repre-
| sented the power OF n lord or king 10
seize portion OF the bullion brought 10
| the mint by it's owner 20 be coined. IL
meant toll. 1t was a word offensive 10
| every American mind. But there could be
no selgniorage in this case because there
had been no profit in the transaction. The