The sun., 1894-02-16
SILVER TALK IN THE HOUSE.
MR. BLAND <9hIN FlILs TO FII
LIMIT TO TEE DERArE

business IN the House to-day. Mr.. Bland dem,
Mo- asked unanimous consent that general
debate on the seiRniorsge bill be closed at 4
o'clock this afternoon. tomorrow afternoon.
he said II was evident that IL would be i'm
possible to obtain unanimous consent and he
would tomorrow morning endeavor to fx .
Limitation Of debate By vote OF the House.
The bill was taken up In Committee OF the
Whole. and Mr.. Rawlips Dem. Utah con-
cluded his speech. which was yesterday inter-
ruDted by adjournment He said that gentle
men from the East smiled with derlsion at the
financial theories Of the South and West But
the South and West could live without the
East whereas the East with it's great m anu
featuring enterprises and teeming millions.
was dependent upon the West and South.
Mr.. Latimer Dem. g. c. supported the bill
He reviewed the dem on etiEation legislation Of
1873. adduced evidence to prove that II was a
conspiracy against silver. and recited the evil
consequences that had followed its enact
ment. He believed that the Secretary OF the
Treasury had used the latitude given him
to discriminate against silver. II the Secre-
tary had used the same ingenuity to interpret
the laws governing the seiRniorage as he had
the statute bearing upon the issuance Of
bonds. there would have been no neoes-
sity for the introduction OF the pending bill
preston prevailing throughout the world was
that the United States had gone out OF the
business OF giving q fictitious value TO depre-
ciated money. The demon OF silver. like an
evil genius. was now haunting the English
House OF Parliament. The situation In India
had reached an acute stage. The question OF
silver affected the entire world. and was now
awaiting settlement somewhere in some way.
The whole world is now In q listening attf-
tude awaiting for England to do something
Speaking Of the pending bill. Mr.. Hendrix said
that Its new features are not good and its
good 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
tofore coined seignioraRe. He had never 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 any imaginary
portion OF the bullion deposited In the
Treasury and designate It as seigniorage.
The expenditures Of the Government had
become enormous. and had exceeded the re-
ceipts The Secretary Of the Treasury did not
propose to tenn porarily borrow m oney until he
could reimburse the Treasury from incoming
revenues. but he would negotiate loan for a
period Of ten years. Hewould pursue . course
similar to that followed by the city OF New
York when its expenditures exceeded tho
revenues Referring to the assertion that the
banks OF New York went to the Treasury and
took out gold. he said that the Treasury notes
began to push out the gold In October 1891. IL
was not expected when tho Sherman act was
passed that these notes would make inroads
upon gold. It was not thought that the Sher-
man law would influence the rise and fall o.
silver but spectators had taken con-
troll Of the market and influenced prices.
The statement that New York had boarded
gold was one Of the most erroneous ever
made. between October. 1891 and 1882
S11 2.00O.O0O In gold was taken out OF tho
OF this sum $50. 900. 900 was for
Treasury notes and $50. 000. 900 United States
notes. During this time there was exported
S154. 900. 600 In gold. It was thus shown that
the banks. instead OF boarding gold had sctu-
ally lost gold. Every banker ID New York
states Treasary. and they % ali worked G % tosetSer @
IKE brothers to m aintain u sound financial
The. Secretary OF the Treasury had already
coined s27.OOO.OO0 OF silver bullion and had
made seiRnlorage profit OF sU.OOo,0O0. which
Beigniorage from time to time In reasonable |
amounts, but not select an imaginary portion |
I'm preston made upon the country by the |
pending bill 10 an extremely bad one, The |
have the eject there Of Of Delaying the " calling
together Of an international monetary confer |
ence to consider the financial situation.
msas b5 Wakaf fep S the
terday. In which no said that the entire fnan-
soive lie read Mr II %aSers s0f bosrSphy s oaRs TO
show that he was a shoemaker and aaid u a
on Why not The bnnfsas aeased
/ currency which would be means OF money
making for them tGsmTselvss while the farmer ard
would be the most useful to them anu attend
ID with the least expense. He believed in the
,rnment could issue currency based upon the
,redi. oi the Governmsnt. and Increase the
oiii because It would incresse the voiums q
money; Mr; Simpson sscribed the present
ss ms fSe Ssd
Onward and compAled such legislation as has
Iince given them absolute control Of the Gov
honey power had fortified it's POSITION and sdt cen' enc
rallied wealth. until It had to-day bound the
Mr. simpson reiuted the impression. which.
10 said prevailed in the East, that the Popu.
'aid that a mistaken Idea prevailed concern.
ng redemption. which consisted. according to
~ To- ths :nG
sSd the The ssds for Z S gold M
would limit the issue Of HAT money to the
'Iy a per capita circulation OF $50.
NJ bingham Nhops IA-l bDOko against the |
I'LL. which. he said. was but another step in |
he movement to establish a silver currency. |
I is proposed to take a step back ward after
living notice to the world that this country
lad retired from the silver business and again
esume tho issue OF silver money He regard |
d such legislation as spAsmodic and calcu- |
ated TO disturb business interests and dis
ourage foreign investors
Mr.. Boatner Dem, La.l favored the bill |
fhich, he said. simply authorized the Secre-
AIRY OF the Treasury to utilize the assets Of |
he Government TO pay its obligations. He
i'd not believe that the Redemption act au-
horized the Secretary OF the Treasury TO issue
onds and use the money for any other pur-
ose than a rsdemption1und; Money received
Or bonds should not be used for the ordinary
XDensss OF the Government. Ls II would have
he effect OF destroying confidence In the va
ious currency lssueS He said the pending |
Ill would give the secretary oil the Treasury
honey with which to pay the Govern m ents |
i 1penses and prevent its outstanding obliga-
ions from going TO protest This provision |
Ias necessary In view OF the fact that no Iunds
erived from the sale OF bonds could be used
d paying the Governments debts.
Mr. Enloe Dem. Tenn said that the oppo- |
ents Of the bill were not satisfied with the re- |
cal Of the purchasing clause OF the sherman |
CT. but desired to stop the issue OF money In
ny form. They were determined 10 kill every |
ther industry In this country except that OF
Tipping coupons from bonds. He believed |
ha m ali hv Ia | I