Alma record. (Alma, Mich.) 1878-1928, 1894-02-23
SILVER ssloNloRAoE.
Synopsis of the Debate In the House ON
tho bland Bill.


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 amend ment Of its
author offered. He favored the more liberal
| use OF silver.
| Mr.. benson dem. Ala) attributed the uni.
| versal distress to demone tizaton of silver He
sketched tho trepidation produced In the old
world by the disruption OF the trade value in
India
Mr.. Coombs (dein.. N. " opposed the pend
Ing measure. Ho approached the question, he
said, as q business proposition. The FIRST SEQ
ton OF the bill provided for the coinage OF tho
imaginary seigniorage In the treasury. There
had been purchased since 1890 450 O00, 600 ounces
OF silver. for which the government paid s40i,-
100000 Its value to-day was but S295 600 600
In other words, the loss to the govern.
ment, II liquidated, would be sl6s, 10000
! Yet" said Mr. Coombs, 1--WE are asked, in
the face OF that great loss. TO presume that the
government has made in seigniorage since 1890
! sb5, 600 600. / do not know anything in the
! shape Of a business proposition more mon
strous There are now SAC 000, 900 in silver. II
! the provisions OF this bill should be carried out
this aggregate OF coined silver would be in
creased TO 1905, 600 600, worth to-day in the mar
kets OF the W ord but 1905 600 600
Mr.. Kugore dem, Tex denied the state
ment made by the opponents of the bill that it
would force the secretary OF the treasury 10
redeem the treasury notes OF 1890 in silver. 1t
would not in any way interfere, he said with
the redemption of these rotes in gold or silver
at the option OF the holder, but having been
redeemed silver coin or certificates would go
out TO take their place In the countrys cur
rcncy.
Mr.. Bell, dom. Tex) contended that tho real
question at issue was whether the United
States should exercise It's right OF sovereign.
" 10 issue paper money or issue inter-
est.bearing bonds upon which the national
banks would issue national bank notes. II the
treasury notes were redeemed and Cancelled,
he continued, and silver or silver certificates
issued IN their stead, the inevitable result
would be the boarding OF the legal tender
money Of the country. The people did not want
silver In spite of the great effort 10 get Il into
circulation; IN spite of the fact that Il, 3aJ 900
had been spent in sending IL 10 various sections
OF the country, IL had all found It's way back 70
the treasury, and there was low outstanding u
beggarly $50 100000 II there must be initiation
why not issue paper money-why not save the
expense OF coinage? II there should finally be
disaster on account OF the overissue Of silver
the poor unable TO bear the loss, would be the
sufferers.
Mr.. Cuberson (dem Tex said the general
object OF the Bland bill was 70 get the silver
bullion now in the treasury IN circulation as
readily as possible About S55O00,O00 OF II
would be pure addition 10 tho currency, would
not depreciate any class OF money, nor carry
faint OF depreciation into the currency II IL
became u law IL WOuld save the issue or coO,-
600 900 OF Understanding bonds. The
government needed ana must have that amount
OF money and more, too To be entirely frank.
the purpose OF this bill was 10 put ls2,0)0,0OO
silver dollars or silver certificates for the
amount into circulation. His criticism OF the
bill was that by its terms IL would prevent the
redemption OF any treasury notes in silver
Tor two years He pointed out how, by an
amendment, this objection could be OBJ.
Waited, and Mr.. Bland expressed his
willingness 10 OFFER the amendment suggested
Gentlemen assume to be alarmed over the
prospect Of the passage OF this bill" he con
tinued The country is much nearer panic
now than II viii be after the passage OF this
bin The banks Of the country can iorce In
solvency or bonds every forty eight hours. The
treasury notes used in the process should be
retired, ard II were secretary OF the treasury
! would redeem every dollar issued for the pur'
chase OF silver in silver" In conclusion Mr.
Culbertson pointed out that in thirteen years
preceding 1901 but s3S, 900 was redeemed in
gold, yet in nine months In 1892 sls2 0OO0 900 was
80 redeemed.
On the l4th Mr. Stone dem. KY asserted
that there was deficiency in the revenues OF
the government and that there would be
larger deficiency no one would deny. The first
section OF this bill proposed TO coin surplus
asset OF the government TO meet part of this
deficiency He urged that there was no vir-
tue in the claim set up that tie seigniorage
2
outstanding treasury notes, "a both Secretary
Foster and Secretary Carlisle had held that
these notes were redeemable either in gold
silver. The sale OF bonds had not OF coul not
strengthen the treasury. 1t simply increased
the obligations of the government and made 1t
harder for the treasury 10 meet It's obligations
Mr.. Walker rep Mass declared that the
worlds business was done upon the basis OF
! the worlds standard OF value-gold-and sill
yer. as far as its value as international ex-
change was concerned, must always be
measured by its bullion value in gold
/ Silver coinage, forced by the demo.
cratic party. had cost the people OF the country
$40 600 900 year in indirect taxation lie argued
! that IL was better 10 issue bonds than 10 pass
such bill as the pending measure Mr.
! Walker read an alleged quotation from
/ Mr. BANDS speech TO demonstrate, as
/ he said, that the result OF the Limitation Of
/ silver coinage would be the debasement
OF the value OF silver and the depreciation of
/ the value OF the silver dollar. He went on TO
call attention to Mr. Johnson's statement yes
/ terday that legal tender paper or gold was he
/ ing refused at the treasury for silver certih.
/ Gates. The moment silver certificates were no
/ longer Interchange able with gold or gold obli-
cations, SAID he, the latter would go TO a pre-
MUM OF 81 lilo cents
/ MIR. Sweet rep, Idaho) argued in support OF
coinage Mr.. Bowers rep, Cali also sup
Mr.. BTosius rep, Pal argued uga,ns, the
/ honor OF the country being put up at
auction to enable Il TO pay It's debts
/ He said IL was o step backward toward
, the danger from which the country
| hal escaped only a few months ago when the
| Sherman act was repealed. He was unalter-
ably opposed 20 the further ISSUANCE OF inferior
/ money which would add 20 the difficulties at
/ tending the maintenance OF the parity between
! gold and silver and still further imperil the
/ credit OF the government
Mr.. Rawlns, delegate from Utah, supported
| the bill with general argument in favor OF
| free coinage
| On the 18th Mr.. Bland dem. Mo- rose 10 eI.
plain the quotation made yesterday by Mr..
| Walker in which he. Mr. Bland was represent
ed as admitting the possibility OF the deprecia-
| ton OF the silver dollar TO the price OF
bullion. He did not dispute the accuracy
OF the report OF his speech, but words
! spoken in tho heat OF debate did not
represent his views. There was, he said.
an active universal demand for silver
for use In the arts. Under these circumstances
IL would be strange If bullion silver and coined
silver had the same value. He urged. however,
that once there was free and unlimited coinage
| OF silver the demand for bullion for coinage
purposes would bring both coin and bullion sill
/ YER TO par.
Mr.. Hendrix dem. y. ~ opposed the bill
declaring that there was nothing sadder than