The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1894-02-24
SILVER sEloNloRAaE.
synopsis of the Debate In the House on
tho Bland Bill.

HynOpsle OF tho Douute III tHo HOUSE On
the Bland Bill.
On tho isth Mr. johnson rep, N. D) said
That he favored the coinage OF scignorage and
the silver bullion in the treasury, but that was
only the superficial purpose Of the Bland bill
Mr.. Hnnkhead dem, Ala.) supported the
Bland bill as modified by the amendment OF its
author offered. He favored the more liberal
use OF silver.
Mr.. benson dem, Ala) attributed tho uni.
yersal distress to demone etization Of silver. He
sketched the trepidation produced in the old
world BY the disruption OF the trade value in
India.
Mr. Coombs dem. N. W opposed the pend
ing measure. He approached the question, he
said, as u business proposition. Tho nrst sec.
ton OF the bill provided for the coinage OF tho
imaginary seigniorage In the treasury. There
had been purchased since 1890 450. 900 900 ounces
of silver. for which the government paid s464,.
100000. It's value to-day was but s295. .00o0 900
In other words, the loss TO the govern
ment II liquidated, would be slos,oO0o0o
Yet" said Mr. Coombs, 1--WE are asked in
the face OF that great loss, to presume that the
government has made In segniorage since 1890
500. 600 600 l do not know anything in the
shape OF n business proposition more mon.
the provisions OF this bill should be carried out
this aggregate of coined silver would be in
creased to 5000 00O, 00O, worth to-day in the mar
kets of the world but $4,000, 900.
Mr.. Ktlgore dem, Tex.) denied the state
mcnt made by the opponents of the bill that 1t
would force the secretary of the treasury to
redeem tho 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 60
out to take their place in tho country's cur.
rency.
Mr. Boil, dem. Tex.) contended that the real
question nt issue was whether the United
States should exercise Its right Of sovereign.
" to issue paper money or issue inter.
est-bearing bonds upon which the national
banks would issue national bank notes. II tho
treasury notes were redeemed end cancelled,
he continued, and silver or silver certificates
issued In their stead, the inevitable result
would be tho boarding Of the legal tender
money of the country. The people did not want
silver. In spite of the great effort to act 1t into
circulation; in spite Of the fact,that 81, 100000
had been spent In sending 1t to various sections
of the country, IL had oil found its way back to
| the treasury, and there was now outstanding q
beggarly $50 OO0,O 600 II there must be imitation
| 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.. Culberson (dem., Tex) said the general
object of the Bland bill was to get the silver
bullion now in the treasury in circulation as
readily as possible About s55,oOo,o0O Of IT
would be pure addition to the currency, would
| not deprecate any class of money, nor carry q
| taint OF depreciation into the currency. II 1t
| became u law it would save the issue OF s65,-
100000 of interest-bearing bonds. The
| government needed end must have that amount
| of money, and more, too. To be entirely frank.
the purpose Of this bill was to put 1890 QUO
silver dollars or silver certificates for the
amount into circulation. His criticism of the
bil! was that by Its terms 1t would prevent the
| redemption OF any treasury notes in silver
| for two years. He pointed out how, by an
amendment this objection could be OBJ
Waited, and Mr.. Bland expressed his
willingness to offer the amendment suggested
| "Gentlemen assume to be alarmed over the
| prospect of tho passage Of this bill," he con
tinued. 1.-THE country is much nearer panic
| now than 1t will be after the passage OF this
| bill. The banks OF the country can force In
| solvency or bonds every forty.eight hours The
| treasury notes used In the process should be
| retired, and II were secretary Of the treasury
| 1 would redeem every dollar issued for the pur
chase OF silver in silver" In conclusion Mr.
Culbertson pointed out that in thirteen year:
preceding 1891 but t3s 900 was redeem ed il
gold, yet in nine months in 1892 SlS2 0Oo, 900 was
! 80 redeemed.
On the 14th Mr.. Stone (dem. Ky.) asserted
that there was deficiency in the revenues o
the government and that there would bio
| larger deficiency no one would deny. The frs
section of this bill proposed to coin surplus
| asset of the government to .leet part OF this
deficiency. He urged that there was no vir
tue in the claim set up that the SeigniOrag
bullion was pledged to the redemption OF thu
outstanding treasury notes, as both Secretar,
Foster and Secretary Carlisle had held tina
these notes were redeemnble either in gold o
silver The sale OF bonds had not or coul no
strengthen the treasury. 1t simply increased
the obligations of the government and made |
harder for the treasury to meet its obligations
Mr. Walker (rep Mass.) declared that the
worlds business was done upon the basis ot
the worlds standard of value-gold--and sill
yer, as far ns its value as international ex
change was concerned, must always b
measured by its bullion value in gold
Silver coinage, forced by the demo
cratic party, had cost the people OF the countr
S40000,0o0 a year in indirect taxation He argue
that it was better to issue bonds than to pas
Walker read IN m alleged quotation fror
Mr. BANDS speech, to demonstrate. a
he said, that the result OF the limitation q
Of the value of silver and the depreciation q
the value of the silver dollar. He went on
call attention TO Mr. Johnson's statement yo~
eerday that legal tender paper or gold was be
ing refused ut the trensury for silver certit
Gates The moment silver certificates were n
longer interchangeable with goll or gold obi
MUM Of 81 l-10 cents.
Mr.. Sweet ren, 1daho) argued in support c
| tHc Dlll WIN u SuOHp uppoul III tuVoE Vi ire
, coinage. Mr.. Bowers trep. CALI also SUI
| ported the bill
Mr. RESsnS ss ep he Pa ssd s'Fqsd s ,ss ss1ns,
auction to enable Il to pay its debts.
the danger from which the countr
, had escaped only few months ngo. when I'll
Sherman act wns repealed; He was unalte
ably opposed to the further issuance of inferic
money, which would add TO tho difficulties n
tending tho maintenance OF the parity betwee
gold and silver and still further inperil II
Mr. Rawlins, delegate from Utah, supporte
, tho bsl with general argument in favor
free coinage.
On the 18th Mr.. Bland dem, MOI rose to G,
plain the quotation made yesterday by M
Walker In which he. Mr. Bland. was represen
ed as admitting the possibility of the deprcci
tion OF tho silver dollar 10 the price
bullion. He did not dispute the accurac
of the report OF his speech, but wore
spoken in the heat OF debate did nj
represent his views. There was, he sal
! an active universal demand for silv'
, for use in the arts. Under these circumstance
. 1t would be strange II bullion silver and coin,
silver had the Same value, Ho urged howeve
that once there WAS free and unlimited coinaf
. OF silver the demand for bullion for cotnaI
Q purposes would bring both cotn and bullion s
al Yer TO par
9 Mr.. Hendrix dem. n. " opposed the b
declaring that there was nothing sndder ths
! TO sec farmer sitting on II fence rail with
r gesticulating politician trying to convince h!
: that tho low price OF wheat WAS due to u
g "crme of 1873" Mr.. Simpson (pop., Kan
took tho floor In advocacy OF the bill
Mr. Bingham rep. Pa.) opposed the pendii
measure, arguing that the enactment OF the b
| would threaten the credit of the governmel