Cottonwood report. [volume] (Cottonwood, Idaho) 1893-1901, 1896-03-20
He Defines His Position Before
the Senate.
FAVORABLE TO FREE COINAGE
And If He Can Not Get a Whole Loaf
Is willing 10 Take Half
Loaf.

being before the United States senate,
Senator Squire of this state defined his
position. He said:
Mr. President: / wish to say a WORD
or two on this subject, because it is
one that concerns the interests of the
whole country. In the first place, I am
in favor of the free coinage of silver as
principle. propose to vote in accor-
dance with that conviction. 1 do not
think it necessary that we should spend
so much time in discussing the silver
question here, except to show to the
American people what the views of the
American senate are on the subject.
certainly nothing can be accomplished
at this session in the way of legislation
In favor of silver. That is already I'M
derstood. However, 1t is needful and
proper that we should put ourselves on
record as to where we stand on the
question. The position 1 occupy is in
favor of silver"
Mr. Morrill, then offered the following
amendment:
Provided, That the seignorage upon
all coinage of silver under this act shall
be retained by the United States equal
In amount to the difference between the
coinage value and the commercial value
of silver bullion when presented at the
mint
Mr.. Squire announced his purpose of
voting for this amendment He said he
had thought at first that he would vote
| for any amendment to the bill except
| the one proposed by the committee
| namely, the free coinage substitute for
| the bond bilD, but he had concluded
| that half a loaf was better than no
| loaf at all. He added that one of the
| ablest advocates of the free coinage of
| silver at 16 to had assured him that in
| his opinion such a measure as this
would result in free silver at the de-
| sired ratio Then why not accept it as
| the best that can be obtained at this
| time?
Il am not trying to discriminate
| against the mine owners. I should be
| willing to have the whole business on
| the line of the free and unlimited coin
| age of silver, and that the people of the
| United States and of the world should
| enjoy all the benefits of such law; but
| inasmuclras we know distinctly that we
| can not secure such legislation, I say it
| may be wise for us to listen to the
counsel of the honorable senator from
| Vermont, and to get this amendment
| incorporated in the bill. Perhaps, by
| this means we may be able to secure
| the passage of bill to which the pres
| ident will affix his signature, and thus
| get favorable result. 1t seems to me,
| as 1 said before, that it is better to take
| this half loaf than not to have any
| bread at ALL"
Mr.. Dubois. Will the senator from
| Washington allow me to ask him a
question before he sits down?
Mr. Squire. Certainly.
Mr.. Dubois. I ask if he thinks there
would be any difference between the
bullion value and the mint value of sill
yer if we had free and unlimited coin
| age?
Mr.. Squire. will answer the senator
| from Idaho. l believe that in time
there would not be any difference, but
1 believe it would require time to adjust
the present difference. There has been
disparity as to the value of the money
metals when silver has enjoyed high
| privileges in that respect. 1 believe
time will be required to close up the gap
between the two metals.
Mr.. Dubois. / was going to say, if
the senator would allow me, that the
| advocates of the free and unlimited
coinage of silver believe that immedi-
ately on the enactment of such a law
the difference between the mint value
and the bullion value would disappear.
Mr.. Squire. There is a wide differ
| ence between the views or extremists on
this subject. The only possible course
| for us to adopt al present Is the middle
path. We know that the friends of sill
yer not only in this country, but in
| Germany, France and England, believe
that it is wise and proper for the money
metals of the world to suffer no appre-
ciable diminution; that there should be
rather an increase than a decrease in
the money of primary payment; and we
know that there are men here willing
to work in that direction, who have
been doing 1t for years with ability and
devotion to the cause of absolute
honesty as between the great interes ts
involved that has my full sympathy
On the other hand, the gold men insist
upon the gold standard, and apply that
touchstone exclusively to the currency
of the whole world. The chasm between
these extremists is as wide as that be.
tween Dives and Lazarus. Thus moth.
ing is done and the debtor class con-
tinues to suffer and the agitation is
said to affect public credit. 1 would
have relief afforded by bringing bott
extremes together in the middle path
which consider to be the path of safe
ty. 1 take my stand with the silver
: men, but I am willing to accept a par
if I can not secure all. This plan is no
: like that of purchasing silver. 1t il
simply for free silver on basis of 1T
gold value. 1t can harm no one and will
I greatly help the situation. In my judg
r ment 1t is the only practicable solution
by this congress.
nIcAppOTNTEn