The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-27

ious sections OF the bill by Mr.. Hooper.
came IL general discussion or the bill. In
which was shown 4 determined effort to
secure its defeat, This effort was espec-
iaiiy manifest on the part OF some OF the
members from New York
MIR. BROOKS went so far as to move to
strike out section one. for the purpose as
he frankly avowed of putting an end to
the bill. Both Mr.. Potter and Mr.. Brooks
objected to provision after provision OF
the bill. usually without specific reason.
simply declaring that for the present the
existing laws were sufficient.
Goaded to desperation by the persistent
attempts to defeat the measure, Mr..
Kelley, of Pennsylvania. took the floor and
very pointedly called the attention OF the
House to the fact, that any legislation.
however general in character, which
assais existing abuses and would abolish
opportunities for illegitimate profits TO
spectators, Is met with jealous and
organized opposition. Let me, Mr.
Speaker. hastily point out some OF the
interests that are on this floor seeking TO
protect themselves by preventing the
passage OF this bill One silver bullion
dealer of New York during the last Con-
gress admitted TO Mr.. Hooper. that under
one defect in existing laws he was max
ing at the cost of the Government from
seventy-fve thousand to one hundred
thousand dollars a year. His profits
and he is but one of those who are grow
ing fat and greedy upon the defects in
our mint laws-arise IN this way; our
country. like every other civilized Gov
eminent. should procure it's own metal
out of which to make subsidiary coinage.
Now, sir, every coin of ours that is not
gold is subsidiary. Our silver dollar.
half dollar. and every other coin that Is
not gold is subsidiary. All other Gov
ernments pay the expense OF minting by
the difference between the intrinsic value
of subsidiary coins and the value at
which they circulate. And such was the
law of this country until by ruling OK
Mr. Gurthrie the mint was ordered 10
receive silver from private individuals
and coin il. Now. it so happens that
constituent OF the gentleman from New
York has been taking advantage or that
ruling and deposited silver to be MADE
into half dollars and other silver CONS
lie has as he stated TO my cohedsur
(Afr. Hooper of Massachusetts ana my
self. been doing a business or from eigh-
tean hundred thousand TO two million
dollars per annum, giving MN as p'one
an annual income equal TO the salary Oh
Mr.. Kelley. after showing the immense
nrofits of the bullion brokers by the coin
age for private account OF minor coi'is'
as well as by other methods which he
noints ont. continues Now, sir, Is the
C;overnment of the United States TO be
made the prey of the people OF the WORTH
i'm order to give large prohts 10 re"
silver bullion brokers in New YORK! roI
there is the whole question. beyoho
IL. ~ &c a mere question of petty detaii.
II il not nv purpose to make an elapo-
rate sneech on this subject. ! sought the
floor M this time TO point out the fact
,bat I'm the existing state OF things, with
enecie navments In allegiance. there Is
iob of from ave to ten million dollars IN
volved in the defeat OF this bill.
During this discussion the attention ol
the House was many times directed "
tho fact that the opponents OF the oiii i,'-
sisted upon defeating 1t that tney hiisns
maintain the existing silver uoildt "ni0N
was worth three and nan CENTS iiioi
than the gold dollar and worth sew
cents more than two half dollars Simply
for the purpose OF aloruins 0'' ''''''
lion brokers profit.
Nor was the contest waged by the op-
oosition the fight Of an open antagonist
Not by opposing any specihc ciause, ouI
-. n, objection here an objection tnere
~, amendment to this. and an amend
ut IN that II sought to delay and hnaiE
defeat the bill.
u,i,dinq the bill so loaded with am me
,,,a,ts as N be almost unintelligiDle, MI
Wooper on the 9th of May onered an
amendment TO IL in the nature OF sun
stitute. which had been very careiuiIy
prepared and previously suomit,eu "
~ dirferent members who had taken an
interest i'm the bill This substitute. was
nassed bv tho House. was very careiuiiy
considered in the Senate. ana hia"s
rassed the Senate with amendment one
90 those amendments. submitted Jan H.
,,optioned the silver dollar OF 80 grams
fchanged from 3Si grains so as 10 cor
respond TO the French hNe irdic ple'e'
IN nronoesng a change OF inscription on
ia ~ ,he coin. Another provided
for tho coinage. for private account or
,ho trade dollar OF four hundred ana
twenty grainsa and a proposed amend
mont finally rejected. provided that no
charge should be made for converting
cold hullior into coin. Thin was pro-
,osad he Senator Casserly. OF California.
,vbo soid.-"The Continuance or TINS
coirooa charge repels from this country
otr,ost the entire gold bullion product OF
Aurtralia. The cost of refining i'm Lon
don Is so much more than II IS IN san
Francisco that hut for this coinage
charge the gold bullion product OF Aus
,ralia would come 10 rs. Why? Becarse
what they want i'm England all the whlle
"a silver for their Asiatic exchanges with
India and China. We have more silver
than We want. Nevada appears 10 be
ocfting ready TO deluge the world with
silver and before a great while II may be
az an absolute discount on our hands
The House and Senate failing 10 agree to
the amendments. n conference on the
part Of the two Houses was ordered
with Mr.. sherman. Mr.. Scott and Mr.
Psvard as conference committee for the
Senate and Mr. HoonAr. Mr.. Stoughtoc
and Mr.. NcNeev for the House.
The rerort ~ tho conference con1nit',,
reh & thus dierosed ~ the veyAd nreS-
,ion corcern'ng the coi,aee Of the silver
dollar y -rovidad THAT arv owner
~ oliver bullion nav dAnosit the sar'e ~
anv mint 10 he formed into bars or into
dollars 81 the --aishf ~ four hurdr"d
ard twenty grains trov. designated II
this art &C trade dolia-s a~d 30 |e""~'. =,
silver for other coinage shall be receiv-
cd "
This renort was concurred In nv both
Senate and House and the bill became
law.
such is the history Of the coinage act
Of 1872 and such is tho mart niaved ny
the bullion brokers in defeating tho nro-
vision for tho coinage NJ siiv"r dollar
~ eSI grains Of standard si'-er. y
was essentially House measure. "
never conter,-la'oa tho COINAGE ~ a ell
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