The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-03-03
HERE WE HAVE IT.
Mckinley for Free Coinage of
Silver June z, 1890.
His Speech Made in the House
on That Date.
"We Know We Cannot Have
Free Coinage Now"
SAYS MR.. M'KINLEY,
So We Will Take the Next
Best Thing.
The Inference is and Take the
Silver Purchase Act,
WHICH, SAYS M'KINLEY
Will Coin Every Dollar of Bull
lion Produced in y. s.,
And Add $30,OOO,OOO a Year
to the Circulation.

WASHINGTON, March 3-The following
is from McKinley's speech, published in
the Congressional Record June z, 1880.
It is his argument with the free coinage
men for the silver-purchsse act, or Sher-
man law, which was repealed by the last
session of congress:
Now, Mr.. Speaker, what 1 rose to say,
among other things, is that we can not
have ideal legislation. 1t is not possible.
Practical men do not expect it. Practi-
cal statesmen can only strive for il, and
secure the best which is attainable 1t is
impossible, in any legislation that may
come before this or any legislative body,
TO nave it entirely and in every part meet
the views of every individual member.
That is entirely out of the ques-
tion. And SO, Mr.. Speaker, 1 shall
support this measure, although it
does not in all of its provisions
meet my entire approval. l would
have this bill different if l could, but it
represents the purpose and the idea, not
fully, it is true, which 1 have touching
the silver Legislation which is required.
and l sh all vote for it because it is in the
right direction and embodiss much which
is good and all in the interest of the peo-
pie. What does it do? First, it utilizes
every dollar of the silver product of the
United States, and to that extent it is Just
to the silver producers of this country.
SeSoud. it makes q demand for that silver
product, aud, if the friends of silver are
RIG bit, II will SO increase the value of that
product as 10 bring silver in parity with
gold. l. provides further that the very
instant silver and gold come together or
the very instant that the bullion value of
silver shall be equivalent to the coin
value of silver, that very instant you
have free and unlimited coinage of sill
yer in the United States.
So l say, Mr.. Speaker, this bill is just
to the silver producers of the United
States, for it does what the present law,
as administered by every administration
for ten years, has not done. 1t takes
every dollar of silver bullion that is
produced in the United States and places
it at the disposal of the people as mon
ey. Now, after we have done that and
met that side of the question, what is
our next care? 1t is that the money we
provide for the people shall be absolute
ly safe, stableG and unvarying in value,
and shall not depreciate in the posses
sion of its holders, for it must be borne
in mind that, whatever may be the money
we authorize, it will affect the value of
all property, of every transaction, every
investment, every days labor.
The money must be secure from finau-
cial wrecks, safe from com "a srciaI revul-
sions, from panics, and from bankrupt
cles, which at intervals sweep ever the
financial world; absolutely safe and Sc
cure in the hands of the holders, whether
in the United States or out of of it; for
there are more people in this country in
terested in good money, interested in the
quality of the money that we authorize to
be issued, than there are interested in
the quantity. 1t must be good, founded
upon something real and with inherent
value. Now, what do we do by way of
making the holder safe? First the bull
lion is bought by the bill at it's market
value; SO when the government issues
its note, it has behind it bullion equal in
value to every note that is put out. What
further? We make this treasury note
redeemable in gold and silver coin, our
only standard of value, and the best
money in the world. Then we 60 fur
thsr and make this treasury note a legal
tender. not only for the payment of all
public debts, but also for the payment of
all private debts; making it absolutely
safe, making it absolutely secure; max
ing 1t circulate side by side with gold
coin and silver coin, equal in purchasing
and in legal tender quality to either and
both.
So say. MIR. Speaker, that whatever
may be our views about this point or
about that point, touching this whole
subject OF silver. we get by this bill the
use of our entire silver product and we
make that product into money that issafe
in the hands of the people and will be
good for all time s. wherever and bywhom
soever held. MIR. Speaker, no man should
hesitate between the two millions a
month that we have now and the four
and half millions a month that we
shall have under ths proposed law We
get an increased volume of money. with
safety to the government and the citi-
zenz. Pass this bill wnat do we have?
An increase of $4,000, 900 annually of
circulation to be put out among the peo-
pie and into the avenues of business.
Vote against this bill and in
my judgment, you vote that there
shall be no legislation upon
the silver question at this session
OF congress. That ia what / fear il
means. We know we cannot have free
coinage now, except in the manner as
provided in the bill You know you
could not have it when you were in the
RA5eEity in this house. Xou know you