The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-02-04
SENATOR BUTLER VS.. SENATOR
DUBOIS.


bond bill. disclosed radical difference
of opinion between the advocates OF
free coinage. One of the strong arEu~
ments against free coinage is the pro
position that it would give nifty or
sixty cent dollar. The silver advo-
Gates have found their strongest am
sNer in saving that before silver was
demonetized. it was worth even more
in commercial markets than gold, ana
the value of silver the opening OF the
mints would restore the old value.
In the debate Senator Butler, OF North
Carolina, took ground against TINS
strong argument of silver men, com
batting the statement of Senator Du-
bios that immediately ON the enact
ment of such a law (the free and UNI
limited coinage of silver) the difference
between the mint value and the bull
lion value would disappear. Senator
Bacon, of Georgia, also said: Il do not
agree with the Senator from North
Carolina (Butler) that the restoration
of free coinage will not produce parity.
believe it viii produce parity. Other
wise | should not favor it. Other sill
yer Senators expressed themselves in
like terms.
Senator Butler was speaking IN
favor of his amendment that embodied
two PROPOSITIONS: L. Prohibiting the
issue of bonds except by specific au-
thoritv Of Congress, and .. Compelling
the Secretary of the Treasury to pay
coin" obligations Of the government
i'm the metal of less value whenever
the metals part company, which would
at this time enforce silver payments.
He said las heartily as / favor free
coinage, / say to-day, and | will repeat
it every time such bill is up, that /
never want to see a free coinage bill
become a law until this amendment or
some provision similar to it becomes
a law with it," He further said, 1T
is perfectly clear, it seems to me, that
free coinage will not maintain the
parity unless the Secretary of the
Treasury carries out the spirit and in
tent of the law in paying out the
metals so as TO maintain it. Again he
said:
Now, the government to maintain
the parity between the two metals,
must pay out silver on our coin obliga-
tons until the strain on silver is equal
to the strain on gold. Then and then
only will there be parity. This is what
the Secretary ought to do now. 1t is
his option and duty under the law 10
do it, but he is not doing it. He is
causing a greater disparity by putting
a still greater strain on gold. Hence
the necessity of this amendment,
which directs him in express terms
how TO maintain the parity. If we
pass a free coinage bill with this pro-
vision, then silver and gold will al
ways practically be of the same bull
lion value. If you do not, then the Sec
rotary of the Treasury will continue to
discriminate against silver TO cause q
disparity. Then every gold organ in
this country would howl from ocean
to ocean that free coinage mad not pro
duced q parity, and that the Senator
from Colorado (Mr. Teller and others
who favor free coinage had not told
the truth They would show that what
we had promised had not come. They
would start fresh campaign to fool
the people and get them to submit TO
gold standard by taking advantage
Of their own wrong and our indiscre-
ton. No true friend of silver can want
10 see free coinage bill passed unless
there goes with it provision that will
force the execution Of the law in good
faith"
There is nothing new in all this, but
the free coinage men will be surprised
at Senator Buffers argument, antago-
MIXING as it does the position of men
like Morgan and Teller, Dubois and
Bacon. They contend that the moment
we come to free coinage, the difference
in the bullion value Of gold and silver
will cease, that silver viii appreciate
or rather gold will depreciate until the
mean value is reached, and that free
coinage will so enhance the demand
for silver as to bring the value Of the
two metals together. If this conten-
ton is true, the Secretary of the Treas
ury could not destroy the good effects
Of free coinage because the creditors
Of the government would have no adj
vantage in perfering one metal over the
other.
When the vote was taken on the bill,
after his amendment was defeated,
v,rfa1 ~ M f4yif a.