The herald., 1896-02-15

commercial value Of the metal would be
equal to its legal value in this country, be-
cause anyone having 412X grains could
bring it dere and get a standard silver dol
lars worth of commodities. In this con-
necdon he went some what extensively into
figures to show that there had been no
overproduction of silver.
In conclusion Mr.. Crisp declared that If
the United States would but assert its
political and financial independence, pros.
perity would return and continue the per-
petual heritage of our people.
Mr.. Crisp spoke an hour and half and
was appla1ded when he sat down.
Mr.. Turner Democrat of Georgia) was
theii. at the request of Mr.. Dingley, recog-
nized for an hour. Mr.. Turner. i'm OPEN
ing, said he did not pretend to be actuated
assume wisdom beyond that of his day and
generation. He should state opinions that
bad been slowly and carefully formed and
he should submit them with the greatest
respect for those who differed with them.
He eXpounded exhaustively. with coploAs
illustrations from our history, Gresham's
law, that whenever an attempt was made
to circulate concurrenty two metals of diff
ferent values, the cheaper metal would al
ways drive the dearer out of circulation.
He then addressed himself to the question
whether the United States independently
could restore the parity of gold and silver.
He would, he said, use every test known to
human tribunal. He would summon Mex
leo and China, where silver was coined and
was worth its commercial value. He
would summon Japan, that noble STRIPPING
of the east, just feeling her strength, and
just about to abandon the exploded the
cries OF silver monometaliism. On the
other hand. as witnesses against this the
ory. he would summon the enlightened and
cultivated countries of the world, England,
Germany, Russia, Austria and France.
They had alt closed their mints t. silver.
Proceeding, hs took up the Bland Allison
and Sherman silver laws. under which
40O.O0O,O00 Of silver had been coined.
Yet those laws had no; impaired value to
silver, for its value had gone down and
down and down until india, the great re.
servoir of tine white metal. had. in 1898,
driven the final nail IN the collin of silver
by closing her mints. There we're 81, ,O0O,-
100000 OF silver i'll the world. according
to the report of the director of the mint.
Over 81, 700 900 had been coined by
the countries OF the world. If il liberal use
OF silver or legal enactment should sustain
value, why had the commercial! price, in
view of these facts. gone down steadily?
Mr.. Turner was enumerating some of
the great names abroad that stood for the
gold standard when Mr.. Terry (Uemocrat
of Arkansas) interrupted him.
1.-The German reichstag has declared for
pimetallism," he said. ''and the common
people of England favored bimetalism.
Of course the Rothschilds are for the gold
standard. They hold mortgage on every.
thing in Europe, as they hold receiver
ship of the United States treasury" Gap
plause).
"Mr. Balfour. the most conspicuous bi.
metal.ist in England replied Mr.. Turner.
''has declared that Great Britain alone
could not enter on bimetallism. and the
gentleman should have been candid enough
to state that the German reichstag declared
for bimetaliism with the aid of other com.
merciat nations. Thus one by one their
arguments evaporate.'
Proceeding, he announced it as his opin
ion that a debtor nation should pay its
debts in the best money of the world in or
der tn maintain high standard of credit.
Moreover. not an individual would profit
by paying his debts in q deprecated cur
rency. In the ethics of nations we could
not afford 10 take advantage of technical
error and pay our creditors in cheap
money. Instead of paying one dollar for
two We would rather pay two for one; but
this was not required. Liks honest men
we must only pay dollar for dollar. (Ap-
plauSe.)
In the present distressing situation of
the trea sury. while the secretary of the
treasury was being criticized, maligned
which the law allowed, why did not some
one propose relief? Why was the secreta-
ry forced by mandatory provision to pay
treasury notes in silvet?
An interesting exchange followed be-
tween Mr.. Crisp and Mr.. Turner over some
testimony of Secretary Carlisle before the
appropriations committee, in which Mr..
Turner took the position that instead of
there being subtle purpose to discredit
silver at the treasury department the sole
purpose there had been to sustain it.
Mr.. Turner met volley of questions
toward the close of his speech. He declared
that if the law authorizing the secretary to
sell gold wers repealed, that moment the
parity would fail and the country would go
to silver basis. The Gresham law, a law
congress did not make, and could not re-
peal. was already operating The money
in daily circulation was silver and silver
certificates. He concluded with the state
nent that the poor man in whose interest
the restoration of silver was invoked, was
most interested in preserving a sound
financial system. France had tried free
coinage. II failed and she abandoned it. He
had been trying to expose the lessons of
experience. Agitation OF the silver ques.
ton should cease. Perhaps when credit
and enterprise had gone down in the
wreck. the people would conclude that it
was better to follow the paths of exper-
ience and honestly seek to maintain the
credit and honor of the country. Mr..
Turner spoke two hours. He received a
demonstration when he closed.
Mr.. DaIzell, Republican of Pennsylvania,
also a member of the ways and means
committee, brought the house back to the
question whether it should subjugate it's
duty and judgment to the senate; whether
the house should abandon it, bill and
accept that of the senate. DaIzall an
alyzed the contentious of the silver men.
1t was agreed that that the commercial
relation bstween gold and silver is 32 10 l.
Silver men contended that the opening of
the mints to silver would make that metal
appreciate in value until the commercial
value would BIS brought to the legal value.
Bnt this was mere assertion and dogmat-
ism. Mr.. Dalzell said there was conclusive
proof in the past experience of Europe that
silver would not appreciate as result of
opening the mints 10 silver coinage. He
devoted some time to replying TO the arau.
ment of the silver men that the fall of
prices since 1873 mad been coincident with
the fall of silver. which latter fall was due
to the demonetization in 1873. The fall