Evening star., 1896-02-14
Closing ofAtAs Great Discussion in
ths l House. :, :
MR.. CRISP DR THE WHIFE METAL
Turner of esorgia Speaks Against
Fee Coinage. -.
THE TIME. EXTEND DED

The public and private galleries of the
House were thronged today In anticipation
Of the closing of the debate on the Senate
| free coinage substitute for the bond bill.
The attendance on the floor was also very
| large. Mr.. Dingley. chairman of the ways
and means committee. insisted on the regu-
lar order as soon as the journal had been
read. and under the arrangement made yes
| terday an hour was allowed on each side
| Tor closing. Mr. Crisp (Ga.). representing
the minority. took the floor and presented
| tne argument for free silver. He should, he
SAID, In opening adduce such facts and IL
! iustrations as he was able in the limited
! time allowed to sustain the silver ideas he
entertained on the subject, and should care
fully refrain from saying or intimating
anything that would wound the feelings of
any member.
This was an economic question, and no
1natter what views members might have
entertained in the past. he assumed that in
casting his vote today each member would
| 90 SO conscientiouSiy in accordance with
the dictates of his convictions. The chief
di'ncuity he found was in selecting from
the great mass of material that which was
most pertinent and least old, If that eX-
preston might be allowed.
Mr.. Crisp's Argument.
AT this point Mr.. Turner (Ga.). who Is
opposed to free coinage, asked that, in view
| OF the great Importance of the pending Ques-
ton, that his colleague be allowed to pro-
ceed, without limit. This privilege was ac-
corded, and Mr.. Crisp opened his argument
| proper with the familiar words. ''In 1873
congress demonetiZed ed silver At the very
threshold of the subject. he said, this was
denied. and Il was also denied that UP to
1913 We had had bimetallism in this country
he quoted Baron Rothschilds statement
| tnet prices We're regulated by the aggregate
| amount OF the circulation, gold and silver
Pr!ces were fixed ny the amount of primary
| money In the world. If the standard in
NO
China silver, the measure Of values would be
the combined amount of both gold and sill
yer circulating money. Money was the
tnlng Tor which all conten1ed, and the sum
OF the demand for money was equal to the
demand Tor all things else on earth. II a
metal were made money by law, demand
! 1Cr that metal would he created among all
| the people, AMI its value would nece ssarily
increase with the increased demand
Cause of the Fall of Price,
here he read from statements made by
| Senator Sherman in 1876 that the demon
| etization of silver had caused a reduction
| of its price and had created a mad scram-
| BILE for gold On the part of England. France
and Germany. which had appreciated its
! price and had induced fall in prices
throughout the world. That fall of prices,
MIR. Crisp asserted, was largely due, he
| would not say wholly. to the demone,iza
ton of silver. 1t was not the fall of prices
| mat was complained of, but the constant
and steady fall OF prices due to the con-
stant appreciation of gold He read from
Mr. Baltour's speech of the 9th instant in
the English parliament attributing the de-
cline of agriculture in gold countries 10 the
| appreciation of gold and the artificial ad-
| vantage it gave to silver countries.
Mr. Baifoorl } had also declared that the
obstacles to reform came not from abroad
| but were put forward at home Continuing
! Mr.. Crisp affirmed the existence of Well
| Defined purposes by those in authority both
| mere and abroad to depress the price OF
silver, in order to prevent it's remonetiZa-
| tion He cited the manner in which the
| Bland-Ailison act of 1878 was executed,
| the coinage OF the minimum amount under
the act and the refusal Of the treasury
after a rev months to coin silver under the
| act of 1890. He cited Secretary Carlisle S
| refusal to give silver for gold in 1893 be
cause the silver was needed for the re-
| demption Of the treasury notes." and his
| course a few months afterward in redeem
| ing those notes in gold. What kind of
! juggling is that?'' he asked. What sort
| of friendly treatment of silver is that"'
| (Appiause)
Parity Between the Metals.
| He then directed his attention to the
| manner in which the parity between the
| metals had been maintained Every obli-
| cation of the government. bonds, green
| backs and treasury notes, was payable in
| coin.
|
/ obligations. why did not those who believed
! tfat have the courage to say SO and save
the tsx-ridden people millions in interest?
In February. 1892 Congress could have
| authorizing gold bonds. Congress refus-
| ed said Mr.. Crisp, I'VE paid $4,000. 900 for
| the privilege of paying .in silver and now
| You attempt to derry our right to do so''
| (ApplauseD
Pitfable Condition.
| ''Mr. Speaker" said he continuing, "a
| few days ago our condition was pitiable
! The greatest nation in intelligence ard
trade had just applauded to the echo the
| Presidents message asserting the Ameri-
| can manhood and warning European
| powers that they would not he permitted
| to secure lodgment on the American con-
| tnent. The reverberatons of that ap-
plause had hardly ceased before the ad-
! ministration with shaking knees was hys-
| terically calling on Congress for help. 1t
| was feared that Great Britain would take
! all our gold. We were absolutely helpless
| in the face OF the enemy. Yet you now
want that condition perpetuated." Cap
| plause.)
Criticisng the bond bill, he declared that
| it's purpose was to impound the greenbacks
and do directly what the majority dare not
| do directly. 1t was a plan to retire all the
| greenbacks by holding them in the treas
| ury at the cost of outstanding interest
| bearing bonds. plan which Mr.. Carlisle
I nlu CHaTdcleTIZeu DIS the most remark
| able experiment suggested in modern
| times.
Coming down to the practical question
| whether the United States independen tly
| could maintain with free coinage the parity
| between gold and silver, he said that there
was no difference of opinion that it could
be accomplished by an international agree
| ment. .1
As an historic fact France had maintain
ed the parity fpr seventy years. If four or
five countrils could maintain parity it
/ was conceded that law could effect the
i result. ~ a.
How powerful must a state he then to
| effect that result.
! He quoted from Jackson and Jefferson,
and conternptaously said that it had re-
| manned for modern economists to assert
| that to create. demand and value by law
! was "a physical and metaphysical alb
surdity-" 2,
| Heyvsito Sustain Silver.
He also uubted Mr.. Sherman and Mr..
Carlisle (whenshe was in the House, to the
effect that the united action of several
countries could sustain silver. AS to the
ability of ti,et United States TO do so alone.
the example df France, a country infinitely
| inferior in wealth and trade to u.s. must be