New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-28
ONLY TIE BEST WILL DO
SENATOR NELSON GIVES HIS WESTERN
COLLEAGUES SOME POINTS

MERCIAILY WITH EUROPE IT MUST NOT put
ITSELF OK THE FINANCIAL LEVEL or
CHINA-B IMETALLIsN Ky ONE MA
Trox An ABsvRDrTY THE
TWO SENATOR'S FROM
UTAH SEATED
Washington. Jan. 1.-TWO Senators from the
new State OF Utah took their places in the Senate
to-day making the whole number OF members Oh
that body eighty-nine, as there is still vacancy
IN the case u Delaware Both are classified as
Republicans and as favoring free nlnage. LOIS
were drawn to decide which WAS to MI the long
term. closing on March g. 1885, and which was
TO ill the short term. closing on March 3. 1897.
Frank j. Cannon was fortunate enough to win
the long Germ. his colleague, Arthur Brown, hav-
ing to take the short one.
Mr. Brown was born in Michigan. and Is an
old personal friend OF senator Burrows. He was
th, manager Of the campaign that resulted In
the election OF Mr.. Burrows to Congress FOR the
first time. in 1872 Hence 1t was with feeling
OF personal pride that the senator from Michi-
gan escorted the new Senator from Utak 10 the
desk and had the oath OF Office administered To
him. Mr.. Cannon was similarly escorted by
Senator Dubois. OF Iowa
During the morning hour tho Joint resolution
reported from the Committee on Agriculture d.
rect!ns the Secretary OF Agriculture to comply
with the law requiring the purchase and dis
tribution OF seeds debated In the Senate.
Mr. Hansbrough Rep. y. ID arguing In favor
o. IT, and Mr.. George Dem. Miss) against II.
FREE COINAGE DISCUSSED
No action was taken. and at D. m. the House
Bond bill with the free-conage substitute. was
laid before the Senate az unfinished business.
Two speeches were made on the bill-one against
free coinage by Mr.. Nelson rep. Mimi. and
one in favor Of bimetallIsm and free coinage by
Mr. Bacon dem. Ca. Both were the maiden
speeches Of their makers In the Senate. The bill
went over without action. Mr.. Lodge QRep..
MassJ giving notice OF amendment for the
issue OF $780, 900 of per cent bonds for coast
deIences.
Mr. Nelson began by saying:
The free and unlimited coinage OF .:ve-. at the
at this time and under existing condtons viii
destroy the last vestlgc and last hope OF genuine
blmetallism. and will reduce us TO pure state
OF silver monom.tallisn. with Mexico. China and
Japan as our chief metallic money associates
mint privileges. but also equal facilities Of crcu-
lation Both metals may be freely coined ana yei
coined and yet powerless to MAINTAIN Itself In
circulation Though both metals may be f ,s,y
Is in active circulation. then there Is failure OF
that buctallism when seeks an abundant cur
rency and enhanced prices -the chief ground upon
which free coinage Is placed
In this full AMI p!enary sense We nave never
had complete bimetali.sm In this country We
have been subject tc That law from which no ma
money Of equal con value but Of unequal com
merc.al value. circulate side by side. that money
which Is inirins!cally and commercially the cheap
est will drive the dearest out OF circulation unless
the two are "a "A matter OF law and fact iniercon-
our own financial history. make tbs plain and
have we suffered the penalty of this law and
sought to overcome Its effects.
THE LESSON or EXPERIENCE
The Senator then detailed the various changes
made in the silver coinage. from the establishment
OF the mint in 1892 down TO 1862. when coinage
ceased by OF the then In progress. and
the silver dollar had totally disappeared from cir
cuiation In fact. from 1897 until 1862. FAR
circulation concerned this country had the
single gold standard completely any country
ever had f.. And b. the rules now laid down By
the advocates OF free coinage that low prices hard
times and financial distress are the results OF a
lack Of silver money. surely the prices OF com
modlties must have been tenfold lower than now
and the distress more than tenfold greater. But
know that this not &c. but that the coun-
try grew end prospered even on "A single god
During the period OF seventy years from 1872 to
1852. We had. except as TO SUBSIDIARY silver. hi
metallic free coinage, but in sense b.metailic
circulation. The most important element OF blmet
alism was wanting. Free coinage without parity
culation Is a snare and deluson--is. In sub
stance. only a form Of monorne ,aism
Under the law OF 1892 by the year 1884 our gold
and silver. because it's commercial value was higher
than Its coin value ana higher than our paper cur
f.rior silver and paper currency been driven out
ccpt the subsidiary coins, saved oy the OF 1893.
was driven out Of circulation 10y our gold more
completely than at any other time in history
DID any ever see an American silver dollar
in circulation in The mites or from then until we
dollar. During these seventy years We had
shifting monometallism as 10 circulation. These sew
strated. he conended that free. coinage, even at
coin ratio i not ysry far removed from The intrinsic
culation. and did result in expression Of me
taIe currency SrT o;y or r primary in mSney ,
Of Europe, aside from England. He said he did not
{ushy nor mad he eyer defended the act Of 1873
suits with which it had been charged 1t did not
nons in to strike G~a SILVER s ai bs
expelled from erculaii9n-i9ns before that-under
silver dollars had been in hiding ever since the early
nf,ies and neither god nor silver had been in cir
basis. We did not begin to retain even our frac-
,i.nal paper currency by the substitution Of sub
we resumed specie payment Of our greenbacks ST.
yer remonesized and made: legal tender with
600 nor more than 100000 worth Of silver bullion
HOW GOLD HAS BEEN RETAINED.
our ssOc.OO free-coinage silver was unable to
maintain Itself n circulation. while 500 10000
OF silver currency unrestricted coinage, though
nrinsically worth only ha.f of It's coin value was
kept in circulation on IA parity with gold. And how
was this done? BY making the cheaper metal sill
yer, intcrconvertibie with the dearer metal. gold
As long as the cheaper metal could. at VIII be ex-
changed for god-dollar for dollar-there no OBJ
jec; in retiring the gold from circulation and 4;
would not be retired.
owned reither silver mines nor silver bullion and
II they were content TO accept and circulate by
means OF a gold reserve. inferior and chea per
silver dollar. Il their business. But r taere
pront OF 80 cents or less each silver dollar
that profit ought nure TO all the people of the
United States. II ought to so into the Treasury OF
our common country for the common benefit and
ADVANTAGE OF all. and not into the pockets OF the
owners OF silver mines silver bullion. as II would
under free coinage the ratio OF IL 70 By the
United States alone.
technically. and a matter of law. the Govern
uent coud stand on silver IA legal tender-1s nri-