New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-28

money OF law. 1t was not true ne saiu ircn,aton
,yerA gaueed nv the volume OF silver IN CIT
At no time our history had We either acnrrency
rsatyey 50 ar ryns tSe ns 0 three years
Yet prices and values had scarcely ever before had
as during these Ssl yesssi e nGe saa
An abundance OF currency. II excessive, re- INV
pG ssb Condition was al
ways succeeded by great reac.ioh nv the ebb OF
1883. 1894 and 1895
NEED OF THE BEST MONEY
He ouoted statistics to show the re.ation OF the
ner capita circulation to the export price OF wheat
and cotton from 1872 down TO 1885 This taoe' nc
said demonstrated that during the period Oh i''-
to 1878, when silver was demonetzed, wheh '"efs
was scarcely any gold silver In circulation anu
when the per capita circulation never exceeded
SIS 49, and vas down to SIS S. the prices OF wheat
and cotton were high-far higher than they nav
ever been since This table also showed that a. our
circulation had increased and as our gold ana S''er
money had increased prices had In the nam pee'
gradually dropping over and lower ana 'na' my
we're never 80 low as In the year 1891 wheh our a.
gregate gold and silver circulation was the high-
est and when our per capita circulation was WITHIN
eleven cents of the greatest amour, 1t mas ever
attained that of 1852 He concluded by saying;
The silver countries Mexico. China ana Japan
cotton We have to look TO the god standard coun-
tries for customers. But. when every o.ner d"
gunen; flls the advocates OF free silver appea -
our prejutices and say that by aiming 10 Keep our
money UP to the god standard Ne are mereiI
her grasp. and placing ourselves at her mer s
England occupies the vantase ground she dos De-
money OF the world. Our form of government our
climate and our resources. and. above al. the resi-
less energy and vigor Of people. entlt.e us 10
stand at the head OF the industrial ani commercai
word. But We can never hops to reach tnaI ns o9
Mexico. China and Japan-the mere bullion value or
n we would win and conquer must seek the
best colgn Of vantage. and, above ali. We must
equip ourselves with the best Of weapons We must
adhere 10 the universal STANDARD Of the world
Anything less than that unworthy Of Nc and vii.
pace us at great disadvantage now and IN times
to come.
mot GOLD ENOUGH" SAYS MIR. BACON.
Mr.. Bacon Dem. Ga) spoke Of the restora-
ton Of silver to general currency the same
terms as gold as a question which had stood
In the foreground OF discussion for the last
twenty years He stroi ely favored such
restoration. So long. he said. az this important
and importunate and most irrepre ss!ble ques-
ton remained undetermined. it not only
natural but Unavoidable. that 1t should con-
tinue to attract public interest. and to be
most active political contention. The use OF
both metals he argued was necessary To sup
ply the money necessary to do the busn 'ss OF
the world; for the reason that all of the gold
OF the world available for coinage was INSULT
cienr for such a purpose, arI that all the sill
yer of the world available for coinage was also
insufficient. That was the basic fundamental
principle In favor OF both metals.
Mr.. Bacon argued that there authority
under existing law for the issue Of bonds, and
that II there were such law 1t ought to be re-
pealed
whether II was quite fair 10 charge that the
maintenance OF the gold standard was the sole
object Of the bond issues Would 1t not be a
more accurate statement to say that the ISSUE
of bonds intended to maintain the green
back currency?
Mr. Bacon answered the last question by
negative. and quoted from the message OF th1
President TO prove that the object OF the Dohd
Issue TO maintain the gold reserve lhere
could be no possible contention OF the fact that
the sls2,moooo Of bonds already issued ahn t,le
500 900 Oc0 to be issued within a few days were
for the purpose II maintaining A single gpid
standard. Not dollar OF these issues w'uiu
have been neccssary II The country Wei" on
blnetalll,, basis ard if.silver were paid OUT NJ
the option OF the Government instead Of gold
The issue might be clouded and the people
might be deceived. but the truth would uiti-
ma t-iy be known, namely that In order 10 man
tain gpld standard there was not only a loss
Of untold wealth in the paralysis or business
bu, hundreds OF millions added TO
the Governments Indebtedness which must ulti-
mately be paid In money.
Mr.. Bacon carried on an extended coiloquy
with Mr. Hi Dem N - as 70 the e u, ,ssU Oh
Ing bonds % obtain gold. the N7OOO.0W Of sur
plus In the Treasury should be used In the re-
demption Il Goycrnn@nt s"cnritiesLthe paper
money being exchanged for silver coin and this
silver coin paid out He said that n the Gov
eminent persisted In ignoring silver as money
ard in rede" ming its Obligations only IN gold.
r. ere would be. In a few years. s500.0OOO) locked
up In the Treasury in the shape of gr,enbacks
and Treasury notes. and the circulation 81 the
colxAry would be- diminished To that extent.
mong' the bills introduced in the senate to-
day were the following
BY Mr. Mitchell. ~ Oregon. appropriating
s. 900 10 enable the Coast and Geodetic Survey to
ascertain whether there Is not southern chan
mel entrance 10 the Yukon River. Alaska. for
sailing vessels. which would cbv.ate the neces-
slty for going as far north as Norton Sound, at
which point freight and passengers are now
transferred To- Yukon River steamers, and for
the purpose Of making A thorough survey Of the
mouth or mouths OF the Yukon River
BY Mr. Lodge Of Mas sachusctts. directing the
Secretary Of the Treasury 10 pay 10 the Atlantic
Works OF Boston. the sum of $li5.l57 In full
satisfaction Of all claims arising out OF the con-
struction OF the ironclad monitor Casco.
BY Mr.. Hale. Rep.. McD, 10 establish mill
tary post the Penohsco, River near the city
os Bangor in the State OF Maine.