The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-01-28


the law and to purchase the seeds required
by the appropriation bill. No one who
knew him could doubt his great capacity
to discharge the duties of his Office. I'm
fortunately, however the Secretary did
not always confine himself to agricultural
matters, but sometimes undertook to dis
cuss nnanelal questions, usurping to some
extent, the duties of the Secretary of the
Treasury.
George Cd of Mississippi made an argu-
ment against the pending joint resolution,
which directs the Secretary of Agriculture
TO carry into effect the provisions of the
act.
At P. NJ. the Vice-President interrupted
Mr.. Georges speech and laid before the
Senate the House bond bill, with the free
silver substitute. Nelson (R.) of Minnesota
addressed the Senate-his first regular
speech III the body. He said:
"Ihe free and unlimited coinage of sill
yer at the ratio of 16 to by the United
States alone, at this time and under exist
ing conditions, will destroy the last vestige
and last hope of genuine bimetallism. and
reduce us to pure state of silver mono
metalllsm, with Mexico, China and japan
as our chief metallic money associates.
complete bimetallism implies not only
equal privileges, but also equal faculties
OF circulation. Both metals NAV be freely
coined and yet more freely circulated. A
metal may be freely coined and yet be
powerless to maintain itself in circulation.
Though both metals may be freely coined.
yet If for any cause only one of these is in
active circulation, then there is failure
n hot ofo1ft
abundant currency and enhanced prices
the chief grounds upon which free coinage
is placed. In this full and plenary sense
we have never had complete bimetaIlism
IN this country. We have been subject to
that law from which 70 nation is exempt.
that where two kinds of metallic money.
OF equal coin value, but of unequal COM
mercial value, circulate side by side, that
money which is intrinsically and CONNER
cially cheapest will drive the dearest out
OF circulation, unless the two are. as
matter of law and fact interconvertible
with each other. Our own experience and
our own financial history makes this plain
and manifest. AT least three times in our
experience have we suffered the penalty
OF this law and sought to overcome its
effect"
He concluded by saying:
line silver countries, Mexico, China
and Japan. are not the purchasers of our
surplus wheat and cotton. We have to
look to the gold-standard countries for
our customers. But when every other
argument fails the advocates of free silver
appeal to our preiudices and say that by
aiming to keep our money to the gold
standard we are merely Knocking down
to England, putting ourselves in her grasp
and placing ourselves at her mercy. Eng
land occupies the vantage ground she
does because her exchanges are made in
the universal money of the world. Our
form OF government, our climate and our
resources, and, above all, the restless
energy and vigor of our people, entitle us
to stand at the head of the industrial and
commercial world. But we can never
hope to reach that high place by reducing
our currency to the level of Mexico, China
and Japan-the mere bullion value of sill
YER"
Bacon CD of Georgia was the next to
address the Senate. 1t was also his
maiden speech in the body and he deliv-
cred it with much oratorical grace and
effect. He spoke of the restoration of
silver to general currency on the same
terms as gold as q question which had
stood in the foreground of discussion for
the last twenty years. He strongly favored
such restoration. Bacon argued that there
was no authority under existing law for
the issue of bonds, and that if there were
such law ought to be repealed.
Bacon carried on an extended colloquy
with Hill 3D. of New York as to the effect
of the bond issues, and commended that
instead of issuing bonds to obtain gold,
the SIT, 009,o 600 of surplus in the treasury
should be used in the redemption of Gov
eminent securities-the paper money
being exchanged for silver coin and this
silver coin paid out. He said that if the
Government persisted in ignoring silver
money and In redeeming Its obligations
only in gold there would be in few years
five hundred millions locked up in the
Treasury in the shape OF greenbacks and
treasury notes, and the circulation of the
country would be diminished to that ex.
tent.
At the close of Bacon's speech Clark (R.)
OF Wyoming obtained the floor.
Lodge (R.) of Massachusetts, gave notice
of an amendment to the bond bill provid-
ing for an issue of S100, 900, 600 in per cent
bonds to provide for coast defenses
The Senate, after short executive ses-
sion, at 5 P. NJ. adjourned until tomorrow.