Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-01-28
A MAIDEN SPEECH.
senator Bacon, Of Georgia, on The Mat
Ter Of The Currency.
colLooVy WITH MR. HILL


Resolution
u.,ctuNGToN. u. c.. January t.
49,, Tho Two senators from the
.a.. STATE Of Utah took ther PAGES ;"
~, senate to-day. making the Wno'o .'u"'
~ members Of that body oish'S-H''o
GO is still vacancy IN the case %
,"" arc CLASSIFIED as republicans and
,..,-ipc free coinage. Lots were
80 decide which was TO MI the
o form. closing March D. 1872 anu
.,',, WAS 10 hu the short term closing
,..,,t.s 1W. Mr. Cannon was fortunate
.h to win the long term. his col
,... Mr. Brown. having TO take the
snort one
purne the morning the joint resolution
,.,,,ted from the Committee on Agricul-
,.r, directing the Secretary Of Agrieul-
..rc 10 comply with the law requiring the
,.Yrchase and distribution Of seeds was
l.h,tod I'm the Senate. Mr.. Hansbrough
,pop,hlicam. Of North Dakota. arguing
if, fsvor of 3D.. and Mr.. George Demo
-r,o. Of Mississippi. against IT, No ao-
,io, Was taken. and at p. NJ. the House
b,nd bill. with the frce-coinage suosN-
tuto was laid before the Senate as uh-
eoished business. TWO speeches were
made on the bli-one against free coinage
hv Mr.. Nelson Republcan, OF Mime
sofa. and one in favor OF bimetaiiism anu
free coinage. by Mr. Bacon deihool""'
az Georgia. The bill went over "i'hou'
action. Mr.. Lodge. OF MASSACHUSETTS,
cave notice Of an amendment ior me
issue Of SioO.O00.O00 9 per cent Donus loi
coast-defencos. ,.... ,,,,or-
I'm the opcning prayer the Senate Nhap-
lain made an impassioned lHNoSa'ioi -
behalf OF the people of Armenia piSS ne
that the Powers and the people v,
Christendom may be arouseu anu - 49,.
10 force the Sultan 90 'shealh NE p'Oo ''
sword. and 10 stay the frenzien rage
ga e,,,c,tv NJ his fanatical soldiery and
Nmone the petitions presented aud re-
f.,rod 10 committees was one from the
Vife Of John j.. Waller. held IN pIlSoh
A., tba French authorities. I'm which she
declares that such imprisonment Is
crime against Justice and that u hvi
husband had been "a British suOlecl ne
would have been released long since. 'ns
,,ravs Congress that some suitable ana
immediate action be taken lot MS
lease. .r,r.on,r
BACONS MAIDEN EFFORT.
Mr. Bscon's speech was his maiden
effort in the Senate, and ne delivered u
yitb much orat0riCal grace and effect.
ITO smoke Of the restoration OF silver TO
fhs general currency on the same terms
s. cold as a question which had stood
I'm the foreground Of discussion for the
iost twenty years. He strongly favored
such restoration. SO long, he said as TINS
important and importunate and most
irrepressible question remained undeteI-
mined. IL was not only natural but I'M
avoidable that il should continue 10 al
tract public interest, and TO be most
active political contention.
The use OF both metals. he argued, was
necessary 70 supply the money essential
10 do the business of the world: Tor the
reason that all the gold of the world
available FOR coinage was insufficient TOT
such a purpose. and that all the silver or
HE world available for coinage was also
insufficient That was the basic lunua-
mental principle In favor of both metals'
Mr.. Bacon argued that there was no
authority under existing law for the issue
OF bonds, and If there were such a law
a. ought 20 be repealed.
Mr Hill asked Mr.. Bacon whether II
was quite fair TO charge that the MAIN
tenauce Of the gold standard was the
sole object Of the bond-issue Would II
ro, be- a more accurate statement TO say
,nat the issue of bonds was intended 10
maintain the green currency?
Mr.. Bacon answered the question I'm the
NEGATIVE. and quoted from the message
- the President to prove that the OBJECT
Of the b0nd-issue was to maintain the
cold reserve. There could be no possible
contention N the fact that the Sle2.VOVD
of bonds already issued and the SlOOVUVv
10 be Issued within a few days were TOT
The purpose OF maintaining a single-goid
standard. Not a dollar Of those issues
would have been necessary If the country
was on a bimetallic basis, and II silver
were paid out at the option OF the gov
eminent instead Of gold. The issue might
be- clouded and the people might be de-
oeycd. bur the truth would ultimately be
knoun-namely, that in order 10 MAINTAIN
d sod standard there was not only a
loss OF untold wealth I'm the paralysis OF
business. but that hundreds of millions
were added 10 the governments Indebted
ness. which must ultimately be paid III
money.
COLLOQUN WITH HILL.
Mr.. Bacon carried on an extended col
ioquy with Mr.. Hill as to the effect or
the bond-issues. and cOntended that IN
stead of issuing bonds to obtain gold the
SIT. 0QO.GD OF surplus in the Treasury
should be used 100 the redemption of gov
eminent secudties-the paper money be-
ing exchanged for silver coin. ana this
silver coin paid out. lie said that If the
government persisted in ignoring silver
90. money. and in redeeming it's obliga-
lions only I'm gold. there would be ia
few years 500 100000 locked up I'm the
Treasury in the shape Of greenbacks and
Treasury notes. and the circulation Of the
country would be diminished TO that ex-
Gent.
MIR. Bacon pointed 10 France as an il-
ustration Of how silver coins remain IN
circulation on practically equal terms with
sold. although the silver In the 5-franc
piece was worth only 30 per cent Of IT'S
.oin value. and he said that the same
condition OF things would obtain In the
United States II the government, as well
DID,. the people rigidly exercised the option
1l paving ITS Indebtedness either IN gold
D. silver
re eere.c. af.sr a short executive ses-
.,on. at T.. M. adjourned until to-mor-
TOW.
House OF Representatives.
rho House to-day discussed for four
hours and passed by vote Of lt5 to %
tnn Senate concurrent resolution de-
cieriug BE- TO be an imperative duty
ln the interest Of humanity 10 express
Doc earnest hope that the European con-
''t brought about by the Berlin
treaty may b. speedily given its Just
chcct ln such decisive measures as SHAH