The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-02-01

store the only legal tender medium
mentioned In the Cohstitution. The le
Eal tender faculty had been given to !
t tne sreehoacks by adding one justice to
,,n, ,ne supreme ~ Court but the Constitution
,'4u bestowed 1t on gold and silver In
providing for the free coinage OF silver
.herc would he no innovation upon the
principles of sound money
~ was an earnest and honest effort tb |
restore to the currency Of the country
',n tn',t money which had been since the |
Gays or Abraham current In nil tradea
and with all peoples. II wns voI,,
Wnste OF time to tell the people that
SILVER WAS not sound money Sucb az
sertion was contradicted by the lesson
OF history. 1t might be patriotIsIn. n |
might be pride. but 1t was also the posi- !
tive conviction of the people that tha
position of the United Stntcs amn,,.r
the nations of the world was potential
enough to stamp It's declared uoIIcv
upon international exchanges and thnt
when this country fixed the ratio nnt,
entered upon the free coinage OF silver
the same ratio would force Itself into
recognition In other nations The peo
pie believed, also, that the greater
abundance of money which the coinage
OF the now idle silver In the Treas
ury would throw upon the country
would result In an Immediate rise In
vnlues of nll kinds. that prosperity
would quickly take the place of de-
preston and the country would again
enter upon that wonderful career of
enterprise and wealth which had been
so r1idely shocked and destroyed by the
Legislature of 1873. The country de-
mnnded an American policy for Ameri-
can nffairs-Doliticai. financial and COM
mercial.
MI Pasco addressed the Senate In ia
vor of the free coinage substitute
tEvening SESSION. .)-When the Senate
resumed it's session at 7:sO the attend
nncc was quite small, but gradually
the number swelled until half an hour
afterwards there were twenty-five SEN
ators present. The galleries were pretty
well filed. Mr.. Pasco resumed his
speech where he had left Off nt the close
of the afternoon session. and continued
II To the end which was reached ut
sos.
MIR. Palmer gave notice of an amend
ment declaring II to be the policy
or the United States to maintain the
parity between the gold and silver dol
lars and maintain equal power of both
gold and silver in the markets and in
the payment OF debts; and It directs the
Secretary of the Treasury to exercise
the discretion vested In him SO in his
Judgment to better advance and pro-
mote the policy thus declared
Mr.. Caffrey addressed the Senate In
tutc. He admitted that there was n re-
mote danger OF the silver movement
succeeding, but he thought that IL wns
ifauSht with more evils than the i'm
asihation could portray. He hoped that
lhc discussion going on In Congress.
on the hustings, In the press. in tho
lecture room, and in periodicals, would
lZed the Judgment or n large portion OF |
the people. He would adhere TO the
present standurd-the standard of tho
civilized wcrld-with silver as subsidI- |
ary coin.
Nir CaHery were lnterrogatcd by Sen
ators Daniel and Harris as to points |
made by him that at the time or tho |
of silver In 1879 tho sill
yer dolnr was more valuable than the
gold dollar. He denied their assertion
mat silver had been destroyed by thar
act and said that, on the contrary
more silver had been coined I'm the
United States since then than had been
rGned ,nnn IN an the preceding period from
li92. lie declared that no country I'm
Europe had ever demonetized gold but
In that assertion he was contradicted Inv
Mr.. Mitchell Utep). of Oregon, who said
that Germany had demonetiZcd gold
anu Hr. Teller utep). of Colorado. who
SAID that Holland had also done so.
Mr.. White G1em), OF California sun-
President OF the United States, he said.
has proposed TO retire the greenbacks
and To trust the financial affairs OF the
Government TO the national banks. But
whenever the financial affairs of the
country were placed In the keeping of
my private banking system, free Gov
erHnent !vould cease and deliberate
would rule imperiously and
He asserted that the
utter futility of maintaining q gold basis
In this country would give rise to dis
aster, and would bring about the furth-
cr concentration of gold and all the
lireful consequences of congested and
currency. He could not un-
1crstand how any fellow Of jefferson or
jackson could stand the new depart,
irc on which the administration Insist
ed. He thought that majority of |
Senator's was opposed to Issuing bonds
Mt all. The general sentiment Of the /
was that gold. obtained either |
rs the result of taxation, or the issuance
Of bonds was not needed But IL there
was to be gold standard and if silver
was to be further debased then Mr.. !
Cleveland was right. At the close of |
Mr.. Whites speech the Senate adjourn.
I'd until tomorrow.
Cecil Rhodes Fin Ronte Home.