The record-union., 1896-02-15

that the partial destruction of silver as
a money metal was felt by every man,
woman and child who had anything to
sell" He (Sherman) referred in that
speech to the 'appreciating" purchas-
ing power of gold, an assertion which
was now vigorously denied in the
House
Another result, Crisp said, was seen
in the constantly falling scale of prices
which had existed since 1873. While
this was the condition under which
business was conducted no man could
tell where he stood and doubt, distrust
and distress necessarily ensued. The
unfortunate condition of manufactures
and agriculture was not confined to
the United States, but was to be found
III the gold standard countries every
where.
In support of this he read from an in
terview on the 9th of the month with A.
J. Balfour, First Lord of the Treasury
in Salisbury's Cabinet, and from the
Queens speech delivered on the 11th,
There was no probability, Crisp said,
in view of Balfour's declarations, that
England would assent to any interna-
tional agreement for free coinage, and
he was of the opinion that nothing
substantial could be looked for from
any other Government. The treat
ment of silver in the United States, he
was satisfied, had been part of the gen.
eral conspiracy or movement to strike
down silver.
He reviewed the financial legislation
in this country since 1878 and the policy
OF the Treasury Department from the
time Of the resumption of specie pay
ments, and charged that by whomso-
ever administered the Treasury Depart
ment had played the part of wet
nurse" to silver, seeking to endeavor
to maintain it in the markets of the
world and thereby discrediting it,
Referring to Secretary Carlisle's re-
fusal to change silver for gold, ''be
cause he must retain the silver to sup
port the treasury notes issued under
the Act of $780," and yet when one of
those notes is presented he redeems it
in gold, Mr.. Crisp exclaimed: What
kind of juggling is that with the Amer
lean people? What kind of friendship
for silver is that?' (Applause.)
1T is not the coinage of every ounce
Of Silver which gives it its value" said
the speaker, 'but the right of every
coined" Were that right restored, he
claimed, the old parity of the two met
ais would be speedily restored.
Crisp said the country was not likely
to receive any substantial relief, be-
cause this Republican Congress was a
"do-nothing" Congress. Laughter.)
That was the platform on which it was
proceeding The present preferment of
treasury by which they received gold
for their claims, he said, was the delib-
crate surrender by Republican Secre-
taries of the Treasury of the optional
rights of the Government, which had
been followed, he regretted to say, by
Democratic officials. The maintenance
OF the parity of the two metals was
the declaration of the Sherman Act of
1890 The Bland Allison Act con-
tanned no provision on the subject.
Referring to the endless chain"
Crisp said the Government was engaged
in the most expensive financial expert
ment ever undertaken in the history of
nations, and he asserted that one prob
able result would be the locking up of
all the greenbacks, thus bringing about
a reduction of the volume Of the cur
rency which the Republicans would not,
as Representatives vote to do.
The final question, Crisp said, was
could the United States, single and
alone, undertake, with the expectation
of maintaining it successfully the free
coinage of silver? He believed it could.
If it be conceded that an international
agreement could restore the old ratio
between gold and silver, he said, then
it was conceded that law could affect
values, and the practical question was
not whether all power was behind the
movement, but how much power. Cap
plause)
Turner, Crisp's political colleague on
the committee, and a Representative
from the same State, followed the ex-
Speaker in opposition to the Senate
substitute He was opposed to free coin
age for the reason that all human ex-
perience showed that the introduction
of a cheaper or inferior money was al
ways followed by the departure of the
better money.
Coming then to the main question,
"Can the United States, singly and
alone, maintain the parity of gold and
silver under free and unlimited coinage
Of both?" which he said his colleague
asked several times, but at no time tried
to answer, the speaker said he could
prove the negative to any fairminded
man by any process of proof or argu-
ment with which mankind was familiar
From the experience of the United
States, Turner proceeded to show that
it could not maintain free coinage, re-
viewing the several efforts in the Bland
Allison Act of 1878, the Sherman Act of
1890. to coin more or less silver, but un-
der both of these the price of silver had
steadily decreased. The United States
had not alone been thus engaged in an
effort to maintain silver. The report of
the Director of the Mint showed that
there had been coined in the world in
the period beginning IN 1878 about 81
100 600 600 of silver, and that the en-
tire stock of silver money amounted to
about 81, ,0o0. 100000.
In conclusion, Turner made an elabo-
rate argument to show that the United
States could not maintain silver coin
age and that an attempt to do so would
cause a financial convulsion in the
country.
DalzelI CRep.) of Pennsylvania, also
q member of the Ways and Means Com
mittee, made the closing speech of the
day. He asserted that the main prop
osition involved in this discussion had
not been considered. That proposition
was whether this House was ready to
abandon it's own legislation and ac-
cept the legislation of the Senate, which
was in no way germane thereto. He
warned the silver men that their cause
would not gain by an attempted humil-
iatinra of the House or its subiection