Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1899-12-21
THE FINANCIAL BILL.
speech # Hon. II. Henry Powers Of YER
mont, in the House OF II personalities,
Wednesday,, December IS, 1890.

The House being in committee of the
whole on the state of the Union, and haV-
ing under consideration the bill On. r. y
entitled "A bill to define and fix the stan
dard of value, to mairtain the parity of
all forms of money issued or coined by
the United States. and for other pur-
poses'-Mr Powers said:
The two leading features of this bill
are first. to establish by positive legisla-
tive act the gold standard, and, secondly
a provision that the MISUNDERSTANDING sys-
tom shall be preserved by giving to it
some more favorable consideration that
the present law accords to it. The gold
standard is to be established by a positive
enactment of law. 1t has practically been
/ in force half a century. We propose now
to have no lingering doubts about 1t in
the minds Of our creditors, domestic or
foreign. but it will be understood by all
persons who see fit to invest in our sccu-
rifles that gold Is the money of payment
which this government is pledged to, and
there never shall be any question in re-
Spect thereto
We have been dealing with this silver
question for twenty years or more. We
havo done everything in the world to
please our friends who are Interested In
silver mining. We have done everything
to pleas, our friends who believe in cheap
money. We took a step in that direction
when we passed the Bland act in 1873,
some relief. 1t was a stupendous blundor,
Tho Sherm IN act of 1890 which 1t was
supposed would compose all the ills that
the financial situation was then laborn6
under, was another stupendous blunder.
The time has at last come when bhnders
must cease, and We must plant our curren-
cy on bed rock fro in which it can never
he removed; and that is proposed To he
done In this bill by removing all possible
question in the minds of all people as TO
the standard by which We propose to live
hereafter in this republic.
Now. then, it is said by our friends on
the other side that 1t is mistake 10
adopt the gold standard. We'll, what do
you propose? Criticism Is never good for
anything unless il suggests remedy.
The remedy which you propose is the free
coinage of silver. There is no question
ahout that. The newspaper press that
repro scnts your viav s. your probable can
ddate for the presidency. every uttcrance
That comes from your leaders, all point III
ono single direction-to the free conu8e
# silver | maintain that that remedy is
altogether woIse tran the establishment
OF the gold standard which YOU complain
Of and worse than the existing conditions
of uncertainty. What is free coinage Of
silver? What does it mean for this coun-
try All the silver dollars that we row
have in circulation were coined on govern
ment account. They have the United
States government behind them. The gov
eminent issued them in the first instance,
and If there never had been word said
upon the subject. the mere fact that they
iut those dollars out carries with 1t an
implied obligation to make them good.
| The government has gone further than
that, because 1t has repeatedly declared
mat the silver issue, and all other issues
shall be maintained at parity so that
the silver dollar now In circulation, put
out by the government, is just as good as
gold. But that Is not what you propose
You do not propose to have silver dol
lar with the government standing behind
it. You propose 10 have free coinage. You
propose to give to every individual mine
owner who takes silver ore out OF his
mine the right to go to the mints of the
government and have his bullion manu-
featured into dollars free of expense &c
, him, and then allow him to take those