Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1899-12-20
SJRLEY AND SILVER,

SIBLEY AND SILVER.
In speech printed in the Congress
sional Record of last Thursday, Hon.
Joseph G. Sibley, of Pennsylvania,
made clear his position on the silver
question, and it develops that the story
to the effect that he has deserted to
the single gold standard has no foun-
dation in fact. Mr.. Sibley stands on
this question exactly where he stood
when he made his first famous speech
in the house on the subject, and he is
as grand a Democrat today as he was
then.
The speech referred to was not de-
livered upon the floor of the house.
This was because of slight misunder-
standing. As the result of the news
paper report referred to, many Demo-
Gratis became suspicious of Mr.. Sibley,
and there were signs of reluctance to
allow him TO use as much Democratic
time as was necessary for the delivery
of his speech. Republicans, who learn
ed of this situation, offered to give Mr..
Slbley as much time as he wanted.
He gave them TO understand, however,
that they were very much mistaken in
presuming that they had convert in
him, and he refused to accept as a
favor from the Republicans what he
conceived he had a right to demand
from Democrats in his own proper per-
son. Mr.. Richardson, the Democratic
leader, offered Mr.. Sibley all the time
he might want; but Mr.. Sibley declined
to accept the offer on the ground that
he proposed to give utterance to views
for which he was willing to assume
the entire responsibility, and he was
not willing to run the risk of intiicting
the least embarrassment upon his par
ty. Therefore, Mr.. Sibley consumed
only the two minutes of time to which
he was entitled as member, and amid
applause and laughter, as he handed
up his manuscript, said: ~ will avail
myself of the privilege, under the rule,
of letting my remarks 60 laundering
down the ages within the precincts of
the Congressional Record"
The subject of discussion, it is I'm.
derstood, was the Republican financial
bill. Mr.. Sbley said that many i'm
portant provisions Of the bill met his
approval; but on account of others he
would have to vote against it. The
provisions to which he objected was,
first that which fixes the standard Of
value at 25.s grains gold; and, second
that, which makes every paper and sill.
yer dollar certificate of Indebtedness
against the government of the United
States.
Illustrating his objection to the first
proposition, Mr.. Sibley pointed out
how all United States bonds and other
government obligations are now paya.
BILE in coin-either gold or silver. He
quoted the message of President Cleve-
land to the Fifty.third congress, in
which was announced a determination
to issue bonds to the amount of $62,-
100000, and in which the statement
was made that if congress would sub.
stitute the word "gold" for the word
"coin" in these bonds, bidders would
raise the price S16,000,O00. Next he
quoted recent statement of the pres
ent secretary of the treasury in which
that official says he hopes soon TO
refund the entire bonded Indebtedness
of the United States on 2 per cent.
basis. IF congress now substitutes the
word "gold" for the word coin, there
will no longer be any inducement for
bondholders to accept reduction Of
their rate of interest, and taking the
Cleveland estimate of $1G,000,000 as
the difference between the coin value
and the gold value of $62, 100000
worth of bonds, this bill will enhance
the value of the $1,O46,OOO,OOO of
bonds outstanding to the extent of
$3.50, 100000, and at the same time
rob the government of the opportunity
of saving an interest account of more
than s1O,OOO,OOo per annum.
This was the principal reason why
Mr.. Sbley was opposed to the fixing
of the gold standard now, or allowing
the holder of government obligation
the right to demand either gold or
silver as he saw fit in the future. An
other objection is the fact that condi-
tions are liable to change again as they
have changed within the past few
years. At the time he and others were
making such a strenuous fight for BIZ