People's Pilot, Volume 3, Number 10, Rensselaer, Jasper County, 25 August 1893 — THE SILVER DEBATE. [ARTICLE]

THE SILVER DEBATE.

Synopsis of the Discussion in the United States Congress. IN THE HOUSE. On the 17th Mr. Daniels (rep, N. Y.) spoke in I favor of the repeal of the purchasing clause ol the S -ts n act. The error, he said, had taken hold of the public mind that disaster was bound ' to follow from the accumulation of silver bul- ! lion in the treasury. This fear had been sup- ’ piemen ted and voiced by the president Congress should intervene to give some measure of relief to the people by changing the financial i policy. Mr. Cooper (dem., Fla.) would vote for the Wilson bill and against each and every one of the propositions presented by the silver men. He argued that the Sherman law was the cause ; of the present depression. The want of public confidence had caused the runs upon banks, had caused the failure of substantial bank- | ing institutions and had brought about the present financial stringency. The demo- ' cratlc platform at Chicago had declared I for the coinage of gold and silver at an equal intrinsic value and the man who stood now for free silver undertook to override the democratic platform. He was ready to support arjr measure which would bring the money of the ' people out of its hiding place and would place the currency on a stable basis, but he did not Relieve that the country could safely provide for the free coinage of silver at the ratio of 20 j to 1. Mr.Goldzier (dem.. Ill.) paid considerable attention to the millions of savings bank depositors of the oountry, who, he said, were a creditor class just as much as the despised Wall street bankers. He took Issue with those i financial experts who presented figures showi ing the contraction of the currency, i Mr. Goldzter said that it was ' not the contraction of the curreni cy, but the contraction of public j confidence which created the present business depression. He was emphatically for repeal. | On the 18th Mr. Sibley (dem.,Pa.) spoke in favor j of bimetallism and.the Johnson interconvertible : bond proposition. He said the time had come j when the clearing houses of the great cities should no longer dominate and control the polI icy of the 87,000,000 workers of this land. The bi- ! metallists were as anxious as were the gentlei men on the other side to put a speedy end to the present depression, and this end could be attained here and now by enacting in law the Johnson proposition. One cause of the present panic was the Reform club, of New York, which had attempted to fix up the tariff before the meeting of congress. The New York bankers were also responsible for the panic. The demand for the extra session of oongrese had not come from agriculturers or laborers, but from the absorbers of the country’s wealth; not from the (77,000,000 of American citizens, but from the 24,000 who had acquired half of tho national wealth and wanted as soon as they could the balance of it The demonetization act of 1878 was a traitorous act and along with the names of Judas Iscariot and Bene'lct Arnold would be placed the names of those who were guilty of tho crime of 187.1 In the speaker’s opinion the salvation of the country depended upon the people who were living west of the Alleghenies and south of Mason and Dixon’s line. Mr. Everett (dem., Mass.l spoke in favor of repeal. He said the democratic party was called upon to meet a great orlsis. Mr. Cleveland was a great leader, and he was ready to support that leader. He did not care who was responsible for these present difficulties. | When a great city was on fire no one cared | whose old woman’s cow had kicked over the j lamp. Every one wantod to put out the fire, i but the responsibility to extinguish the fire rested with the democrats Mr. Havnes (dem, N.Y.) said he was amazed : at tho attacks made upon Wall street Tney ; were pure denjagogism attacks on the | financial system of the country. Wall ' street was the savings bank of the nation; it was to Wall street that the various sections of the country sent their loanable sur- ; plus, and from there that surplus was distrih- ; uted tMroughout the country where capital was ; needed for the development of every industry. Mr. English (dem., N. J.) took the same ground. But while he would vote for the re- | pehl of the purchasing clause he did not hold that that repeal would bo a panacea for all our ! evils; that it would restore the confidence ; which the people lacked. He thought the president's sagacity was sufficient to know that the mere repeal of this measure would not relieve . the people; he had confidence in the president's ! honor that at the proper time ho would redeem ; every promise of the Chicago platform, j Mr. Simpson (pop., Kan.) spoke in favor of ' free coinage. He severely criticised the demo cratie party for its absolute uselessness. Who ever had heard of the democratic party ever re- ! pealing a law or making a law. There was no 1 democratic party any more, .t was President Cleveland’s party. He also paid his sarcastic respects to the repubb-an party, and charged tho present depression ot business to republican legislation. Mr. Morgan (dem., Mo.) and Mr. Talbert (dem., S. C.) advocated the free coinage of silver. On the 19th Mr. McCreary (dem., Ky.) spoke for the unconditional repeal of the purchasing clause of the Sherman act, and argued that the postponement of the meeting of the conference was in the interest of bimetallism. He was here las a friend of silver and not as its enemy. He i was in favor of international bimetallism. The i United States could not afford to adopt a free ooinage policy now. The only path to free coinage was through international agreement and the only way to reach that path was to rbpeal the purchasing clause of the Sherman act As i a bimetallist he did not wish to see this country relegated to a silver basis, j Mr. Catchings (dem., Miss.) said he would vote for the unconditional repeal of the purchasing clause of the Sherman act and he would vote against any proposition directly or indirectly looking to the free coinage of silver in this country at this time at any ratio that could be suggested. He stood by every plank of the Chicago platform, but that piatform ! nowhere demanded the free coinage of silvera this time. The repeal of the purchasing clause j of the Sherman act would tend to restore con- ; fldence. ' Mr. Livingston (dem., Ga.) favored bimetallism, and the plain question now presented was between a single gold standard and bimetallism. He denied that the purchasing clause was rej sponsible for the present financial and business j trouble. The banks and tho bankers were now j the calamity howlers, and not the farmers, who I had been squeezed until there was nothing more | to squeeze from them. He made the prediction ! that if the purchasing clause of the Sherman act were repealed the price of products in this country would not be increased. | Mr. Richards (dem., O.) believed that President Grover Cleveland was right in attributing ; to the purchasing clause of the Sherman bill j the present business depression. Mr. Curtis (rep., Kan.) spoke in support es the Wilson bill, but in a conservative manner. He was in favor of a ratio of 20 to 1, and he would then establish a commission with authority to change the ratio at any time it was found to be too large or too small. Then let the secretary of the treasury be authorized to coin the silver bullion now in the treasury. Mr. Broderick (rep., Kan.) spoke in favor of bimetallism and prosperity, which terms he regarded as almost synonymous. The great mass of the people had no voice in the fixing of the financial policy, and the United States should not be coerced on this question by any other nation. Mr. Clark (dem.. Mo.) argued in favor of free coinage. To demonetize silver was to confiscate one-half of the property In the Unitea States. The gold bug said to this congress the metals should be divorced at the behest of England, the bully of all nations. One hundred and seventeen years ago this country had declared its political independence, and some gentlemen had now the audacity to believe that thertime had come when she should declare her financial independence and be free indeed. On the 21st Mr. Powers (rep., Vt.) sup'ported repeal of the purchasing clause of the Sherman net If free coinage were adopted the gold bugs could corner the market just as easily as they could to-day. The only solution' of the problem was at once to suspend the coinage of silver, which the world had discarded, until we could the worid to its tenses. Mr. Hooker (dem., Miss.) opposed "uncondi tional repeal. If labor was distressed it should be attributed to the action of tho banks. The repeal of the Sherman law would not restoretrade or commerce, nor'would it relieve th< wage earners. The present depress lew was ]

not attributable so much to the Sherman aet as to the McKinley act Mr. Cooper (dem., Ipd.) spoke in opposition to the free coinage of silver. He would rather favor a policy whidh would give the country a safe, recognized stable currency than enter Upon experiments at this time If congress repealed the purchasing clause it would not strike down nor kill silver. In his opinion it would lift up silver and make it the equal of gold. Mr. Alexander (dem, N. G) advocated free silver coinage and spoke of a larger currency. If some relief were not given to the country there might be trouble. Mr. Sperry (dem., Conn.) opposed free coinage and advocated the Wilson bill. The silver men did not seem to care whether -the ratio should be 16 or 20. Mr. Cox (dem., Tenn.) argued against the Wilson bill Hewasspeaklng.be said, in behalf of the poor colored men of his country. Mr. Settle (rep, N. G) said that the furthest be would go was for the comity of the Aemlcan product He was not in favor of an increase of the currency that did not increase with sound and good money. He was in favor of bimetalism and would vote for the Wilson bill.

Mr. McLaurin (dem. S. C.) spoke in opposition to the Wilson bill. The situation had come to pass when his people could stand it no longer. The people of his state understood that the contraction of currency meant wealth for the few and poverty for the millions. Democrats might as well try to twist one of the cyclones of the west the wrong way as to attempt to stem this tide. We are in the same condition that we had been in 1778, exoept that then we had been trying to eliminate the power of King George instead of King Gold. Was the United States to be forever a province, a puny, sickly boy tbat had a spasm every time that Its old mother had the hysterics? Mr. McDannold (dem., I1L), said he was in favor of the free coinage of gold and stiver at any ratio that might be acceptable. He would then remove from both their legal tender quality. But the government should have the privilege of paying every dollar it owed in coin. That was the only method of restoring tha parity of the two metals. Mr. Bartlett (dem, N. Y.) said he was in thorough accord with the president's message. He represented a farming constituency, a laboring constituency, a banking constituency, and all demanded that the purchasing olause be unqualifiedly repealed. Without international agreement there could be but one standard, and he was in favor of that standard, and to-day that standard was gold.

Mr. Stockdale (dem., Miss.) said this fight was not between the east and west; it was between the creditor and debtor classes. He liked the east, but the people of the south would not forsake their own interests in order to benefit the east or the west IN THE SENATE. On the 16th Mr. Sherman (rep, O.) charao terized as unwise and unbusinesslike a proposition by Mr. Cockrell authorizing the secretary of the treasury to redeem (at par and accrued interest) such of the 2 per cent bonds as may be presented for redemption, and to pay for them in new legal tender notes. Adisoussion followed, in which Mr. Cockrell ridiculed the idea of letting the national banks increase their circulation, while his proposition to increase the greenback circulation was opposed by the senator from Ohio, the friend and supporter of national banks and the great gold monojjnetallist Mr. Berry (dem., Ark.; spoke in advocacy of the double standard of gold and silver. On the 18th Ma Voorhees called up his national bank currency bill and moved its Immediate consideration. He felt called upon to say that his bill was not introduced for the benefit of the national banks, but was rather intended to make use of the machinery which those banks now employ for the benefit of the general public. There was a dreadful situation confronting the American people, and every remedy suggested could only be a remedy with the promptest action. Here was an opportunity for quick work, and he hoped that the senate would see the advantage to be gained by a prompt passage of tbe bill. Mr. Allen (pop., Neb.) advocated the adoption of the amendment offered by him to suspend interest on the bonds on which the increased circulation is based. In his judgment the bill would commit the country to a policy of a continuance of tho uational banking system and he believed that the time had come when safety required the overthrow of that system and the wiping it out of existence as speedily as possible. Mr. Stewart (Nev.) said this was no time for the national banks to ask a further subsidy until every effort was made to relieve the country. If that effort was not made in good faith it would not be the fault of the silver men. They would agree to everything that would give relief. They asked no subsidy, no advantage, no change of policy. Messrs. McPherson (dem., N. J.) and Manderson (rep., Neb.) argued against the Allen amendment Mr. Peffer (pop., Kan) spoke against the na tional banking system. As banks of issue the national banks would have to go. Their usefulness had expired and they should no longer cumber the earth. He opposed the bill and suggested the issue of 5i00,000,000 in greenbacks, which vvmld, he said, go far toward restoring confidence.

The Allen amendment being rejected, the next question was on the amendment offered by Mr. Cockrell (dem., Mo.) for the redemption at their face value and accrued interest of such 2 per cent bonds as may be presented for redemption and to issue greenbacks to pay for them. This amendment was opposed by Mr. McPherson (aem, N. J.) and Mr. Sherman (rep., O.). The latter characterized it as an unbusinesslike transaction. The government of the United States could not now increase its demand liabilities. It would be unsafe to do it. Such a proposition would shake the foundations of the government’s credit Nobody doubted that the government was strong, rich, powerful and able to maintain every dollar of its money and pay in gold and silver coin, but it was not able to assume pew obligations now. Mr. Cockreil (Mo.) advocated the amendment He urged that there was no difference in the government’s liability between greenbacks and national bank notes, because the holder of national bank notes eoirid demand greenbacks for them and cyuld then demand gold for the greenbacks. The question before the senate was whether the necessary increase of currency should be made by the government or should be percolated through the national banks On the 21st Mr. Morrill (rep., Vt) said he had not yet abandoned all hope of bimetallism, and therefore he should gladly vote for the repeal of so much of the act of 1830 as required the purchase of silver. After its repeal the country would not be dependent upon gold alone for currency, and there would be much more of stiver than of gold and more of paper currency than ever before, and as the silver dollar would not be demonetized whenever more silver could be coined and utilized without crowding gold to a premium it would be done by universal consent; but the treasury should be relieved from its embarrassment of furnishing gold to pay for sliver bullion. To maintain silver within the existing standard on a parity with gold, while increasing the public debt by the dally purchase of over five tons of silver bullion, the treasury notes for the payment of which were practically redeemed in gold, was too heavy a task, and the administration had acted wisely in appealing to congress. As to tbe declaration of the silver mine owners that they would not consent to the repeal of the act of 1890 without a satisfactory substitute indicated by them free coinage was the very measure most feared by the country, as it would bring with it the single silver standard. No government can be sustained which does not fulfill its pledges in good faith. The public debt, national and state, and all other contracts, by our recorded pledges, are payablo in legal tender on a parity with gold. Whatever policy will relieve the public distress would be his policy. Whatever favors the public credit would have his favor. Whatever measures support publio honor would have his support.