People's Pilot, Volume 3, Number 17, Rensselaer, Jasper County, 13 October 1893 — THE SILVER DEBATE. [ARTICLE]

THE SILVER DEBATE.

Synopsis of ths Discussion in th* United States Senate. On the 3d Mr. Dolph (rep.. Ore.) continued hl* remarks. He had read extracts from President Cleveland’* message* to congress during hi* former administration giving his views on the silver question He then said these extracts Justified the statement that the success of the democratic party with such a candidate was the verdict of the American people in favor of the discontinuance of the purchase of silver and of the coinage of silver dollars.- He (Dolph) did not expect that congress could pass any act for the use of silver by this country alone that would receive the president's approval. But he understood that the president would be in favor of what he considered a practical use of silver. He did not doubt the good faith of the president, and believed him honest when he asserted from time to time that he was in favor of bimetallism by an international agreement whereby the parity of both metal* can be maintained. Mr. Palmer (dem., Hl.) said he had no doubt the president understands that while we continue the purchase of silver we are disabling ourselves by putting ourselves to a disadvantage in any attempt at adjusting bimetallism with foreign countries He was quite certain the president believed that so long as we continue the purchase of silver and undertake to support silver coinage we would appeal in vain to foreign governments to enter into any agreement to establish international bimetallism. Mr. Palmer argued that the free coinage of silver would drive out the gold, so that instead of the country having the two metals it would have but one. On the 4th Mr. Butler (dem., S. C.) spoke against the silver repeal bilk He replied to Senator Palmer's remarks criticising the senate for its action He said the minority on the repeal question was not attempting to coerce anybody, but that it did notintend to be coerced by anybody. The senate was not a town meeting, but was a great deliberative body, intended to put a veto upon hasty, unwise and i improper legislation. It had been asked: What was to be done? His reply was “compromise.” Compromise is the solution. I It has been said that the president of the United States was interfering with legislation, and that whenever compromise was spoken of the statement was made that the president would not compromise. “Whoever states that,” said Senator Butler, emphatically, “does that high official great injustice, because it is none of his business what the senate does.. I don't believe that he has attempted to use his high office to influence the senate improperly.” Mr. Blackburn (dem., Ky.) spoke in opposition to the repeat He was not, he said, the friend or apologist of the Sherman act But, bad as the measure was, unfair and uncandld as he believed it to be, he did not believe it had been the cause of the financial woes which the country suffered, nor did he believe that its repeal would prove that panacea for all the financial ills under which the country was struggling. He did not wish to see the country put upon a single standard. He was as much opposed to a single silver standard as he was to a single gold standard.. He declared an international standard of value was a myth. There never had been, never would be and never needed to be an international standard of value. The trouble ay further back than the Sherman law. The tariff system of the country needed revision, and the financial system needed overhauling. He stood here to-day to advocate both those necessary works. He said: “If there be those who think that I am making the fight for the 'ftwner of silver mines, or of the silver smelter, they are mistaken. If the 10 per cent, charged before 1873 is not enough, double it: take *2O. If that does not suffice, take 25 If you tell me that the ratio of of 16 to 1 is too low, I say. in the spirit, not of justice, but of compromise, ‘raise the ratio.’ Make it 17; make it 18; make it 19; make it 20 and L for one, will accept it rather than have the silver metal stricken dawn The only condition which I would impose would be: Unlock the doors of your mints to silver!, give it right ot entry there; and then hamper it with what conditions you please But, Mr. President, important as this is, it i* of equal importance that we must settle it” Mr. Blackburn concluded by saying: • The settlement of the issue should, come, and should come now. I appeal to the sense of fairness, to the patriotism, the sense of dignity which characterizes the senate, and I ask senators. without regard to party affiliations, to rise to the dignity of this great issue and make a settlement that shall be just and, fair.” On the- Sth the debate on the silver repeal bill was continued by Messrs. Call (dem.. Fla.) and Butler (del*., S. CL), both of whom opposed the bill. Mr. Butler devoted the larger part of his speech to an argument in favor ot the repeal of the tax on state bank circulation, taking the position that the tax was unconstitutional. He ridiculed the suggestion that if the tax on state bank circulation were repealed the days of wildcat banks would return. It was impossible for any state in the union to permit for one hour the existence of. a bank that was net conducted upon conservative, prudent and business principles. He believedthat South Carolina or lowa would, with the tax on circulation removed, requir* a method of banking as safe and as conservative as that of Scotland. Why could not the American people imitate the Scotch? Why could not each.locality be allowed to have banks establishing the cash credit system of Scotland, where a man's personal credit with the aid of two friends would get capital? What was there in the American people that they could not be trusted as the Scotch people were trusted;: that the state which was trusted in so many, other vital points could not be trusted to regu ate the currency for its people? On the 7th Mr. Roach (dem., N. H)' spoke in ! favor ot tine repeal of the Sherman act, but expressed a desire that there should be some legislation in, connection with it that would recognize silver as a legal tender money; He said: “Let this congress call upon the nations-.of this hemisphere to unite with it and say how gold ’ and silver shall compare with each; other and I how they shall be rated as money, establish a : uniform silver coin, and provide for its free I coinage with gold. Then this nation, will fulfill its magnificent destiny and realize the most I ardent; dreams ever conceived by,- tii» most ' vivid and exalted patriots.” Mr. Allen (pop, Neb.) began a speeehiagainst the repeal bill, in the course of which a colloquy took place between Mr. Allen and Mr. Dolph (i»p., Ora) as to the difference-between the actual and the face value of gold,amd silver coins. Mr. Allen claimed the tree- and unlimited. coinage of any metal: made the bullion, value of that metal equivalent to its coinage value. Mr. Dolph regarded, that proposition, as a very remarkable one: and Mr. Allison (rep, la.) agreed that with the tree and unlimited, coinage ot silver in the-Uhited States the silver bullion in a dollar and: ths coined silver dollar would be of the same value. They would: represent the same things But if the United States undertook to use both gold and silver as a measure of value, then a new question, would be raised—the question of the ratio the two. I£ England, had a ratio of 15 and. the United States a ratio of 16 to 1 all th® the gold would go to one country and all tha silver to the other. Cta the 9th Mr. Wolcott (rep, Col.) said that within the last few days the- Worst apprehensions of the friends of silver- as to the position of the president have been realized. The president’s open letter addressed to the people of the United States through Gov. Norihen, of Georgia, is one of the most remarkable pronunciamentss of this generation. The president of the United States, while congress was in extraordinary session, convoked by his proclamation, informed the country that he was astonished at the opposition of the senate to the measure which he had advocated in his message Such an utterance was intrusive and offensive and was unfitting the relations which should exist between the legislative and executive departments of the government. Mr. Wolcottspoke of Secretary Carlisle’s change of front on the silver question, referring to the proverbial zeal of converts. The passage of the repeal bill, Mr. Wolcott contended, would leave to silver no place as a standard of value. Silver was to be discredited, attainted, outlawed. Mr. Voorhees (dem., Inch) denied that the pending bill would demonetize silver. The statement that it would cto so might be repeated a hundred thousand times and still it would not be true. He stated that the committee had several good reasons tor what it did, tmd be add-

ed: "When the Sherman law no longer disgrace* the statute book of the nation I am ready to act promptly/and with all the energy that I am capable of, to carry out the pledges which this bill contains.” He then went on to argue that if the senator* from the silver states had opposed the passage ot the Sherman bill as he had opposed it, it would never have brought a blight and curse on the country Mr. Teller (rep, CoL) replied to Mr. Voorhees’ criticism ot the senators from the silver states for supporting the Sherman bill when it was before the senate and asserted that the Indiana senator was not in a condition to throw stones at them, inasmuch a* he had not only voted for the Bland bill, but had voted to pass it over the president’* veto, .He declared that the people would not be fooled by the declaratory section in the commtv tee s substitute. They understood the infiu ences that were at work. Mr. Voorhees asserted that the declaratory provision in the bill was much better in that it pledged the future use of coinage of both metal*, in the language of the Chicago platform. Mr. Cockrell (dem., Ma) said that from the foundation of the government to 1873 our law* maintained the constitutional bimetallic system unimpaired. The law of February 12, 1873 passed by a congress overwhelmingly republican in both houses and signed by a republican pre*dent—was the first act that demonetized silver. Mr. Sherman was the chairman of the committee on finance at the time, had charge of the bill, and well knew its provisions and effect. Not three senators and five representatives knew it demonetized silver and established the single gold standard. Mr. Cockrell, continuing, reviewed the records of both parties on the silver question, beginning with the Forty-fourth congress He spoke of the silver leg having been struck from under the monetary fabric of the country “by the stock relations of the president ” The representatives of foreign bankers, he said, had the) audacity to demand from Secretary Carlisle the issue of 1150,003,000 of gold l bonds. They had said: “Now is the opportunity to force the United States to come to a single gold standard and to force it to issue bonds to get the gold; and we will have the selling of these bonds and will get the commission and brokerage.” Telegraph messages had been sent by cart-loads and congress had been convened; and, he added, “here we are.”