Rensselaer Republican, Volume 22, Number 43, Rensselaer, Jasper County, 26 June 1890 — FREE COINAGE WINS. [ARTICLE]

FREE COINAGE WINS.

The Senate Passes a Free Coinage BUI. Free coinage The£e is to be unlimited free coinage of American silver if the bill which passed the Senate on the 17th is adopted by the House and signed by the President. The Senate was the scene oil a very lively action from the moment Mr. Wolcott, of Colorado, took the floor to “round up” the single-standard men and severely criticise the attitudefpf Secretary Windom toward silver coinage, until tho final vote on the amended bil* was taken. The galleries began to fill as soon as Mr. Wolcott commenced to deliver his maiden effort, and when he had finished there was a hearty round of applause. The seats above and on the floor were all occupied, but a large portion of .the noise made came from the Senators. Not only did the free-coinage amendment, which had been pushed by Mr. Teller, of Colorado, succeed, but an amendment offered by him making the certificates, which were to be issued for the purchase of bullion, a full legal tender for the payment of all public and private debts. The free-coinage amendment was adopted by a vote of forty-three to twenty-four. There was in the parlance of the West, “a hustling to get on the band wagon,” as amendment after amendment was proposed and voted upon, Senators who had proclaimed openly against placing silver upon the same footing with gold and legal-tender notes seemed to be eager to vote for the amendments elevating silver to the highest possible standard. After several of the amendments were adopted Mr. Edmunds, of Vermont, who led the opposition to free coinage and a full legaltender provision, arose and declared that he was disgusted with the whole proceedings, desired to wash his hands of it, and was willing to turn it over to the Democratic party, where it belonged. This precipitated a very lively exchange of sentiment between the Senator from Vermont and Mr. Plumb, but when quiet was restored other amendments were proposed and adopted with an increase of majority, Ihe accessions coming from the Republican ranks. So overwhelming were the votes upon the amendments that it was freely stated by the strongest single-standard men on* the Republican side that only a free-coinage bill could pass the House, as many free-coinage men who had been coerced, when the bill was before that body a short time since, would feel at liberty, in view of the large majorities in the Senate, to consult their own convictions, apd be guided in accordance. The friends of free coinage give Senator Teller tne credit of having wrought the wonders which were shown by the votes in the Senate Tuesday, He was the first man to come out boldly for free coinage, and cons binued to fight for it last week when it looked as though a majority of the entire Senate, from the Republican side, would sign a pledge to vote against free coinage. Mr. Teller never lost faith in the ultimate success of his position, and he was very heartily congratulated when the bill was finally passed Tuesday afternoon. Mr. Plumb, of Kansas, was also a prominent laborer in the vineyard of free coinage. The following is the bill as it now stands: Section 1. That from and after the date of the passage of this act the unit of value In the United States shall be the dollar, and the same may be Coined of 41J$£ grains of standard silver, or of 25 8-10 [grains of standard gold; and the said coins shall be equally legal tender for all debts, public or private; that thereafter any owner of ails per or gold bullion may deposit the same at any mint of the United States to be farmed into standard dollars or bars for his benefit and without oharge; but it shall be lawful to refuse any deposit Of less value than SIOO, or any bullion so base as to be unsuitable for the operations of the mint. Seo. 2. That the provisions of Section 3 of an act to authorize the coinage of the standard silver dollar, and to restore its legal tender character, which became a law Feb. 28,1878, is hereby made applicable to the coinage in this act provided for. Sec. 8. That the certificates provided for n the second section of this act* and. al 1 silver and gold certificates already issued, shall be of denominations of not less than $1 or more than $100; and such certificates shall be redeemed in coin of standard value. A sufficient sum to carry out the provisions of this act is hereby appropriated out of any money in the Treasury not Otherwise appropriated. The provision in Section 1, of the act of Feb. 28,1878, entitled “An act to authorize the coinage of the standard silver dollar and to restore its legal tender character,” which requires the Secretary of the Treasury to purchase at the market price thereof not less than two million dollars’ worth of silver bullion per month, nor more than four million dollars’ worth per month of suoh bullion, is hereby repealed. Sec. 4. That the certificates provided for in the act, and all silver and gold certifl. cates already issued shall be receivable for all taxes and dues to the United States of every description, and shall be a legai tender for the payment of all debts, public and private. Seo. 5. The owners of bullion deposited for ooinage shall have the opportunity to reoeive coin or its equivalent in the certi. fioates provided for in this act, and such bullion shall be subsequently coined. Seotion 6 provides for covering into the Treasury the fund held for the redemption of national bank circulation. The title of the bill was amended so as to read: “An act to provide for the free coinage of gold and silver bullion and for other purposes.” Opinions as to the probable action of the House on the Senate silver bill differ very widely. There is a belief on the part of some that before any action is taken a caucus will be held to decide upon the course to be pursued. There is a sentiment even among friends of the bill as it passed the Senate that it will get into conference, and that out of that conference will be evolved a bill providing for the purchase of 4,500,000 ounces monthly, the certificates issued in payment therefore to be legal tender and not redeemable in bullion. Such a measure, it is generally believed, would receive the President’s approval. The free-coinage advocates express the opinion that the House will pew the Senate bill.