(JONGRESSIONAL E,EOO.RD-HOUSE. AUGUST 26, man act were the subject of denunciation since their adoption unmistakable declaration of purpose by the dominant party in by monometallists for theoretical and partisans for political government to continue existing, or, if not that, then to adopt reasons, so long as our trade with foreign nations was at all fa­ tariff legislation equally or more favorable to the profitable con­ vorable to us, our revenues sufficient to meet the requirements duct of American farms~ industries, trade, and commerce. From of the Government and the gold reserve in thb Treasury not se­ this alone can the nation hope for perfect re ~ toration of confi­ riously encroached upon, the assaults were ineffective and no dence and business prosperity. And from such restoration the i'enuine or general alarm was felt throughout the country. way toward international bimehllism will be vastly promoted. But when the b:tlance of trade turned largely against us gold With large and continuing trade balances in our favor, it will was steadily withdrawn from the Treasury and customs duties be but a short time until ours shall ba the least interested among were paid almost entirely in silvercertificatesorTreasurynotes, the great nations in the matter of a single or double standard, so that the Treasury seemed almost defenseless, these conditions aJ:!d we can then, at the solicitation of those now refusing to unite uniting with the graver apprehensions that manufacturing in­ witl:!_us, agree uf>on a world-wide circulating- dual coin cur rency terests would suffer in briff revision, and a perpetually adverse and secure to American silver a profitable and enduring market. balance of trade and possible deficit in our revenues be occa­ [Applause.] sioned, ~he hostile criticisms were seriously regarded and the idea became generaJly prevalent that the silvet·- purchasing policy [Mr. WHEELER of Alabama withhotds his remarks for re~ left theNational Treasury in a deplorably weak condition, and its vision. See Appendix.] longer continuance was indefensible. Mr. CUMMINGS. I move that the House do now adjourn. Any policy which entirely fails of its object should be ab:1n­ The motion was agreed to; and accordingly (at 10 o'clock and doned. Failing to sushin, much less to appreciate, the price of 50 minutes p.m.) the House adjourned. silver, or to add to the circulating medium, the monthly emit­ tances of notes being greatly below the sum of currency with­ drawn from circulation and infinitesimalcompa.red with the con­ traction of credit, and the country looking for relief from there­ HOUSE OF REPRESENTATIVES. peal of the law, it appears a high duty at this juncture of affairs to pass the repeal. S.A.TURD.A.Y, A ug1tst 26, 1893. A MEMBER. What then? The House met at 10 o'clock a. m. Prayer by the Chaplain, Mr. WANGER. Then let us hope your side will show the Rev. SAMUEL W. HADDAWAY. country that you favor laws for the promotion and not the de­ The J ourn.al of the proceedings of yesterday was read and ap- struction of the iB.terests of the American people. [Applause.] prov~.· • Then the silvercurrency of the country, not one dollar of which SILVER. is destroyed by this repeal bill, will be an element of strength and not of weakness, the lofty purpose of the Government to The SPEAKER. Underthe order, as modified forthefurther fulfill to the uttermost its undertakings being unquestionably consideration of House bill No. 1, this day is to be devoted to demonstrated. general debate. It was ag?eed when the order was m ade that Then let us enact the Johnson bill, permitting every holder the time in favor of_ the proposition should be controlled by the of Government bonds to receive notes to the amount of bonds gentleman from West Virginia [Mr. WILSON], and the time in deposited, with the privilege of redeeming the bonds, and not opposition to it by the gentleman from Missouri [Mr. BLAND]. to receive interest for a certain period, to prevent unneeded con­ The Chair recognizes the gentleman from West Virginia; to tinual charges, and also give the national banks circulatfng notes whom does he yield? to the p.1.r value of the bondsdeposited bytheminthe Treasury. Mr. WILSON of West Virginia. Mr. Speaker, I yield thirty These measures will give immediate relief in the matter of minutes to the gentleman from Alabama [Mr. CLARKE]. currency. Institutions-holding the savings of wage-workers and [Mr. CLARKE of Alabama. withholds his remarks for revision. farmers, which are large holders of Government bonds, as sav­ See Appendix.] ings banks and trust companies, would be enabled, under the Johnson bill, to promptly pa.y their depositors whomay :flock in Mr. WILSON of West.Virginia. I yield to the gentleman upon them when labor is unemployed, as, alas, it may be during from Maine [Mr. REED]. the coming months. And the increase in the national-bank cir­ Mr. REED. Mr. Speaker, I am not certain of the wisdom of cUlation being immediately available and going to every part of any member of this House, and least of all of iny own. I am quite the country wo~ld be tenfold more effective than the simple conscious also how difficult it is for anybody to know anything amount of the increase indicates in the confidence it would re­ about currency in general, and how especially difficult it is to establish in those institutions. provide a remedy for aderangemt:mt of currency at any particu­ These measures, with the natural trend of events, will speed­ lar time. Nevertheless: while I have grave doubts of the wis­ ily terminate the currency famine, cause the money of the coun­ domofeach individual, including myself, and no doubt whatever try to be " visible currency," and the difficulty will shortly be a of the difficulty of the task, it is a comfort t :> me to fall back upon redundancy of currency without, it is to be feared, a legitimate a well-established belief in the wisdom of all, even when shown demand for it for investment. by the decisions of the Congress of the United States. It is eloquently contended that we should provide for the free It may not be an absolutely righteous decision which we shall and unlimited coinage of silver; but every objection urged reach, ne-vertheless it is a comforting assurance to believe that against the Sherman act, which nearly every supporter of the that decision will be sufficient for the emergency, especially since pending amendments denounces and says he only adheres to to it is accompanied by the certainty that no other wisdom is possi­ secure terms, applies with equal force to those amendments. ble at the present time. Upon us and the people who are in­ They continue the declaration of the Sherman act to maintain fluencing our votes rests the decision of this and of other very the parity of all our forms of currency, and therefore make gold important questions. the' purchasing standard of the world's stock of silver and im­ Crises like the present are not uncommon in the history of ­ pose a more than herculean task upon this country and. tremen­ the world; indeed, they seem to be essential to human progress, - dous burden upon labor. We could not uphold the undertaking-, and to arise out of the characteristics of human nature itself. and a depreci..tted currency and brokgn governmental pledge Probably if \vise men, now alive, had been consul ted in the forma.­ would be the inevitable result of the adoption of any one of these tion of the nature of mankind there would not h ave been these amendments in the form they are presented~ :fluctuations which now disturb us, and which disfigure the history Bimetallism to be of value to us should be self-sustaining. of the time. II_we could have had that perfection of wisdom Under it we should be indifferent aboutmaintainingTreasuryor which is exhibited, so far as I have ever known, only in a green­ bank reserves in a particular coin and be able to rest confident b ::~. ck oration [laughter], we should h ave the human race proceed­ that :fleeing gold was sustaining the parity of gold and silver by ing on the upward grade steadily, without faltering and without meeting an abnormal demand elsewhere created. But the con­ relapse. ditions now prevailing absolutely forbid to this country at pres­ But, unfortunately, human nature was not framed in that way. ent an experiment of that kind without other legal restrictions Instead of a continuous upward movement, always rising, al­ than are here proposed, or the union of other great nation~ in the ways going forward, the movement of the hnmnn race seems to policy. be a series of upward starts and of falls of almost proportionate The purchase of silver in certain quantitieS" has driven us length. The general progress has always been onward, but further and further from international bimetallism: the unlim­ there have been many times when the movement has seemed to ited purchase would have no other result than to continue the be to the re'lr. widening breach, with the added and insuperable objection of In the history of civilized nations these alternations have not the certain dishonor of the nation's troth. been infrequent. The great rises and the great falls have ex­ Nothing, it seems certain, can do more to lift us out of the tended o-ver long periods of time. At intervals there have been present slough than the measures indicated, together with the minor falls as well as minor upliftings. We seem now to be at CONGRESSIONAL RECORD-HOUSE. 95_1

th.e beginning of one of those declines, the like of which hap­ loose from the United Sts-tes Treasury among the people of the -pens atter along period. Unless all indications fail, we are in United States. a situation very much like that which afflicted England in 1793 I do not think at the time that anyone here fully compre­ .and in 1825, and which began to afflict us in the year 1873. hended the cs.use, although some wise men h :td an inkling of it; Alter each long period of recuperation something st:lrts the but there was felt to b3 a constant drain of currency, which was confidence or the human race in itself and the confidence of the taking from us not only the money which we previously had in nation in itself, and men feel a sudden courage to undertake all circulation, but the large sum which I have mentioned from the enterprises and to indulge in every effort tending to progress. Treasury of.., the United States. When the course of events Each one seems to encourage the other. Each enterprise seems reached its end it was discovered that the great money center to be an assistance to the other. The result is, that for a series of the world, London, the capital of England, had been severely of years prosperity seems to increase; men are busy, capital is drained by a most tremendous set of enterprises in a dist:1nt na­ busy, and prosperity without limit seems to be within the reach tion of South America. of the race and of the nation. The effect of that tremendous call upon the money center of Suddenly, from some cause entirely unanticipated, a doubt is Europe, which resulted in the shaking down of the house which cast upon the reality of the progress which has been made. was the synonym, especially in the United States of America, of Something awakens the element of caution in the race or nation, credit, of enterprise, and of solidity-the house of Baring Broth­ and thereupon. rapidly and steadily, confidence disappears. Men ers-drew-upon the resources of the United States with a vigor feel that it is necessary to take an exact observation of the sit­ that no one would have dared to prophecy a year before. uation before resuming strenuous efforts. When that hour ar­ But the United States at that time wa s sound in every way, rives there is no possibilty of retreat or of change. and had not yielded to any disposition to inflation; consequently The race or the nation has determined to examine in to its con­ the storm was wea.thered and we continued upon our ca.ree1· of dition, and the result is apparent disaster, misfortune, defeat, prosperity and of labor. The country was prosperous because destruction of industries, and a general paralysis of business and everybody was at work, because capital was thoroughly em­ of labor. There is a generalliq uidation of human affairs. Each ployed, and all the goods that were produced were consumed man discovers what he is reallyworth,and the nation finds pre­ and were necess!try for the wants of the people. cisely what its absolute wants and needs are. If the period of In the year 1890, from a variety of circumstances, which it is not prosperity could be expressed in a single word, that word would necessary now to discuss-for the country cares very little to-day -p- be confidence; and if the period of adversity, as we call it, could whether anybody was or was not to blame for the passage of the be expressed in a single word, that word would be distrust. Sherman act-conspired to make the passage of that act an· abso­ During the period of progress, during the period of increased lute necessity. The passage of that act pledged the United endeavor, where all capital is employed andeverymanisatwork, States to purchase every month, and issue its value in currency, confidence reigns supreme. Every man believes in his own suc­ 4,500,000 ounces of silver. cess and in the success of hisneighbor. ' Consequently,heisfree At the time when that act was passed every patriot sincerely to t::tke goods and property at the general valuation; and the hoped that the expectation of the fribnds of silver, thatthatpur­ people who sell property are ready to take the checks and instru­ chase would result in solving the problem of bimetallism for this ments by which property is transferred. When the period of country and placing silver on a p:1.r with gold, would be realized. doubt sets in values become uncertain, because it is felt that a That the friends of silver entertained that view I can not doubt, readjustment must be had. Checks and evidences of transfer because it was expressed to me in terms of the utmost confi­ are scrutinized with care, because men who were wealthy yes­ dence. At the time, the passage of the act caused very little terday may be poor to-day. fear on the part even of the wisest; but a series of events, which So, also, production ceases becaus~ the producer has great are so fresh in the memory of every man who hears me that I doubts whether the production of his mill or his workshop will need not recapitulate them, caused a drain of gold from the be capable of sale, and, above all, whether he will gather in the Unit€d States to Europe. proper payment. How far this element of distrust may go de­ That drain of gold sounded the alarm to the American people pends upon the seriousness of the previous inflation of values; that the period of prosperity through which they had passed, and after a time, when men find precisely how they are situated and which was then in exjstence; which was shown by the em­ themselves, and how their neighbors are pla-ced, there begins ployment of capital and the employment of labor, had reached a slowly to revive the confidence which distinguished the former period of suspicion; a period a1ways reached in such forward period, in small measure at first and aft3rwards in larger measure, movements.of the human race, and always to be anticipated, but until finally we reach another period, where confidence reigns never in reality anticipated. At no time when any nation in and productiveness is at its utmost. the world has been at one of these periods of prosperity have This alternation between extreme production and produc­ ·men in general suspected that the period of prosperity was about tion reduced to its lowest terms is something which the phi­ to close. - lanthropist may regard with horror; but which the man who Every man is in the whirl of ambitious effort, carried away by -.has observed the history of the world is obliged to regard with it, swept in the direction of it, and hence does not know what is tolerance. While these fluctuations occur often in the historv about to happen. The stroke of the clock which shows that the of the human race, ea-ch one occurs from its own separate and time of settlement has arrived is always a surprise; and, from special cause. the nature of things and of human beings, always will be a sur- In former times they used to be more especially confined to prise. . each particular country and were not simultaneous; but modern Last May it bec3,me apparent that we had rea-ched a period. times have bound the earth together, so that it is impossible for when a wise and judicious man would be careful to curtail the even the greatest nation to disregard the other nations of t_he amount of his obligations. Some wise men had done so before­ earth. The railroad has diminished distance and the telegraph hand; other wise men had waited until that period. The banks ha.s obliterated time. The ocea.n steamers plying between the dH­ then commenced to examine their collaterals, to call in their ferent hemispheres, the trains of cars which sweep across the loans, and to put themselves in a position of safety, so far as pos­ contin en ts, have made business a far different thing from what it sible. The first element of dissatisfaction and dou.bt which was in the earlier ages. p ressed itself upon the people was the fact that there was a con-, Without undertaking to give the particulars of the change, it tinuous and unaccountable drain of gold. is enough to say that the world, which in the days of Magellan That drain of gold amounted, in round numbers, to a very great it required three years to circumnavigate, can be circumnavj­ sum, so nearly equalling the amount of the issue under the gated to-day in a period of two months. This binding- together Sherman law that it seemed almost conclusive that the displace­ of the whole world by obliteration of time and distance --has ment of currency which was happening was on avcount of the bound together the business of the world, and hence these peri­ issue under the Sherman law, because it seemed to be driving odic changes occur in greater or less measure throughout the out the same proportion of gold which was the equivalent of its world, not always exactly simultaneous, but always more or less own amount. Whether that reasoning was sound or safe or sympathetic. correct is in nowise a matter of discussion. The fact that the Nevertheless, in each particular nation the cause is peculiar to feeling existed was sufficient for all the purposes of practical itself. Each nation produces its own means of temporary pros­ life. perity; &lso its own causes for temporary depression. The fact Men felt that it was absolutely necessary, even if that ques­ that these depressions are nearly simultaneous does not in any­ tion was a question of doubt, so long as it was a question-at all, way milihte against the suggestions just mane. If anvone ae­ that they should curtail their enterprises in the futm·e, and that sires to notice the connection between the differentcountries, theyshould put themsehes in-order forastorm. Then followed he has only to go back to the crisis which occurred in the year what seems to be one of the characteristics of such a period­ 1890. It was found that there was a great scarcity of money universal distrust. The first distrust arose from the doubt jn the United States, so great that under the influence of uni­ whether the United St:l.tes wes not r-apidly approaching a sys­ .versal cl~mor more ·than forty millions of currency were let tem which would inevitablyresultin asilverstandardandalow- 952 CONGRESSIONAL RECORD-HOUSE. AUGUST 26,

ering of the value of the dollar as compared with the gold stand· of most importance is the uncertainty as to the basisupon which ard, upon which the United States was then undertaking to base manufactures are to go on. Manufactures to-day are, in no re­ itself. spect, the subjects of chance or of miscalculation. All the ale- This has nothing whatever to do with the question of the ments of cost are so thoroughly understood, all the elements righteousness of the double standard or of the single standard. which enter into production are so thoroughly comprehended, The United States at that momentw_as_making gold its standard, that it is impossible for manufactures to go on except upon the and any question as to whether it was to fall or not to a silver basis of small but sure profits. standard was a question which instantly aroused the desire of Unless t4e manufacturer can see his way directly to that, he has the people to hoard, first gold, then, as the distrust spread, all no object in running his mill; and unless in the future he can Eee kinds of money, for we not only began to doubt the Government that that mill can go on satisfactorily, there is no object on earth of the United Shtes and its policy, but also to doubt the sol- fm· him to conti~ue his manufactures and his organization. vency-not the present solvency, but the future solvency-of all Therefore, you may depend upon it, that until the question is the institutions of the country. settled-until men know the terms upon which they are to em- When suspicion and doubt of that kind once enter the minds ploy labor, until they know the terms upon which they are to· of 65,000,000 of people there is no knowing where it will end. compete with foreign competitors-no loom will be in motion That it took serious possession of them is shown by the simple more than is necessary and no wheel will turn except with the fact that out of the United States banking houses alone one hun- prospect of immediate profit. dred and ninety millions of deposits -were drawn by depositors I will not undertake to dwell at this present time-for I do not from all parts of the country. How much was drawn out of State want to confuse the issue=-upon those unfortunate parts of the banks and out of trust companies, how much has been drawn Democraticprogrammewhichareatpresentinabeyance,likethe out of savings banks, no one will ever probably know; but so much establishment of State banks and other financial measures, which has b2en drawn, so much has been hoarded, so much has been we may possibly have to struggle with. [Laughter.] I can kept out of circulation, that we are suffering to-day all the calam- characterize in a single phrase the cause of the present condi­ it!es of a restricted circulation in the midst of an abundant sup- tion of affairs. It is the undiscoverable uncertainty of the fu--7 ply of money. ture of both the currency questions and the questions of protec- This, then, at the present moment is the situation in which we tion and revenue tariff. find. ourselves. I have, in thus narrating the outward circum- It will be seen from what I have said that I do not regard the stances which have attended our present position, failed to state Sherman act as in itself alone responsible for our present condi­ :what is, afte1· all, according to my judgment, the main under- tion of affairs; that I believe that the causes of our present dis- ?iying cause of the present condition of affairs. At the last election aster underlie that; that the necessary stoppage of hundreds and the Democratic party was b!ought into power by a curious com- thousands of mills all over this country is at the bottom of our bination of circumstmces, as the result of a hundred causes-not disaster. Nevertheless, I do believe that the Sherman act and with c:.treful and candid deliberation, but as the result, in a large the accumulation of silver in the Treasury was the earliest indi­ mell.sure, of the apathy of the American people. cator of the disaster which we are approaching, and that it has The vote shows what I declare, and the recollection of every played a part not entirely unfortunate in warning us so that we individual to whom I am speaking can be safely appealed to. can be saved from still further misfortune and doubt. ·while this thing has not been specially manifest during this We are now, therefore, in this condition of affairs: We are discussion, while there has been little talk with regard to it, on a down grade to that period of recuperation, economy, and nevertheless the consciousness of this fact underlies our entire self-denial which, in some cases, may lead to very grave and situation. I do not intend in alluding to this fact to in anyway serious suffering; for there can be no doubt whatever that the refer to party politics. I do not undertake to raise any ques- threatening aspect of affairs, while it threatens this country as tion as to whether the system of protection is a wise one or not. a whole, capitalists and laborers alike, is more especially, in the I do not undertake to dispute the proposition on the part of future, threatening to the laboring people of the country. the Democracy that protection is a tax, wicked a.nd iniquitous. When mills shut down, they shut down because they must as­ [Laughter.] ' For the purpose of discussion, and for that purpose certain by Democratic legislation what the basis of their future only, I am quite free to admit that protection is a fraud, and that manufactures is to be. If their basis is to be competition with virtue resides only in a revenue tariff; but there remains, even foreign countries upon less favorable terms, they will be obliged if it be admitted that the propositions ,of the Democratic plat- to meet those less favorable terms by reducing the cost of manu­ form are righteous every one-there remains the fact that the facturesthemselves. Thecostofmanufactures,ofthefineatkinds system upon which the manufactures of this country have been especially, is largely in the pay which is given to laboring men. 1·egulated for thirty years is threatened with a total change; As the gentleman from Mississippi [Mr. CATCHINGS] has very whether that change is to be for the better or not no man can candidly, and at the same time very accurately, said, the wages know. - of labor have been steadily rising in this country, until they What the Democratic party purpose to do with the power have reached a point unexampled in the history of the world up which is in their hands nobody can say. They do not even know to this time. If the American manufacturers were to compete themselves; and hence they are not able to impart it to others. alone with each other, it is possible that the st:mdard of wages For my part, I do not expect the Democratic party to be utterly might be maintained; but if they are to compete with people bad. [Laughter.] I do not believe they will be permitted to be abroad, where wages are less, where skilled labor is at a much so H they should so desire. [Applause.] Such i!:! the restraining lower price, then there can be no doubt that a reduction of the influence of the people, even after election, that I believe that wages of labor will follow. through all the disguises, through all the masks which this Indeed, all over the country there are signs that that wlll be election has thrown over the wishes of the people, nevertheless thecase; and there are signs also that the workingmen are reo­ those wishes will be carried out. But at this present n:toment ognizing the fact that their labor is one of the elements, the no mm can know what will be the result of the action of this strongest element perhaps, in the cost of production, and that Congress upon the manufacttrres of this country. that cost of production can not be measured by any arbitrary If the reformation of the hriff were in the hands even of its standard, but must be measured by the standard of competition. friends, if a change in the tariff were contemplated by those men Such being the case, we may expect more or less misfortune to who are in favor of the principle of protection instead of in the happen to our people. hands of those who denounce it, I should feel entirely confident I do not believe that the Democratic Congress_, influenced as that business would be stagnant or remain at a standstill; but it will be by the pressure on the part of the people of the United when this reformation of the tariff is in the hands of men op- States, will so revise the tariff that the workingmen will be posed to the present system, those manufactures of the country brought back even to the condition of the workman under the which are built upon the present system must necessarily call a Walker tariff; but that there will be doubts and difficulties and halt. reductions I have not the slightest doubt. If their goods which they manufacture are to be in competi- The capitalist has met with his misfortunes. He has seen his tion with the manufactures of other lands, where the cost of stocks, his bonds, his holdings, and he will soon see his real production is upon a different basis, where labor is differently estate, reduced beyond anyfearwhich heenterbined ayearago; rewarded, asa matter of fact no manufacturer in this country and in due time will come the reduction of the wages of labor, will dare to manufacture goods until he knows the basis upon unless by great good fortune the laboring man, by demonstrar which his h>.bor is to go into the production of his articles of tions on his part, should show that he understands this guestion sale. Until that question is settled you may be sure that the in such a fashion that he will refuse to allow it to be mlsunder­ manufacturers of this country will never dare to manufacture stood by his member of Congress. more than the absolute necessities of the people require. Now, in this matter I do not expect to be accused of any party Prominent among the symptoms of the present condition of af- bias, for this does not in anyway involve the question of the fairs is the closing of mills in all parts of the country. The cur- propriety or the righteousness of a change in the tariff. Let rency questio:p. has something to do with that, but that which is that be as it may, the very fact. that there is~ chang~ requires 1893.' CONGRESSIONAL RECORD-HOUSE. 953 readjustment all over the country of aJl the relations of mankind for that act in the earnest hope that what they desired might to each other, and suchareadjustmentcannottake place simul­ turn out to be just and right, were in no condition to defend it taneously with the period of prosperity. at all. It had not answered their hopes. Wherever there is It is evident, then, from what I have said, that two questions an attack upon one side and no defence on the other there is sure must be settled as the indispensable preliminary of our arrival to be a very shining victory. [Laughter.] H ence, the popular at that period when prosperity will commence again. With the mind is so filled with the idea that the existence of the purchas­ settlement of the question of the tariff I shall undertake to have ing clause of the Sherman law is an element of disorder, that if nothing to do to-day. That will come at its proper time, when we remove it we shall do more to restore confidence than any­ people begin to realize that that is the serious matter which un­ thing we can do in the world. derlies this wliole situation. For the present we have another What would a restoration of confidence in this country mean ... question before us, and one which we will have to determine just now? It would not mean, in my judgment, a revival at once upon its merits. ' of business prosperity, but it would be a tremendous relief to It is perfectly true that the Democratic party is responsible those who are endeavoring to carry on the business of this coun­ for whatever occurs in the future and whatever does not occur. try without bankruptcy and disaster. It would, in my judgment, They -have the President; they have an enormous majority in and I do not intend to be in the least degree bigoted with regard to the House of Representatives, and they have the Senate to such a matter-I do not pretend to be overconfident that my judg­ themseh·es. For the first time in thirty years they have been ment is right-but, in my judgment it would have_ such areas­ removed from the low level of criticism of the acts of others, and suring effect that we should be temporarily assisted by capital have been lifted to the high level of responsibility and of per­ from beyond the seas, and that that very assistance would result formance. It could not be expected that they would change in the loosening of hoarded money, which is now to be found in their nature in the twinkling of an eye. stockings and in every possible receptacle, and the result would Elections might put them into power, but only the lapse of be ease of money. And those who are carrying on a sound and time can give them the proper sense of responsibility. The safe business would be rescued from the disaster which threatens time will come when the Democratic members of Congress, in­ them, and the country would be saved from many unnecessary stead of disputing with each other what the Democratic platform failures. means [laughterj, will be disputing with each other as to what It is sometimes customary here to make remarks indicative of the necessities of the country demand. Until that period of re­ great contempt and hatred o! banks and of cGI'porations. I expect sponsibility shall fairly rest- upon their shoulders, and also after­ during the next year or two to hear a great many such declara­ wards, they can rely upon the assistance of the Republican party tions. In this country corporations are sometimes brutal. They in the minority as they have relied upon them in the majority, are difficult to approach. You can not reason with them. and in the direction of sound government, of responsibility, and of they must have iron-clad rules, and very few men have deal­ ./ honest administration of affairs. [Applause on the Republican ings with corporations without having their tempers ruffled and side.] their feelings hurt. While we leave the question of tariff to itself, there remains Nevertheless, a fundamental purpose and object of ali corpora­ for us to consider the proposition which has been submitted to tions is to gather together the odds and ends of money in such us by the President of the United States as to the method of quantities that large business operations can be carried on by dealing with the financial question. The action of the Presi­ wealth which is aggregated out of small sums; and, in the main, dent, and the action of the majority of the Democratic party, large corporations represent little holders. This is especially acting together, has limited our scope of action. I am sorry true with regard to banks; and whatever vituperation may be that we have not been permitted to exhibit our wisdom in the visited upon those institutions in the future, I Eay to you now way of amendments; that we have not been allowed to take the that in my judgment the banks of this country are doing a pa­ vote of the House as to the various propositions to meet this triotic and honorable work, and are at this moment the main­ affair, which would seem satisfactory to us. We are confined stay of this country against failure and future disaster. [Ap­ to those propositions which the whole Democratic party have plause.] finally determined to submit to us. If, therefore, this proceeding will relieve them and will give I shall spend no time in pointing out the contrast between them confidence, if it will send back the depositors to their coun­ this action on the part of the Democratic party and their claims ters, if it will ease the rates of money, we shall be able to get during the Fifty-first Congress. I shall waste no time in cita­ over this disaster with less harm, less misfortune. tions showing how the rights of the minority are outraged, ac­ But I am in favor of the repeal of this act for another reason. cording to them, for I recognize now, as I recognized then, the I am desirous not only of weathering this storm with as few sails necessity and duty of the party in power assuming the responsi­ blown to pieces as possible, but I am also looking for the upward bility of its actions. I am only sorry that this question can not movement, which is sure to come, and which can only be post­ be settled, and settled righteously, within the bounds of the poned by bad management and bad actions. Democratic party itself; but, as I know and every man in this It is sometimes the fashion to be very contemptuous of foreign country knows, the majority of the Democratic party would de­ capital; but it is as sure as the rising of to-morrow's sun that cide against the good sense of the nation. when we take our next upward turn it will be by the aid and I am very glad for even the poor prlvilege of recording our assistance not only of the capital of the United States, but of the votes in the direction of our thoughts and beliefs and ideas. capital of the whole world. The transaction of borrowing, as I While I am in favor of the repeal of the purchasing clause of the hope to show before I get through, and the practice of lending Sherman act, and have always been since the failure of that act is not disadvantageous to either party. to realize the hopes of the men who believed in a silver cur­ When, as I have said, we reach the time for an upward move­ rency, I ·do not think that the repeal of that act will be an im­ ment, the capital of the whole world should be ready, not for its mediate cause of the revival of the prosperity of this country. sake, but forours, and we should be ready to receive it. Whether I am in favor of its repeal, however, for two reasons. First, the world be right in its doctrines with regard to money or not it seems to me to be deeply settled in the public mind, from is a question which I shall not at present undertake to disp1:1te; causes which can be easily understood, that the Sherman law is but to-day, and so far as we can judge in the future, our hold the cause of the unreasonable hoarding of currency throughout upon the world's capital depends and will depend upon our be­ this country. It has been made the foundation of distrust by a ing in accord with the world as to our views in regard to payment. variety of causes. The President of the United States deemed Sometimes gentlemen, in their p atriotic flights of eloquence, it to be his duty, and I make no ql!estion with regard to it, in exaggerate even the greatness of the United States of America. the most public manner to appeal to the last Congress to repeal It is perfectly true that the United States, under thirty years of the Sherman act, announcing in everyway in which he was Republican rule, has made enormous progress. It is true that capable of announcing his belief that the continuance of that our nation is, perhaps, the wealthiest on the face of the earth. a.ct was the forerunner of disaster. It is true that our wealth has increased year by year, and that Coming from such a source as that, it is no wonder that the in the future it will increase still more. Nevertheless, there people of foreign countries believed that the danger from the remains thefactthat our country is l arger than our wealth; that Sherman ac~ was as great as it possibly could be. Then, in ad­ the possibilities of the United States are a thousand fold in ad­ dition to that, the bankers who desired to call a halt in the con­ vance of any progress which it has yet made. dition of affairs which existed last year, who believed that the There never was a time in the history of the United States time of settlement had arrived, joined in that objection. Then when its development req uieed more capital. It has reached that the Democratic papers, scenting out the disaster that was upon point where its richest treasures can be exploited; and the rich­ us, and being desirous of charging it to some other party than est treasures of the land can only be exploited by the assistance their own, trained all their guns upon the Sherman act. of the treasures garnered up in past times in the whole world. The Sherman act itself had no defenders. The silver men, When, therefore, we t:lke our next upward rise, one of the great­ although theywereglad to get it, stood prepared to declare that it est assistants which we shall have to develop our new regions was not what they wanted. Thosewhohadyielded to the demand will be capital from abroad. 954 CONGRESSIONAL RECORD-HOUSE. AUGUST 26,

The spare capit~l of the United States, great aa it is, will not ply content myself with saying that there never W813 a more open, be sufficient for our purpose. We therefore ought to put our­ straightforward discussion since the beginning of time than that selves in such a position that when the time comes we may com­ by which silver was demonetized, as it is so said in this country. mand the capital of the entire world, for we shall need it. This Here is the Globe, volume 102, p age 2306, and pag s following, is by no means a day dream. Within my own lifetime, and un­ second se::> sion of Forty-second Congress, April 9, 1 72. Any­ der my own eyes, has occurred an example of precisely what I body can look at it, and for the second time in my life I make am talking about. profert of it in open court. When I first entered Congress years ago I listened to a debate Now, it is s :1id that if we pass this act we shall again demone­ of precisely the same character as that t o which I have listened tize silver. The gentleman from Georgia "(Mr. LIVINGSTON] this year. Hardly a new idea has been presented, hardly a new said the other day that there was no man in the House who did prophecy. There was the same attack u pon wealth; there was not proclaim himself a birr:: etallist; thereby inferring that those the srtme laudation of t he poor. Everything seems to me, as I who claimed to be bimetallists and did not vote his way were sit and listen to the debate here in the ~ouse, as if the tide of necessarily persons who were obtaining positions in this world time ·had rolled back and I were sitting here, a new member, by false pretenses. listening to the wisdom of fifteen years ago. I think that he omitted from his ment9l diagnosis of the C J.! e Then the object of atli!lck was the r esumption of specie pay­ the great fact that the foundation of all disputes is difference ments. Then on every hand men declared, and this Hall re­ of definition. He means by a bimetallist a man who is in favor sounded with the declaration, that the resumption of specie pay­ of two metrus if he can h ave them, but of silver if he can not. ments meant the ruin of the debtor and the destruction of the Other men may be bimetallists in the sense that they are willing country; that it meant handing it over to England and to the to have both metals if they can, but are unwillingtobeputupon foreigner, and that the poor citizen of the United States was to a silver basis without knowing it. If be would consider the lie forever prostrats at their feet; and yet I lived to see e-veryone range between those two definitions, I think he would find that of those prophecies forgotten, and every man connected with them mo t people ~e as honest in their desire to be bimetallists as he forgotten, too. [Laughter.] is himself. When specie payments were absolutely and actually resume'd Bimetallism by a single nation does not seem to be possible ; do you not remem~er what a tremendous upward start this coun­ bimetallism by all the nationsof the world seems to me to benoe try took? Do you not r emember how the prices of all property only possible, but feasible. As I understan d it, the object of bi­ in the country rose? How all propet·ty actually increased in metallism, and t he avowed object of monometalllsm. is to have a value? How men were at work in the fields, in the marts, in stable andpresistent standard. The theory of the monometallist the workshops, and everywhere all over the country everything is that gold of itself is subject to less fluctuation, to less chanO'e was at the highest pitch of production? than silver, to less fluctuation and change than bo~h gold a~d It is because this country has been watered and fructified by silver together. the capital of the whole world; and the result at t.he end of the The theory of the bimetallist is that if two lakes, liable to be last census shows what tremendous progress we have made, and disturbed by different causes, can be connected and made to flow that progress has been because the whole world has helped us, has into each other interchange1.bly, they will present a m uch received more or less benefit of it, but we the greatest benefit of greater expanse, and any change of level will therefore be much all, for all the great works which have baan erected by foreign less-the chan~e in e ach lake being distributed over both. capital remain upon our soiL I can understand this theory as applied to the metallic stand­ So my two reasons for voting for the repeal are, first, that it ards of the world. I can understs.nd that if gold by any accident will restore confidence to the people and in some measure help should be undervalued in any country and driven out of that us out o1 the first difficulties of our present condition; and sec- country, that would send it to the other countries; and the effect /1ond, when the time comes it will assist us on the upward path to of th at surplus of gold in the other countries would be to lower the next period of prosperity and of progress. the price of gold, and therefore have a tendency to send it back Now, let me answer, _so far as I am able, a few of the objections to the original country; in other words, that the effect of the which have been urged against this repeal. First, it is said that two lakes would be to cause a lesser variation in the level; but it is a renewed demone tiz~tion o1 silver. On this question of when you come to apply that doctrine to a single country, you demonetization of silver there has never been areallyfair, open, will perceive at once that it can not be a-pplio.ible, ths.t the effect and honest discussion. I do not believe either that the present of undervaluing one metal will necessarily be to drive that metal time "is one which will produce such a discussion. The subject out of the country. has always been approached from the domain of prejudice and You do n ot h ave to indulge in any far-fetched theories to un­ passion. There is one element in it which has always excited derst'lnd this. You do not have to discuss the question of the my disgust and also my astonishment. I have seldom heard the Gresh~ law at all. All you have to do is to a-pply yourself to question of silver discussed without some gentleman presenting tl!e history of the United States; and the speech of the gentle­ 7 what he called the "stes.lthy demonetization of silver. ' man from Tennessee [Mr. PATTERSON], a brave and admirable There is nothing which will arouse the wrath, dissatisfaction, speech, shows conclusively that this country, while it was pre­ and disgust of the American people like any charge of dishon­ t ending to be bimetallic in its stmdard, was never re3.Uy so~ that esty or kna-very or trickery in public affairs. The American one metal drove the other out of the country; that the standard people do well to be angr y if silver was dishonestly demonetized. was not possible of maintenance as long as there was an over- If any trick, if any game was perpetrated upon the American valuation. · people, they do well to be angry. It is a false appeal to this Now, to-day the proposition is that we shall undervalue gold sense of honesty and honor and fair play which has caused one over 40 per cent. If 3 cents- on a dollar of undervaluation of of the most stupendous fabrications that has ever existed even in silver drove silver out of this country, what will an t; ndervalua­ political life. _ tion of 40 cents on a dollar do for gold? Does anybody have any On every stump, at every hustings, in every city, with loud question or doubt about it? Not the least. But you say if we voice it has been proclaimed, as from a hilltop, that when silver undertake to establish a gold standard in this country, first, ceased to be a standard of value of the United States, it was done you will demonetize silver and drive it out of existence; and, by virtue of a stealthy conspiracy unknown to the American p

956 CONGRESSIONAL RECORD-HOUSE. AUGUST 26;

tributed to them, and the most that has been urged is that fill faster the coffers of their oppressors. I, for one, would wel­ sixty-five or seventy millions of American citizens are so panic­ come the time when Britain shall extend her empire in compar­ . stricken, so lost to intelligence, so easily duped that, although ative justice and mercy, when, in forcing her policies upon an this law has not caused their distress, they will accept its repeal unwilling world, she shall not shed. oceans of blood, sufficient to · as the cure for it. :float all her navies. I have too high an estimate of the constituency who sent me here, I am not here to defend the Sherman act, the unconditional and of Americ3.n citizenship generally, to believe confidence can repeal of which we are forced to resist or give up silver coinage. be restored by any legislative confidence game. But it is not so bad as the annulment of its provisions by those There is deeper meaning and purpose in this repeal bill. charged with its enforcement. Under the Administration of Some gentlemen are brave enough to avow it. · The gentle­ Mr. Harrison and his Secretary of the Treasury, from the first man from Ohio [Mr. HARTER] is one. It is to establish and per­ day, the first hour the law went into effect until that Adminis­ petuate the single gold standard. If that is correct policy, then tration passed out, after the people had weighed it in the balance the Sherman law ought to be unconditionally repealed; otherwise and found it wanting, the whole purpose was to ~ discredit sil­ the repeal is only a part of the legislation required. For let me ver, to beat down the price of silver, and to prepare the way for say to friend and foe, that in the light of the message, in the such leg-islation as is urged in this bill now before the House. light of current events, in the light of what has been said upon And, as a Democrat Mr. Speaker, I note with shame and morti­ this :floor, no man has foundation for any hope that after final fication, and &aY with regret, that the giant intellect of the action upon this measure there will be further legislation during present Secretary of the Treasury-the distinguished gentleman the life of the present Administration looking to the rehabilih­ who once served and presided in this House, and later was a tion of sihrer as a money metal. member of the Senate-that the shining intellect of that great This repeal bill could have passed both Houses of Congress man has arisen to no higher financial achievement in his new the first day of this extraordinary session if it h3.d not been the office than to copy and follow and sanction the obnoxious finan­ settled purpose of those who now support it to deny us any leg- cial policy of his predecessor. islation for the use of silver as money. . If the Sherman act had been executed a.s it should have been I concede that it is not incumbent upon a Democrat shnding executed, if it were executed to-day as it should be executed, loyally by the Chicago platform to insist that all financial legis­ that" parity" which the plain people understand would bees· lation must be embraced in one bill. But when by the message tablish ed and maintained. The United States by law compel -what is in it and what is not in it-when by the arguments every citize-!1 within our borders to receive as money, when ten­ made here, by the sense and understanding of the country, we dered in discharge of debts, these silver dollars and the certifi· know there will ba no legislation by this Congress for the in­ cates issued upon them. The Government itself accepts them creased use of silver as money unless it comes inconneetion with in payment of all debts and demands. Nowhere within the the repeal of the Sherman law, our course appears plain. We United States of America, except ~t the counter where the Gov­ must determine, each for himself, whether we shall hold to the ernment pays out the money of the people, as the agent of the little we haveas the only hope of securing something better, or people, is this money discredited. The Secretaries of the Treas· at once surrender all. I am opposed to an unconditional sur- ury have repudiated the truism that the debtor and not the render. · creditor shall determine what kind of lawful money shall be To my mind, the man who claims to be a bimetallist, whore­ used to discharge a financial obligation This defiance of law peats here the arguments which the true ad vacates of an enlarged and common sense, and common fairness, and common honesty, use of silver make, and yet votes for this unconditional repeal they call maintaining a parity between gold and silver. bill, is either himself deluded by iollowing incorrect metal pro­ Once, when the last sp:I.rk of patriotism h ad apparently been cesses, or he is not candid in what he says; and his people will quenched in blood in unhappy Poland, a field marshal of des­ find out which it is and hold him to responsibility accordingly. potic Russia, his sword reeking in blood, his hands red with It is said, Mr. Speaker, that India has taken such action as blood, could send back to the Czar a bulletin announcing that that, if otherwise there might be hope for increased coinage of "Pe:1ce reigns in Warsaw." Wi!h this law disregarded, and silver in this country and increased use of it, that hope must the money of the law and of the American people, good enough now be abandoned. everywhereandfor everybody except the speculator who makes But, sir, it is misleading to speak of India taking action. India a r aid upon the Treasury in order to injure the Governm~nt and h as taken no action. By decree of a governing council of for­ its credit, unused, discarded and dishonored at the Tre::tsury, eigners, the voiceless millions of India are to be subjected to a we are complacently told that" parity has been maintained, but change of standard for the purpose of drawing- from them, in­ at a great strain." directly, larger contributions in tax money. The report or the Mr. Speaker, I have a contempt for that sort of parity; I have Herschel commission, a British committee which officially con­ a contempt for the sham policy which calls it parity. sidered the scheme, and from which my colleague LMr. BLAND] In the thoughtful and powerful speech just made by the gentle· read some passages, abundantly proves this. This report has man from Maine [Mr. R EED] there is food for reflection, not only been published by order of this House as a public document, and for the present but for the future There is in it much that it I shall not quote at length from it. But note the following: will be well to think over, and it will be read and studied c:.t the The difficulties which the Indian government have in meeting home firesides of the people. The gentleman has said that the Sher· charges are aggravated by the fact that the fall in exchange has led to claims man act is not responsible for the troubles that are upon us; that on the part;or their officers, civil and military, who receivesalariesinrupees, to some compensation for the loss which they sustain owing to the fall in ex· distress and financial embarrassment and ruin are to be found change. everywhere over the globe, in every country under the shining "' . .- . . . . sun. As before stated, I agree with the distinguished gentle· It is further objected to the proposals of thelnd_ia.n government that they man, and all seem to agree with him, that the distres which would make the value of the rupee greater than 1t otherwise would be, and has visited all the children of the eart.h can not be attributed to that thereby the 'burden of Indian taxation would be increased. That part of the revenue which consists of fixed payments would remain unaltered in a law of a single nation which provides for the purcha e of numerical value, whilst each rupee which the ryot pays would be worth 4,500,000 ounces of silver per month, and the issuance of silver cer­ more, and the rupee prices of his products would be less than they would be tificates, which I consider good money, in ·payment therefor. if silver continued to fall. The argument is no doubt sound, but there are answera to this objection which would have no little weight. I repeat that no Democrat has been able to show, and I predict Whether silver is falling or gold rising in value, or both movements are none will be able to show, good ground for a belief that this pur· taking place, and whether an appreciating or a depreciating standard is the chasing clause of the Sherman act is the cause of present troubles. le s open to objection, are questions of great difficulty. The Democrats have told the people of this country, over and To increase the sJ.laries of salaried officers, to swell the enor­ over for years and years, and told them truly, that the villain­ mous tribute of India to England, to get mbre from those who ous protective tariff has been the greatagency in bringing hard­ can not be made to contribute more directly, because taxation ship and ruin upon the common people of the land, while vastly can not be enlarged in form and ingenuity can not invent better and wrongfully increasing the wealth of the favored few. This means of extortion, the money standard itself is to be changed, is the situation in which as a party we find ourselves, and to it and money is to be made more valuable in fact, though the coins the gentleman from Maine [Mr. REED] has adroitly called atten­ retain the old names. tion. This mesns the contribution of more labor, a surrender of I implore my Democratic brethren who are to-day coopera ting more of the products of labor, a heavier burden upon the tax­ with the gentlemen from Maine, and with those whomhesoably payer, and a larger amount of revenue for those who receive leads-! beg of you to note what he h as just s ::tid. While we and who eat the revenues. Should we adopt the Indian policy Democrats have attributed very much of e vil to the protective of robbery? I think not. tariff, he says that the condition now prevailing is largely due Mr. Speaker, I defy any man to say that I have not stated to fear that we shall endeavor to revise this tariff, as we are truly the reason for the proposed change from the silver to the pledged to do, as we are in honor bound to do, and as we must gold standard in India. The change is not made to promote the do, or sink beneath the contempt of all decent men in all par ties. welfare of the people; it is not for the good of the people, but to Democrats ~ ho go with the gentleman from Maine for uncon· 1893. CONGRESSIONAL RECORD- HOUSE. 957

ditional repeal, ''tO restore confidence," will find itfarfromeasy about the greatness and grandeur of this American people, every­ to resist the pressure for a further supposed '' restoration of con­ thing t hat can be said, all that we know, contradicts our adver­ fidence" by a postponement, and perhapsasubstantialsurrender, saries. Our Government is peculiar, and gentlemen who oppose of tariff reform. us G,ertainly lose sight of that fact. Here is agovernmen t where, If you repeal this bullion-purchasing clause of the Sherman if we, the representatives of the people, are true to ourselves act upon the ground taken here by Democra.ts who claim to be and to those who sent us h ere, the people's voice shall be omnip­ bimetallists, that such action will tend to restore confidence; otent, the people's policy shall prevail. The people are the that while the Sherman law is not the cause of the present sovereign. ~ troubles, its repeal is a proper tribute to popular alarm and Silver ha-S been demonetized in Europe. By the people? No. liable to quiet the public mind, do you not stultify yourselves with By governments grown hoary in the p erpetration and perpetua­ reference to the tariff question? tion of abuses which we denounce. As well mig-ht we undertake Would you not by administering a quack remedy for a real to conform our governmental plans and policies generally to complaint, as the prescription of the great Democratic party, be those of the Old World as to accept tamely dictation fromabroa(\ consen.ting, in advance, to uostpone or abandon tariff reform, to in money matters. A queen and aristocracy ruling in Great further restore confidencef The gentleman from Maine is not Britain, an emperor and aristocracy in Germany, an autocrat in warning you; he is only notifying you of what will be demanded, Russia, a little liberty here and a little there, but the people in after you and he and his Republican following shall have beaten large part, deprived of popular rights, and in many lands the the Democracy of the West and South. He says the popular popular voice completely hushed-it is under such conditions alarm is brought about in the main by the fear of the people that gold mono.metallism has been fixed in those countries. that we will tinker with the tariff, and in due time he will lay Their governments differ from ours in principles and in tradi­ before you an abundance of such chamber of commerce evidence tions, move in a different direction; they block the way of prog­ as influences you now. If you yield and say "We will repeal ress in 'this nineteenth century. In the Old World we do not this Sherman act, not bec3.use we believe its repeal will remove find models to follow, but examples to shun. Our Republic has the cause of trouble, but because we hope thereby to hoodwink shown on many occasions that we can stand alone and make our­ the people into the belief that repeal is a cure," how can you salves heard and felt, if need be, against a hostile world. In 1776, stand for tariff r eform when the advisers whom you now heed when the Declaration of Independence was penned, there were demand postponement or abandonment? probably doubters and moral cowards and insincere people who Or take the other horn of the dilemma: II you insist that the whispered in the ears of the immortal signers that the experi­ Sherman law is the real author of our troubles, what have you ment was hazardous; that it was sure to end in ruin; that all the • left to say for tariff reform, early or late? governments of continental Europe, the powerful and the mighty Even now it is said that certain grave and reverend seigniors, of earth, were conducted upon different principles. The appeal Democratic members of the other body of Congress, have s ug­ was not heeded. The Declaration was made, the war was c "::trried ¥.ested that the t ariff can be m ade to wait, cm be thrust aside, on. The command was sternly given through fire and smoke and if the passage of this measure of unconditional repeal can thus blood,'' Get thee behind me, Sat an." The die was cast. The batr be secured. I do not believe that is true; I can not believe it. tle was won. But I do believe and realize that there is that sort of associa­ The new bark launched upon the sea of national existence has tion here between the Democrats who are insist ing upon un­ survived every storm, and still rides the waves in triumph. And conditional repeal and will hear of nothing in the way of now, with a century of glorious life and glorious achievements compromise-who offer nothing, suggest nothing, accept noth­ behind us, the pride and the model and the hope, everywhere' ing- that sort of association or combina tion, perhaps without upon this e::trth, of those who love free government, we are told words, perhaps without full comprehension on the part of some here by grave gentlemen, even by members of our own party­ of them, which will surely cripple the hriff-refor mers. When a p arty pledged to the conservation of popular rights; a p arty a the Republicans shall have lent their valuable aid h ere upon century old, and a century old because it has been true to popu­ this bill, these Democrats will help the Republic:ms to postpone lar rights-we are told that we can not do what is just, can not t ariff reform. I am apposed to such course. I am in favor of even try what is wise and politic bec:1use, forsooth, King Wil­ pu::>.hing tariff reform. I thought, and still think, that tariff liam of Germany and the Czar of Russia are not with us! [Ap­ reform should h ave been t aken up in special session last spring . plause.] I am in favor of treating the American people as an intelligent Mr. Speak~r; I believe we can make the experiment and make people. I h ave faith in their intelligence. I believe the men who it s3.fely. If I doubted this I would still say try it. The neo­ legislate here upon the theory that the people can b e hoodwinked, ple's representatives should feel, as I have no donbt those h eroes can be persuaded to take the shadow for the substan<$, and pre­ felt at Lookout Mountain when they weee charging up into the tense for sincerity, underestimate and misjudge this great Ameri­ unknown region of cloud and fire and smoke, t h at whenever the can nation. Those upon the Democratic side who are with the command is given to go and wherever duty calls, the true man gentleman from Maine on this question will be forced by the irre­ should go or die trying to go. ' · sistible logic of events of their own creation, by the requirements I believe that though we may be leading a forlorn hope for of their new association, to be with him on the other question, the people, deserted in this hour of need by many elected on the and with him theywill be,directlyorindirectly. Theyaredriv­ S3.me platform as ourselves, h aving to combat foes in our own ing the nails into the coffin of tariff reform. They may be doing household, seeing our chosen c a pt <:~, ins falling awtty and leading it unwittingly; I believe some of them are, but they are doing it towa.rd the enemy:s camp-I belieye that, with the devoted hero­ just as suroly. They are making material for Republican cam­ ism of that thin line of gra,y which charged through a veritable paigns; they are causing the Democratic masses to distrust, upon "valley of death" at Gettysburg, we should go forward. Those the tariff issue as well as upon the financial question, the sin­ ·who fall in a righteous cause in the line of duty are nobler in cerity of those whom they have chosen to serve them. their fall than life and opportunity C:i n ever make such as pro­ I say, and the Democrats who elected us believe, and we taught long existence by desertion or surrender. I am willing to dare them to believe, tha t the greatest agent in bringing- hardship the experiment. The American people are willing to dare it. and calamity upon the plain people of our land is the protective The people who sent us here from the South and the West, the tariff. plain people, the guardians of whose rights we are now, insist If, as your cure for present i.lla, you insist upon the uncondi­ upon trying it. tional repeal of the silver-purchase clause of the Sherman Mr. Speaker, this question is a sectional. question. I bring law, you must admit that that law and not the tariff is the not here sectionalism; I invoke not here the spirit of schism. great source of evil, or that you are content to vote as boards of But I recognize what is before me. Twenty-seven votes from trade suggest or demand. bond-holding and coupon-clipping New England sOlid for un­ Your only escape from the full force of this admission, which conditional repeal. Of the 70 votes from the Middle S b tes, . your vote will fairly imply, is through the confession that your powerful New York and imperial Pennsylvania , with New .Ter­ repeal measure is a species of false pretense. In either case, I sey and Delaware following, but a solitary one is with us. Shall leave you to the tender care of the gentleman from Maine and t he South and the West be broken and scattered and defeated his confreres, who will make it very plain to you and to the coun­ in this ·contest which h as been forced upon us? We did not try that you are in thQ path of tar iff reform as obstructions. If bring it here. the Sherman law be the great offender, tariff reform is little No party ever existed in American politics which went before needed. Or, if the chambers of commerce and boards of trade the American people upon a platform demanding the single shall tell you they will lose confidence if tariff reform be not de­ gold standard. Scarcely a man in the West or the South, be he layed or abandoned, you misguided Democrats are subscribers in the greatest or the best man that ever breathed the breath of life, advance to their creed. _ could have come to this Congr ess upon such a platform. Not It is said, sir, that we alone can not venture upon the experi­ a man from the South or the W est, excepting the gentleman mentof the free and unlimited coinage of silver. Assertion goes from Ohio [Mr. HARTER], brave in the advocacy of what! believe aga.inst assertion. I deny it . Everything that has been said to be errors, but gallant and manly still-not another one, I be-

1. 958 CONG-RESSIONAL RECORD-HOUSE. AUGUST 26, lieve, came here except upon some platform-none of which I will Suppose it is true that the bondholders of England and Ger­ analyze now for lack of time-demanding the coinage of gold and many are frightene.d lest we pq,y our indebtednes.:> in the.money silver upon equal terms. nominated in the bond, as I shall continue to believe we have a Surely this consideration should admonish us to stand firm legal and moral right to do; and, suppose, further,that we should !or the money of the Constitution, gold and silver, and enlarge provide for the coinage of gold and silver, upon equal terms, the circulating medium of this country by pouring into it the according to the policy declared in the Chicago platform. Th(m silver dollars which ought to be coined under just law, not dis· these foreign bondholders, and the governments which they criminating against any metal, class or section. · control, would be interested in entering into such international Mr. Speaker, I am the l.a.st man who would voluntarily raise a agreements as would t '3nd to keep our money on a p:ll'ity, ba. sectional issue. I am the last one who would (except that I am cause the United Shtes bonds held by them would be paid in the convinced of the absolute propriety of it under the circum· money of the United States. stances) appeal to the sentiment of sectionalism. But when I If we persist in using both gold and silver upon equal terms see massed against us all those who represent concentrated our creditors will be interested in the maintenance of the value wealth, all whose interest it is t o make the dollar represent of our silver coins, for they may ba p_tid in them. But if we rest more of property and call fo1· more of toil and sacrifice and h ard· our finances upon the gold standa,rd, gold will naturally and ship; when I see massed upon the one side the great creditor surely appreciate, and the bondholders will surely get gold from class of this Union, backed by the great creditor class over the us, forweshallhave denied ourselves the use or silver in our deal­ water-( have no trouble in determining my alignment as the ings with them. Why should they care, then, to help us by Representative of a Southwestern constituency. means of an international agreement? There would be just one When Judgment is looking for the p :1th of duty in the dark, mo1'e great n ation depending upon gold, and the bondholders Conscience hangs out a lamp. would be h appy. There would be another nation in the fierce, If I h dd nothmg else t.Q guide me in this matter I could take remorseless struggle for gold, with none but the poor and power­ my course from the fact-a fact that will sink deep into the minds less concerned about turning silver toward the mints. Our peo­ of the people, a !act that nothing can eradicate, a fact that will ple would be still further crushed under the added oppressions live through the months and years, a fact that will be potent in of new millionaires, ere tted by act of the American Congre ~ s. the next electwnand the next and the next-thefactthatasyou But suppose we keep both metals in circulc1tion, and coin both make the dollars scarcer and more valuable you make all other as they come to our mints; SIJ.ppose, according to our convenience, things sinlr in price and less valu :~,ble. You would increase the and not the creditoe's choice, we use such money as we have,· burdens of those who are burdened, and enlarge the possessions which means to our people everything that is desirable in finance. of those who have much already; and I can not go with you, you Then E1,1rope m

:.

- - - 960 OONGRESSION.AL REOORD-HOUSE. AuGusT 26,

· . isfactory to either the friends or opponents of silver. The classes in, the banks begin to gather in all the money they can get to to whom I have referred as the opponents of silver were dissatis­ meet runs made on them by their depositors; distrust widens as fied that silver was recognized at all, and the masses were not monllygrows scarcer,and people who have money on deposit get - satisfied because silver was not fully restored and given the same une:1sy lest the banks will not have it, and they begin to call for chance as amoneymetal thatgoldenjoyed. The gold monomet­ their own and lock it up ·or hide it; and the consequence is that allists began the efforts for the repeal of the law, but were unsuc­ the larger the proportion of credits to the amount of actual cessful, and in 1890we found in each end of the Capitol a majority money the greater the danger of financial disaster. _ of the representatives of the people in favor of the free and un­ When the confidence that supplied the difference between the limited coinage of silver,andtocheckmatethem the Republican $500,000,000 and the $5 ,000,000,000 is shaken, panic and ruin is majority in both branches coerced the silver Republicans into the necessary result; and this, although used as an argument by voting for and passed what thelastDemocraticnational conven­ those who claim we have more money than is necessary, is, in tion denounced as the "cowardly makeshift" known as the my opinion, one of the strongest points againsttheircontention. "Sherman law." I h ave tried this scheme of doing 95 per cent of my business on This law was passed by Republican votes-every Democrat in a credit basis [laughter an(!_ applause]; but, Mr. Speaker, it does both branches of Congress voting against it. It repealed the not work well, for now my creditors are clamorous for me to do Bland-Allison law of· l878 and provided for the purchasing of something to restore confidence. [Great laughter.] 4.500,000 ounces of silver per month at its market price and the We are told by the advocates of repeal that the cause of this iSsuance of Treasury notes for the s:1me, which added to our cir­ panic is the distrust of our money on account of the purchase and culation from forty to fifty millions of dollars a year. Now, we are use of silver. called together in extra session and we find the country in the It does seem to me that if there ever was a contentton, the un­ midst of one of the most serious financial panics it ever expe­ truth of which is clearly demonstrated by the facts, this is one. rienced, and we are told that the Sherman law is responsible for The very money you say the people are afraid of is the very it, and that we must repeal that law without accompanying that money they are hoarding. If tkey thought it bad money they repeal with any other act save a declaration in the repe::tling act would be getting rid of it instead of hoarding it. The very money which, in effect, declares that all the silver and paper money of they say the people are afraid of is at a premium to-day over the Government outstanding, amounting tonearly$1,000,000,000, gold. No; it is not a want of confidence in the money that is shall be redeemable in gold at the pleasure of the holder, with making the trouble; but it is the fear the people have that they only ninety or one hundred millions of dollars of gold in the can not get their money when they want it that is making the Treasury to redeem with! trouble. Mr. 'Speaker, I will not vote for the unconditional repeal of In my opinion the opponents of silver, in their anxiety to have the Sherman law [applause], and especially for the bill known as the Sherman law unconditionally repealed, have manufactured the Wilson bill. this panic. I do not charge that all of them intended it, or that I never favored the Sherman law. I voted against it, and any of them intended ~o make it as bad as it is, but I do believe standing right where I now stand, I spoke against it at the time that, by their predictions of the evils that were coming and of its passage. I did not like it then and I do not like it now, their advertisement of the drainage of gold, and the manipular but, sir, it is the only law on our statute books providing for any tion of some of them of the shipment of gold abroad, in the hope increase in the volume of our currency, and to remove that with­ of forcing the repeal of the Sherman law and the sale of gold out substituting anything in its place would, in my opinion, put bonds, they have been the chief factors in destroying public us very much in the condition of the negro's cow. I saw a letter confidence in the financial condition of the country. here some time ago, written to some friends of mine by the ne­ They have started a panic they can not control, and now they gro man who was left in charge of the home in Mississippi, and are appealing to us to take such action as they say will restore among other things he said: confidence and induce the people to put their money back into The cow have been very sick; I give her some medicine, and she are now the banks that they may lend it out at a larger rate of interest well of the disease, but I think she will die ot the remedy. than ever. I am squarely at issue with those gentlemen. Sev­ eral of them who have spoken on the other side of this question [L:1ughter.] have contended that the cause of the trouble is we have got too Mr. Speaker, I am as anxious as any member on this floor to much money. ,cure the country of the dise9.se, but I do not intend to vote for a There may be too much for those who have money and fixed remedy that will be worse th9.n the disease itself. incomes and money obligations due them, but not for nine-tenths Mr. Speaker, I am no defender of or apologist for the Sherman of the people. I also am at issue with those who claim that we law. The Republicans who passed it over our protest have h s.ve even a sufficient supply of money. I would be willing to­ abandoned it, and I am not going to the rescue of their bastard day to submit that question to the voters of this country, feel­ offspring. I never favored the purchase and storage of silver ing assured that at least three-fourths of them would vote with bullion and I do not favor it now. I favor silver money, but, sir, me in favor of an increase of our money circulation. I do ~ot I do not believe for a moment that the Sherman law or our sil­ agree with my friend and colleague [Mr. CATCHINGS], who in ver money is responsible for the distressing financial condition his very able speech against silver the other day contended that with which we are confronted. o ur people in the South were, of all others, least interested in I have not the ti.me to give in detail the causes which h ave, a larger volume of currency. Reargued that even acontraction in my opinion, brought us to this condition, but this depression of the currency only affected people who owed long-time debts, is world wide and is affecting the people of all nations, more or less and that what indebtedness there was due by our Southern peo­ where the Sherman law cs,n have no effect. Besides this, in this ple was on contracts of only a few months duration. country we have been living for many years in the midst of great My notion is that the people of my State are largely debtors, governmental and individual extravagance. People have over­ and that these debts are made up of balances that have gone traded themselves, and pay-day has come. In my judgment one over from ye:1r to year for many years back, and that the in­ of the most potent causes of this trouble lies in a fact that has cre:lsed value of money, as comp:1red with the value or prices to been stated here by almost every advocate of monometallism be ...obtained for their products or their property is so gre3.tthat who has spoken in this debate, that is, that 95 per cent of the itis almost impossible for a person to make money to pay deMs business of the country is done by checks, drafts, and cred­ with. If he will go to the records in our counties and see the its, and they argue that for tha.t reason we do not need much large number of mortgages given toforeign money lender , when money. they would not advance more than two-thirds or one-half the I admit the fact that 95 per cent, or maybe more, of our busi­ supposed value of the lands when the money was loaned, he will ness transactions are done with drafts, checks, credits, and find that many of them h ave been foreclosed and that many oth­ clearing-house certificates; but I do say that that is a condition ers are ready to be foreclosed, and that the lands will not now which intensifies rather than mitigates such conditions as con­ pay the mortgage debt. He will then see how appreciating front us now. Our whole financial machinery is overloaded with money is serving our people-. Qredit. It is top-heavy, and whenever ther e comes the least dis­ He is also mistaken in supposing that our people do not need trust, panic and financial disaster is the logical consequence of our or want much money in their busine s transactions. The man present system. he spoke of, who carried his cotton to town and sold it to one ' Let me illustrate: At the beginning of this trouble the na­ man and got an order with which h e paid a debt, or gotmeat tional, State, and savings banks in this country owed about $5,- from another, is not satisfied with that system. Our farmers 000,000,000, and they badin their vaults about $500,000,000; about who raise cotton like to handle the actual cash, even if they lOpercentoftheirliabilities. lean notimagineacondition more have to put it out. It makes them feel better and richer andre­ fraught with danger of fin:tncin.l disaster. lt is well enough stores confidence with them to h ave money, even temporarily. while everything moves on smoothly and everybody has confi­ I h av heard gentlemen in this debate talk much of the evils of dence and the p eople are willing to let the banks keep their an inflated currency, but I believe that more of wrong and misery money and lend it to others; but the very moment distrust sets and ruin and cruel oppression has resulted from the contraction .· "1893. CONGRESSIONAL RECORD-HOUSE. 961

of the supply of money than from any other C'luse, and I believe speech of few months ago, speaking of the international mone­ the history of the world will bear me out in this statement. tary conference at Brussels, m'lde use of the following language: What cJ.n be worse than a declining scale of prices? It drives Why continue the conference? What necessity is there for England to send any more commissioners? We do not intend to have anything but the .people out of business, causes bankruptcy, checks enterprise, gold standard; we are the creditor people of the world, and we want money unsettles and destroys confidence, and either brings the world to have the highest purchasing capacity, the largest quantity of which can to a standstill or turns it back in the march o.f progress. I have t>e put in the smallest bulk. heard a great deal said here about an ''honest dollar." It is a This shtes the whole case in a nutshell. Now, the trouble great" fad" here for gentlemen to proclaim their devotion to with us is that New York and the East occupy to us just the same an honest dollar. I do not know when I have ever witnessed position England occupies to the rest of the world. They con­ such an exhibition o.f verbal honesty. [Laughter.] They are stitute the creditor classas in this country, and they are inter­ very solicitous about an honest dollar for the creditor, but I do ested just as Mr. Gladstone said England w..1s, and want money not hear much about it for the debtor. If a man owes a debt to have the highest purchasing and smallest debt-paying power. that he can pay in silver or gold you come along and take away I have had some requests from bo::trds of trade and other com­ from him the right to pay it in silver by robbing silver of its mercial bodies to vote for the unconditional repeal of the Sher­ pla.ce as a coin mehl and force him to p::~.y it in gold, which is mJn bill, but I prefer to respond to whg,t I believe to be the in­ made deaY and hg_rder to get by this action, and do this in the terest and wishes of the great body of the people who sent .me name of an honest dollar. , here to represent them. I c :1me here determined to. give my What a mockery! I am no advocate of anything dishonest, vote for every practical measure that was offered me for increas­ but if legislation is to help one or the other, or one class at the ing the currency. expense of the other, is It not better that the weaker, the I will vote, when I have a chance, for the rapeal of the 10 per debtor class, should have the benefit of the legislation? I am, cent tax on State banks. I wi.ll vot3 for the free coinage of sil­ at least, unwilling to restrain all progress- for fear some one ver at the ratio of 16 to 1, and for every other measure looking will have an easier time in paying his obligations than those he to an increase of the Ci.ll'rency except that of giving increased owed desired. My information is that the nation that is suffer­ facilities to ng,tional banks. Ihaveneverfoughtnationa.l b ::mks. ing the least to-day from the depression of the times is France, I expected when I came here to vote for a liberal policy towards which country bas the largest per c 'tpita circulation of money of them, but I have become convinced that they are a dangerous any country in the world, and the largest amount of silver power in this land and that they have determined to control the money as compared with any other country. finances and financhl policy of this country in their own interest, With but little more than half the population of the United and I am against them, and I propose to fight them. If I had States, with not one-tenth the ore and nothing like the facility the time I could give many good reasons why I have arrived at for absorbing money that we have, they have twice as much this conclusion. I believe it is a power the people must destroy money as we have and twice as much silver. I am a believer in or it will destroy the people. a much larger circulating medium than we have, and I want to I think most.of the great metropolitan papers are in their pay, warn gentlemen here to-day that in my judgment the people are and I see many other signs of their corrupting power. I want going to have it. They are willing to take it now in silver, but to give you an additional rea-son why ~orne of the people who are if you,deprive them of silver and attempt to hold them down to urging this repeal should not be gratified. It just proves what monometallism and the gold standard you may look out for the I have said about the methods resorted to for the destruction of Greenbackers, who h ave been so much derided by some of the silver. Now, this is the honest confession of Mr. WALKER, who speakers in this debate. And I say now that I prefer an inflation is a leading Republican light on finance, in his speech for repeal with greenback paper money to a contraction of the currency. on the floor of this House the other day. · He said: . I am not an advoc:1.te of silver for silver's sake, but I am contend­ That the purchase clause of the silver law of July 14, 1890, is a menace to ing for more money th:m the gold standard will give, and I do the best economic conditions of our people and ought to be at once repealed not think the free coinage of silver would give us too much-at is practically unanimously agreed to by all. None see its uneconomic pro­ visions or are more earnest to wipe them from the statute books than those I least not for a long time-and then when we get enough we can who framed it. They see them now no more clearly thau they did on the day quit. they framed it and secured its passage. Silver and gold h ave been so long money metals and they have Gentlemen, thatisan awful acknowledgment by the gentleman not afforded more money than the world needs in my -opinion. from Massachusetts and a terrible arraignment of the Republi­ The difficulty of procuring them is a good safeguard against can party. I have sg_id a good many hard things about the party, the business being overdone; but if those who are wanting us but I never sa.id anything that was as hard as that. I never said confined to gold succeed now, in my judgment the people who that they foref:i::tw this ruin that has now overtaken us, that has have been forced to do without silver will after awhile conclude prostrated-every industry of the country, in order to get rid of to do without metallic money. We are told we inust have a dol­ silver. He give~ the reason for its enactment. He goes on to lar good in every part of the world. Now, Mr. Speaker, !never say: needed a dollar outside of the United States in my life, and I It was framed and passed to repeal the far worse Bland-Allison act of 1878, think most of our people are in the same condition. We do not and.to break up and defeat the free-coinage forces of 1890; to be itself de­ propose to be externally impoverished in our money supply in stroyed, after having done its work, which is already accomplished. It now stands as the last fortress of El_rror, in which are massed all the forces order to accommodate people who want a dollar good somewhere of unsound financial theories. When its walls a.re leveled to the ground the else. enemies of sound money, who were skillfully allured within its walls in 1890, I am a great believer in our own country. This lovely land of will be dispersed, never again to win another strategic position. ours, so boundless in its resources, so salubrious in its climate, There, Mr. Speaker, is the opinion of the gentleman from so benign in its government, so incalculable in its strength, so Massachusetts. The gentleman from Maine [Mr. REED] spoke matchless in its people-all in all it is the pride and glory of its to-day in much more bitter and severer language than I am able own people, and the envy and admiration of the rest of the world. to command of finesse in legislation by which the people are un­ With this view of our own America, how humiliating it is to duly deprived of something that they esteem as worth some­ hear it argued here that we are dependent on other nations for thing to them. But here one of the framers, promoters, and a financial system that will make our people independent of the advocates of the Sherman law says it was- sordid policy of England. framed and passed to repeal the far worse Bland-Allison act of 1878, and to We do not expect to terminate all relations with the outside break up and defeat the free-coinage forctls of 1890. world by regulating our own financial system. We will have In other words, the walls that protected silver were to be torn many things they will want and must have; we will send them down and the friends of silver will never again obtain a strategic our wheat, cotton, corn, meat, and other products in exchange position in this country. for what we get from them if they will not take our money; and Gentlemen, there is a great deal of truth in it, and I admire I want to dissent righthere from the positionsomuchcontended the candor of the gentleman who has the manhood to come up for here, that we must so shape our legislation as to attract to here and tell how it was done. Those of you who think it is our shores foreign money. your duty to help them tear down the walls upon us go with Mr. Speaker, I have given the subject much consideration, them; but I tell you, gentlemen, for one I am not willing to do and my judgment is that people are better ofi' who do business it. [Applause.] I am a rebel by nature against oppression ~nd on their own capital. If foreign money comes here it comes to wrong. [Applause.] I do not propose to be driven or bullied earn dividends and interest, and in times like these it runs into doing that which, in my humble judgment, is a b ad thing away and aggravates our trouble at the very time we need it for the great mass of people who have sent me here as their rep­ most. resentative. I want plenty of American moneyfor Americans. [Applause.J Mr. Speaker, I have made many speeches against the finan­ Why is It that England insists on the single gold standard. cial policy of the Republican party. I have made a great im­ Now1 is it because England is the creditor nation of the world, pression on my audience when I have denounced their policies ~tnd she desires just what creditor classes generally desire-a and practices. [Laughter.] I know of many of UlY Demo­ dearer money returned than she let oo.t? Mr. Gladstone in a cratic friends over here who have achieved some of their XXV-61

-- 962 CONGRESSIONAL RECORD-HOUSE. AUGUST 26, gre:1test victories in denouncing in thunder tones the "deep had b'tckbone and the courage of his convictions. [Applause.] damna.tion" of the" taking off" of silver by the Republican party. I would like to know whi:l.t sort of an estimate he.puts upon gen­ I did the s:t.me thing, but I meant and believed in what I said. tlemen here in t e House who cm give no other reason for their Now, I find some of the loudest-mouthed Democratic orators­ ch .:~. nge of front than that the Administration wants it. [Laugh­ some who always supposed they were real and devoted friends of ter and applat. se.] silver-making speeches here, the only logic of which is thJ.t Mr. Speaker, a conversation Ihl'l d with the President one time, the best the Republicans could have done and the only wise thing in one of our long, pleasant interviews [laughter], when he said they could do was to demonetize silver; and if I occupied the posi­ to me that the Democrats were not like the Republicans· that tion of a good many of my friends over here on this side of the they could not be controlled and hurled as a m tSS , but that the House, I should get up now and make an apology. to the Repub­ Democrats were men .;>f independent thought, and thatwd.S what lican party for having denounced it. [Laughter.] made a great party. lLoud appl use.] There is a story th.:Lt I once told in this House, but as the per­ Why, gentlemen talk about breaking up, by reason of my exer­ sonnel of the House has changed a good ~eal since then, and as cising my convictions, the long-st nding intimacy between the the story seems very appropriate to this occasion, I may venture President and myself. You c.1n not do it. [Great laughter.] to tell it again for the benefit of some of my friends here who My good friend from New York [Mr. CuMMINGS] got a little are in such thorough accord with the Republican financial poli­ off t.J.e other day and gave some of the Southern Democrats a cies now, although they have secured their own election and the little lecture about having put Grover Cleveland on them, and success of their party by denouncing those policies in the past. now "we must take our medicine." We put him on you asPres­ Two of my constituents were candidates for the office of county ideqt, and then we elected ourselves here as members of Con­ treasurer of Alcorn County. One of them had held the office gress. [Applause and loud laughter.] I think, Mr. Speaker, for two terms and the other was running against him in opposi­ th t we had better have another bill or two introduced here­ tion to the third term. This man who was running for the of­ one to restore a parity between the executive and legislative fice the first time followed his competitor aU over that county branches of the Government [great laughter and applause], and denouncing the proposition to elect a man to office for a third then another to restore a parity of backbone to some great men. term. [L!tughter.] No, sir; I know that I could pay the President no The people indorsed him and he was elected in opposition to greater compliment than to imitate him by doing, in my offici:::ll the third-term candidate. He held the office himself for two Ctve thought tions of the Stock Exchange 11nd in the dismal r etrea-ts of Wall about it a good deal, and when you come to apply that principle street, if he had only come to tha.t great country, come there to the office of county treasurer there is not a thing in the world whence he tells us the agricultural products are shipped abro:td in it, and I thank God I have the manhood when I see I am for the purpose of bringing to this country the gold to sust·\in the wronR" to acknowledge it." [Great laughter.] public credit--if he would go with me and hea.r the people dis­ And now, my friends, those of you who received compliments cussing these financial questions he would readily underst,md why from the distinguisheigevtlemanfrom Maine [Mr. REED] tO-d.i.y, it is that the gentleman from New York and myseU so r · dic:llly and those who have been lauded for bravery and acumen in this differ. debate, everyone of you who has been going around the country Mr. Speaker, it is true, as the gentleman sbted, that it is the denouncing the R ...,public:m party for its finanobl policy and the product of the soil of this country to which the financiers of this ruin and the wreck it wrought on the country by its policies all country look for the purpose of bringing back the hoa.rded gold the time, you ought like my friend, when you.fin:i you.are wrong, of Europe, so as to maint· in our present financidl system, a sys­ have the courage to get up here and say you apologize humbly tem under which the gentleman failed t<> tell us the difficulties to the R.epu blioan party. [Ls.ugh ter and applause.] Mr. Speaker, the farmers labor under in performing this patriotic service. I never believed I was wrong, and I do not believe it yet. He did not tell· us, Mr. Spe.tker, th.i.t by the fin. ncial policy of We h itve heard a great de~t1 of oral bimetallism from the ant_i­ this Government and that of England and -Germany, there has silver men in this debate. They are going to kill silver to get been a " corner " upon gold. And when I speak of that, Mr. bimetl'lllism. When I see these gentlemen who say that they Speaker, I do so not only as a Representa.tive on this floor, but are advocates o! bimetallism traveling along the same road with from the best opinion of financiers the world over, that the leg­ men who admit that they are advocates of monometallism, I can islation of this country, England, and Germany has made a prac­ not help but believe that somebody is on the wrong roan, and I tical ''corner" upon the gold of the world. think that the friends of monometalliBm know just where they As gold is forced up all else is forced down. are going. The farmer-who has to maintain public credit with wheat But we are told, Mr. Speaker, that we are going very wrong at 0 or 5u cents a bushel, with cotton and all exports forced about this matter because the President of the United States ilown in like proportion-the farmer cries aloud against your has marked out a different programme for us, and the gentle­ gold standard being put upon his neck. men who occupy a position ant gonistio to the one I occupy And as long as gold, by means of the legislation of this and to-day are set down now as the fr1ends of the Administration. other countries, is cornered by the financial institutions of this Why, Mr. Speaker, I would have to retract a great deal more country they are in a posit on to exact from the farmers o! the than any of these gentlemen who have retr<~.cted their views on South and the W e <;t their own price for this cornered I'Old. silver, if I were not a friend of the Administration. Why, I The gentleman from New York [Mr. CocKRAN I spe·tk.s of bi­ helped to make the Administration. [Laughter.) I have made metallism-as if it had never been maint'tin~d in any count1·y, and more speeches and mm·e good speeches [laughter] and bragged if dogmatic stlltements enforced by physical vigor in thiiS Houae more on the Administration! [L ughter.] Why, inn. private amount to an argument, I must accord to the gentlerrum from converse:Ltion between my friend PAT'l'ERSON and myself last New York the cr..: dit o f h ·wing m:.tde an able argument on that winter, after the election, it was mutually conceded by both of question. But all of hi' dogmatic statements are in the fa.ce of us that we had done more to bring about his election than any history and of truth. We h ve stated upon this floor. sir, that other two men in the country. [Laughter.] France mmtained a bimeta.llic.st ndard for over seventy years. Why, we are getting into a pretty position here, if these gen­ That is a matt~ r of public history and all the authorities upon tlemen's ideas are correct--if the men who favor the re-peal are this subject, and especially all bimetallists and U who desire the the only friends of the Administration. Just think of it! The restoratLon of silver, admit th .l>t there was no difficulty in keep­ gentleman from Maine (Mr. REED] and the gentleman from Iowa ing an equality between gold and silver coin until that bimetal­ [Mr. HENDERSON] and the gentlem1.n from Michigan [Mr. BuR­ lic system of France was dislo

1893. CONGRESS,IONAL RECORD- HOUSE. 963 tary commissions has been to do whati' To restore silver to This bill, instead of repealing the Sherman law, propo.:-es to where it was before the free coinage of silver in France was leave that law standing-all except that part requiring the p ·u..._ suspended. In all our history, Mr. Speaker, gotd and silver cir­ chase of silver btillion. And what part is .to be left standing? culated throughout the world at a practical parity ever since That yortion of the Shermq,n law which gives to the Secretary the establishment of the French ratio, and in all our history of the Treasury the authority to redeem the notes issued in pur­ since that time silver the world over has maintained practically chase oi this bullion in gold at his discretion, ' ' it being," ac­ the price at the French mint regulating the difference between cording to the language of the Sherman law, "the established gold and silver. policy of ·the Government to keep the two metals at a p!i.rity." The gentleman cites some authorities hera, for temporary use, I heard it stated on the fioo t• during this deb.tte-I heard it said to show that gold at one time in some particular quarter of the to-day by the gentleman from Alab3.ID.a [Mr. CLARKE]-th:tt I world was a little above the par of silver at the French mint. or h

1851 and to 1860, and we find that in 1851 France coined of gold, in the dollars coined from the bullion but in gold1 this funda­ in round numbers, 269,000,000 francs, and 59,000,000 of silver for mental objection applies to the l J.w as it stands unrepealed to­ legal tender; in 1852, 27,000,000 of gold and 71,000,000 of silver. day. Mo1'8 than that, Mr. Speaker; the Wilson bill goes still in 1853, 312,000,000 of gold and 20,000.000 of silver; and, coming further; it not only leaves this portion of the Sherman law in full down to 1870 France coined 55,-000,000 oJ gold and 53,000,000 ol _operation and effect, but in the closing paragraph it declares silver, and in 1871,50,000,000 of gold and ~0 10,000 of silver. that all the silver dollars and certi:ficates-I believe all the dif­ This record does not go b:tek beyond 1851, but down to the time ferent certificates issued by the Government-must be redeem_d when France suspended the coinage oi silver we find that both ingold. That is whatitme::ms,if it means anything. Sothatin gold and silver were coined at the French mint at the ratio of a declaration which is to accompany this repeal of the purchas­ 15! to 1. Now, wh:1t about the ratios? They were, in 1851.15.35; ing clause of the Sherman law we are asked to go further and de­ in 1852, 15.42, and, t, we think,. faultless. The fact that the owner ot silver could, in the last resort, take it to the will have nothing to do with them. mints and have it converted into coin which would purchase commodities. The first proposition. Mr. Speaker, is to coin-the standard sil­ at the ratio or 151 silver to l ol' gold would. in our opinion, be likely t.o a.ttect ver dollar a.t the ratio of 16 to I. That will be the first proposi­ the price or silver in the market generally, whoever the purchaser and for whatever count-ry 1-t was des'tined. It would enable the seller to stand out tion voted upon when we come here next Mond·1y. It provides tor a price approximating to the legal ratio, and would tend to keep the for continuing the coinage of the st:mda.rd silver doJlar of 412-t market steady at about that point. grains of stand :-~.r d silverJ which is to be a legal tender for all Mr. BLA..."'fD. Mr. Speaker,as I stated in myformer remarks debts, public and private, and on which silver certificates may in this House, that proposition was advanced by the- six gold be issued redeemable [n silver dollars and receivable for all pub­ monomet3Jlists of Great Britain in the royal commission of 1888. lic debts and dues. Should the ratio of 16 to 1 fail, then the While dissenting as to the propriety of England adop-ting bimetal­ ratios of 17 to 1, 18 to 1, 19 to 1, and 20 to 1 are to be voted upon lism, proposed by the other six, who were bimetallists, they successively. agreed that France did main bin the fixed relation at 15t prac­ Upon the question of the ratio I am in favor of coining at the tically the world over by coining both gold and silver a.t that present ratio, because all the money of the world in circulatimt ratio: upon the principle that France be-ing a nation of sufficient to-d ~y in countries having gold and silver coinage, as in the wealth, all her wealth was offered to the markets of the- world Latin Unio~ is at the ra tio of bout 15-t to 1. Here$ .~ ,000,000,000 for gold and silver-silver at 15i to gold at l-and that no m 'tt­ of silver inoney is in circulation to-day at about tha.t ratio. In ter where in the world the silver wa.s it could be brought to the adjusting the ratio. while it ruight be proper nnder other condi­ French mints and coined and exchanged for French commodities tions and circm:nstances to bke into consideration the difference at that ratio; that no matter in what quarter of the globe the in- the bullion value of the two metals, yet in the present condi­ holder had his silver, he could dispose of it at the value fixed by tion of things, when all admit that it is hostile legislation which the French mints, less the cost of transportation. " has caused the divergence between the two met· , and when it And, Mr. Speaker, the small differences between gold and sil­ is thoroughly understood that the ratio of the world is about 15-l ver which appeared in the gentleman·s statistics. in some local­ to1, I see no reason whatever for ch:.inging our ratio. , ities, is accounted fol" by the cost of transportation or- exchange. Taking the production of gold and silvor tor the last one hun­ So that when the gentlem m challenges me on this floor to pro­ dred years (I have statistics which I will print with my r emarks), duce an instance in all history where any nation has maintained we find what state of facts? That at the ratio of J5t to 1 there the bime1:allic standard, I produce it here: I show the proof; has been a uniform production during the last hundred years of and if all the propositions and statistics oi the gentleman are as about the s:rme amount of silver and the same amo.mt of gold­ fallacious as this, his whole argument falls to the ground. I something over $5,000,000,000of gold and $.5,003,000,000of silver, have accepted the gentleman's challenge, and I dare him, if he is amounting to over $10,000,000,000 altogether since 1792. Thus present, to contradict what I say. I believe, however-, he has we see that the ratio of production for one hundred years has fled from the field and I suppose given up his argument, esne- been about 15t to 1, corresponding with the r atio of coinage in cially on this question. - the different countries of the world and the r .1tio in which gold Now, .Mr. S pe tker, I proposetodiscussfor a moment the prop­ and silver are in circulatjon. And, what is more to the point in ositions immedhtely under- consideration, as presented in the this discussion, we find that notwithstanding for the last hun­ bill offered by the gentleman from West Virginia. I suppose dred years there ha s been a productionof over $lO,Ot.O,OOO,OOOof e-very member has read it and it is not n '-'cessary for me to hd.ve gold and silver, yet.o.ne-third.of that amount has gooe into use it read now. It does not propose the repect.l of the Sherman law. in the arts. And when we are appealed to on this side of the House- to sup­ We hn.ve only about $1,000,000,000 of the two me his in circula­ port the proposition, upon the declaration that it is in conform­ tiOJl, and there have been. ove r $3,000r000,000 tlw.t have gone into ity to our platform. I reply no; the platform demanded the re­ other uses. It is claimed to-day bv authorities most accepted in peal of the Sherman law, not simply of the purchasing clause. this country that the pt·oduction. oi gold, the annual output and 964 CONGRESSIONAL RECORD-HOUSE: AUGUST 26,

considerably more of it, is going into the arts year by year; and else. The gentleman from New York [Mr. COOKRAN] who com­ that nothing will be left to replenish the circulating medium. pleted his magnificent refutations of the facts of history by ap­ Now, sir, we have some remarkable statistics given and which pealing in his peroration to us about the g lorie of the nation and have been furnished in this discussion. In the first place the all that, has gone off, I suppose, to receive the congratul"'.t ions Secretary of the Treasury in a statement published in the news­ of his friends; but I want him if he is here within the sound of my papees a short time before the convening of Congress, as an aegu­ voice to hearthis statement, that! will prove, that these theories ment why the Sherman law should be repealed, insists thatwe, which he announces and the system he advocates will be voted bythepurchaseofsilverbullion,had lost about $10,000,000. We against by himself before he is many days or years old-:>' -. He have a statement here from the Secretary of the Treasury, in an­ h i:l s contended that we have a redundancy of currency, and hence swer to a resolution of inquiry of the House of August 19, 1893, we oueht to repeal. the Sherman law. requesting the Secretary of the Treasury to furnish the House The theory of the gentleman is based on the as umJ:-tion that with the amount of bullion purchased and the other matters re­ the circulating medium of the country has outgrown the dem9. nds lating to it. The Secretary says: of trade and commerce and h as become r edundant, and not that The number of ounces of silver bullion purchased under the act of July 14, our disturbed financial situation caused the panic which we have 18:xl, from August 13, 1890, to August 16,1893, inclusive, was 161,521,000 fine to-day. And yet if the gentleman votes against the issuing of ounces, costing $151,669,000. greenbacks or legal-tender notes, he will vote, in my opinion­ The highest price paid was 1201- cents per ounce, August20, watch the record-to give to the national bBnks the uower to 1890, and the lowest vrice was on the 4th day of July, 1893, as issue circulating notes to the full value of their b c: nds, which shown by this statement of the Secretary. Now, the amount of will put in circulation immediately something like $2 J, 000,000; bullion purchased was 161,000,000 of fine ounces in round num­ that, Mr. Speaker, he will ad voc'l.te a policy looking to the further bers, costing $150,000,000 in Treasury notes. One hundred and issuing of bonds, taking the tax off of the circulation of national sixty-one millions of fine ounces of silver will coin $208,362,090. banks and making it easy by that system to issue money almost The cost is $150,115,985. So that there has been a gain upon the without limit. He will vote to take from the masses of the peo­ coinage value of $58,000,000 to the Government of the United ple of this country the right to issue their own money of their States instead of a loss of $10,000,000, as contended for by the own Government and turn it over t:> the monopolists of Wall Secrets.ry of the Treasury. street and Lombard street. There is no consistency in his argu- Now, Mr. Speaker, when the Secretary of the Treasury under­ ment. None whatever. , takes to discourage the idea of coining at the ratio of 20 to 1 he So, Mr. Speaker, we have these two systems to meet. It has insists that it will occasion a loss to the Government of about been a fight in this House ever since the c urrency question has $77,000,000 in the recoinage of the standard dollar, and about been up for consideration, ever since 1878. The proposition has $17,000,000 in the recoinage of the subsidiary coins. How is that been, Shall the veople, by the Government, command the issu­ loss arrived at? By the purchase of new bullion. It seems to ing of the money themselves, and issue.it from the mints and n\e, sir, that it is a poor rule that does not work both ways. -If the Treasury, or will the whole power of the Government in that the Government to-day will lose $77,000,000 by recoining the regard be surrendered to bs.nking corporations and individuals? standard silver dollar, how can the Secretary of the Treasury I claim tQ represent that part of the Democratic party, c. nd I contend that the Gove1'nment has lost $10,000,000 in purchasing believe it is a large majority, that agree with the opinions of bullion which if coined into dollars would show a gain of $58,- Jackson and Benton that the Government should issue its own 000,000 to the Government and people? money and shouldneverfarmitouttothe b '1nks. ThathPsbeen But the bill proposes a change of ratio from 16 to 1 to 17, or 18, Democracy ever since I knew what Democracy meant. There is or 19, or 20 to 1, and does not propose to recoin the standard sil­ an admission on all hands that there must be more money put in ver dollar. There is no necessity for the recoinage of the stand­ circulation. Schemes are devised for this purpose, and all who ard silver dollar in any event. Nor will the standard silver vropose to demonetize silver insist on national-bank issues; to dollar be disturbed by an amendment to be offered to that bill. farm out to banking corporations the right to issue the money The first proposition is to coin freely the standard silver dollar of the people, to take it from the people and the people's Gov­ of 412t grains, and in the bill it is denominated the standard sil­ ernment and the people's representatives and confide it to men ver dollar. But when we depart from the standard silver dollar or corporations, who, for the purpose of extorting this legisla­ and change the ratio, then the amendment does not propose to tion from Congress, have locked up the money of the people, coin a standard silvee dollar, but simply to coin a dollar, regard­ and they are now locking it up and telling us in so many words ing it as merely a tentative and temporary proposition. they will not let it out unless they get what they want from It is to coin a silver dollar at the ratio that may be fixed on, Congress. I desire to haYe read in this connection the following and not the standard dollar. That, I repeat, is not disturbed by editorial taken from a recent issue of New York Evening Post. a,nyamendment. Thatisleftjust where it is, with the standard We hear a. great many report.s from Washington to the effect that the Sen­ silver dollar at the old ratio and the old dollar. They are in ate is firm against any repeal or the silver-purchase law. We advise the circulation to-day at par, and if we coin the silver at a new ratio public to attach little importance to the state of mind which prevails at the present moment in the Senate or among the Senators' constituents. The of 20 to 1, then the standard silver dollar will still circulate at medicine of the silver crisis is still working and the pangs which it produces par. It will not be exported. It will remain to do duty for will become more acute as time goes on. One calamity will come thunder­ If in~ after another until the only possible remedy is applied. Banks will fail, domestic purposes. we coin at 20 to 1 and, as we contend, re­ railroads will default, manufactories will close, worldngmen will lose their store the parity between silver and gold bullion, wherever there situations, there will be a shortage of monev for crop-moving, affairs will is.a call for the export of silver the 20to1 dollar will be exported grow steadily worse, until the mind cure is effected. Senators may roar and the standard dollar will remain. The 20 to 1 will be ex­ against capitalists till the crack ot doom without opening the pocketbook of one of them. In !a.ct, the louder they roar the tighter will those pocket­ ported at the value given to it, however, by our mints, and not books be closed. Nor will the time ever again come when money can be ob­ at the value that speculators in bullion may put upon it in the tained with the customary ease so long as that silver law stands unrepealed. London market or in other markets. Hence we repeat that the frame of mind that the Senate may be in at the present time is-no index or what it may be two weeks hence. Th~·e is dyna­ There are t\VO hostile forces on this :floor in all this money mite enough in the flnancial situation to burst the Senate and both political question. It is not confined alone to the silver question, and parties. gentlemen must sooner or later array themselves on one side or Now, Mr. Speaker, that purports to have been taken from the the other. What are the propositions to be submitted for the New York Evening Post, a paper which we all know is a gold issuillg of money by the people of this country? The free coin­ advocate, and printed in a reputable newspaper in St. Louis­ age of silver at any ratio fixes the amount that the people of the the Republic; and the extract, as quoted, advises the banking country shall issue from their own mints, their own money, and interests of this country to d6 what to-day in my country is not to be issued by banking institutions. Now, so far as the thought robbery-" Your money or your life." " You must give Sherman bill is concerned, that does issue money to the people, to me the power to issue money and stop t be issuing of silver not farming it out to the banks; it issues the Treasury note, it or any money of the Government, or I will throttle your indus- issues the greenback; and what harm does the silver do in the tries." , Treasury, I would ask? Mr. Speaker, I can only reply to a proposition of that charac­ When we come down to the real proposition, the merits of the ter as was replied once by a Missourian, more distinguished than question, while the Sherman law is not in conformity with bimetal­ any.citizen since that time. I ask the Clerk to read. lism, and looks to a gold redemption -not b.:,ing m any sense of The Clerk read as follows: the wordagoodsilverlaw-yetit ssues greenbacks to the extent Mr. B. addressed himself to the West-the great, the generous, the brave, of $40,000,000 or $50,000,000 and puts them in circulation, and the patriotic, the devoted West. It was the selected field of battle. There every ounce of bullion purchased and put into the Treasury, the combined forces, the national republicans, and the national republican . is bank were to work together and fight together. 'l'he holy allies understand whether it be worth 60 or 70 cents an ounce, that much wealth each other. They are able to speak in each other's names, and to promise and property to stand behind the greenback in the place or gold and threaten in each other's behalf. For this campaign the bank created if the silver is coined. There is no loss about it. its debt of thirty millions in the West; in thig campaign the associate lead­ And we hear that this legislation is to be followed by something ers use that debt for their own purposes. Vot~ tor Jackson! and suits, -.. . ·. ·- , 1893. -CONGRESSIONAL RECORD-· HOUSE. 965

:Judgments, and executions shall sweep, like the beso~ of def!tructi~n, which we all know represents the banking institutions and the i throughout the vast region of the West! yote a~ainst him! and m?efinite , indulgence is basely promised! ~he debt 1tsel1, 1t is pretended, will, per­ gold interest, advised these banks to do this very thing. The haps, be forgiven; or, at all events, hardly ever collected. Thus, an open gentleman from New York [Mr. COCKRAN] who last addressed bribe of thirty millions is virtually offered to the West; and, lest the seduc­ us claimed that when we adjourned last sp1·ing the country was tion.s of the bribe may not be sufilcient on one hand, the terrors of destruction are brandished on the other! "Wretched, infatuated men!" cried Mr. B., "do in a prosperous-condition. Well, sir, if it was why did gentle­ you think the West is to be bought? Little do they know of the gener~us men representing these corporate institutions, the Northern Pa­ sons of that magnificent region! Poor, indeed, in point of money, but nch cific Railroad, and the stock-jobbing operations of New York in all the treasures of the heart. Rich in all the qualities of freemen and republicans! Rich in all the noble feelings which "look with equal scor.n generally, come here, and why did they urge the repeal of the upon a bribe or threat. The hunter of the West, with moccasms on hlS Sherman law? If we were then in a prosperous condition, why feet and hunting shirt drawn around him, would repel with indignation should that law have been repealed? Why was a vote taken in the highest bribe that the bank could offer him. Th~ wretch," s~d Mr. Benton with a significant gesture, "who dared to of!er 1t, would exp1ate the the House on the proposition to repeal it? Why did those same insult with his blood!" p:uties come and demand of Congress and of the Secretary of the Treasury an issue of bonds? But we are told that the Sherman Mr. BLAND. Mr. Speaker, that is from Mr. Benton's Thirty law is a bad silver law.· I agree to that; but is that the reason Years'View, as uttered by him in the United SbtesSenate in the of their opposition to it? Do they oppose the Sherman law be­ great contest between the Democratic party and the nati?nal- cause it is a bad silver law, or because it is a silver law? We banking- interests in those days, where he says that the national have invited them to join with us for the purpose of enacting banks at that time had loaned money in the West. They had at some law upon the silver question-better than this Sherman law. that time, as they have to-day, money loaned throughout thewhole Gentlemen say that so far as the Democratic -party is concerned West. They were st:eking a reestablishment of the bank char- in its platform it never promised this countrybimet::tllism. Well,· ter, and in order to defeat the election of Gen. Jackson, who was sir, it did promise this country coinage of gold and silver with­ opposed to the banks, ac~ording to the statement ?f Benton, t~ey out discrimination. had unblushingly -promised the West to furmsh them with Mr. SNODGRASS. On the same terms. money in case they voted against Jackson, and would bankrupt Mr. BLAND. On the same terms. them if they voted for him. A MEMBER. And the use of both as standard money metals. Now, here are the banking institutions of this country posi- Mr.. BLAND. And the use of both as standard money met- . tively locking up the money of ~he peo-ple in order toextor~leg- als. Mr. Speaker, in all the arguments that have been made islation from Congress. Why, m the other end of the Capitol I throughout the country by these gentlemen they have claimed understand that they had a resolution asking the Secretary of that they would be willing to vote for a free-coinage bill if we the Treasury whether the national banks had been violating the would increase the ratio, though now when we propose to leave laws of the Government by locking up money that had been the old ratio and go to 20 to 1 they do not agree to that; they placed by depositors and intrusted to their kee-ping, and that make no counter-proposition; they m ake no response except to they had refused to p .1y it out. say that they will not vote for any ratio. Mr. HENDRIX. Will the gentleman allow-me to ask him a Well, sir, so far as lam personally concerned, they can reject question? our offers. They can reject the compromises that we have of- - Mr. BLAND. Certainly. fered upon this question, but for myself I say-and I believe I Mr. HENDRIX. If the national banks are locking up the . speak the sentiments of a majority of the people that sent me money, will the gentleman explain why they are paying 6 per here-we will never offer you another compromise. [Applause.] cent on $37,000,0UO on clearing-house certificates, and 6 per cent We will demand the old dollar and you can go with us on that on many millions of dollars? basis,oryoucanseparateand gowhereyoupJease. [Laughter and Mr. BLAND. Clearing-house certificates! A matter of con- applause.] You have promised a compromise; you have pro­ venience between banks! They are not money. Strong banks fessed to advocate heretofore the free coinage of silver if you holding weak ones, and probably.to aid in holding real money are could have it on fair terms. We have offered you a compromise using certificates. There is no dis-puting the fac-t, Mr. Speaker, and you have spurned it. for it is known all over the West that the banks in the West can Now, I repeat, you can go your way and we will go ours, and not send a draft on New York, and the Western banks and the when it comes to th~ total destruction of silver in this country Western people will not be paid except in your checks, which are by the repeal of this law, it will be you who will make the di­ notmoney; and it is a notorious fact in the West, and all over this vision which the gentleman from New York seems to deplore, country, that this thing has been done for the purpose of weak- though if be does deplore it why does he undertake to compro-. ening the Western banks and to bring the pressure of the mise on this question and come to the majority of Demccrats Western people on the members of this House. here instead of joining with the Republicans? Mr. Speaker, it Mr. WARNER. Will the gentleman allow me to ask him-a is whispered around this Capitol that in the end the people of question? the country who placed the Democratic party in power are to Mr. BLAND. Certainly. - be betrayed and deceived. We ex-pected a different result upon Mr. WARNER. Does not the la.st report of the Comptroller the silver question. We find, however, nearly a solid Repub~ of the Currencv show that the New York banks have paid out lican vote acting in harmony-with the minority ofthe Democrats in cash to the banks of the South and West until their reserve against free coinage at any ratio, and by an almost solid Repub­ islower than that of any part of the country, the South and lican vote and the minority of the Democratic party in this West included? House the majority are to be voted down on all propositions Mr. BLAND. No, sir; I deny it. for silver coinage, and that is to be called Democratic policy! I Mr. WARNER. Does the gentleman deny the fact or deny repudiate it. It is not Democratic policy. It is Republican pol- the official report that shows it? ' · icy. Mr. BLAND. I deny, Mr. Speaker, that it is a fact that New It is whispered further, Mr. Speaker, that although th9 peo- York banks have paid to the banks of the South and the West ple expected tariff reform, and though one of the main issues in money. the campaign, the main issue above all others was the reform Mr. WARNER. Does not the gentleman know that the New of the tariff, yet the very parties who are pushing this bill for York banks have reduced their resources in order to meet ·the the destruction of silver are whispering it around softly in the demands made on them from the South and the West until the ears of their Republican allies that the tariff is not to be dis­ amount of reserve in their hands is now lower than the reserve turbed very soon. We shall be asked to adjourn without taking in the banks of the South and the West? up a tariff-reform measure, and when we do take it up the same Mr. BLAND. Oh, Mr. Speaker-- howl that is heard now against the coinage of silver will be Mr. WARNER. It is a plain question, and the gentleman heardagain. "Youcannotdisturbthetariffnow; thecountryis knows the answer. in a panic, just beginning to rally from its depression; if you un- Mr. BLAND. I want to answer the question. dertake to disturb the tariff at this time you will renew and con- I say, Mr. Speaker, the g·entleman can put his statistics as he tinue the panic." Yes, sir, all the indications up to this time chooses, ~ut it is a notorious fact that money on deposit in New point to the fact that the money plutocracy of this country York belonging to the people of the South and West can not be and the tariff barons are in a combination to defeat the will of drawn upon their checks. the people as expressed at the polls last November. [Ap- Mr. HENDRIX. Why? plause.] Mr. SNODGRASS. Because they will not payit. And now when factories are turning men out of employ- Mr. HENDRIX. Because they have notgot the moneytopay ment, when the banks are hoarding their money and the people it. They would be glad to pay it if they could. hoarding theirs for fear the banks will get it and hoard it for Mr. SNODGRASS. Well, it is our money and they ought to I them or squander it, in the midst of distress and distrust, we have it. [Laughter.] are asked to abw:don the Democratic party ~d its piatform o~ Mr. BLAND. Why, sir, the Evening Post, of New York, the money questiOn, as well as alsoon the tariff questwn,practi-

,. -, 966 CONGRESSIONAL RECORD-~OUSE. .AUGUST 26,

~ally. Why, sir, I venture the prediction thatDemocratson this bimetallism, because of its productive power1 because the prop­ side of the House-not all of them, but most of them from the erty in France was sufficient in amount to effect exchaiU!eS with East-when it comes to a reform of the tariff will insist on gold and silver at thJ.t ratio. Here we are producing more than what? On the West giving free material while protection of twice the amount that France did when shew· s m ~ intaining the manufactured products of the East is continued. They will bimetallism; and yet it is claimed that this cauntrycannot main­ · insist that there must be but a little cut; th:tt we are in a panic, tain substantially the same ratio. that business is depressed all over the country, and that we must We have heard this question argued from .the standpoint of not touch the tariff in any thorough·way. - debtor and creditor. Now, Mr. Speaker, with the $500,000,000 raised to-day by the I shall not devote much time to that view of the subject. I FederalGovernmentforits annual expenditures, and with money simply call attention to the fact again that tariff duties and other to be contracted to the single gold basis, you propo~e to saddle taxation, interest on the pubiic debt, etc., are being' paid by labor upon t~e laboring people in this ~ountry this ann~~ bur~en with a contrctcted c·urrency, so that it requires every year more with th1s contracted currency. Th1s meanscommod1t1es falling and more of the products of labor to make these payments. But all the time. You may cut your tadff 15 or 20 per cent and yet that is not all nor the most important consideration in connection your money is going up at the rate of 5 or 10 per cent a year. with this question. All financial writers of modern times h · ve How long will it be before it will take more wheat and cot­ broken away from the theories of Adam Smith and the old econ­ ton, more of the products of the soil, to pay the tariff under omists on this question. There is another question of more im­ your reduced rates than it takes to pay it now? For it is the portance than th:.tt of debtor and creditor; that is the question ~ products of the soil that go . to other countries where they of the material development of a people. have a corner on gold-where, before we .can get the gold, The gentlem'ln from New York said money was an instru­ we must pay the demands of the people who have a corner ment, and that was correct-the majority or the economists t len.t upon it. it in that light; for when you desire to develop a country ar an Gentlemen tell us that to restore silver to free coinage at any enterprise of any kind you must have at hand the instrument of the ratios named will expel all the gold we have; in other words, of development. You can not open a farm, you can not erect a that an act for the free coinage of silver would be tantamount factory, you c ::~. n not start on foot any enterprise unless you have to an act prohibiting the coinage of gold. Well, sir, suppose the instrument, and tb,at instrument is money. And whenever that such an act should throw upon the markets of the world mot;1ey is undul_y contracted, Mr. Speaker, it means a contrac­ six hundred millions of gold at once, where would it go? Would tion of the enterprise, the · en ~ rgies, and the productive power not that have some effect in breaking the corner on gold? Would of the people. It means a contr..... ction and a limitation on the not that have. the effect to vastly cheapen gold and increase the wealth of the people. Where money goes into circulation to - prices of cm;nmodities sol~ in Europe for gold? Would no.t t~t swell the volume of ·legitimate enterprise, it means an increase make it eas1er for the farmer to procure the gold to mamtam of the productive power of the people; it means thCl.t they have the gold standard here? got it to work as one of the agents of progress in the direction Suppose that $500,000,000 or $600,000,000 of gold were thrown of new developm3nts and new enterprises, and the more wealth into the gold-using countries, where we sell ou1· .farm products· that is produced the better it is for all classes, because more it would raise prices there in proportion to the amount of gold money is in circuhtion. But how does that affect the question addition to their currency; it would raise prices probtbly one­ of debtor and creditor? third.1 and instead of our wheat bringing 50, 60 or 70 cents a Why, of course, sir, the more that is produced necessarily re­ bushel, it would bring $1 a bushel; and ther& would be a corre­ sults in a tendency to lower prices and hence creditors are not sponding· rise in the price of cotton and all our export commodi­ injured in the manner they are at other timos and by other ties. causes. It has been conrended by the OLd economists that if you Yet. sir, in order to maintain the gold corner in this country limit the supply of money you reduce prices, and in that way the and others, we are asked to demonetize silver, to contract the men who draw interest, who liye on fixed incomes. have more currency, and to reduce prices so as to enable those who own the power over labor and its products, and reap a much larger re­

gold_ and ha.ve a corner on it to buy our commodities, I suppose, ward. While I admit it is true as far as it goes1 that is not the at their own prices and to saddle upon the la~or of this country whole of the case; for while you have a sufficient volume oJ money all the expenditures of the Government, amounting to$500,000,000 to set the wheels of progress in motion, and accommodate every annually, by tariff laws, and all the interest on your public and legitimate enterprise and do all k:inds of work, there is an in­ private debts, the burden of tariff payments in gold, and all the creased production that in its tendency ma.y c:1use a reduction of public expenditures-the burden of maintaining the gold st:m.d­ prices, and the creditor gets the same as if it were reduced by

ard in this country-the burden of competing for gold with the contraction or constriction. But1 on the other hand, the debtors impoverished people of Europe, who in Germany are ruled to--day increaSe the wealth of the c.oun try, and the debtor himself is also by the military and who in England are to-day out of employ­ relieved in that way by the additional amount of property that ment to the number of 500,000. is subject to taxation and the payment of all debts. The g-entleman from New York referred t"{) the high rate of Where the wealth of the country is incre:1 sed, both the. debtor :wages which the people are getting in this country. Those who and creditor obtain the advantage, and neither of them is hurt are un::tble by strikes to maintain their wages are, I suppose, by the larger prosperity, but, on the contrary, both are beneiited. drawing them to-day at the usual rates; but ~ dare S!LY. there are But the economists from New York, the banking institutions a million of working people who are gettmg nothing. For and th& bond-holding institutions and the men advocating here months p.:lBt,although it is claimed we have been prosperous, restriction of money, the dem<>netization oi silver, would decry there has been trouble in the labor market; there have been an increase of the volume of currency. They have an idea that strikes from time to time. The fact that a man gets a dollar a day an increased volume of money incre::l.Ses prices so as to work in­ as wages now when we are on a gold standard does not prove justice to the creditors. But while that may to a limited extent that he would not get $1.50 a day if we were on the bimetallic be the case, the result is finally and eventu11.ll;,y that an increased standard. When gentlemen say there has been no fall in wages supply of the volume of money increases enterprises, increases I deny it. the production of wealth, and decreases the prices to the creditor

But, sir, wages ought to be measw·ed by the efficiency of the h.im.self in the long run1 and experiencs has shown that all peo­ workman. The wages oi the Americ.:m workingman are higher ple, all nations are benefited by increased production. Wealth than. wages elsewhere because the product of his labor is worth is added to the whole community, and there is a benefit at least more than the p :·oduct of labor elsewhere, and therefore higher from a bimetallic standard and the consequent increased vol­ wa~es are paid here than in other countries. ume of primary money. Debtors have more of wealth with which Some gentlemen spoke the other day of the Mexican dollar. to pay their debts, and are thus greatly benefited, though prices I might comp.fre Mexican wages with American wages, and in may be low. the same way compare Mexica.n dollars with America.n dollars. Now, as I said while ago, if it were true that the free coinage The power of a people to use money is shown by its products, by of silver would at once demonetize five or six hundred millions the output of its labor. or its wealth; and where am tn produces, of gold in this country and throw six hundred millions of gold as the Am.eric.:.llll&boring man does, fouror five or ten times the on the markets of the world, gold would fall, and very materially; amount that the Mexican laborer produces, be must have the while the demand for that amount of silver to take its place, and money to exchange his products. His productive power gives more, would at once immensely increase the price of silver, and power to his money; and the demand for money is felt. This in that way the two precious metals would meet each other half power to hold the two metals at fixed values is the ratio of the way; bimetallism would result in the gold falling in value in re­ wealth produced by his labor to be exchanged for gold and silver lation to silver and silver rising in value to meet gold at the com­ at a fixed rate. mon point. According to the report of the royal commission, from which And, more than that, Mr. SpeR.ker, you have two bases for the an extract has just been read, France was enabled to maintain public eredit~ You have two sources irom which to supply the 1893. CONGRESSION:Aill REE@RD~Ollf&E:.

ciretliating · medium;. and: a fhll volume •o:D · cn.rre-.ooy- gives · ~ op... of he~min::i.ng.in.-d.ust:cie&. She produces. no silver, bu_t .sh-e- bnys portunity to other kinds of business, and. aids development by enormous quantities of it. She p roduces gold, and her policy is" giving the instrument· sE> necessary, and:.of·which.we can avail to enhance the value-of gold and to deprecia.te the value of sil­ o1'Wsehes to aid irrthe-developm.en.t·of this-gre-:-tt country. But ver. So the policy is. to incre3.Se the value of Australian gold Ne-w York does_ not seem to appreciate the iii11ll9nsity of this­ mining and to depreciate the product of four or five States in gre:lt Government·of ours and.its great people. It does-not seem this Union in order to inDre!l.Se the value of her· mine holdings. to. appreciate that it has 3,000~000 · of square miles. of te-rritory Because England is a creditor-nation, Mr. SpeakeF, she' refuses and 67,000,000 of people-•. Many of them in:our Western coun­ to agree upon an international plan of bimetallism becms.e of the try, not thickly populated, it is true,_ not· having the fa-cilities income classeB. It would decrease. the values-of those: holdings. _ of banks, must have rea.dy-uaah ·in the enterprises- spi'inging up Why, sir, we are a debtor ll.ltio.n. The-same line of argument amongst them and those-reaching·beyond the M.ississipp:iR1ver would indicate to us that bjmetallism would relieve this country that could consume to-day silver enough to take tllir place o:fi and.be in the interest ol debtors, and we are debtors to Europe. aJ.l;the gold we would lose'. But we are-asked.here to sa-legislate as-to increase the-value of Why, I have sometimes thought that inasmuch as the Consti­ g.old, and this is to add' to the pros-perity of England and Aus­ tution of the-United States inhibits the States from making-any­ tralia. and to the ad varsity ol o.ur own. ll_eople, and especially thing but gold Rnd silver-alegal tender, the-UnitedSt!l.tes-ought­ th0se engaged in the: m:inin:g industries.. to coin it for such people. We can takec it'in·the-·Mississi:ppi. I have heard read, Mr. Spe'lker, to the- House on different oc Valley and be-yond the- Mississippi RiveF'and utilize it whether.. casions,.with ap.-pruvalt extracts from:the_testimony of a monetary . you want it h ere or not. Take your bank notes arrd gold. and writer of great distinction, Mf~ Ce-rsnuschi, who was bafore the 1 give us the silver, and we wiil be contentwitb-our-share o:fi the monetary-commission of the- United States in 1816, and.he gave­ money of the people. We can use the whole of it; ami be pros­ evidence before tha.t.commission o:rrthe question:oL bime.ta.llism perous while using it. iand th&. C.'1USes: at the decline in. silver. But gentlemen seem to thin-k that that- shemld be ·taken ill' m One oi the questions asked that gentleman by Mr. Bogy~ then: ve1--y Pickwickian sense; I say now, and l'wislr to remind gen a Senator from the State of Missouri,. ~ by retaining: it a-t .16 tlemen of the fact; that the star of empire-long"" ago took its way h.ere.:and 15t there. (tlm tis in Francef-Du:r meta~ of course, would to the West. I wantto remind gentlemen-1Jb:-atthatcountry-de­ go rig-ht'to-Franee-'"-would not-that comll_el Franee to- abandon m-ands more money. Not money that- is not nominated in the­ the bimebllic system? Constitution-, but the mon-ey of the Constitution itself, the gold Re answered: or· silver, and. they I!l3Y deplore it-as they please, they may ca.ll The policy-of. France, would. be not to· coin and. to wait. it sectional or what-they-please, but no political partly can stand" against that demand. That is to say that as France·oo:ined_ at a; ratio oJlJ 15i·to_1; s:he:­ We do not-propose, sir, to continue-in... the condition that it is jwould. notjpirr·us on a bimetallic union without we oa-me to her proposed to put us by-the repeal of this bill. We do not, Mr'. ratio;. probably; and what further.? Speaker, insist on ha-ving--our own way·orre-very q__uestiou. We­ France. committed a great mistake when in 18-'14, after thee~ want to be harmonious~ · butwe have surrendere parity-cbetweerr tlie--two come to this contest, and the b:1ttle reaches the main issue, they metals. Had France continued to coin freely, the silver of Ger­ forsake their friends and join the standard of their enemies. _manywould have gone to the French mints and more gold would Now, we know if this bill is voted down we have some oppor­ have gone to Germany, but the parity would have been main­ tunity of legislating upon this question. We have some op-por­ tained; and yet it is said in this country that this country can tunity if this unconditional repe::tl is rejected of saving silver­ nat' coin silver and continue the coinage of silver at any ratio from the utter destruction to which they would consign it. We whatever. When we introduced the resumption of free coinage know if this bilLis voted. down that we-- ha.-va no unconditionaL .in this country what would take place? We would fix the value surrender to the enemies of silver, and at the same time we have ofbullion silver a.nd bullion gold the world. over, because as said an.oppo~·tunity oi exactillg terms~ Bu.t gentleme.n...propose to by this royal commission- leave us at tb.e crucial test and go over_ to the enemies 1vho no matter where·a.ma.nholds biSsilver, orin what partoftheworld it is, if he have fought every proposition relating to silver, and by their can get it to this country be canlmyas much with 16 ounces of silver as with aid finally wipe it· out:-making an unconditional surrender of. :t ·onn.ce' of gold and tha.'t would. cause the s-ilver-tide- and: the gold..tide to come · the whole q_uestion... a.nd go at :a fixed .ratio, and tha!iis the, fixed value the woTld over. I want to send to the Clerk's desk and have read, Mr. S"peaker, Silver would come here and so would gold. It would come, from the report of the royal commission upon the divergencies­ liowever, at the value fixed at the-mint. It would be used irrthe­ between the value of gold and. silver. conntry where it was located . at that value also, and mn:ch: of it· The Clerk read as follo.ws; would remain to do duty in. business transactions, whicli· duty is­

It must be remembered, too, that this country- is_~ largely a creditor of now fixed. upon gol-d alone. So that bimetlilism here would debts payable in gold. and a.ny charrge which. entailed a .rise- in: the price of simply-fix this. country as a. place where-gold and.silver conld be commodities gener

They make a bugb ~ a.r of silver just as their forefathers made a bugbear of the st9J.king-horse to demonetize silver-to use that law and ' gold, the weak parts of that law, which we all acknowledge, for the ""Who would believe what strange bugbears Mankind creates i •sel1, o · fe;us, purpose of inducing the American Congress to wipe it out, with That spring Lke fern, that in.ect·weed, no promise whatever of any practical legislation in favor of sil­ Equivocally without Feed, ver, but, on the contrary, with the purpose distinctly avowed of And hav no poss;ble foundation, But merely in th' imagination." totally abandoning it. So that, whatever may be said against that law, we know, as the advocates of bimetallism in this coun­ The gold the world feared in the fifties was in realty the gt•eatest of bless­ try, that the fight centers and. rallies around that law as the last ings to it, and just so the current fear of silver is all a delusion, a phantom of bulwark on which we can stand. the brain. Silver has fallen in esteem because it has been boycotted; its And, addressing myself to any gentleman in this House who function a.s money has been destroyed. Restore it to its legitimate position beside gold, and it will be just what it was before. No one would lose a. far- expects to vote for unconditional repeal and then go home to ' thing if silver were restored; the world would.gain enormously. But even his constituents and justify his vote, I want to ask him what he if it were not so, even i! silver tended to make money progreseively cheaper, expects in the future for bimetallism in this country? He knows, that would be better for the world than that it should become, as it is now becoming, progressively dearer. Do creditors suppose that they can flourish and his constituents know, that if he will vote llown this propo­ if trade, commerce, and indus try, on which they flourish, go the wall? Short­ sition we can get some silver htwwhich will be better. His peo­ sighted monopolists, your interests are in reality bound up together. You ple know that, and he knows it. He knows more tha:q that­ stand or fall by the same conditions. Remember the Sybil and her books. She offered you nine in 1846; you re­ that when he votes to wipe it out he votes to go headlong to fused them; she now offers you six; you refuse them again; she will come gold monometallism and to wipe out silver. There is no dodg­ back later and demand, not the same, but a heavier price for those that re­ ing this issue. _ main. For there is not the leastdoubtabout it; there is not enough gold in the world for us all. The question is not whether silver shall ultimately We know, Mr. Speaker, that if we vote against the uncondi­ -come back; that is certain; the question is whether the world will restore it tional repeal the men on this side of the House who have prom­ in time to save itself from an irreparable series of disasters, or wait till it ised to meet us fairly to bring about some just silver legislation has to purchase its wisdom by bitter experience, !twas the want of a plen­ tiful currency that sapped the original vigor and drained a. way the life-blood will be compelled to do it, and they will not do it until we com­ of ancient .Rome, and so brought it to the ground; shall it be allowed to pel them to do it; and if there is any Western or Southern Rep­ count yet another. victim, cause yet another imperial catastrophe, force a resentative who proposes to surrender unconditionally on this still mightier civilization than even that of old Rome to wither and fade, by robbing it steadily and surely of its vital juices? question, I commend him to this view of the situation and rask We all know the fable of the man who worshiped a.n idol, to which he was him and his people to watch this record. Our people at home accustomed to pray zealously that it would send him riches, but a.ll to no pur­ know, as we know, that we haye noprospect on earth for con­ pose; till at length in his exasperation he seized it by the feet and dashed it tinuing silver as money in this country except by voting down to pieces, when out flew a. treasure, concealed in its body, all over the floor. Thus he attained by the brea.kinF! of his idol that wealth which it never this bill and compelling these people to come to terms. That bestowed upon him while it was whole. is well understood. 'Shall we break our idol, do you think, Meg? I do not know. These things The people can not be deceived about this matter. Let the are on the knees of the gods. Public opinion, with which we began, I find RECORD we must end with. She is, after all, the flua.l court of appeal, the lord of the on Monday next show who the friends of silver and bi­ world, stronger than the laws, stronger than party, stronger even than Par­ metallism in this House are, for on the vote against uncondi­ liament with its "supremacy;" for public opinion has only to nod and a.ll tional repeal rests the last hope of the people of this country for these must obey. bimetallism, except so far as the prospect of relief may come from a political revolution that will wipe out both political parties now Mr. BLAND. Mr. Speaker, for the last fifteen years, or at existing and place in control in the House and Senate a party least since 1878, this Government, restoring the silver dollar to favorable to bimetallism. That, Mr. Speaker, is nothing more coinage, has held out a promise to the American people of bi­ than a remote possibility. But, sir, unless we do something now metallism. It is very true that the enemies of bimetallism have the people have no other way of securing what they desire, and always been powerful enough to put limitations upon the coinage so far as I am concerned I am willing to join the people in this and to exact compromises and concessions, with the ultimate fight, even though the present policies of the Democratic party purpose of its overthrow. The ill-advised act of 1890, known as go to the wall. the Sherman law, was the entering wedge of that overthrow. I yield to the gentleman from Tennessee [Mr. McMILLIN] all It is now proposed, Mr. Speaker, to make that, so to speak, the time he wants • .

APPENDIX A.

Monetary systsm8 and approximate stocks o.f money in the aggregate and per capUa in the principal countr£eB of the worla.

Ratio be- Ratio be­ tween tween Stock of silver. Per capita. Monetary sys­ gold and Countries. gold and Popula· Stock of 1------,-----.,..-----1 Uncovered r --...,..--~----.,.-- tem. fulllega.l­ limited­ tion. gold. paper. Sil Pa.- tendersil- tendersil­ Full Limited Total. To· ver. ver. tender. tender. Gold. ve.;, per. tal. ------1------1----l----l·----l-----l-----l-----l-----l-----l------United States ______Goldandsilver 1 to15.98 1 to14.95 67,000,000 $604,000,000 ~.000,000 $77,000,000 !615, 000, 000 U12, 000,000 $9. 01 $9.18 $6.15 1!24.1U United Kingdom ___ Gold_------.. ------1 to 14.28 38,000,000 550,000,000 ------100,000,000 100, 000, 000 50, 000, 000 14. 47 2. 63 1. 32 18. 42 , France------Gold and silver 1 to 15t 1 to 14.38 39,000,000 800,000,000 650,000,000 50,000,000 700,000, 000 81,402,000 20. 52 17. 95 2. 09 40. w Germany------Gold------____ ------1 to 13.957 49,500,000 600,000,000 103,000,000 108,000,000 211, 000, 000 HY7, 000, 000 12. 12 4. 26 2. 16 18. 54 Belgium ______Gold and silver 1 to 15! 1 to 14.38 6,100,000 65,000,000 48,400,000 6,600,000 55, 000, 000 54,000,000 10. 66 9. 02 8. 85 25. 58 Italy .... ------···--·- .•.. do______1 to 15! 1 to 14.38 3l,OOO,OCO 93,605,000· 16,000,000 34,200,000 50, 200, 000 163,471, 000 3. 01 1. 62 5. 'Z7 9. 91 Switzerland. ______dO----·--·--- 1 to 1f>! 1 to 14.38 3,000,000 15,000,000 11,400,000 3,600,000 15, 000,000 14, 000, 000 5. 00 6. 00 4. 67 14. 67 Greece ______.... do______1 to 15~ 1 to 14.38 2,200,000 2,000,000 1,800,000 2,200,000 4, 000,000 14, 000, 000 . 91 1. 82 6. 36 9. 09 158,000,000 100,000, 000 2. 22 8. 78 5. 56 16. M 10, 000, 000 45, 000, 000 8. 00 2. 00 9. 00 19. 00 -~~~¥:-~:~~j~== ~~~!%=~======~=~~=~~~== i ~gii:~ :8:5:5 ~:5:5 -~::-:;:- .~:~~~- 90, 000, 000 260, 000, 000 1. ()() 2. 25 6. 50 9. 75 Netherlands ______Goldandsilver 1 to 15! 1 to 15 4,500,000 25,000,000 61,800,000 3,200,000 65, 000, 000 40, 000, 000 5. 55 14. 42 8. 89 28. 88 Sca.ndinavia.n.Union Gold------1 to 14..88 8,600,000 32,000,000 ------10,000,000 10, 000, 000 'Z7, 000, 000 8. 72 1. 16 8. 14 8. 02 Russia. ______Silver ______1 tolf>! 1 to15 113,000,000 250,000,000 22,000,000 38,000, 000 60, 000, 000 500, 000, 000 2. 21 . 53 4. ~ 7.16 Turkey ______: _____ Goldandsilver ------1 to 15.1 33,000,000 50,000,000 ------· 45,000,000 45,000,000 ------1.52 1.36 2.88 Australia ------____ Gold ______: ... ------·- 1 to 14.28 4, 000,000 100,000,000 .... ----- ____ 7, 000,000 7,000,000 ______25.00 1.75 26.75 1 15,000,000 ______14.29 2.14 16.43 ~m;o-~~~===~======·su~~r======-- i-i<>isr· -~-~-~~~~- 1i: ~: ~ og: ~: 888 ··ro;ooo; ooo· -~~~ ~~ ~- 50, 000, 000 2, 000, 000 . 43 4. 31 . 17 4. 91 central America ______do______1 to 15~ ------3,000,000 ------500,000 ------500, 000 2, 000, 000 . 17 . 67 . 84 South America .. ______do.______1 to 15! ·------35,000,000 45,000,000 25,000,000 ------25,ooo,ooo. 600,ooo,ooo T29- .11 17.14 19.14 Japan ______Goldandsilver 1 to 16.18------40,000,000 90,000,000 50,000,000 ------· 50, 000, 000 56, 000, 000 2. 25 1. 25 1. 40 4. 00 India. ____ ------____ Silver______1 to 15 ------·- 255,000,000 ------____ 900,000,000 ____ ------900, 000, 000 28, 000, 000 3. 63 • 11 3. 64 China ____ ------____ do ______------.... ------400,000,000 ---- ______700,000,000 ____ ---· ___ _ 700,000,000 ------1. 75 1. 75 1 ~~~~~~~~==~~~===== -iioici::::::::::: ====~======-i ·t<>-i4:95- --4~ 500~ ooo· --i6;ooo~ ooo· -~~~-~~ ~- --5~ ooo: ooo· og:888:88& --40;ooo:ooo· -a:56- Tir ·a:s9- ·ia:56 Cuba., Haiti., etc ______do ______1 to15t ~ ------2,000,000 20,000,000 1,'WO,OOO 800,000 2, 000, 000 40, 000, 000 10. 00 1. 00 20. 00 31. 00 Total. ______------3,582,605,000 3,489,100,000 553,600,000 4,042,700,000 2,635,873,000

TRJ!lASURY DEPARTMENT, BUREAU OF THE MINT, .August 16,1899. 1893. CON.GRESSIONAL .RECORD-HOUSE. 969. ,-

APPENDIX B. legislate at an extr~ordin ary crisis in the affairs of the country. Production of gold and silver in tke world, 1792-1892. It is a "condit!.on and not a theory" that we have to meet, but, Mr. Speaker, I do not believe that the President in his procla­ Sliver (coin­ mation calling us together has stated the real cause of the troubles Oa.lendar years. Gold. ing value). Total. that have overtaken the country and produced the widespread dis:1ster that exists to-day; but as to this real cause we shall have 1792-1800______$106,407,000 ~.860 , 000 ~.267,000 ample opportunity later on in the session for discussion. We 1801-1810 ______------118,152, ()()() 371,677, ()()() 489,829, ()()() must address ourselves to the present, and we find a most re­ 1811-1820 ____ ------·----- 76,063, ()()() 224,786,000 300, 8!9, 000 182t-1830 •••••• ------94,479,000 191,444,000 285,923, ()()() markable condition of affairs; and what is that condition? 1831-1840 .• ------134,841, ()()() 274,930,000 409,771,000 A country that six months ago was prosperous in the most 1841-1848 ______------291,144,000 259,1:20,000 - 550,664, {)()() marked degree, labor well employed at remunerative wages, 1849 ______------Z'l, 100,000 39,000,000 66, 100,000 1850 •••••••.••• ·-···· ------·- ---- 44,450,000 39,000,000 83, 450,000 capital trustful, and abundance of money in circulation, to-day is 1851.------.---·------67,600,000 40, 000, ()()() 1CY7, 600,000 swept from ocean to ocean with disaster and a lack of confidence 1852 ...... ------132,750, {)()() 40,600,000 173, 350, 000 1853______155,450, ooo 40,600, ooo 196, roo, ooo uuparalleled in the history of the country exists. Thousmds, 1854 ...... ------1Z7, 450,000 40,600,000 168,050,000 tens of thousands, hundreds of thousands of those who six 1855 ... ------135,075,000 40,600,000 175,675,000 months ago were employed at remunerative wages are walking 1856. ------.... ---- 147,600,000 40,650.000 188, 250,000 our streets clamoring for work and bread; mills that have been 1857------183, Z'/5, 000 40,650,000 173,925,000 1858 ______------124,650,000 40,650,000 165,300,000 in operation for years have closed down indefinitely; the country 1859. ----·------124,850,000 40,750, 000 165,600,000 which has reverberated with the hum of industry h l3 s been 1860 ...... ______•••• ______119,250, ooo 40).800, ooo 100, roo, ooo stricken with blight, and prostration, as it were, in a moment has 1861. •.. ------··- 113,800, 000 44,700, ()()() 158,500,000 1862 .•.•. ------1CY7, 750,000 45,200,000 152,950, ()()() overhken the nation; values of all kinds have depreciated. and 1863 ...... ------····· ------106,950, 000 49,200,000 156,150,000 men who but yesterday considered themselves affluent are to­ 1864 ...... ------·------113,000,000 51,700, oco 161,700, ()()() day made poor by this sudden and alarming crisis. · 1865.------120, 200, 000 51,950,000 172,150,000 1866. ----·--··· ------121,100, 000 50,750,000 171, 8!50, ()()(). In addition, the startling information comas to us that the 1867------·-····------104,025,000 54,225, ()()() 158,250,000 revenues of the Government from customs, internal revenue, and 1868 ...... ------109,725,000 50,225,000 159,950,000 post-office receipts have fallen off during the present fiscal year 1869 ... ------106,225,000 47,500,000 153,725,000 1870 ... ------.. ------106,850,000 51,575, ()()() 158,425,000 at the rate of nearly six millions per month, or seventy millions 1871.------1CY7, 000, 000 61,050,000 168,050,000 for the current year. It is a question with me, if this deficiency 1872 ...... ------99,600,000 65,250,000 164,850,000 continues, if the present Democratic Administration will not 1873 . ••••.•••• ·••••.. -... •• • • . • • . • . . 96,200,000 81,800,000 178.000, ()()() 1874...... 90,750,000 71,500,000 162,250,000 have to call on Congress ~o issue bonds to meet the deficiency, 1875 ...... ------97,500,000 80,500,000 178,000,000 as did the Democratic Administration of James Buchanan. As 1876_...... 103,700,000 87,600,000 191,300,000 the barometer indicates the condition of the atmosphere, so do 1877- ...... ---- ...... ----- .... -. 114,000, 000 81,000,000 195,000,000 1878 .. -.. -.------...... -.-.... 119, 000, 000 95, 000, 000 214,000,000 the revenues of a country indicate prosperity or a lack of it 1879 ..... -- .. ---- .. ---- ...... --.. 109,000,000 96,000,000 205,000,000 among the people of that country, and this is speaial evidence of 1880 ...... - .... ------106,500, ()()() 96,700,000 203,200, ()()() the distress· that is prevalent to-day throughout the whole coun­ 1881. ••• - • - ----. - ...... - • - . .. • • . 103, 000, 000 102, 000, ()()() 205, 000, 000 188:&.- .. - .• --.- ••••• -...... 102, 000, 000 111, 800, 000 213, 800, 000 try. 1883------• ------.. -- --.. ------.. 95, 400, 000 115, 300, 000 210, 700, 000 This distress is not confined to any one class of people; it is 1884.----...... -----.... -----...... 101,700, ()()() 105,500, ()()() 207,200,000 widespread and far reaching, and a general lack of confidence 1885 .. --.-- ...•...•• - •••• --.-.-.... 108, 400, ()()() 118, 500, 000 226, 900, 000 1886_---- .. -- ...... -- .. --... -- .. --. 106,000, ()()() 120, 600, 000 226, 600,000 pervades the nation. Banks which yesterday were considered 1887- ...... ------..... -----.• -- 105,775,000 124,281, 000 230,056,000 solvent are to-day in the hands of receivers; the same is the case 1888...... 110,197,000 140,706,000 250,903,000 with many railroads, and a general demand comes to Congress to 1889- ...... -- •••••••••. --.-. 123, 489, 000 162, 159, 000 285, 648, ()()() 1890 -...... --•• - ••.. -.. . .. • • • 113, 150, 000 172, 23.5, 000 285, 385, 000 take such action as will relieve the congested condition of finan­ 1891. ••••• - .. -.... -- .••••• - ..• --... 120, 519,000 186,733,000 307,252,000 cial affairs, and it is, therefo"re, our bounden duty to do all in our 1892 ...... - ••••••••• --... 130, 817, 000 196, 605, 000 3Z7, 422, 000 power to restore confidence and credit. 1------1------:------There is more money to-day in circulation than at any time Total...... • ...... 5, 633,908,000 5, 104,961,000 I 10,738,869,000 before in the history of the United States, and more than in any - TREASURY DEPA..RTMENT, other nation in the world, with the possible exception of France, Bureau of the Mint, Au{]'Ust 16, 1899. and yet money can not be obtained at any price, for the reason that there is a deep-seated feeling that there is something at ENROLLED JOINT RESOLUTION SIG~D- fault in the financial policy of the country which requires im­ Mr. PEARSON, from the Committee on Enrolled Bills, re­ mediate remedy, coupled with the fact that we may possibly be ported that they had examined and found truly enrolled joint coming to a silver basis. resolution (H. Res. 4) to make the provisions of the act of May It may be well to review for a moment the condition of the 14, 1890, which provide for town-site entries to lands in Okla­ finances. homa, applicable to the Cherokee Outlet, and to town sites in To-day silver dollars and paper dollars are as good as gold said Cherokee Outlet; when the Speaker sign~d the same. dollars, because the Trea-sury of the United States will pay gold SWEARING IN A MEMBER. for them, and to-day a man with a paper dollar or a silver dollar can obtain a gold dollar for it if he wishes to do so. I am in Mr. GEAR. My colleague, Mr. Hull, is now present, and I favor of maintaining that condition, and it is what both Repub­ ask that he be sworn in. licans and Democrats insist on in their national party plat­ Mr. John A. T. Hull, member-elect from the Seventh district forms. of Iowa, presented himself, and was duly qualified by taking the I am, furthermore, in favor of the free coinage of both silver oath prescribed by la.w. and gold whenever we can be sure that the condition I speak of SILVER. will not be thereby disturbed. The House resumed the consideration of the bill (H. R. 1) to It was, in my opinion, a mistake to demonetize silver j_n this repeal a part of an act, approved July 14, 1890, entitled "An act country and in Europe in 1873. I believe the two metals are directing the purchase of silver bullion and the issue of Treasury necessary to keep our medium of exchange, our measure of value, note_s thereon, and for_other purposes." steady and unchanging in its purchasing power. I believe that [Mr. McMILLIN withholds his remarks for revision. See Ap­ since 1873 gold has been going up in vaJue, because the demand pendix.] for it has been greater than the supply. I think this works an injustice to debtors and depresses business everywhere. Mr. WILSON of West Virginia. I yield five minutes to the I am earnestly in favor, therefore, of bimetallism, the use of gentleman from Iowa [Mr. GEAR]. the two metals, silver and gold, as money. But in dealing with Mr. GEAR. Mr. Speaker, I have the honor to represent on money matters experience teaches us that we must move with this floor a district which employs a larger amount of labor, caution. The money of a country is its lifeblood; and when you probably, than any other district in my State. I am also here do anything to impair its purity and efficiency you produce in representing a large proportion of agriculturists, not only in my the body politic the same kind of effects as those produced ~n district, but also in the State~fn.rmers whose lands fairly groan the human body by a course of living which brings on diseases with the crops that have been given to them by a kind Provi­ of the human blood. dence this year. There are more cattle, more hogs,moresheep It will not do to say that we can do anything we see fit to do on the farms of Iowa and more grain in the granaries of Iowa about money, any more than that a man can abuse his physical than ever before, and yet buyers can not procure money to move system without suffering for it. The United States, as a na­ these crops to market. tion, is rich, and its credit is high. But if we should make an· Mr. Speaker, I appreciate the peculiar conditions which sur­ issue of greenbacks to-morrow and make no promise or provision round this special session of Congress. We are called upon to for redeeming them they would not pass current at par with gold 970· CONGRESSIONAL RECORD·-HOUS:EL and silver. The mere fiat ol th.e Government can not make pa­ I can not cast my vote for any measure which will have the per into dollars any more than printing '·milk tickets makes effect I have described. inilk." If there is a. promise to redeem, and the people believe· But, besides that effect, there would be another effect perhaps in the ability and intention of the promioor to keep the promise, even more serious. Wh.en gold goes to a , premium it ceases· to then paper will be as good as dollars and milk tickets will bring be money, and becomes a commodity in the m!:Lrket, because no the same price as milk, but not otherwise. man will pay out as a. Legal dollar something worth.. more than Now, what would be thought of a lawmaking body like th.is the cheapest legal dollar he can find. If the five or six hundred CongTess of the United States if in times of peace it should issue millions of dollars ot gold coin in the United St·tt =s should be paper without promise of or provis-ion for redemption, and forced to a premium, as it would be by the free c ..inage of silver should call it money and mako such pa:per a legal tender for the on an.y practicable r.ttio in this country alone; it would retire payment of debts? Gold and silver m this country would at all gold from circulation, and such a shrinkage in the circulating once go to a premium, or, in other words, this legal-tender pa­ medium would produce at once a panic compared to which the per would be. at a discount. But being legal tender, every man. panic we are now going through would seem like a breeze in· would pay his home debts·in it. summer to a winter blizzard from Montana. There are seventeen hundred millions of dollars due from sav Every gold dollar in the Treat:~ury of the United States would ings banks in the United S tates to small depositor&. Every one at onue be drawn. out by the holders of paper note , and this­ of them would be paid in this depreciated legal tender. Every n·ation, the richest in the world. would find its Treasury and most. nmn who earns his living by his day's work would be paid in this of its· people bankrupt. I can not regard it as possible that any­ currency: Would this·be a just and wise measure for this Gov­ measure which would produce such results will become- a law. ernment to become responsible- for? Obviously not. Mr. Speaker, I voted three years ago for the Sherman law. In Now, let us apply the argument to s-ilver dollars instead of pa­ my judgment that law was·a temporary measuraand w.as_enac.ted per dollars-. In all the ~reat commercial countries, except in to prevent a worse measure which our Democratic · friends~ with Mexico and South America, silver bullion is only merchandise, a few Republicans from the silver S tates, sought to pass, to wit,, like iron and copper. It is coined to a limiteciextent and used free coinage. We have gone on under that law purchasing more. or less as money, but it is not money in. the sense that golci month by month a. large amount of bullion and issuing therefor is money. li 1 h a.ve gold I can take it to the Mint and have it legal-.tender notes, piling up bullion in the Tre::tSury and paying stamped, but I can not do th.at with silver. Gold has a fixed the·notes in gold. If we a.re to continue that policy, in my judg­ value, '"\Vhile silver has not. If I have silver bullion to dispose of ment. ttie time must soon eome·when it will be· a physical im­ I must sell it in the market at the market price. In short, out­ possibility for thia Government to maintain specie payments for side of Mexico and South America the coinage of silver is not the notes issued under that act. free, like the coin3.ge of gold. Therais, however, a free coinage of silver which will not h a..ve Now, whatisitth.·ttcertainof ourfriends hera propose? They thes-e dis3.Strous eft'acts, an~ in my opinion. it is in the power of this propose that the United States, acting alone and without any country to bring it about. I mean through. international agree~ agreement with other nations! shall permit the free coinage of ment. silvElr irr this country. What does this mean? It means that if I do not question nor criticise the motives of the vooo of any mem­ I own silver bullion I may go to the mint arid get wh'1t is called bar on the floor of thi.a House on this or any measure; it is a matter $I for 60 cents' worth oi it . Would those dollars pass current of cons-cience and judgmenli for every man to vote on this meas­ with gold dollars, or would goln bill, shall pass, thart immedia.telythereatter, without climax came when th.e United States and entitled to free coinage. gold reserve was cut into~ By reason of heavy losses met with Mr. SPRINGER. A parliamentary inquiry, Mr. Speak.e.r .. by holders of securities. the banks of the country were una~le The SPEAKER. The gentleman will state it. t o res-pond to demands of borrowers, and a few . weak financ1ai Mr. SPRINGER. ! ,desire to know what.ord.er was made for instit.utJ.o.ns we.re the first to succumb~ Other failures. followed; .· 972 CONGRESSIONAL RECORD-HOUSE. AUGUST 26,

then depositors became frightened, generally, and money was [Moniteur Offi.ciel, Paris, 873.] withdrawn and hidden away. Statement by ojftcers of the Bank of F-rance of the form of payment of the in- One hundred and ninety-three millions of dollars more were • _denmity to Germany. • Francs. taken from national banks than were deposited in them, and it In bank notes ot the Bank ot France •••• ·------______------125, 000,000 is estimated that at least as much more was withdrawn from ln French gold coins ____ ------______273, 003,050 savings banks and State banks. g ~~~~:b~~c!oi~~~======~:====~~:=~======~~=~===~==:::::: ~; :~: gr~ So, Mr. Speaker, as a consequence, to-day we find the country Bills of exchange drawn in thalers ______.. --·· ______------2, 485, 513,729 in a condition of panic, and the only check to general ruin the Bills drawn on Frankfort in florins ______------______235,128,152 Bills drawn on Hamburg in m ark-banes______265,216,990 expectation that Congress is to give relief. Indeed, so hopeful Bills drawn on Berlin in reichs-marks . ----- ______...•.. ____ 79, 072,309 are the people of wise action being taken on our part that al­ .Bills drawn on Amsterdam in florins _·- ______------____ 250,704,546 ready a large number of these b!l.D.ks which have suspended have Bills drawn on London in pounds sterling _____ ------______637,349,832 given notice of an intention to resume, and in various quarters Total francs ______--···- ______------Germa ny was relief? Yes, thanks to the patriotic 8pirit of the great portion $998,17'..!, 069. of the Republican members, and to the brave men of our own The patriotic people of France raised the vast sum by a. loan in less than side who have determined to do their duty, we will give the six mont hs from the time the Government a.ppealt>d t o them. 'The money was deposited in the Bank of France, which drew on even the German relief the country demands. bankers, the debt was paid, and the interest ceased also. Germany eXI>ected During the progress of this ever to be remembered debate, we tor years to draw the rate of interest a t 5 per cent per annum. have had most ably expounded theories as to the effect gf the From the above will be seen that Germany received from volume of money on prices; on the necessity of holding sacred France in gold only, francs in French gold______273,003,050 the money of the Constitution-gold and silver; on the desire of And francs in pounds sterling·------____ 637,349, 832 capitalists to oppress labor; and on the necessity of a double Total francs in gold------·····------····------910, 352,882 standard. We have listened to the praise of France for main­ Or, in gold ______: •• ~------____ $182, 070,576.40 taining bimetallism; denunciation of the crime of 1873, and ex­ Balance, in silver •••••• -·------______----•••• ____ ------____ •••• 816, 101,493.00 planations of the Democratic platform of 1892. . ·. To give proper attention to all these subjects in a short speech Total paid to GermanY------·------998.172,069.40 Or 18.2 per cent in gold, and 81.8 per cent in silver and paper. is impossible, and I will not attempt to do it. The Franco-German war was fought in 1871 and 1872, while in reality it It is not easy to determine how much an increase of volume began in the middle ot 1870, and early in January, 1871, William of Germany was proclaimed. in Versailles, near Paris, Emperor ot Germany, and the war of sound money has to do with prices. It may enter into such a was thus over. calculation as a factor, but it is overshadowed by the importance The Reichstag of Germany passed· a law demonetizing silver in 1871, but of the question of prol}uction, of improvements in machinery, of with the proviso that it t ake effect January 1, 1873. The indemnity was mostly pa1d in 1871, a small balance comparatively in 1873. facilities for exchange by use of checks, drafts, etc. Carefully In 1873, when the law demonetizing silver went into effect, she sold silver prepared tables go to show that. with the fall in the price of at a ross ot 50,0JO,OOO of marks, or $12,500,000. silver, or as some have stated it the rise in the price of gold, [Letter from Minister Washburne.] wheat has become cheaper year by year. This has been met by LEGATION OF THE UNITED STATES, equally positive ·evidence that labor is receiving greater re­ Pa1·is, March 21, 1876. muneration than ever before, and that the rate of interest has SIR: * * * In fact, at that time (1874) silver, which was then and still is a legal tender in France, Belgium, Italy, and Switzerland, could be coined . . fallen the world over. to any amount in those countries; there was no law to prevent a French, Respecting the money of the Constitution, we admit that no a Belgian, an Italian, or a Swiss citizen from carrying to the mint all the silver which he could obtain; the coining ot it could in no case be denied State can make anything but gold or silver coin a payment of him. It would. therefore, have been an easy matter for Germany to have debts, and we .have great respect for those honorable metals. her fl.or~ and thalers, which could not be advantageously disposed of in Capital and labor should not be opposed to each other, and there England or the United States, converted into francs and lires, circulating be if at par with gold. would less conflict between them legislators would cease France hoped to avert this danger-it there were any danger in the case­ being interested in money-making schemes and demagogues were by promoting the :formation of a monetary league, t he object of which was looked. upon as common disturbers of the public peace. to restrict the liberty of coining. This is what is known as the Latin Mon­ To the question of a double standard I will devote a few min­ etary Union. It was constituted in 1874 by a convention signed at Paris. These countries bound themselves not to produce during the year 1874 more utes. Closely connected with it are the statements made relat­ than 120,000,000 francs of siiver coinage. Such an agreement was in reality ing to the bimetallism of France and the crime of 1873. nothing else than a step toward the adoption of gold as the sole standard, since this measure of precaution was against silver alone, while leaving the The debate on this bill clearly shows that the opponents of re­ coinage ot gold completely free. peal desire it to be understood as believing that the double The results of this measure, however, did not correspond to what its authors standard, in any country, is to be maintained by throwing open expected. The valne of silver still declined, and at the end o:f lSn it was 5 per cent below par. In 1875 a second conference or the La. tin Union fixed the to all comers the mints of the Government to the coining, as limit ot the coinage of silver in the four states at 150,000,000 francs for that legal tender, of any amount of gold or silver, the holder to be year; nevertheless the decltne continued. It had reached 8 per cent when given the coin at the established ratio. But then, Mr. Speaker, the conference held its third meeting, at the beginning of the present year. No other remedy wa& sought for than that which had been attempted so tar, they confuse this question of double standard with bimetallism. and the amount of silver coinage was still further reduced for 1876. France . ' In.1873 we were put on a gold standard and have been there was allowed to make5-franc pieces only to the amount or 54,000,000, instead ever since. The Bland-Allison act of 1878 and the act of July of75.000,000, which had been authorized in 1875; Italy, 36,000,000, instead of 50,000,000; Belgium, 10,800,000 francs, instead of 15,000,000; Switzerland, 7,200,- 14, 1890, which we are dealing with at present, are both based 000francs, instead of 10,000,000; Greece, which had recently joined the union on the gold standard. The act of 1873 put us in that position was authorized to coin 15,600,000 francs, of which 8,400,000 francs were allowed in the place of old silver specie withdrawn. and I doubt that any conspiracy existed or was necessary. Such • • • • • * • action was inevitable. Up to that time we had coined but eight I have the honor to be, very respectfully, your obedient servant, million silver dollars because the silver in each was worth more E. B. WASHBURNE. than the gold in a gold dollar. Hon. HAHILTON FISH, Silver and gold had in Europe a coinage and a bullion value of Secretary of State. 15t grains of the former to 1 grain of the latter, and our silver It is the opinion of some able financiers that if we had passed dollar bore a ratio of 16 to 1; all our silver dollars disappeared oo act in 1878, and had remained under the act of 1873, greater and no silver came to our mints. When, in 1871, Germany, see­ prosperity would have been our lot. ing that silver was becoming cheaper, demonetized it, and in I am not going to discuss that question; but in consequence of 1873 commenced exchanging it in other countries for gold, thus our legislation we have forced upon ourselves the necessity of a disposing of many millions of silver received from France as in­ reserve to protect our outstanding paper. This principle was demnity, Italy, France, B elgium, Switzerland, and Greece found admitted when the $100,000,000 of gold reserve fund was recog­ it necessary to form what is called the L 3.tin Union, and in 1874 nized. It stood us well as a protection for the $346,000,000 of this was done and a limit was put upon the coinage of silver. greenb1cks. Then Germany began sending it to the United States, although The Sherman act sought to both raise the price of silver and we received it at a loss to Germany on its coinage >alue, and if to form a reserve for the Treasury notes by piling up the four it had not happened that the coinage act of 1873 demonetized hundred and a half million ounces in our vaults. How singu­ silver here, we would undoubtedly have been flooded with it larly it failed all admit. The wonder is any one even hopedfor from Europe and would have been forced to legislate to retain benefit to silver or safety to paper from such an act. History our gold. will record our a.ction as a wonderful piece of folly. To corner The statement of the Bank of France in 1873 and the letter of the market in any commodity, theentireproductmust be locked Minister Washburne, written in 1876, go far, I believe, to war­ up, but the stored article stands a menace to come out some day rant this conclusion: and break the pool. The money is made by those who buy early 18~3. CONGRESSIONAL RECORD-HOUSE. 973

and get out before the crash. We are to hold on as a nation to what is the office of the words of the bill, "Provided, nothing in make ourselves the victims. The Windom bill WaB a project to this act shall affect the legal tender of dollars heretofore coined." give the Government a chance, but the Sherman bill wasagree; Mr. TRACEY. I think that language is superlluous; but I ing to suicide. understand thatitwasputin to appease those who might be timid As a reser-ve, what use is the silver if to dispose of it is to respecting the legal-tender qualities of the dollars coined under break its price? Gold will be accepted the world over. It is plain the Bland-Allison act. that for reserve purposes, at present, silver is of little value, the Mr. VAN VOORIDSof New York. Is not the inference per­ existing law practically causing a constant issuance of unsecured fectly plain that while you protect the one class of dollars as le- ' paper. gal tender you leave the other class unprotected? One might have expected that. our financiers would have been Mr. TRACEY. I do not think so. I do not think that affects cautious, baing familiar with the results of the English land anything but the portion of the act that is repealed. bank scheme in 1696, the Rhode Island effort in 1786, the John M.r. VAN VOORHIS of New York. Do you not think it is Law Mississippi scheme in France, which collapsed in 1720.- better to save all question by amending the bill? The Argentine Republic in 1884 was in good financial condition, Mr. TRACEY. If anybody desires to do that I have no ob­ its paper on a par with gold. About the time we took up the jection, but I do not think it at all necessary. Sherman act our consul at Buenos Ayres reported the total '.I,'h~ gentleman from Tennessee [Mr. McMILLIN] was much financial collapse, owing to too great an issuance of paper money. concerned lest the passage of this bill would indicate that we in- Now their gold reserve is gone, and gold at 325 premium, yet tend to coin no more dollars. · that is a country which was prosperous and has vaBt resources. I beg to call to his attention the fact that the law provides for Why must we occupy time in opposing the Sherman act? It coining the $119,000,000 bullion, and the Secretary of the Treas­ is almost universally condemned, and more than 300 of our 354 ury can commence doing so whenever he deems proper. members say they want repeal; but, Mr. Speaker, a number of I desire to call attention to some figures showing cost of re­ members in both Houses of Congress insist that we must couple coining, at new ratios, the stock of silver now on hand. with the repeal an amendment. At 17 -the number of grains of pure silver in the dollar would My honored friend from Missouri [Mr. BLAND] leads this host, be 394.7 4, which would add 23t grains to each dollar, or, at pres­ and proposes a series of amendments. · I congratulate him on the ent price of silver (75 cents an ounce), would cost on 419,332,000 strength of his vote, considering the nature of his propos!tls. silver dollars $15,397,000. - · He asserts that the act of July 14, 1890, should be repealed; that Pure silver in dollar addition: a free-coinage meaBure should be substituted for it; that we are ~o At 18-417.96, add 46.7 grains, would cost $30,598,000. strong in the UnitedStateswecan, by legislation, raisethepriceof At 19-441.18, add 69.93 grains, would cost $45:818,000. silver from 76 cents an ounce to $1.29 an ounce, making the value At 20-464.40, add 93.15 grains, would cost $61,037,000. of 371! grains of silver, now worth 58 cents, equal to $1; or, if we Actual weight of the silver dollar (with the copper alloy added) can not do that, he proposes to make 62 cents of silver equal to at each ratio: $1; or, if notable to accomplish that, 70cents' worth equal to$1; or, At 17-438.6 grains, or 16 to the pound (avoirdupois). ­ if failing in that, to make 73cents'worthequal to$1; or, if not that, At 18-464.4 grains, or 15 to the pound (avoirdupois). he proposes the old Bland act, which would give a larger output At 19-490.2 grains, or 14 to the ponnd (avoirdupois). of poor money than the present law. And then he states that if At 20-516 grains, or 13 to the pound (avoirdupois-). all this fails he wjll be happy on a ail ver basis. Mr. Speaker, immediate action is absolutely necessary to pre­ I firmly believe that no man on earth, but my dear old friend, vent disaster coming to our beloved land. The time has arrived the chairman of my committee, could rally so many brilliant men when the danger point has been reached. Wemuststop the in­ under his botnner on such propositions. He seems to possess the crease of silver purchase until it can be resumed without d a.nger. qualities of a hypnotizer. France has often been spoken of as a bimetallic nation during But, Mr. Speaker, let any_of these amendments pass and the this debate. _ panic already checked by expectation of repeal will break loose Mr. Speaker, when France found itself in danger as we are, again with a force impossible to control. Supposing, by reason it stopped coining silver. I will read an extract from the ad­ of any of these amendments becoming a law or of the repeal fail­ dress made at the Brussels Conference by Monsieur Tirard, the ing, we go on a silver basis, what position will .we find ourselves French minister of finance. * * * in? Prices will undoubtedly advance, nominally, and the man For instance, our legislation has aided France to procure a. very consdera.­ with a mortgage on his house will be better able to pay it off, but ble quantity of money; and I believe that I may state, without tear of con­ tradiction, that France of all the nations of the world is the one which has the holder of the mortgage will lose a portion of his claim. the largest quantity ot money both in gold and silver. This will not be an honest settlement. The laborer receiving Do you believe, gentlemen, that this situation is the result of chance? No, $2 a day will not be pleased to find that he can get but $1.20 it is the natural consequence of the manner in which labor is organized with us. In France riches are infinitely divided; real estate is cut up into smaller worth of goods for it. The holder of money in a savings bank holdings from day to day, and personal property also. We find the proof in will not thank us for receiving only $60 when $100 is turned the growing number of real estate sales, and of the subscribers to the public into gold to send to relations in the old country or in Canada. fnnds, and to investments of every description which at the time install­ ments fall due may be counted by millions. The widow's pension, scaled from $12 or $8 per month to $7 The governor of the Bank of Franc§ said to me recently that during the or $5 will leave her short to pay the grocer, and in larger trans­ last few years the number of sharehol ders of that great establishment, the actions in what position will the borrowers who have agreed to shares being registered, had noticeably increased. It is the same with the condition of labor. There are in France, as else­ pay interest and principal in gold be found? where, great workshops and important manufactories; but there is also a During the last Congress we saw our Southern friends, ably multitude of humble artisans who work in their own homes, some singly led by the gentleman from Tennessee [Mr. RICHARDSON], exert­ others with an apprentice or with one or two journeymen at the most, and who do a very small business, with very small transa-ctions, with an ex­ ing every effort to prevent the passage of the car-coupler act, tremely limited capital, which, by its very smallness, imposes upon them because the railroads were so poor that they could not stand the an almost daily liquidation of their al'l'airs. expense. How will these same roads meet the demands of their It Will be understood that these modest workers can not, like the manu­ facturers of countries where riches are very centralized, have recourse to gold bonds when we are on a silver basis? payment by bill or check-methods which require not only a. deposit of cap­ The Norfolk and Western has many millions of bonds, nearly ital, but also bookkeeping and operations out of proportion with the total all payable in gold; the Richmond and Danville, the Savannah value of their business. These operations can not be carried on except with and Western, the Alabama roads, the Columbia and Greenville, currency. With our agriculture it is the same. The land is so minutely divided in the East Tennessee and Ohio, have many millions of gold bonds. France that the greater part of those who cultivate it can not adopt the The Chesapeake and Ohio has a very large number of gold conditions of business which are in use in countries with great estates. For these reasons we have in France that quantity of money which, how­ bonds outstanding. The Pennsylvania many millions, and also ever considerable it is, incommodes no one and renders, on the contrary, the Jacksonville and Tampa, and many others. A silver basis hnportant services to everybody. will bring sure ruin to many of them, but that may be no reason And from that, gentlemen, you see the dit'llculty which France would have in the wide extension of the processes of which Mr. de Rothschild and Sir for influencing the members who, I suppose, do not like corpor- Rivers Wilson speak. Our honorable colleagues tell us that in England th& ations. · - greater number of transactions are settled in the banks by means of checks. The gentleman from Tennessee [Mr. Cox] raised some ques­ That is true of England, but in France it could not be the same. And given tion as to the wording of the Wilson bill. Since replying to his thes:. :iJ.coionnd dtlferences which are revealed between these two countries. questions I have examined this a{}t carefully, and have advised would there not be some temerity. • • ~ • * c • with others, and the conclusion arrived at is that it needs no The silver reserve of the principal banks of issue of Europe amounted in alteration. the aggregate some weeks ago to about 2,230,000,000 francs. Of that total Mr. VAN VOORHIS of New York. Do you claim that those figure the Bank of France alone holds as much as all the other banks to­ gether. Consequently, I have the right to say that she has quite enough. $119,000,000 are protected as legal-tender dollars under this Wil­ In spite of that she would consent perhaps to do what it is asked of her 1! son act? there was any reciprocity, 1! those powers also which are wedded to mono­ Mr. TRACEY. I claim that they are as much protected un­ metallism should decide to adopt the free coinage of silver. But otherwise what would happen? I.f France and the Latin Union-I believe that for the der the Wilson act as under the existing law. moment I may speak in its name-should alone open their mints to the tree Mr. VAN VOORHIS of New York. Will you tell me, then, coinage or silver, all the surplus silver of the Uruted States and of Mexico

_...... • I ,

974 OONGE,ESSIONAL RECORD-HOUSE. AUGUST 26,

would go to France. to Italy, to Belgium. And where would these countries cnlation, that has depreciated the smallest fraction -of a cent. be able to use it? •Nowhere, since in the rest of Europe none wish to admit The people are not afrc1.id of the money. If they were afraid of it as legal tender. As a matter of fact, France is still bimetallist. the money it wculd not be taken out of the banks and locked up If we ceased to coin silver, simultaneously with the other States of the in vaults, and thus be taken out of circulation. The people are Latin Union. it was because we were face to face with a continually increas­ not afraid of the money upon which the Government has p •.1tits ing volume of silver not only from the growth of its production, but also in consequence of the t ransformation of the monetary system of Germany. stamp. Then, Mr. Speaker, i£ this be true, where is the trouble? All the silver extracted from the mines or demonetized elsewhere arrived Where is the cause? To my mind, sir, t:Jis trouble beg:m in an " in France and in the mints of the Latin Union, and from this superabun­ effort to force the Government of the United States to issue dance of metal came its depreciation. We have ceased to coin it and I think that our course was perfectly right. bonds to be sold for gold. Those who set on foot that movementfound when theyreached From what Monsieur Tirard asserts, it will be seen that condi­ the Treasury of the United Sts.tes a man intrenched behind the tions in this country are not the same as in France, and that we Secretary s desk of sufficient courage and nerve to say to them have no necessity for using so much money per capita. France that not one dollar of interest-bearing indebtedn-::! ss should be stopped adding to its supply of silver when it reached $700,000,- added to the burdens of the Americ:m people while h e was Sec­ 000. We have now just about the same amount.. retary of the Treasury. Then, Mr. Spe:i.ker. something else had After the repeal, what are we to do? Members in conversa­ to ba done, and a cry was raised throughout the country that the tion ask me what position the President will take regarding the Government of the United States was sca.rcely able to meet its future use of silver. I have replied to them that, without being obligations. in the confidence of the President; I 'have no doubt that he is A panic was thus created in the minds of the people, and they entirely free from prejudice in the m tter, and that, knowing have taken their money and locked it up. Mr. Speaker, I have the desire o the silver States to see their favorite metal in use, listened with astonishment to thedistinguishedgentlemanfrom the President, who has the welfare of the workingman at heart, New York ll\1.r COCKRANj who addressed the House to-day, the will gladly accept any legislation which will safely carry us along gifted orator of tb..:it Sti.te-none brighter or better has it ever without danger of our currency being depreciated. It is the been my good fortune to hear. And he announced from his desk hope of many that owing to the scarcity of gold silver will be in this Hall to-day that the trouble with the people of America in demand. Just as soon as that time arrives the metal will be is that they h ave too much money-that there is a redundancy useful as a reserve, and not until then. The President, while of the currency! Mr. Speaker, in the dead hours of the nigh:t, conservative, h as no prejudice against silver. if you will listen, you will heJ.r the tramp of the hungry army Remove the cause o£ trouble and in some way, either by inter­ of unemployed that march by the thousand.sin the city thatthe national agreements or by gradual renewal of purchases, silver g entleman in p· rt represents. may come into sharp dem nd again. Have those people too much money? Is there a redundancy T he finances of the cou try are in good hands. The Secretary of thecurrencyinNew York? II there is, why is it thattheunem­ of the Treelsury. Mr. Carlisle, is recognized the world over as one ployed are there by hundreds oi thous.mds? Why is it that hun­ of America's greg,test statesmen. He is known to be much in gry men, women, and children stalk through the streets crying sympathy with the desires of the South and West, and he has for bread? If there is a redundancy of the currency, why is it also shown himseli proof against yielding to any unsafe sugges­ that in every city of the land the cry for bread is going up? tions. [Applause.] Mr. Spe ker, the trouble is not a redundancy of currency, but The Comptr oller of the Currency, Mr. Eckels1 who is respon­ it is a lack of copfidence, as was said to-day-alack of a sufficient sible for the safe conduct of the national banks of the country: supply of currency and a lack of confiden.ce in the financial man­ has, during these trying times, proved himself capable to meet agement of the banking institutions of the country, and a. lack of and solve with exceptional ability the most intricate problems confidence as to what may occm· in the future; and this lack of which our banking sy::>tem can present. [Loud appl use.J confidence h ~ s been created by the cry th t has /!One from one Mr. S peaker, surely no Democratic member of this Rouse end of the land to the other that there was trouble somewhere. should hesibte to take the responsibility of following the advice Mr. Speaker, this reminds me of the days of my boyhood. when given by the President of the United St es. He was nominated I used to go t-o the negro quarters about 40 ya.rds from my by the people in spite of a vigor ous resistance from many prom­ father's house, and listen to the ~host stories told by the old inent politici ns, and was elec ed -by the people, who knew as darkies-stories of the disembodied spirits that haunted the well at that time as they do now his views in opposition to any graveyards and stalked about in shady places when the moon unsafe financhllegislation; and any Democratic member of this was shining. And I would list@n to these stories until I got so House who believes th lt he will curry favor with bis constituents much afraid that, while I did not lack confidence that my fath­ by endeavoring to oppos" and break down the Administration er's house stood just a short dist-lnce away, while I did not lack of this man, who was the pe1ple's choice, will, I have no dollbt, confidence that those old negroes would st nd by me. until the find that he has misjudged the temper of the voters in his dis­ last drop of blood they had in their veins hld been shed-! did trict. not lack confidence in those re~pects-but I was afraid that on ·• Mr. STONE of Kentucky. 11r. Speaker, representing a con- the ro d between there and the house there was some hobgoblin stituency that li ,-es ::llmost mid way between the two oceans, with or" spook." [Laughter.] the extreme silver sentiment ttnd producers to the west of us, Now, these gent.lemen succeeded in convincing the people that and the people wbo are strenuous in their advocacy of a single something was going to h ppen. And when you come here and gold standard to the east of us, I ha.ve come here and listened listen to the argument, what does it resolve itself into? If you for two weeks to the discussion th

1893. CONGRESSIONAL RECORD-HOUSE. 975

cial privileges at the mints of America. I do ·not think there low in their footstens. They have been t:W.king of what is done is any divinity hedging around him or his product. Neither in foreign lands. They h t ve been talking of the people of other do I think there is any divinity hedging around the mines of sil­ countrie::~, and telling us that we must so shape our financial leg­ ver. Neither am I in favor of silver because the people of Colo­ islation as to please everybody on God's e1rth save and except rado and the Western States s .1y, "If you do not coin it our in­ th.e American citizen. [V:tughter and applause.] dustry is broken up." I do not believe in class legislation or in Mr. Speaker, at some speeches I h 1tve heard delivered here granting favors by legislaiion.. . . my soul almost cried out aloud, Oh, for the spirit of the fathers But I am in favor of the comage of silver and the use of 1t whowent before us, that b!l.red their arms and walked barefooted alongside of gold for this reason: There is no history that has over these hills in order to declare their independence of for­ ever been written that gives an account of anypctper money ever eign powers, and who declared that we were able to take care of issued in the world that circulated for twelve months at par un­ ouroelves. But here weare, the degenerate sons of worthy sires, less it h ad behind it a promise of redemption in something of getting down on our knees to all of the world outside of o ur own substantial value. Now, we have not enough of gold and silver, people, and asking them how we shall regulate our int ~ rnal affairs. both taken together, to do the business of this country. We Why, sir, we have no use or another dollar of gold, so far as must have paper money, and that paper money must be back~d foreign nations are concerned, except to settle the balance of by something sub3tantial, or the people are not going to take 1t. trade between us and them. We were told to-day that our busi­ Unless your money has a basis of this kind the people will be ness of $119,000,000 had been settled, so far as this balance of afraid of it; they will not be hoarding it in places where it can trade is concerned, by the exchange of $6,000,000. not be discovered, but they will be turning it loose and trying But, Mr. Speaker, they tell us further that the silver dollars to get something of substantial value in place of it. . are dishonest dollars; that they are 54-cent dollars. Well, I will If the combined silver and gold of the world are not a suffiCJ.ent give you 60 cents as far as I have greenbttcks to give for all you basis for a circulating medium, then, of course, the world has have got. I would like to invest in any that you have to spare. not enough of gold alone to do the business of the world or I have not got much. I am not one of the fellows who has lost to back the circulation that is to do the business of the world. My confidence; I have not lost confidence in the money, and as an re·lson for favoring the coinage of silver is that I want some­ evidence of it. it never stays with me very long. I have not got thing else added to that which is to be foundation of our cur­ any money locked up and put ~way c1trefully because of want of' rency. I want something that will enable us to carry a volume confidence; but if I have any salary due me in the Sergeant-at­ of currency which will be sufficient to do the business of the Arms office I would like to invest what there is in these 54- count:y in a liberal, just, fair way as between the producer and cent dollars, and I will give you 60 cents, and even 75 cents, the consumer. . apiece for them. But gentlemen say, in speaking of silver," Oh, no; it is a de­ But they say they are 54-cent dollars, and you agree right based sort of money; it is cheaper than gold." Well, that re­ in this bill to keep the dollars-these depreciated dollars-right minds me of a fellow who was building a house and needed two alongside of the gold dollar. But gentlemen will tell us that beams to hold it up. He m ade up his mind he wanted steel we must come to that b :1.sis in order to have prosperity in the beams, but he had only steel enough to make one beam. The land. Prosperity on a gold basis. Why, we were just now told builder said to him, "You can not build your house with one that we were already on a gold basis. What is the situation? beam; one h .... am will not hold it up; and you have only steel Have we the h.~d of prosperity to-day that you want? enough to make one boom. But let me tell you that if you will Have we that prosperity when our wheat is rotting in the gran­ take solid seasoned white oak you ca n make another beam just aries, iron mills are shutdown, indus tries of every sort are stopped, as strong as your steel beam ; and these two will hold up the en- men are walking the streets everywhere- hunting work, and tire structure.!' . the people who labor in the fields in this country for 50 and 75 But the fellow s1tys, "No, I won't put any wooden beams in cents a day are being discharged from employment because their my building, no matter how strong the timber may be. I am employer says that he is not able to get a living price for his going to put all the weight on the steel beam, and there is no products? Is not that a beautiful picture for a gold basis? We use in t alking about it," and so he did; and very soon there was have a gold basis to·day, and, Mr. Speaker, hunger walks grim­ a crash.lll about his head. Soitis,Mr. Speaker, with thegoldite. visaged and gaunt up to the cabin doors of many hundreds of They want to put all the muscle, and the sinew, and the brawn, and ~ousands of American people in our land. You talk of 1873. sweat of the American people upon one string, suspended by a Why, in 1873 we had a panic. Silver was demonetized, the in­ single g olden thread, and have som~body in some other place, dustries of the land were pro .:~ tra ted, and the country was thronged nobody knows exactly where, who can pull the string whenever with tramps. History is repeating itself. Is the sound oi the he chooses, and the poor laborer, the mechanic, the farmer, and voice of those who cry for bread pleasant to your ears? What the producer of the country must dance at his will. [Laughter.] do these hungry people say? Do they say "Too much money?" That, Mr. Speaker, is whv I favor the coinage of silver. No. They say give us work and pay us money so we can buy The gentleman from New York [Mr. TRACEY], who has just bread. "Too much money." What is that cry resounding taken his seat, s J.id th.J.t under the free coinage of silver, during throughout every city to-clay? It is not redundancy of money; the time that we had free and unlimited coinage, there were but it is for work for money; the money of the Democratic only about $8,000,000 coined. Since we have Iiad a forced coin­ platform, approved by Clevel.md and his great Secretary of the age of silver, under the present law, there has been well up to­ Treasury; sound money, honest money; all dollars of equal debt­ ward live hundred millions coined. Is it not true, then, and paying power, and in sufficient volume to do the business of the phlin to everybody, jud~ing by the past, that· with unlimited country in a liberal and fair manner. .Not the money of any class coinage of silver, stopping the Government's buying bullion, al­ nor for any class, but the money of the Constitution, the money lowing the producer to b ave his own bullion coined into money, of and for the whole people. The gentleman from New York the amount of bullion coined into silver dollars will be reduced [Mr. CocKRAN] told us that New York stood with one arm reach­ in quantity from the amount now being purchased? ing out gathering our products. Oh, I beg of him not to squeeze In that even~ you will have no trouble about the parity. If us too hard, and do not make the meshes in the seine too fine this was the experience under the former coinage, why will it through which the money must come back to us. not be the experience now? Why, the very bill we are discuss­ In 1878, the Bland-Allison act, which was but a mikeshift, ing guarantee~ that every dollar of silver already coined and in was passed, and at once new life was put into every single soli­ circula tion shall be held at a parity with goid. tary walk of life. Business enterprises sprang up like magic W ell, Mr. Speaker, ifthisgreatGovernmenthasgotthe power from one end of the land to the other, and the people went on to hold this five hundred millions of coined silver dollars at a contented and quiet until the tinkerin~ with this money ques­ parity with about six hundred and four millions of coined gold tion commenced, and it took you thr~ e long years after the dol.U,.rs, please tell me what is' the matter with the Government Sherman law was pas.::ed to get the people to believe there was a that it can not continue to keep up that proportion in the coin­ panic, and begin to lock up their substance that was represented age of the two metals hereafter? by money. No, sir, the President of the United States called us here to But you want a gold basis. 1i. gold basis in this country means take action on t be Sherman law. We came here and entered on hunger. It means famine. It means grim-visaged women. It the discussion of the coinage question without having stopped means children crying for bread. It mew.s children crying for to consider the Sherman law at all; and we find instead of con­ bread. It means prostration of every industry, and it means the sidering the Sherman law that we have been considering the building up of those who, by some turn of fortune's wheel, hap­ question of the coinage of silver and the coinage of gold. pen to have control of the gold of the country. History can but We have heard the people who are in favor of the 2'0ld stand­ repeat itself. What has gone on in the past will come in the ard. Their, souls have been wrought up to excruciating pains future; and let me tell you, as :rou sit here to-night, the people e ver since they have been here about the condition of the for­ of this country are, by millions of voters, in the majority in favor eigners-of foreign people-how far superior they and their of the coinage of silver. governments are to ours, and how certain is ruin if we do not fol- They are not in favor of it becauseitis mined in Colorado and 976 CONGRESSIONAL REOORD-HOUSE. AUGUST 261

Montana; they are not in favor of it because they think possibly coincide with their views, and ii the time should arrive when 1 there is enough of it to do the business of the country. They shall have to change my position without knowing that my peo­ are in favor of it because we have got it in our hills in an abun­ ple had changed, I would resign my seat upon this floor and ask dance of quantity, and because it has been usad as a money metal the people to send a man here who would renresent their views. since the first dawn of civilization. They are in favor of it to­ [Loud applause.] • daybecausJtheybelieve it is a meta1of substantial value, and of Mr. BOUTELLE. Mr. Speaker, I am willing to lend my hum­ so much precious value that it may be used as one of the stones ble aid to a Democratic President and a minority of his party in in the foundation of the great financial structure that must be even a tentative effort toward getting on a sound financia.l basis. erected in America. In doing so I do not claim to be nonpartisan, because this ques­ And I beg of you as Representatives not to let the siren's song tion does not present itself in a nonpartisan character or in a non­ of the man who would turn your eyes to Europe, who would partisan way. I shall not attempt to st~p outside of or to rise carry you across the ocean to FriDce or England or Germany or above my legitimate partisanship, because 1 have never yet found anywhere else, mislead you about the commercial relations with it necessary to be nonpartisan in order to a~t or vote in accord­ other countries and dealing in stocks and bonds. Why, what ance with what I conscientiously believed to be for the best in­ does the man down in your district who is plowing corn to-day terests of my country. and hoeing cotton to-morrow care about the bonds in Europe? I am the more ·willing to lend this aid now, because to-day, Let us t:lik about the American workman, the American man­ ·With triumphant Democracy intrenched in the WhitP House a·ad ufacturer, the American who works in the mill. Let us look at in the Capitol, the public welfare depends as absolutelv upon his interest, while they are t alking about the men who are able Republican patriotism as it has for more than thirty years: [Ap­ to hold bonds. If you do that, you will do your patriotic duty; plause on the Republican side.] turn your eyes inward and look at your home affairs, and let those Surely, there has never been a crisis or an issue forced upon on the outside take care of themselves a little while, and then the people of the United States of more clearly and unmistaka:bly they will come over to our way of thinking. partisan origin than the present, or one in connection with which But, Mr. Speaker, they say .they want gold for a standard of the Republican party has had less reason to be afraid to invite value. Well, now that is like the wind. That is like the sum­ the severest scrutiny of its public record. [Applause on the mer zephyr. Why, sir, did you know that the standard of value Republican side.] , · was made by law? They say you can not have more than one The maintenance of the public faith in the financial honor of standard of value. Well, that is true; thatis thelaw. The law this nation has been a cardinal principle of the Republican party, says so much gold shall be a dollar and so much silver shall be from which it has never been seduced by the sophistries of self­ a dollar. The dollar is the standard. But we can have two ishness or driven by the organized hosts of demagogism and subRtances representing that standard, just as we can have two Democracy. [Applause.] · · yard sticks of different woods. A yard stick is 3 feet and a dol­ From the day when it took possession of a bankrupt Treasury lar is 100 cents. So we have a standard of value, and that shn­ on the brink of the most gigantic civil war of modern times, it dard can be reached by the law of the country with both these has never wavered in it~ purpose to hold the national integrity metals. We are already to-day at a gold basis. as sacred as the nation's life. [Applause.] Now, if you want to continue that sort of process, why, con­ And, Mr. Speaker, from that day to this, in every battle that tinue..it; but let me tell you that I have heard men on this floor it has fought for either, it has been confronted, bayonet to bayo­ announce that they had changed their minds on this question, net and foot to foot, by the stubborn lines of the Democratic that so:qle years ago made speeches in favor of the white metal, party. [Loud applause.] but recently they had changed their minds and become con­ vinced that they were wrong; and my humble opinion is that HOW DEMOCRAOY FOUGHT RESUMPTION. when they go back and take hold of the hands of the laboring In proving this allegation I do not now purpose to look back so masses, when they go back to shake the horny hands of the fel- far as I might properly do if my time were not so limited. For the . lows who handle the plow and wield the hammers in manufac­ purpose of this discussion, I ask you to look back over the history turing establishments, they are going to fi~d it mighty. hard to of our country only for the brief space of eighteen years. I ask you explain what sort of an arugment was apphed to them lll order togo with me to that period when the Republican party, having to induce them to make so sudden a change upon so vital a ques­ carried this Union triumphantly through the Red Sea of civil tion. war, was wrestling with that almost equally momentous problem · But, Mr. Speaker, I have only1got two minutes more, and I of lifting up the prostrate credit of the nation. want to devote that to the Sherman law. In 1875, when the Republican party laid the foundation for the • Now, as I said, I am opposed to the Sherman law. I am going most marvelous period of prosperity, by the brave reassertion to vote to repeal the Sherman law, but not because I am in favor of that fundamental principle that honesty is the best policy for of the single gold standard. Upon that part of the question I governments as for individuals, the same battle was on between agree with the great Secretary of the Treasury. His remarks Republicanism and Democracy; and the issue joined then in upon this question some years ago have been quoted here by that great struggle over the maintenance of the national faith those who oppose him. Mr. Carlisle occupies the same position has been going on from time to time, marked by the same dis­ to-day in regard to the use of the two metals that he occupied tinct party contentions from that day to this. when he made that speech. Mr. Carlisle is a bimetallist. Oh, how familiarly like echoes of 1875 have been the wails and But, Mr. Speaker, we have got a new order of metallists here, the lamentations and the predictions of evil that have gone out and they are "international bimetallists." [Laughter.] They from this House to the country during the lasttwoweeks by the are gentlemen who, I suppose, expect to take many European men who to-day represent the championship o! currency inH.ar­ trips. They are able to buy trip tickets across the ocean, and tion and depreciation for which Democracy fought so stren­ they want a dollar to carry along with them, so when they get uously less than twenty years ago. over there they can use without having it recoined. Listen while I recall the action and utterances of Democratio Now, the unfortunate situation of the American people is that leaders in the Senate and House at the time when the Repub­ there are very few of us who can take these trips across the ocean. lican party proposed that the United States of America, having We want money for the American people, and we are able to suppressed the rebellion, having restored national unity, hav­ make a standard and able to maintain it; and whenever you de­ ing reasserted supremacy over every acre of national domain, scend from or go around that proposition, you acknowledge your should now turn its attention to restoring itscredit at home and inferiority to other people who have managed their affairs with­ abroad by redeeming every obligation of the Government and out consulting you, and I tell you that you have disgraced the making every one of its financial pledg-es as good as gold the fathers who won your independence in the days of '76. whole world around. But, Mr. Speaker, I am against the Sherman law, as I said Let us look at the record, for it is significant. That was an awhiie ago, because the Sherman law is vicious, because it pur­ historic episode which has properly a place in the discussion of the chases a commodity. It makes silver a commodity, and buys it present question. In the Senate on December 24, 1874, on the and stores it in the Government vaults; and you have no more question o!the passage of the resumption act, provfding for the right to buy and store it than you h ave to buy wheat and corn, resumption of specie payments, January 1, 1879, the ayes were tobacco and cotton, and oats, as my Populist friends want us to 31 RepJiblicans, and Carl Schurz, anlndependent; the nays were do. I am opposed to their position, and being opposed to their po­ 14 Democrats and Independents. No Democrat voted to resume sition, I can not be anything less than opposed to the Sherman specie payment in this country; no Republican voted against re­ law. sumption. Now, Mr. Speaker, one word more and Iamdone. I represent In the House of Representatives, January '1, 18'15, on the same an intelligent and enlightened constituency upon this floor. I question the ayes were 136, every vote being cast by a Repub­ represent a constituency which is watching this Congress as it lican Representative and no Democratic Representative from all has never watched Congress before. I voice the sentiment of this wide land recording his vote in favor of uplifting the finan­ that constituency upon this floor. I came here to represent my cial honor of the American people among the nations of Ule constituents, and to represent their views upon this question. I earth. · 1893. CONGRESSIONAL REOORD-HOUSE. 977

The riayi were 98; '14 Democrats and 24 Republicans, b~t ip. p·reciated value until, declamation and fiat eloquence to the con­ justice to some of the gentlemen who voted in the negative 1t trary notwithstanding, they rate in the markets of the world for should be stated that they voted against that act because they only about half the value of their face. · held that the proper'' way to resume was to resume" atonce; so The Bland bill (which I ought to remind you was first vetoed that their record stands simply for opposition to delay and not by a Republican President) when passed over the veto of Presi­ for opposition to the measure. dent Hayes-, went through the House by a vote of 118 Democrats Let us see, Mr. Speaker, how tenaciously, howpersistently, and 78 Republicans, the Democrats being nearly two to one. The the Democratic party maintained this hostile attitude towards nays were 51 Republicans and 22 Democrats, the Republicans the credit of the nation. Hear that well-known Democratic being more than two to one. leader, Gen. Ewing, of Ohio, who said in the House, on the 24th 'rHlll SO-CALLED SHERMAN AO'.r. of November, 1877, more than- two years after the bill had be­ And this brings us down to the passage of the so-called Sher· come a law: man act. I am very glad that the clear statementil of a number If we were wholly out of debt to Europe; if our foreign commerce floated of the gentlemen who have preceded me have rendered it en­ under our own flag; if there were no system of absenteeism among our wealthy classes, expending their "''realth abroad, resumption in gold., or even tirely unneoeesa.ry that I should go into a history of the passage ' gold and silver, would be impossible on our present volume of paper cur­ of that act, to disabuse the minds of any purblind readers of Con· rency for many years to come. • * • The national banks, the importers, gressiona.l history who might be confused into the idea ~hat the the gold rings in New York, the desperadoes of Wall street, the money kin$s of Europe, to whom we are financially enslaved, they will present the green­ Republicans were enacting original silver inflation by the pas­ backs for redemption and destruction as fast as the gold can be paid over sage of the Sherman act. the counters of the Treasury. What were we doing at that time? To-day we are arraigned And a year later, May 14, 1878, United States Senator CoKE, from the President:s message down to the penny-a-liners in the of Texas, voiced the implacable hostility of his party, as follows: Democratic press of the country as a political party that in the It is better, Mr. President, that we bide our time and turn back from the Fifty-first Congress undertook to inaugurate a system of silver frightful abyss of ruin which yawns across the pathway to resumption. depreciation of our currency-financial legislation that was de­ The experiment must end in failure, and must engulf the country in a lower deep of misery than it has yet fathomed. The bulk of the State, private, rogatory to the maintenance of the high standard of our public and savings banks, with their vast sum of the people's deposits, must go by credit. · the board by reason of the 1nsu1ficiency of their reserves, and many of the national banks must fall from the same cause. In this general crash the Now, I was here at that time and took some interest in what whole system, from the Treasury down, must succumb. It is simply a. ques­ transpired, and when I saw these diatribes in the Democratic tion of time, for this result must occur, and, in my Judgment, the time will be party organs arraigning my party as false to the high stand­ very short after the 1st day of January next. - ard of national integrity and a sound currency, I looked b:wk And this Democratic opposition to resuming specie payments to see if my memory had deceived me. And what did I find? was not confined to talk, for we find repeated records of hostile That in the Fifty-first Congress we were confronted with the al· votes. ternativt\ of a bill for free and unlimited silver coinage which On January 10, 1876, Mr. HoLMAN moved to suspend the rules had passed the Senate by the almost solid vote of the Democrats and pass a resolution to report a bill to repeal so much of the re­ and a very few Republicans, and which waa favored by the great sumption act as authorized the Secretary of the Treasury tore­ majority of Democrats in the House. deem in coin United States notes. It lacked a two-thirds vote, The Republicans sought to obtain the best compromise they but there were 105 yeas to 96 nays, and of those yeas all but 10 could, and as an escape from the peril of free coinage the Sher­ were Democrats. man act was favored by all the most conservative financial in.flu­ February 14, 1876, a resolution empowering the Secretary of ences in the country. the Treasury to carry out the provisions of the resumption act But let the words spoken at the time tell just how that was lost-85 yeas, 139 nays; all but 8 of the nays being Demo­ Sherman act was regarded when it was passed. At the close of crats. the long debate Mr. BLAND of Missouri, in a most impassioned January 7, 1876, a resolution to repeal the resumption act was speech, rallied his Democratic associates against it for reasons lost-yeas 112, nays 158, and 106 of the 112 yeas were Democrats. thus stated: August 5, 1876, Mr. Cox reported a bilr providing that "the Mr_ BLAND. Mr. Speaker, I desire to reply to the gentleman from Maine resumption-day clause of the resumption act of 1875" be repealed, on one point. He claims that the silver dollar in the Treasury and the bullion are there on the same basis on which money is to be issued under and it passed the House-yeas 106, nays 56; all but 9 of the this bill and the present law. The gentleman from Maine will not dispute favoring votes being oast by Democrats. the point that there is this distinction: That the silver dollar on which the June 17, 1878, Mr. Townshend of Illinois moved to suspend certificate (lmder the Bland law) is issued is at the ratio or 16 to 1, and the bull1on on which these notes are issued (under the Sherman act) is at the the rules and repeal the provision of the resumption act author­ market ratio, and not at the legal ratio, and themarketratiois20tot to-day. izing the sale of bonds for resumption purpo::~es; it only failed for lack of two-thirds, there being-yeas 115, nays 111; and of Mr. BLAND evidently did not think the Sherman act was pro­ the yeas all but 15 were ca.st by Democrats. viding a cheaper dollar than that named for him, or that it was So I might go on, Mr. Speaker, with the record of Democratic tending toward a silver standard, for he emphatically declared: That is the contention I have been trying to force upon the House, that hostility to every important measure devised by the Republican under the lead of the gold standard, and for the purpose of keeping that up, party for the purpose of maintaining the plighted faith of this and to keep an "honest dollar," as they call it, you havd departed from the legal nation, and to give to our currency and our credit, at home and ratio in issuing these notes. abroad, that stability which was necessary to place us in the He further insisted that the advocates of the bill had ''simply rank we were entitled to occupy among the great nations of the abandoned the legal ratio on which to issue the notes, and taken earth. tht?;,.(JOld 'ratio to keep up the gold standard." _ But some gentlemen may say this is ancient history. Ah, yes, Be then closed and condensed his denunciation, as follows: my friends, you Democrats are very glad to have your history The whole bill is intended to postpone free coinage at the ratio or 16 to 1. The whole bill is in the interest of the gold standard. regarded as ancient the day after it is made. [Laughter.] And The whole bill is a murder of silver. you never recognize any sound principle until after we have It i.s giving up the fight for silver at a fixed ratio of 16 to 1, abandoning it estal;J.ished it in spite of you. and issuing notes that if they are ever presented to be redeemed, will bs redeemed in gold and not in silver, and gentlemen can not escape the argu­ No more graphic characterization of this trait of the Demo­ ment. [Applause on the Democratic side, and cries of "Vote!" "Vote!" on cratic party has ever come to my knowledge than that which the Republican side.] described it as like a man who rode backward in a railway car And under that leadership and for the reasons stated 90 Dem· and therefore could never see anything outside until the train ocrats voted against and 122 Republicans voted in favor of the ho.d got past it. [Laughter.] So, you are very glad toswatbe so-called Sherman act to take the place of th~ Bland act of 1878. your record in the bandages of forgetfulness and to raise the cry T.BE PANIC CAUSED BY DISTRUST OF DEMOCRATIC ADMINISTRATION. of "dead issues" whenever you are recalled to the unwelcome Now, Mr. Speaker, my time is so short that I can only call at­ duty of examining the history of the :past. tention very briefly to the causes which have led up to the situa­ But without following this history m continuous sequence, I tion in which we find ourselves to-day. make the declaration here, without fear of contradiction, that Every body on both sides has agreed that there is a great public • from the beginning of the rebellion to the present time, upon apprehension, and that want of confidence in the business and every occasion when any public measure has been pending in­ financial situation is abroad. Is there anything strange about volving the financial interests and integrity of the country on that, Mr. Speaker, when the Democratic party from 1861 up to the one side, and depreciation, inflation, or repudiation on the datehasbeenunceasingly,persistentlyendeavoring-toimpaircon­ other, it has always been made a partisan question by the De­ fidence in the credit of the United States? And when that pol!t­ mocracy, and they llave invariably been ranged against the na­ ical party has been put in full power in the Government why tional CJ•edit and the Republican party in defense of it. should there not be distrust and apprehension? . DEMOCRACY FOB SILVER INFLATION. Why, Mr. Speaker, for two years past the Democratic press Why, take this silver legislation with a phase of which we are has teemed, Democratic speeches in Congress here have been now concerning ourselves. Let us go back simply to the passage replete with direct and indirect assaults upon the credit and of the Bland bill, a bill for coining silver dollars of greatly de- financial stability of the United States. Only last spring, at tbe XXV-62 978 OONGRESSIONAL RECORD- HOUSE. A UGUST 26,

very close of .an expiring Oongrass, the grea.'t .fiscal organ 'Of this Ha.d these provisions been nttached to the Administration House, the W.ays ami Means Committee, by'& majruity of its mem:>u:re they would have .hail all the benefit of the pressure ex­ members, made an official ,report w.h.ich waB c!tlcnlated. tf not erted far rdpeal; while, !BB it is., th-e hostility of the infl.ationbts intended, "to c:arry to ev-ery ftn.anciai center ln Europe a feeling to the national banks is more lik-ely to be inarea ed by their de­ o:f uistrustas to the :finances of the United States Gov-ernment. !eat on the silver question, and it would be-anything but a ,glor.i:- The .gentlemun from .illinois '[Mr. SPRINGER] ·and his asso- ous triumph of policy and legislation ri1 the mismanagement <:>f ciates came· out with a public document in which they seemed the Democratic iead-ers should secure the repeal oi the silver­ almost gleefully to predict that the Government of the United purchase act at the price of opening upon the country the Pan­ States would be bankrupt by more than $-!0,{)00,000 on the 30th dora's box of wild-cat a.nking recommended by the Democratic day of June next! Gentlemen .may say, "Oh., no one would take na.tion:al convention. seriously su.eh ra JZOlitieal document put forth by the gentl~an 'THE TARJF:F 'n:Hlll REAL ISSUE. from lllinois." LLaughter.] · Mr. Speaker, I have not time to discuss in any detail the real PerhapsnotinthisHu wonder that th~ people land down, have been engaged for years in a :relentless crusade abroad concluded that there must be something iWI'Ong and be- .against the economic system upon whi-ch the great industri~s of gan to send our securities home? our rountry are based and under the operation 'Of which they · Tha same politicnJ party that advertised clamorously to the have developed such a degree of n tional prosperity as has amazed wc.o-:ld that a Republican Congress had looted the na-tional the people .oj .other lands. On that system the Democratic party Treasury by ruinoll.Sly extravagant ap-prepriatio-n-s proceeded at has declared war, and the declaration has -only failed to create the nextCongress to ex-ceed the expendituPes by many .million-s, the full measure o1 alarm and .disaster becaus9 until now that and haa since taken possession -of oJl bran-ches of the Go:v-ernm-ent. yarty has been r.e~ned by Republican possession of some one Is it stran.ge that" w-ant of confidence" should be manifested on of the coordinate powers of the 'Government. both sides of the Atlantic? But to-day .everybody understands that the party nriw in un- A PARTY D.IVIDED AGAINST n:sELF. bridled pow~r at the nationa.l seat of Government is that which Mr. Spe ker, this is an anomalous &ituation. Oh, what broods has over and again sworn to deal protection its death blow and arty in Congress. American artlisan.: -and in on.e of the progressive farming coun- \[Applause on .the .Repllbliean siaeJ ties in my -ow.n w :stdct, where th.e tillers oi the soil have sub- REPUBLIC.AITs NOT PERMITTED TO OFFER AMENDMENTS. .SCribed .hundredfl 01 t.b.OUSB.nds -oJ dollarS to build a rail.ro::td llOW The faet of that£teadiaei bu.lwark -of Republican votes has fur- nearing completi-on, to furnisb. access for their Americ agri­ nished the Presii operatives en~aged in inaxcusable manner in which its opinions and wishes as to meth- j making g oods tha.t before the season -of their .sale arrives may -odB have been ignored. We hav-e been denied -all opportunity of : be crowded out by ca-rgoes .of ihe handiwork 'Of the cheap labor suggesting amendments~ while the Administration Democr.a.ts 1 'Of Europe. have made all the JJrelimina.ries matter of -partisan -con:ference ' So, while we Republicans will lend -powerful aid in the repoaJ with their party associates who are fighting for free coinage. of the sil ver-"Purch ing aet, and hope that its import!lnce has For one.,l do not belie-ve that the proposed legislation has been been so ex:aggera;ted that its repeal may have a good effect on presented in a ·statesmam.like -wa-y,, or that the case is managed the monetary situation .and lead to international agreement for in a judicious m nner. lt.seems to me, that recognizing th.e . th~s:rle Ufieof silver money, we do not expect oo see American :str-ong hostility in the Democratie anks o the oontTactian of industries t ke on their iull1l:Ctivity :in the face of the t~riff l~ev ­ the currency, a feeling th tis eX:Rg.gerated b:v lSUlTGrmding cir- olution which threatens them. Our greater hope would be tha t eumsta:nces.. he repeal .of the.silver-purehase clause should h a.-ve the Administration may be led by the tremendous object lessons carried incorpor.Rted with it, provisiorrs ior expanding the issue of the ll tst iew months to abandon the policy that has

'The gentleman from Nebl'RSka, 'B. fe-w days ,go, related in a 'to array themselves .against the distin~t policy of the Adminls- -very drtlm atic manner :an entertaining but mythi-cal stm:v~ in i;r.a,tion. ' wbich Napoleon, at the b-attle of .Mareng\J believing his army Such a course Wa! unnecessary.. It was recklessly disregard­ de reated .'(lFdered a drummer :bay to bea."t a ~ retreat.J' The str ip­ ful ·of th-e iB.nerests oi the Dam{)cra..tic party, ,aniJ. will be-destruc­ ling replied that he had never learnOO. how to bea.t a ·" tt"etrea t," tive-of the harmony amd unity oi purpaseabsolutely-essentiaJ. to but said be .could beat a soul-sti.rdng "cll.nirge, lJ and reminded the n'lctment of the legislation whieh we pledged to th.e peo­ his great chief of th.e ch arges he barl. bem;.a;t Lodi, at Wagram, pl-e, and the failure o.f which will reflect additional discredit on etc., and begged permission, "Oh, sire, let me beat one more the Democratic pB.rty~ oharge I" which was granted, 1l.Ild the battle won. The gentle­ Mr. Speaker, many of the gentlemen wbo have spoken on thls man then applied the story to .his Democratic President, whom subject, and who were nominated and elected as Democrats, he h ~ lieved to be re'treating from the Demoeraticb.:tttle-ground, boldly proclaim their opposition to the use of silver as money~ and begged him, 1n the name of th~ victories of the past, to and aver that th~ views oi the Democratic nominee for the order one more grand "charge" under the b.umer:of lree silver Presi-dency and not the platform on which he was n(llmina.tedand and free trade. elected should be the guide for our :action; with these we have 1\fr . Spe3.ker, the President, as well as the rest of hisnou:ntry­ no concern, because they place themselves beyond tl!e pale of

men has witnesRed an B object-lesson " of the effects of the mere our party1 and are the mere .:personal Jol1ower.s of the President. a-pprehension of a general assault upon the wiff system. Others maintain that .the substitute of the gentleman from Mis­ You can not raise the mailed bands of legislation in deadly souri {Mr. BLAND] should be voted down and the original bill th l~eats against every proiluctive industry 'Of a great nation with­ passed, because we {}!ill at the .regular session of Congre~ s en~Wt out inviting business calamity. The ealamity has come. It is legislatkm whlch will carry the platform into effect and meet at our doors, and I tell you., my young friend from Nebraska the approval of the eoun try. [addr essing Mr . .BRYAN], that if you go ·to your "Napoleon of If the signs ofthe times did not unmistakably indicate that such politics " now, and undertake to urge, him, like your "drum 'ller hope is absolutely gl'{)undless, if it were not known as positively boy of Marengo," to let you bes.t just '' one .more eharge; " when as anything in t ne future c:tn be known that if the Sherman law you remind him how you beat "' 'such a charge" for free wool is repealed no .additional legislation on thesubjectnf silver coin­ that sent all the American sheep .scampering to the slaughter­ age will be even considered by this Congress, I should (loncur in houses r.nd wool down to l{) cen-ts a pound, and beseech him to the conclusions of the gentlemanfrom West Virginia [Mr. WIL­ "let me beat one more" {laughter]; when you remind him, SON] and vote for his bill; but I believe, and every other mem­

., Sire, we did beat such a ch:a.rge against the wool manufac­ ber en this :floor who -ad voc :=~. tes the Bland substitute believes1 turer s, nd see how their factories are top.pling all over the tha.t such a cGurse is a disguised, but nevertheless an unmis­ la nd 1 Oh, sire, we did beat BUeh a charge against" the cotton takable aba,ndonment of one of the two most important subjects manufacturers, and look how they are closing their doors and of legislation promised the people by our platform. I hope I turningtheirarmy of unemployed workmen out into th.e stl·eets! am mistaken; and if I .am, no one will be more willing to ac­

Laughter.] Oh, sire, we did beat such a charge .against the gold knowledge the error. I do not1 Mr. Speaker~ attack the motives "Standard and monometallism, in favor of free-and unlimited roin­ oi other members, but if I were to adopt this line of action I .age of shor t-wBightsilverdollars,andl ook how our securities.have shoul~ feel that I was attempting to conceal treachery and bad -oome flocking home forredemption, how the banks of New York faith with hypocrisy. and all over the country have been brought to th-e verge of rruin, Shall we abandon the principle of bimetallism, shall we re­

-a,ndidle workmen are being fed in the soup houses. Oh1 sir e. let pudiate the obligations assumed by everv member of our politi­ us beat one more charge!" [Applause and laughter on the .Re­ cal party who holds a seat upon this floor? I I ear we shall-so far publican cside.] as this House is ooncerne.d, I beljeve weba.ve practically done so. Mr. Spe·tker, he won't do it. I ten you, my young friend, that But this great question, which affects most vit:a.l1y the interest of ·when your quondam chieftain -comes back from Gray Gables, every .citizen of this broad land; which en.ters the door ol every -while hem~ applaud, as we all did, the beautiful imagery and man who earns his living by labor; which goes with the farmer fervid eloquence of your splendid speech, brilliant in all ex~ept to his field, with the carpenter to his bench, with t he l awyer to the soundness of its premises and the J:Qgic of its conclusions his -Office, and the merch::tn t to his counter, will arise and rearise {btugbter], he will place his hand Qn your heftd and say, "My until the will of the people is crystillized into law, and justice youngfrie.nd1 th tt was a.ll very well before electi{)n, but we won't is dane to the toiling masses o1 our country. h ave anymore charges beat just.now." '(Laughter·and applallBe]. It can not be ridiculed into .silence; it can not b.e driven into ob­ Yon just go to work and learn how to beat a first-class retreat. scurity by the taunts and jeers of tnose who stand for discount, in­ ""'That is what w a sh.11ll m.ost stand in need -of." For 1 :assu.re terest, and commissions; it will assert itself with renewe d strength

my frie nd irom Nebraska that the "man -of d-esiJ.ny" has al­ until suooe.ss ~rowns its efforts1 or until thB .classes w.h.ose inter­ re dy obserYed th'3 omens -01 th.e times, and he will whisper in ests it assails have made themselves c.omplete and absolute mas­ your ear that M arengo is a lang way behind, that the victory ·Of ters of th.e country. Theopponents o1 the us-e of silveraBmoney 1892 was nothing but a spasmodic return from Elba., that amid have been victorious in every contest by chicanery and fraud. the up rising of t.he allied industries and i~terests of .a deceived With ,a majorit.Y against them .always, they have by audacity, by people he already bears the ground rumblmgs of the Waterloo fraud, and adroitness, broken its power :and deprived the people o! of 1894 [applause on the Republic:m side], and against the bright the fruits o1 e~ry victor_y won at the polls.· 'SUil-burst of R ep ublican restoration in 1896hBcra.cy's St. Helena! [Loud and.continued.a.pplause on of Congress~ they escaped witb a compromise represented by the Repnbliean side.] the Bland-Allison act, which accomplished their purpose of leav­ M r. :B'.ELLOWS-obtained the :fl.aor and yielded ilva minutes to ing si1 ver bullion on the list o1 commodities. Mr. BOATNER. In 1890, wben a similar situation was presented, the genius of .Mr. B OATNER. Mr. Speaker, I am pr.oi.ouudly gra teful to the Senator from Ohio .again .came to their rescue, and they es­ the g en tleman from New York for _extending me the privilege caped wifu the act, denounced at 'Chicago as a "' cowardly of again a ddressing t heHouseupon the importantanda,bsorbing makeshift.,, Now, in this Congress, with an unquestioned free­ question now under eonsidera.tian. cojnage majority in both Houses, the voice of the siren is again T h e ad vacates of the pending measure b.avB, from the incep­ heard in her most dulcet tones, and drowsy languor takes the tion of this -deb te, ignored th-e real questi<>n which underlies it. place of 'the.active, aggressive spirit which filled this Rouse with That the Sherman law is a bad law and ought to be repea eiL no a majorit y ot 8-! Democrats. .one or very few, deny. Our ~ntention is that the repealing Sir, the day.s for subterfuges, deceit, andpoliticallegerdemain act ought to go farther an.d extend to the countr,Y the relief have p assed, and we may as well comeoutintotheopenand take tram eKisting evils and the reforms in currency legislation sa­ the fire of .an indignant and out raged people. -credly promised in the last campaign and which the people., by When the people call for a volume of constitutional, safe, -and their votes at the last election, placed it in o.ur power to extend. honest legal-tendermoney, which will serve the needs and wants This relief the adv-ocates of uncondi tiona! repeal :refuse B{}W, of our own great and growing business, they .a-re denounced as and leave us no hope that they will support in the iuture. The practical repudiators, advocates of cheap money, and their rep­ real-question., then, to be determined by our votes is not w heth.er resentatives who refuse to betray them, as demagogues. Those the purchasing cla.use of the Sherman act is to ba repe.il.3d., wbo stand for "interest, discount, and commissions'' are 'flattered but whether the Democratic party is to redeem its pledges m ade by the .metropolitan press as br-oad, p a triotic statesmen. at !he polls. The astounding spect1cle is presented to the·coun- When the Bland bill was under consideration tbe s-ame school . try of a measure o1 the .greate t importance .and la.r-reaehlng of politicians who now pose as the saviors of the conntr.Y and gua:r­ consequences being precipitated on the Rouse under an iron­ ~.ns of the nati~n· 's honor loudly proclaimed 'that under its pro­ bound rule which prevents tbe consideration of any .amend­ VlSI.OnS ~ depreciated., debased dollar would be issuBd. They ments., ·except those dictated .by its supporters~ .and of iorcing predicted the direst di-s asters to f<>llow the .disappearance of gold .members to elect between the duty of standing by wb.at th~y from circulation, which they s-aid must .surely ta.ke place, and -ap­ ~once1ve to be tbeir duty .to their .constituents or of appearing pealed to national .honor and good faith to prevent-the :passage 980 CONGRESSIONAL RECORD-HOUSE. of so iniquitous a law. The appeal was vam. The Presidential Treasury have been teaching us that the act of 1813 demonetiz­ veto was overridden, and Congress gave to the people this mo­ ing silver was not only a fault, but a_ crime. With eloquence dicum of the relief which had been promised them. which aroused our enthusiasm and with arguments that con- • What was the result? Instead of the disappearanc-e of gold vinced our judgment they taught us and have taught the coun­ from circulation, so confidently predicted, the volume increased try thatitwaspossibletomaintainin the United States the parity from $300,000,000 to $700,000,000. between gold and silver coinage. They have made us believe Not a dollar issued under the provision of this law has ever that the free coinage of silver on equal terms with gold would been presented for redemption, except when gold was wanted break the power of the money barons, unlock the doors of en­ for export, notwithstanding its depreciation to 60 per cent of its terprise, and breathe new life into the prostrate body of the face value has been industriously proclaimed throughout the South; that with tile ~orld's supply of bullion to draw from length and breadth of the land. money would flow into the channels of business as long as it ·of these 11 debased" dollars there are 308,199,262 in circulation. would find profitable ~mployment._ These sentiments found ex­ Not one can be bought for less than 100 cents in gold. No one pression in the platform of principles adopted at Chicago. has complained of them, and the only fault the country finds is Our nominee for the Presidency gave them his indorsement, that ther~ are not enough of them. The same may be s1id of and the battle cry to the people was, "Give us the power and the circulation issued under the Sherman law. The certificates we will give you the relief." Hardly had the echoes of that are full legal tender-are the obligations of the Government, contest died away before conservatism took the place of aggres­ whose ability to meet them no one disputes and no one questions. sion, and a halt was called all along the line. Yet, Mr. Speaker, as against each it was confidently predicted A rumarkable change has come over the spirit of their dreams. by the gold monomaniacs of the country that their effect would Bimetallism, which ten months ago was entirely practicable, has be to put us on a silver basis. All these predictions have proved now become impossible without the concurrence of those for­ unfounded, and from these two sources we have drawn more eign nations whose interest demands the gold standard. than one-third of all the money now in circulation in the United The volume of circulation, which before the election was in­ States. . sufficient to meet the wants of business, has now b ·come sore­ What would be the condition of the country to-day if the vol­ dundant that it is necessary to cut off the only solll·ce from which ume of silver circulation now outstanding had never been issued? it could be supplemented, and no meas~re providing any other We would either have only about one billion one hundred mil­ means of accomplishing this purpose can receive their support. lions to do the gigantic business of sixty-five million people, or The gentleman from Maine [Mr. REED], regarded as the most this money which bas paid no toll to the banks would be repre­ formidable man in the Republican party, with his lieutenant& sented by their paper of similar amount, and would represent from Micbi~an and Iowa, are called to the support of a measure to them the enormous profit resulting from a transaction of such fathered by a Democratic Administration, and quondam Demo­ magnitude. crats beam with sat.ilfaction and applaud with rapture arguments Is not this, Mr. Speaker, the real r eason of the persistent and in favor of a financial policy advocated and maintained by theRe­ unflagging opposition to the use of silver as money. When it is publican party as long as it has had power in the United States. remembered that bank circulation shrunk in about the same pro­ The distinguished gentleman from West Virginia, the chair­ portion as silver was issued und.er the Bland act, the conclusion man of the Committee on Ways and Means, tells us to-day that, is almost irresistible that one displaced the other. We do not speaking for himself alone, he does not anticipate that it will be want sir, to coin dishonest dollars or cheap dollars, but enough necessary to issue bonds to maintain the public credit, but he of honest money to meet the wants of business and revive the forgets that no longer than last February a bill was reported flagging industries of the country. from the Committee on B 9.nking and Currency exactly similar We want to pay our debts in money worth 100cepts to t~e dol­ to the bill now under consideration, except that it provided for lar, but do not want the volume of money so contracted w:~tth ref­ the issuance of a 3 per cent bond. erence to the growth of business and population that it will be That was known as the Sherman amendment, and, like the impossible for us to obtain it without a sacrifice of labor and makeshift which bears his name, was the product of his fertile commodities out of all proportion to their value. The gentle­ brain. The gentleman from West Virginia su"(lported that bill, man from Mississippi [Mr. CATCHINGS], in the able presentation and, if I am not mistaken, supported a resolution ordering clo­ of the other side of this question, admitted that the effect of the ture on it. He was supported then, as he is now, by all the mon­ proposed legislation, if unaccompanied by any other, would be ometal Democrats on this floor and by about one half tho Re­ to dry up the only source from which circulation can be in­ publicans, with the gentleman from Maine [Mr. REED] at their creased, and to decrease thereby the ability of the debtor classes head. to meet their obligations; yet if the district he represents is sit­ It failed of passage because of the strenuous opposition of those uated like mine, it is literally plastered with mortgages bearing who insist the party must execute its pledges. It may be that 10 per cent interest, and having from one to ten years to run. we will not be forced to an issue of bonds, and I hope, in the The planters for several years past failed to realize more than providence of God, that we will not be; buti the strong probabil­ the cost of producmg their crops. Yet it is proposed to increase ities are that we will be. the value of the debts they owe and decrease their ability to pay There are now in circulation about $850,000,000 of demand ob­ them by increasing tb.e value of money and the difficulty of ob­ ligations in the United States redeemable in gold at the Treas­ ~aining it for business purposes. The East, with its immense ury. wealth and plethora of money, is unable to realize the condition They serve all the purposes of money-in fact, are money-and of the South. With them 4i per cent interest is regarded as a bear no interest; but if the bill now pending in the Senate au­ fair return for money. With us 8 per cent is the lowest rate, thorizing national banks to issue circulation up to the par value and resources innumerable lie dormant for the want of capital of bonds deposited, how will it be possible to prevent the fund­ to develop and render them productive. ing of the entire greenback and silver circulation into bonds? Is it to be wondered, then, that the South, which for years has If presented for redemption, this Government must buy gold for struggldd with adversity and disaster~ should demand at the that purpose, and it can only do so with bonds. bands of the party which it has constantly supported with its The process then will be simple; the banks will present this votes a fulfillment of the pledges it bas made? Is it strange class of circulation for redemption; this will force the issue of tbatwe should desiretbeextensionof our circulation totbepoint bonds, which they will buy. These, on baing deposited with the that capital would seek investment in l~gitimate interprise and Treasury, will authorize _a circulation equal in amount, and the business? banks will have made an in vestment to draw interest at both ends That this reasonable request should be denied us has filled us of the line-on the bonds from the Government and on the money with surprise, consternation, and, I may add, with indignation. from the people, the one in fact representing the other. Why should the interest of the agriculturist, the mechanic, the That any such result is now contemplated or intended I do not laborer, the profession3l man-in fine, of all those classes w~o charge, but that it will be the inevitable effect of the legislation earn their living by producing or handling the necessaries of if enacted I confidently believe. life-be sacrificed for those who live by lending the money on Mr. Speaker, it is with a deep sense of responsibility to those which all those operations are conducted. whom I represent that I withhold my support from a measure Why should the maxim " that the greatest good to the great­ which it is understood is approved, nay, recommended, by the est numbet'" shall be the guiding principle in legislation, be re­ President, but in the exercise of a solemn public duty I can not versed, and the smaller classes be further enriched by legisla­ yield my convictions for any consideration whatever. tion distinctively in their favor? I imagine, Mr Speaker, that This unfortunate division in the party is in my judgment no satisfactory answers can be given to these questwns. wholly unnecessary. A coinage act which would provide for an For many years, Mr. Speaker, the gentleman from West Vir­ increase of circulation to the point considered necessary is all ginia [Mr. WILSON], the gentleman from Indiana[Mr. BYNUM], that we ask. the gentleman from Arkansas [Mr. BRECKINRIDGE], the gentle­ We are ready to safeguard it with any legislation necessary man from Illinois [Mr. SPRINGER], the gentleman from Ken­ which will recognize silver as a money metal, and thereby in• tucky [Mr. McCREARY], and the distinguished Secretary ol the crease its market value to its coinage value. /

. 1893. -coNGRESSIONAL RECORD-HOUSE. 981

We are ready to stand squarely on the platform of our party, m_ent of debts; and we demand that all paper currency shall be kept at par wlth and redeemable in such coin. We insist upon this policy as especially and will support no legislation that does not make every dollar necessary !or the protection of the farmers andJ.aboring classes, the first bearing the stamp of the Government equal to every other dollar and most defenseless victims of unstable money and a fluctuating currency. of the same kind. But we are not content to accept the dictum of The President in his letter of acceptance said: those gentlemen who say this can not be done, and we shall not The people are entitled to sound and honest money, abundantly sufficient try the experiment. in volume to supply their honest needs. But whatever may be the form ot the people's currency. national or State-whether gold. silver or paper-it Mr. FELLOWS withholds his remarks for revision. See Ap­ should be so regulated and guarded by governmental action, or by wise and pendix. careful laws, that no one can be deluded as to the certainty and sta bility of its value. Every dollar put into the hands of the people should be of the Mr. FITHIAN. · Mr. Speaker, we are asked by gentlemen who same intrinsic value or purchasing power. With this condition absolutely ad vocate the repeal of the purchasing clause of the Sherman act, guarantee

eratic party will never be committed to that policy. In the 1a&.t no doubt will be "fairly represented" on the .floor of this House, Presidential election all parties favored silver. The platform of not alone by the gentleman from New York [Mr. HENDRIXj, the last Republican national convention on silver is as follows: have not been known to suffer for want oi legislation in their The American people, from tradition and interest, favor bimetallism, and interests. the Republican party demands the use of both r:old and silver, as S!'andard When gold was at an enormous premium during the war they money, wUh restrictions and under such provisions, to be determmed by legislation. as will secure tbe maintenance or the parity of value of the two bought the bonds of the United States, redeemable in the money metals, so that the purchasing a.nd debt-paying power of thedolla.r, whether of the country, for an average of about 50 cents on the doll r, o! silver, gold, or p per shall b6 at all times equal. Theintereits of the pro­ and then by being "fairly represented n in Congress had the con­ ducers of the country, its farmers, and its workingmen, demand that every dollar, paper or coin issued by the Government sha.ll be as good as any tract changed, m king these bonds payable in gold. I should other. We commend the wise and patriotic steps already taken by our Gov­ be sorry, indeed, if these much-abused, unfortunate, and friend­ ernment to secure an international conference to adolJt such measures as less bankers of New York should wake up some morning and will insure a parity of value between gold and silver for use as money throughout the world. find themselves without representation in Cong-ress. I am compelled to take the course I do because nowhere in the How many Republican members of this House will vote to message of the President to this Congress can I see the least continue " the use of both gold and silver as standard money,'' ray of hope for the continuance of bimetallism. On the con­ and how many will vote to wipe from the statute books all leg­ trary, I see in the mes · ge a fixed arid unalterable determinar islation for further coinage of silver? The record vote will tell. tion to place this country on a single gold standard alone which, It seems to me that there is a combined efl'ort on the part of Re­ in my judgment, means ruin and destruction to the agricultural publicans and some Democrats to repudiate both platforms of interests of the people that I represent. I am strengthened in the Republican and Democrati-c parties on this question. the position that I take in regard to the meaning of the Presi­ The present financial distm·bance is more artificial than real .. dent's message by the declaration of the gentleman from New The present condition of affairs has been precipitated upon the York, Mr.COCKRAN, whoi~le ading the forces for unconditional country by the money-lenders and stock-jobbing, bondholding repeal, in an article in the North American Review, in which Shylocks of Wall street to force an issue of Government. bonds. he said: A scarcity of money makes dear mon~y. The money-loamng ~d The recent utterances o! the President * * * however, appear to settle bondholding class seek to exclude silver from use as money m the question that ;;he present Administration is determined to use aU the order to make money dear and make correspondingly cheap the means at its command to maintain a. gold standard. The question of tree ' coinage of silver by the United States may be exclud!'d !rom consideratJon, product of every farm in the land. · as nobody deems the passage of such a law within the limits of possib111ty Much talk is indulged in by the single gold standard adovca~es during the present Administration. about the 60-cent dollar, the dishonest dollar, and putting a dol­ If that be the meaning of the recent utterances of the Presi­ lar's worth of silver in a dollar. Silver has been depreciated by dent the advocates of silver can h ave no hope of future legisla­ unfriendly legislation, and gold has been appreciated by favora­ tion in behn.l:f of silver if the Sherman law is unconditionally re­ ble leg-islation. It is the money usa that gives to either metal pealed. Itissoplain to my mind that ''he who runsmayread," its chief value. and thememberof this Congress who votes for the unconditional If silver was scarce and gold plenty, the enemies of silver repeal of the Sherman law deliberately does so with the full would soon renounce their faith in gold and become strong ad­ knowledge that when he so casts his vote he is casting it in favor vocates of silver. There is not su.fficien t gold in the world to sup­ of placing this country upon a single gold standard. Let the ply the necessary coin for the world's wants, wh~ch are daily in­ members who desire to do so take the responsibility of such a creasing with the advance of population and wealth. The sup­ courss. ply o! gold being limited, the creditor classes seek to make it the This is not the first time tha.t the principles of Democracy h ve sole money metal of the world, that they may thereby add untold been assailed by its foes within its councils. The time was when millions to their we31 th. the s g,me struggle th3.t is now going on was made by the true Up to the time th:1t silver was demonetized by the act of 1873 friends of Democracy to relegate to the re'tr the so-called Demo­ anyone h ad the right to take gold or silver bullion to the mints crats who wanted to crmmit the party to the theories of protec­ of the United Sutes and h ave it coined into st:mdard money of tion. The men who then stood out boldly for tariff reform, and full legal-tender quality. No public demand was made for t~e who fought the btttles of the party in Congress upon this great demonetization act of 1873. There was no honest reason for 1t. question upon which the party is now pra,ctically a unit, were It was done by stealth, and the motives behind it were little less defeated by coalition wLh Repu"!:>licans; they saw ta.riff reform creditable to those concerned in it than highway robbery. It smothered in the House of Representatives, but to their sa.tis­ was a fraud upon the people. It ~h a nged every cont:act involv­ faction to-day the phrase ''unnecessary taxation is unjust taxa­ ing the payment of a dollar. It mcreased the pubhc debt, and tion" has become a Democratic watchword. by making money scarcer added inc~e a sed burdens to every ob­ The Democratic part.v is great enough to purify and purge ligation that every debtor h3.d to discharge by the payment of itself of its enemies and foes who now fo cget its promises andre­ money. It was in the interest oi the creditor and bondholding pudiate its n ational platform, and it will do so in the settlement classes, and enabled these Shylocks to extort from their unfortu­ of this great financial question as it did in settling the princi­ nate victims more than their pound of .flesh. ples of the D ~ mocratic party on the tariff issue. We are reminded thn.t '' the very man of all others who has the Under the Democratic platform we should so adjust the ratio deepestinterestin a sound currency and who suffers most by mi.3- between the two metals as to maintain a parity, and coin both chidvous legislation in money matters is the man who earns his freely "without discriminating against either met:ll or charge daily bread by his daily toiL" This sounds welL All classes of for mint :~ ge." When the pledge is fulfilled no free-coinag·e people want a sound currency, and silver would be a sound cur­ Democrat will refuse to vote for the repeal of .the Sherman law. rency had it not been debased by mischievous legislation. Who I shall vote for each and every amendment fixing a ratio be­ are the people that demand unconditional repeal and the placing tween the two met'lls, beg-inning with 16 to 1 and ending with of this country on a sinmetropolis that the bankers of New York have history as the money-changers' Congress. so excellent a Representative in the House as Congressman HENDRIX, whose No man voting for the uncond;i.tion:il repe::tl of the Sherman maiden speech on the silver question last S~turday wa~ such a clear and :rorctble presentation of 1he sotmd-money s1de. There IS no surer way of act will ever be President of the United States, because he has overcoming the unreasonable prejudice of so many Sout,hern and Western failed to yield to the dem.mds of the American people or to com­ men against the" gold bug" than to have a man appear on the floor who prehend their wishes and growth. fairly represents the banking inteTests of New York. At their last n J.tion1l convention the Democratic party in­ The Post is a gold paper. It demands the unconditional re­ dicted the Republican party for the p.J.ssage of the Sherman ~ ct. peal of the purchasing clause of the Sherman law. It wants the That act was passed by Republican votes exclusively in both the country placed on a single gold standard. The speech of the Senate and House. And the RepubliC?. ns in this House and by gentleman from New York [Mr. HENDRIX] is highly commended their vot3s next Monday will confess that indictment and enter by this paper because he "fairly represents the banking inter­ a plea of gull ty. ests of New York." Why do these New York bankers need a The Democratic party promised both gold and silver as the special champion here on the .floor of this House? Are they not currency of this country in its last national platform, and the yet satisfied? For the last thirty years they have been fed upon first stsp it takes after coming into power is to repudiate that the fat of the land, while the m3.Sses of the people had to be con­ promise. tented with the crumbs that fell from their tables. How long is Men stand on this floor and say that they are for bimetallism; this to continue? These bankers of New York, whose interests that they want free silver; and yet they propose to vote away the 1893. CONGRESSIONAL RECORD-HOUSE~ 983 last vestige of silver coinage e~sting on our statute oooks, restore silver to its true place as legal-tender money? It is a without condition. They ask us to surrender the last redoubt vain hope. The power th.1t is now working a change of heart a.t a time which they well know we can ri.ot have .any silver in this Congress will be irresistible- when it has wrested from legislation during the Presidency of Mr. Cle-veland, and for at our hands our only means of defense. least one year thereafter. The friends ol silver, the people of the whole country, have They say sur render the fort, and we will help you take it been deceived, have been betrayed into the support of men who again, when th~y krww that it CBn not be r et9ken. pretended to stand on the Democratic platform of bimetallism The gentiemen from Maine [Mr. REED] and New York [Mr. and who now forsake this trust shamele sly at the command of CoCKRAN] both express great love for the laborers of this coun­ the Administration and of the gold owners of the financial world, try; they give us many fine words, wor ds, only words; and stand­ Had the question of the demonetization of silver been made ing behind them in the interest of the workingmen, I presume, are an issue in the campa.ioo-n of Hm2,·how many of those Represent­ two hundred or mor e of bankers and brokers and financial agents atives west of the Alleghanies who 2r e now falling over e ach of money-lenders from various Ea.stern cities, now haunting every other in their eagerness to destroy silver , that they may be in crypt and corner of the CapitoL line with the Administration-! say how many of these men Not a laboring man is found here; no one here to hold up the would now be h ere? No speaker in either House has had the hands of the representatives of the produ~ers. hardihood to declare that the people of this country are ready Oh, sir, this love of the money-lenders for the producers and for. the demonetization of silver. laborers is touching in the extreme; it is wonderful to behold! All know that the people do not desire it. From the great We are told, sir, that all these men are here for the express pur­ cities with their rich bankers, boards of trade, and chambers of pose oi preventiu~ Congress from taking .$50,000,000 of the peo­ commerce, Congress has been deluged with arr ogant demands ple's money and giving it to t he lender s. Christ once said, " Oh, for the destructwn of one-half of our metallic money, b ut who

ye Pharisees1 hypocrites!" Gentlemen, my ti~e is up, but I h as heard from the farmer, alre1dy impoverished by unjust leg­ want to admonish you that if you force that gold standard on the islation and now again t o be m ·~ de the victim of that greed for American people the place that knows you now will know you gold which knows no mercy, which seems destined to g-rind him on more forever. {Great applause.] into the earth tbrough the action of laws made by the men he . We h ave listened to many splendid periods denorincing silver trusted to protect him? In the apparent triumph of briff reform and predicting dire calamity if we obeyed the people and gave last fall, he thought that he saw the dawn of a better day, but them free coinage. not only is that prospect now obscured, but another and a darker Some oi the ablest men in this nation have denounced free cloud c0'vers the horizon of hi3 hopes and he sees reaching out coinage. Eloquence, oratory, invective, prophecy, all have been from the great money centers of the Old as well as the New invoked, and yet not one logical reason, not one historic fact, not World that same hand, which through all the ages has main­ one moral suggestion has been given for this bitter opposition to tained the right of the privileged few to live upon the labor and silver. earnings of others; he sees that power, which is the power of Forty centuries has silver stood as the money of all intelligent gold, .closing its grasp upon his own Government and in the fu­ people everywhere, and all the learning of the opposition has ture he can discer n nothing but the eking out oi a bare exist­ been exhausted without giving an instance where any people, ence upon the pittance which may be allowed him by tbe tax state, or nation, in any age, suffered from silver, or was lost, de­ gatherer. The head of the greatest labor organization in the cayed, dishonored, or died from silver. Sir, it has ever been world has declared for free coinage; the farmer s' organizations the money of the common people; gold never has been and never everywhere d emand it, but their voices are sc1.I'cely beard in the can be. [Applause.] nation'sCa.pitol where none can h ave the ea r of power but those My people, in common with the great mass of Americ:ms, who come with t be g Lit ter of gold upon th em. want free. silver; nay, more-they demand it. And come what Mr. COOPER of Indiw.s.. Mr. Spect.ker, a few moments ago may, I propose to stand by their wishes, not only because it is I endeavored to obtain from m y f1·iend from illinois lMr. FITH­ their wish, but because their wishes are ,just, honestJ and pa.- IAN], who then h ad the floor, an oppor t unity to set him right triotic. [Loud applause.] • upon a quotation which h e h ad m 3iJ. e from a Speech m 9.de by Mr. CAPEHART. Mr. Speaker, I beHeve that the people of Hon. John G. Carlislej now Secretary of the Tre 1sury, but then a my State a re opposed to the demonetization of silver. I know member of the House. I had.heard that guoh tion m ade so fre­ of no one in West Virginia who is willingto83.ythat we can dis­ quently upon the floor during the cours·'3 of this discussion that pense with silver as leg'fll-tenuer money. I took occasion to look up the speech and re::td it thr'ough. I do I know that our people a.re not demanding the unconditional not think the gentleman intended to misquote the distinguished repeal of the Sherman law, but there is a general feeling that its gentleman from Kentucky, the present Secretary of the Treas­ repeal should be coupled with a measure that will mean some­ ury. thing more than a mere declaration in favor of bimetallism. Mr. FITHIAN. Was my quotation incorrect? I am here as a member of this House under instructions to vote Mr. COOPER of Indiana. The quohtion was correct in lan­ for the free coinage of silver. The convention which nominated guage, but, being only a small part of the speech, which was of me less than a year ago declared almost unanimously for silver. some length, it does not convey the full meanlng of t he speaker, I would be recreant to my trust and fall short of my duty if I did The speech was made in 1878, at the time of t he consider· tion of not carry out the wishes of those who sent me here. what is now known as the Bland-Allison law. Th'lt law first We should not allow ourselves nor the country to be deceived passed this Rouse as a free-coinage measure. It was pass,-1 as to the real issue whieh, as I see it, is nothing more or less under a suspension o£ tbe rules, when no opportunity was g.ivu _ than an effort of the money-lending world, and those h a.ving for discussion. It racejved th e vote of l\1r. Carlisle. It went to fixed inc-omes-in short, those who live upon the savings of the Senate and was amended by that body. others, to incr·.aase the value ol. debts already in existence, and It was afterwards passed with a limitation put upon coinage, incomes of all sorts, by making them payable in a money that is which we all know gave the distinctive feature to the Bland­ made dearer and harder to procure than the money in existenca Allison law; and after it returned to the House Mr. Carlisle at the time of their creation. then took the floor, and in an elab orate speech, the very meat of It seems to me t hat this is the true situation, and I can but which has been used in many of the speeches upon this floor believe that such a policy will bring ultimate disaster to the in this discussion g ave a full expression of his views upon the whole country. I believe that we who are counted as fritjnds whole subject. SpAaking o.r the amendment which limited the

of silver are in the minority here1 and I also believe that the un­ coinage he said this, which I will read: conditional repeal will prevail~ not bee!l-use the people desire it, This is the amendment which tills the minds of some of our triends with but because the whole money power -of the world demands it~ sueb gloomy toreborungs and excites such a fierce and determined spirit of because the Presideut demands it, and because power, honors, opposition that there is a disposition among some of them to defeat the whole measure rather than a ecept this as a part of it. Now, sir, while this and rewards are on that side. amendment is objectionable to me in some r espects, I am constrained to say It is proposed now to unconditionally repeal the Sherman law, that it is not so on account of its repudiation of the free-coinage provision and this mea,ns the demonetization of silver and the abandon­ of the original bill; and I will s tate as briefly as possible th~ reasons which ment of our .country to the tender m ercies ol the owners of gold; compel me to ~e this view of the subject. all that we are to have is a promise of something in the future­ The distinguished Democrat, now Secretary of the Treasury, a promise that will not bind anyone , a promise that is the kiss expressly stated in the language which I have read' that he did of Judas. Power that can make, and is making, the fortunes of not object to the limitation put upon coinage, but that he favored men is mo~ potent than the distant voice of the people. I it. He said in the course of that speech, further, that he was favor the r epeal of the Sherman law; it is universally and justly opposed to the free coinage of both gold and silver, and said that condemned, but can it be th t any of the f1·iends of "Silver are so he was in favor of a charge for the expense of minting of a suf- ­ confiding or so credulous as to believe that alter Congress has ftcient sum to defray the expense and to cover the difference., demonetized silver we can then enact some legislation that may whatever it .might be, between the bullion valt:e of the metal 984 CONGRESSIONAL RECORD-HOUSE. AUGUST 26, and the coinage value when it was coined, and I read that for being replaced by the alloy in the metal? Then in that connec­ the edification of gentlemen and to correct them before the tion let me ask another question so that the gentleman may an­ country: swer both together. Is not that entire speech of Mr. Carlisle's The overloaded taxpayers of this country, already staggering and sinking in favor o! the coinage of both gold and silver, without discrim­ under the burdens imposed upon them by unwise legislation, would have ination against either metal? been subjected by that provision to a new exaction of several millions of Mr. COOPER of Indiana. Gold coinage was !llade free by the dollars annually to pay for coi$g the bullion of capitalists at home and abroad. I can not become the advocate of such a system, either as to gold act of 1875, commonly known as the resumption law. There may or silver, and, although my vote was given for the bill as it passed the House be some expense for the assay of bullion, or for converting it into under a suspension of the rules, with this feature in it I did not approve of bars, but there is now no charge ,for the coinage of gold. I have it, and then hoped that it would be amended in the Senate. The mints of the United States ara operated at the expense of the whole already answered the other question. people, and therefore they should be operated for the benefit of the whole Anq ¥r. Carlisle went further-and I commend that speech people. If on account of a dUierence between the market value of the bul­ lion and the legal value of the coin, there is a seigniorage or gain in the proc­ as a whole to the Democrats in this House-Mr. Carlisle in that ess of coining, the Government should have the benefit of it; and if, as in speech goes further and shows a disposition to meet the other the case of gold at the present time, there is no such dif!erence, the holder nations of the world in conference, and enter into an agreement of the bullion who wants it converted into coin should be required to pay at least enough to defray the expenses of the operation. The great mass of with them to maintain the parity of both metals. He was then, the people neither own bullion nor metal requiring recoinage, so that the as he is to-day, in favor of a sound and stable currency co mpm~ ed provision of the House bill was nota provision for their benefit, but forthe of both gold and silver in sufficient volume to transact the busi­ exclusive benefit of a. few bullion dealers and mining companies. ness of the country; and in my humble judgment there i noth­ I commend that language to the gentlemen who have, with so ing in that speech, when taken as a whole and interpreted in the much unction, quoted dxtracts from this speech. He expressly light of all the facts, which in any way indicates any change of states that if there is any profit in the transaction growing out views, except to meet the changed conditions which confront us. of the difference between the value of the bullion and the value Mr. KIEFER. Mr. Speaker, as we are nearing the day when of the coin, it should go to the Government. a vote is to be taken upon a question in which the people of our Mr. BRYAN. Is it not true that the gentleman from Ken­ country is more deeply interested th!ln in any other public ques­ tucky [Mr. Cal'lisle] said in the course of that speech that he tion since th.e war, congratulations ma.y, perhaps, not be out of was in favor of unlimited coinage of both metals,. but not free order at this time. coinage. An anxious, eager, and I have no doubt a very tired, populace Mr. COOPER of Indiana. Yes, sir; in such connect~on as to in the grandest country and the best government on earth have show that he favored that coinage only under such conditions been watching and waiting upon our action here with more faith as would secure the currency against depreciation. I believe than fortitude, more courage than cash. he exnressed the opinion here, and that opinion seemed to prevail Let us congratulate our distressed business men, our unem­ then,-that under the operation of that law the commercial ratio ployed mechanics and factory workers, and our hungry laborers of silver would become equivalent to its legal ratio. that the hour is near when this body of Representatives, called He in no way expressed an opinion or views to the contrary; here in extra session nearly four weeks ago, is about to take and what he ssid also with reference to striking down one-half some action in this pressing emergency. of the metal money of the world, which I believe the gentle­ Sir, I believe that a decided majority of the members of this man from Nebraska [Mr. BRYAN] quoted in his speech, referred House, regardless of party ties, past, present, or future, will, on to the act of 1 73, which struck down the legal tender quality of Monday next, vote for the repeal of an act whereby this Govern­ the silver dollar; and it was because the legal tender quality of ment contracts to purchase a given amount of a certain com­ the silver dollar was stricken down that one-half the money was modity, which it obligates itself to pay for in gold. The stricken down. That speech was made upon a different set of President convoked this extra session in the midsummer season fa.cts from those presented here. It was made fifteen years ago because there was a general demand for such action. He could upon another question and under far different conditions. not resist the appeals of the people who, by petitions and other­ No proposition to strike down one-half of the metal money of wise, came surging down upon the Executive Mansion during the country to-day is pending in this Congress or before the last June like a cyclone. country; no proposition to destroy the silver money; but only a Nor has the cry abated since we have been here; and it has proposition to limit the coinage in order that the money now in been a surprise to me why nearly a month should have been circulation may be maintained at par. The Wilson bill expressly taken up in discussion upon a question that is so well and clearly maintains the legal-tender quality of the silver dollar, and guar­ understood by every member upon this floor. antees its perfect equ%lity with every other dollar issued by the But I can not refrain from adding, in as few words as possible, Government. What he then said was in the interest of the Gov­ my attitude concerning the repeal of the purchase clause in the ernment and the people and against the owners of silver bullion a.ct of 1890, and the substitute proposed by the gentleman of and those who speculate upon the people's money. Missouri. Mr. BRYAN. May I ask the gentleman another question? While we have listened to much eloquence, philosophy, and Mr. COOPER of Indiana. Certainly. sound logic from our colleag-ues,who have grown gray in official Mr. BRYAN. The gentleman has said that Mr. Carlisle's life, in my judgment had the five-minute rule been adopted at denun

ciating commodity with the gold reserve in the United States judgment, is that we must maintain good faith. Honesty presses Treasury will eventually result in gold going to premium. upon us as a policy because it is economy and means prosperity. I regret that the majority of this House saw fit to adopt a rule Law and environment both comm3lld us to be honest. Logic • whereby no amendments could be offered to either of the pend­ forces us to keep to our honored course as a nation. We can ing bills. not hide behind the "dollar of the daddies" and keep the re­ For I believe that an honest silver dollar can be coined by this spect of the world any more than we can revert to the spinning country, and that, too, without international agreement. But wheel, the flintlock, the tinder box, and the mail co1ch. the character of the dollar and the r atios proposed by the substi­ Fiat metallic money is even worse than fiat paper money, for tutaoffered by the gentleman from Missouri does not, in my judg­ the former, when once issued from the mints, becomes the money ment, meet the existing necessity for an increased circulation of of ultimate redemption, while the latter is but a promise to pay our currency. an honest dollar. The debasement of met::tllic money is the old­ It-is, I believe, our solemn duty to act quick, wisely, and well. est, most insidious, and most corrupting form of national theft, Mr. Speaker, our fair land to-day under existing conditions is and its use increases the evils itisdesigned to cure. This obsti- · perishing in the midst of plenty. n 1.te delirium, so deaf to every sense of justice, righ t, and common Let us unloosen the strings that bold the hoarded millions safety,has h ad its course before. It has run amuck only to per­ withdrawn from banks; let us stop buying depreciated silver; let ish by its own madness, and it injures most those who expect us repeal the purchase clause by such a majority in this House most from it. that will cause a graat cyclone of joy and relief to converge at Mr. Speaker, so long as we have gold-standard neighbors they the other end-of this building; let us do that first and thenspend will get the benefits of our attempt at bimetallism, if we seek to a week or two in receiving the congratulations from our people. make it alone, and we will get the disadvantages of it. Gold LEAVE TO PRINT. and silver will not remain and perform the functions of a sta­ Mr. MAGUIRE. Mr. Spe.lker,I rise simplyto ask permission ble currency in any single country trading with monometallic to insert in the RECORD, as a supplement to my argument of nations. No bimetallist outside of this country has ever been so Wednesday last, some information recently obtained with refer­ confident as to assert the contrary. The bimetallism of France ence to certain legislation in the colony of New Zealand. served as England's clearing house with Indb for a long period, The SPEAKER pro tempo're {Mr. BAILEY). The gentleman and England obtained untold benefit from it. It acted as a safe­ has the right under-the general leave already granted. guard against the depreciation of currency in India. Mr. MAGUIRE. I suppose so, Mr. Speaker; but as I desire This debate has proved a vent for many financial notions, which not to attach this matter to my speech, but to print it as a sup­ have been threshed out, I think, to general satisfaction; but one plement, I have thought proper to make the request. of the persistent hallucinations that attend the closing words of There was no objection. the speakers for free silver is the capacity of the American SILVER. banker to cause a panic like this and to take infinite delight in Mr. HENDRIX. Mr. Speaker, In addressing this House locking up money. For a half century of legislation the Amer­ early in this debate I sought to give relevancy to some state­ ican banker has been pilloried in Congressional debates. Every • ments by saying that I was a b:mker-the president of a na­ time foolish laws come home, like chickertS to roost, the statesman tional bank. But in doing so I did not desire to convey the im­ goes for the banker. It seems, however, that in this panic he pression that I represented a district of bankers, or that I was is the only man in sight to get the blame, and he has got it all. elected by their votes. I am not in any sense their represen ta­ But, Mr. Speaker, the pages of the RECORD would be less of a tive, or a bearer of dispatches from them. In urg-ing upon this transcript of the time if it did not appear hera that the Ameri­ House their common faith in honest finance and their earnest can bmker has played a role in these exciting times which has desire that this great country shall not be forced into calami­ won for him distinction in the thought of his reasoning fellow citi­ ties like the present one through unwise financial legislation, I zens. This panic has affected more people, greater wealth, more a;m as the Lacedremonian ambassador, who, when he knocked diverse industries, has extended over a greater area, has run a at the gates of Athens and was asked in whose name he had come, longer course in distance and in time than any we- have expe­ replied: "In the name of the state if I succeed; in my own name rienced before; but despite the heavy loss of deposits, the wide­ if I fail." spread hoarding of money, and the senseless fear of themul ti tude, The debate in this House turns upon monometallism, and the the banking system of our Republic comes out of it with its ma­ only question is whether it shall be of gold or silver. Bimetal­ chinery unbroken, and it will not stop one moment for repairs. lism bas been abandoned, except as a very thin mask, and it is Themen who have so bravely encountered disaster toconquer clear that those who propose the amendments to the bill repeal­ it and have faced panic to shame it down will not be forgotten by ing the purchasing clause of the Sherman act are intent upon t:tJ_e business men they have befriended and the depositors they shunting this Republic upon a silver basis. Those who favor the have protected. It is true some timid bankers have closed the stoppage of silver purchases do not ask for any further change doors when their banks were solvent, but they are opening them in our currency laws now. They leave them as they are. They again. Other banks have been frank enough to say that as they leave all of the silver in use just as it is. They do not alter the were drained of their cash! they must ask for indulgence, and legal-tender quality of a single dollar. They do not contract their customers met them as frankly and said, "We will stand the currency by a single cent. They do not demonetize silver. by you." • They do not change the standard of value. They do not alter There were weak banks that failed, and some vicious banking the relation of debtor to creditor. They do not.violate existing has come to grief, but the general deportment of bankers through­ contracts. out the land, in holding things together, keeping business men Every silver dollar issued is to be kept alive and active in the on their feet, helping out honest enterprises at great sacrifice, channels of circuLation. Not one is lost or destroyed. We simply and in endeavoring to allay this p:mic, which, by their very sur­ propose to stop purchasing with gold money silver bullion, which vival, they prove to be due to CJ.uses independent of their busi­ we do not need, and storing it in Treasury vaults, an unavailable ness, h as commanded the highest respect from the American asset. We thereby give notice to all the world that every dollar public. we have issued is as good as a ~wld dollar, and that the national To stop panics men have stood in the highway pledging their honor and credit are pledged to keep it so. We thus restore con­ personal fortunes. To stop runs, rich directors h ave gone along fidence at home and merit it abroad. As by the sweep of a magic the excited line of men and women and"offered to guarantee de­ wand we banish from our sky the evil genius now hovering over posits. To keep money active men who did not need to borrow us and beckon back the better angels that keep watch and ward have pledged their property to bring out from its hiding place in days of peace and prosperity. It is true that we will be a gold hoardedmoneytoredepositit in banks for the use oftheirneigh­ standard country. We are that now, and have been since 1834. bors. To supply common business needs investors have left their We will simply cease to dig under the foundations of that stand­ money on deposit when they might be doubling their fortunes in ard. the security market. The initial point of this panic was the fear of the debasement of Banks combined their assets and pledged to each other all our currency. By every dollar of depreciated silver we have put their resources in cities to give extensions of credits to country out we have destroyed hundreds of dollars in that exchange of banks. The choicest p roperty has been sent to the auction block credit which is so important in modern business. Give to the to get cash to replace in common' channels that which had been people of this country and of the world confide'nce in our cur­ withdrawn through fright. Sleepless nights, anxious days, lit­ rency,and commerce will cure where legislation can not reach. tle acts of kindness like those from generous American h earts in It is ·certain, Mr. Speaker, that we can not be prosperous if there times of pestilence, seli-s::tcrifice as heroic as ever gave a soldier is abroad a spirit of repudiation which hits upon the device of fiat fame on a battlefield-these things show character. I appeal to m oney upon a metallic basis as a new way to pay old debts, and them ag-ainst caricature. Busin ~ ss men h ave cried, "Help me, tries to get it into our statutes. or I sink," and bank experts and. skilled financiers have gone The stubborn truth, which will not be evaded and always lifts with them over their affairs and helped them to stem the ad­ _ itself in our path to convict our conscience and to convince our verse tide. 986 CONGRESSIONAL :RECQRD-SENATE. AuGUST 28,

Banks are not owned by millionaires. They belong to men o! money to repeal a bad law does notpay 6 per cent for clea-ring­ smaller fortun~, to estat~s, to widows, to clergymen, to lawyers, house certificates to help his country correspondent. help the doctors, college profes ors, investors whose money follows lines farmer. A banker who locks up all of the money of the people of fuith in men.rather tha.n speculation and calculation. Bank does not fall below his reserve and crul down Senatorial wrath shares are more subdivided than any other form of personal se­ for being a lawbreaker. curity. When a b:mk goes down the rich .su:ier le.ss than the Is it not about time in our civilization for sb.tesmanship to get poor. Tbe banker stands on neutral ground between the creditor above the leval whereon the American bgnker is distorted and and debtorclas es, which have so o :t en b ~en mentioned here, for misrepresented to the view of the unthinking? His bra.ve con­ he is both creditor and debtor. He is a partner with every bor­ duct in the panic of 1893 is proof both of his competency and rower, and is not only a creditor but is guarantor of the debtor's the soundness ol his business, and public esteem will inevitably debt. Wh· tever may injure the creditor injures the banker and register its appreciation of his patriotic service in straining every he shares equally the lot of the debtor. He is ~ no sense a nerve a.nd taxing every resource for the common good. partisan of either class if there is ever a clash of mterests be­ Do the g8ntlemen who so vigorously denounced bankers want tween debtors an~ creditors. first to put this country on the level of n :1tions which use only The money he h 'lndles chiefly belongs to those of small means. silver for currency and then drop it to the level of countries His debts are due chiefly to t he middle class and the poor. Rich which use no banks? Deposits are not required by sts.tute, and men know how to do their own b3nking, and they are rich and it is not against the law to refuse to borrow money of banks. In remain so bee use they keep but little money idle. The accu­ a fortnight the people of this country could abolish bapking mulations of the poor in the sa.vings banks pass through the without the aid of Congress. It is because our people can trans­ banks of deposit and discount before investment. The money act their business better with banks than without them that they of a community is mobilized and distributed through the nerves use them so freely and stand by them so loyally. The gentle­ and arteries of b usiness by the ballker's skill. men who say that the b J.nks have refused to p.1y out currency The corn in a railroad crib, the cotton plant growing on the are right. Why? They did not have it to pay. What is the plantation, the waving field of ripening whea.t, the stored to- reason? They h ave let it out to do service in moving and pay­ , b:tcco: the grazing herd, the sheep on the moun~ side, the ing for the crops, and those who got it hoarded it. The national fattening pigs, the d tiry by the spring, the machmery of the banks of this country lost $196,578,450 in deposits in the year farm the piHno in the p..trlor, the carpet on the floor, the fto 1t­ ending July 12, 1893. This was a loan to them-a loan on de­ i.ng lbgs in the river the reservoirs of water irrigating a rich mand-and when it was called for it was p:lld. soil and making a desert bloom, the rushing locomotive, the In the s:tme time these b:mks curtailed their loans $107,273,- grain-laden b ge ~m ~h~ lake, the tur~ing: mill-wbeel.-every 521. Is there not to be found in the difference a t-ibute to the witness of enterpri.Se, mdustry, and thrift 1s related e1ther to resource of the American banker in helping his neighbors in a the debts which the banker owes or the debts which h f- has trying time? guaranteed. He gives a potency and volume t-Q <..-.rculating Since this panic began the national b:tnks have lost $40,000,000 • money that is beyond the force of legislation, and instead of of gold, $34:,500,000 of legal-tenders. and $2,400,000 of silver. In controlling the movements of money and the extension of credits1 the year ending with the date of the beginning of this extra­ he is controlled by the conditions about him. When his debtors ordinary session of Congress the bmks in the city of New York restrict their credit::J to him, he is obliged to restrict his credits had to pay debts to depositors amounting to $153,000,000. They to others. cut down their loans $t!O,OOO,OOO. They lost over $11,000,000 of It is his first interest, therefore, to maint!Lin such faith in na­ cash. tional fin. noo th t the humblest m3.y feel secure that their If they were hoarding money why do their sworn statem~nts deposits will remtin at their full value in money; that ~eneral show such wholes.'l.le withdrawals? Does it please the farmer business will not be shocked or disturbed; that the farmer may to haar bmkers covered with abuse? Does he cease to use them? raise good crops and get good prices, the laborel' receive good My friends, the farmer will not do away with r tilroads, and go to wages, and the manufacturer prosper. There is no flood that the markets in hie; wagon over b _td roads, because they are abused. destt oys wealth no pestilence that dulls or checks the produc­ He prefers to improve upon the old ways andm::tke more money. ing power of the peopLe, no blight that decimates the flock, no It is to his interest to use b;mks, and his representatives would drought th t eauses the crops to fail, and no C.ilamity or mis­ earn his respect and his warmer support if they would get into fortune of any kind or de