18tt3. CONGRESSIONAL RECORD-HOUSE. 505.
will furnish sufficient money to the people of this great country reasoned with; for when the flag of wrath and retribution is to conduct their business on a cash basis. The fate of the pend raised it is then too late to undertake to make terms. ing question on silver will decid·e this matter. It embodies all In conclusion, let me appeal to you brave men of the North the propositions here, as it was the last act of this conspiracy. who wore the blue, who stood by the Stars and Stripes with a de Silver has been made the battle ground and the bone of conten votion and a courage that would have added new luster to the tion in this great fight for the liberties of the people. splendor of Rome's legions in her brightest days; and to you, the In deciding this matter, look at it as you will, mystify it as you g allant men of the South who wore the gray, who s l:sood by the sink will, it resolves itself into this, and the great question of. the ing stars of a doomed cause, while you bore in your manly hearts day is whether the dollar or the citizen shall rule this country; a more forlorn hope than that which inspired the six hundred at whether manhood or money shall control this Government and Balaklava-America's heroes-! appeal to you all, now that the make her laws. Upon which sid,_e will you stand, gentlemen of war of twenty-five years is over, which resulted in the emanci the House? Wise men may hesitate and patriotic men divide, pation of chattel slavery, to stand up like men in the gigantic but there are no middle grounds. It is the dollar and a cen struggle of to-day between the classes and the m asses, involving tralized government on one hand against the citizen and the the stupendous issues of the freedom of honest labor from the States on the other. Where will you stand? Will you stand degradation and slavery of plutocratic power. Then give the with the people or will you stand with the money power? The people the relief that they have asked, and they will rise up and people have asked relief of their Representatives; they have de call you blessed. Fail to do this, and you will die as you ought, manded certain measures in their platforms of principles and we ignobly, unmourned, unhonored, and unwept. [Loud, long, and are in the midst of a mighty revolution, hitherto bloodless. God prolonged applause in the House aAdgalleries.] grant that it may continue to be so and the revolution prove to Mr. CURTIS of Kansas. Mr. Speaker, though I do not intend be a pea.ceable one; but God alone knows. · to speak for more than a few minutes, I would prefer to postpone But, my friends, this is a contest between the citizen and the my remarks until to-morrow morning or to-morrow night. dollar. Men may talk about the greatness and the wealth of this Mr. McRAE. I move that the House adjourn. country and about carrying on its business on" confidence" and The motion was agreed to; and accordingly (at 10 o'clock and "sympathy," but confidence and sympathy will not help the 15 minutes p.m.) the House adjourned. working people of this country. Some gentleman haa told us here of a transaction between two men, each of whom had plenty of confidence and sympathy, yet they were both in a terrible fix without money. [Laughter.J HOUSE OF REPRESENTATIVES. I want to say here in behalf of the people whom I represent, in common with the mass of the people of the United States, that S.A.TURD.A.Y, .August 19, 1893. they need what they ask for; they deserve what they ask for, · The House met at 11 o'clock a. m. Prayer by the Chaplain, and they feel that they deserve it all over this great country; Rev. SAMUEL W. HADDAWAY. and if their voice is not heard and. heeded, sooner or later there The Journal of the proceedings of yesterday was read and ap will come a time when angry people will appear at the gates of proved. justice in person and demand their rights in a mood incapable LEAVE OF ABSENCE. of reason, for when the flag of retribution is raised it is then too late to reason. Then, gentlemen of the House, in the name of By unanimous consent, leave of absence was granted to Mr. common sense, in the name of right and justice, in the name of PAGE, for one week, on account of important business. right and reason, give the people what they ask for. SILVER. Some men may point to our standing Army, with the flutter Mr.McCREARYof Kentucky. Mr. Speaker,analarmingand ing flag and rollmg drum, as the point of strength, but the citi extraordinary business and financial situation induced the Presi zen, standing in the doorway of his home, as he spends the even dent to call Congress in extra session. No matter how we may ing of a well-spent day amid the sounds and scenes that are differ as to the ca. uses of the critical condition which confronts us, dearest, satisfied upon his threshold with his family gathered we all agree that the trouble is widespread, all-pervading, and around his fireside-that man will save his country when the fraughtwithperil to the whole country. We all agree, too, that drum-tap is futile and the barracks have been exhausted. Let some remedy should be speedily applied. There should be no us sta,nd up to that g reat middle class which, ever since it met unreasonable delay when factories, furnaces, workshops, and the returning crusaders in England with the demand that the mines are closing and wails of distresscomefrom the unemployed hut of the humble should be made as sacred as the castle of the of every State; when the army of idle men and women is dailv great-that class who have always been the great bulwark of increasing, and labor and capital, agriculture and manufactures liberty amongst all English-speaking people. are suffering; when credit h as been strained, and more failures Then, against the dangers of a centralized government let us . have occurred with larger liabilities in three months of 1893 interpose the approved and imperishable principle of local self than in six months of any other year of our country's history. government. Between the rich and poor, now drifting into DUTY AND PATRIOTISM. separate camps, let us build up this middle class, who, neither This is a time for duty and not for dalliance, a time for patriot drunk with wealth nor embittered by poverty, shall lift up the ism and not for partisanship. It is not necessary now to specu weak and control the strong. Against the jangling of races and late at length as to the cause of the trouble, distress, failures, creeds of men oppose the home of the citizens and the faith of and shrinkage of values which are so apparent and appalling in our forefathers that led them smiling and serene through the every section of our country. The a.ctof July 14, 1890, called the valley of the shadow. Sherman act, while it is the main cause may not be the only c :tuse Now, my friends, in conclusion let me say, this is the voice of of the present woe which afflicts the country. It may be ascribed, the people that we hear to-day. They have sent us their peti also, to the demonetization of silver by European nations, and to tions. Since I have been here I have received hundreds of let the great demand for money in Europe, beginning after the col ters and petitions from the people of my district and people all lapse of the Argentine Republic and the failure of the Baring over the grand little State of South Carolina, asking that we Bros., assisted perhaps by Austria's policy of eshblishing a gold stand up like men for their rights. They are to-day at their basis, and increased by the bursting of so many speculative en homes watching and praying for relief, expecting us to stand up terprises in our country and in foreign countries, and by the for them and grant them what they ask. reduction of our gold reserve and the depreciation of our silver I want to say in behalf of my people-the people I represent, currencv which caused millions of dollars to hide. in common with the laboring people all over this country-that It matters not what the cause is, it is upon our country like an it is their fight, their cause. And this fight, my friends, is not incubus, like a scourge, and it is believed by millions of people confined to the United States. It has crossed the water, and that the repeal of the purchasing clause of the Sherman act will that mighty man, Gladstone, the greatest man, possibly, that restore confidence. The President, in his message, used unmis has lived since Jefferson died, is standing up, in contradiction t akable language on this subject when he S3.id: of his education and surroundings, and is appealing to the Eng Values supposed to be fixed are fast becoming conjectural, and loss and lish people to rise up and snatch the last vestige of usurped au failure have invaded every branch of business. thority from the crown and place it with the people, where it be I believe these things are principally chargeable to Congressionallegisla.- _ tion touching the purchase and coinage of silver by the General Govern· longs. Let the people rule. Give us a government" of the peo ment. ple, for the people, by the people." I earnestly recommend the prompt repeal of the provisions of the act And let me say, and I repeat it, unless the voice of our people passed July H, 1890, authorizing the purchase of silver bullion. is heard by their representatives and heeded(" if this be treason THE SHERMAN ACT .AND THE PENDING BILL. make the most of it") there soon will come a time when an I voted against the Sherman act when it was passed in July, angry people will appear at the gates of justice in person and 1890. It has not only been a failure, but a colossal curse to the demand their rights m a mood that will be incapable of being country. 506 CONGRESSIONAL RECORD-HOUSE. AUGUST 19,.
The bill now pending should be p3.8Sed. It pro-rldes that so employment of the two metals (gold and silver) in the currency much of the FtC~ approved July 14,. 1890, entitled "An act direct- of the country at a fixed ra.tio to each other as standard coin and ing the pu-rch·•se of silver bullion. and issue oJ Tre.A"Sury notes legal tender.. th reon,-and for-other purposes," as- directs the Secretary of the Fol"'"centuries gold and silver have been. recognized as money Treasury m· purch se from time to time silver bullion to the ~ g~ metals. They are so mentioned in the Bible; they are recog greg te. amount of 4,5CO,.OOO ounces, o-r so much thereof aS> m ay nized by the Constitution of the. United St-:ttes, and they were put be offered in e:: ch month, at the ma.rket price thsreof, not ex- upon an equality and provided for in the first mint act passed by ceeding 1 for 371.25 grains of pure silvec, and to- iesue in p y- the American Congress in 1792. There is no inconsistency in ment fol! such pur ch11.Ses Treasury notes of the United State&r be, 1supp01i'ting bimet llism a.nd also voting for the pending bill, and the s me is hereby-, repe11led; but this repeal shall not im- which prevents the repe:ll of the purch.Asing clause of the Sher pai.r- nor in. n.ny m mner atl'ect the leg" -tender quality of the man act from impa.iring or in any manner affecting the legal stand rd silver dollars h eretofore coined; and the f it h and tender qu111.lity of four hundred and twenty millions of 5t.. or- 6H>10· 0,000 in all. When it is remembered that the whole and is still abridzed. . amount of sh ndard silver dollars in our country in 1818 was Mr. BOATNER. Will the gentlemen yield fot· a question $8,0CO,OOO, the contrast is very plain. And when it is remem- right there? bered, also, th ttthe excess of gold exports over imports h as be n Mr .. McCREARY of Kentucky. Yes, sir. in t he last year eighty-seven and a half millions of dollars, while Mr. BOATNER~ Did n ot both the bills to wbfch the gentle- in t he last three yeill's gold in the Treasury has decre.tsed $132,- m:m has referred sacrifice the principle of bimetallism, in his 000,000 while silver has increased $147,000,000, the necessity for judgment? action seems plain. Mr. McCREARY of Kentucky. Which bills do you. mean? I t is impor · n_t to notice, in this connection, that the pending Mr. BOATNER. The Bland-Allison bill and the Sherman law. bill decl tres thLLt the leg:tl-tender quality of the standard silver Mr. McCREARY or Kentucky. I think the Sherma.na.ctsacri- I dell rs- heret-ofore coineii shall not: be imp lired nor in any m:mner ficed bimet3.llism. I think tha.t the Bllmd act was the best bimet affected, and pledges the faith and credit of the United States to allism that the friends of silver could getattha.t time. While-it maint· .in the pll'ity ofst..w.d.ardgolda.ndsilvercoinsatthe present may h ave been limited bimetallism, it was the best they could get, legal r c~.tio , or such other ratio ~ s m 1.y be. esta.blishe~ by law. I a.nd Iindorseditatth:tttime. While I would prefer,asih:1ve a id would have preferred th:.tt the b1ll should h ave provtded for the befOt~e, that the Government should coin silver e .i.ch month. yet coinage of$2,000,000 worth of sil vel'" bullion per month, beginning relying on the wisdom oi the pvople and their representatfves with the silver bullion in the Tre ~sury , but a.s there is now an toprovidefor thecoin.i ge when needed,.aswds done in 1878,even ~norm ous: sum of ~t :mdard silver dollars i!l th~ Tre.lS.ury, a.IJ?-Oun t- to the exte~ ~of passing the bill over the ve ~ of President H ayes, m~ to fitty-two times aa much as was m circulation or m the I can not JOm those who propose at the tune of grel.t financial Treasury irr 1878, when the Bland-Allison act was passed, there trcruble!J and supreme business trials to hold the Sherm'l n a.ct as is not the s me necessity now as th re was then for such an en- a host .ge for the free and unlimited coina,ge of ail ver. The sen ootment,.a.nd I will vote for the pending bill, even if the addition'll tenc3 of de t.th h as been imposed on the Shermnact by its friends coinage is- not provided for, as I have no doubt that Congress will as well as its enemies, and it should not now be a h ostage. here:Uterenact a. L1w loo:dng to the further coin ge oi silver. Bimetallism waa indorsed by both the Democratic andRepub- When:. a house is on fire it would not be wise to stop to discuss lica.n. p:U'ties in their nation9l convention last year, and will nee the que tiun as to whe-ther the- fire s-hould be extinguished with ess:Ll'ily be m :1.in tained in our country. The stock of gold now in buckets of water- f rom the cist ern or with water from the lake the world ~ nor the anticip:1ted supplies from the mines, is not suf throw bytbe fi re engine. Extinguish the fire with everyme THE SITUATioN .AFTER REPEAL. $63,0001000, which, according to Mr. Burch ~l rd and Dr. Soetbeer, M..wy reckless statements have been made during the debate represents the annu:U consumption of gold in the arts and manu as regards· the effect of the pass 1ga of the pending hl"ll. Some fact uresr there remain& but $65,000,000 as the annu and availa have said the bill demonetize3 silver. othe.rs ha.ve uid tlie double ble p1.·oduct of gold. sta,nda.rd will be d : strQyed; both allegations are untrue. The I p eesume no c mdid and well-informed person will claim that p ~sage of the pending bill, which repeals the purchasing clause this •t mount is sufficient to meet the incre tSed dem · nds of the of the Sherman act, will not change. the volume or the character wor ld. Mr. Goschen, an eminent authority on th!s . subject, of th e money in the United States Treasury or in circulation. who was ch<>ncellor of the exchequer in the Suisbury ministry, The gold coins, the silver dollars, the greenba-ck , and the Treas- said: " If all the n:rtions should resolve on the adoption of the ury notes will rem·lin as they are now, full legal-tender money. gold standard, would there be sufficient gold for the purpose The subsidiary coin will rem·lin the same as at present. The without a tremendous crisis?" Four nations-France United gold and silver c ~ rtific.:t tes will continue as they are now; the StatesrEngbmd,andGermany-have$2,750,000,000ofgold, while national b.mk notas, whose redemption is secured by the Gov- all the rest of the world combined h Mr. BOATN"ER. If, fortunately, the gentleman could carry twenty nations there represented, admitted that there was a a majority of his colleagues with him to pass such a bill,. has he serious monetary condition in Ectrop9. any hope that such a measure would receive Executive approvaJ, Mr.STOCKDALE. Will the gentleman permit another ques in the light of the mess:tge of the Executive? tion for information? Mr. McCREARY of Kentucky. I do not know what the Ex Mr. McCREARY of Kentucky. Yes, sir. ecutive would do, and I do not desire to interrupt my argument Mr~ STOCKDALE~ Is it true tmt during this increasing in by now expressing an opinion; but I will after awhile speak as to terest in this subject of which the gentleman sps~ks those na what I believe are the wishe~ of the Executive, although .I do tions have been demonetizing silver? not know his views and have no authority to speak for him, and Mr. McCREARY of Kentucky. I will show the gentleman I shall speak also on the requirements of the Democratic plat from Mississippi [Mr. STOCKDALE] that the demonetization of form. silver by European nations was mainly done twenty years ago. INTERNATIONAL BIMET.ALLIS~ PROlliOTJ!!D. They are now beginning to feel the evil effects of their course and have therefore willingly attended monet ry conferences. Eng There can be no doubt but that the passage of the pending land legally adopted the gold st mdard in 1816. Germ:my, tRkinO' bill will help to open the WdJY !or internationdJl bimetallism on ad vantage of the immense sum of .gold paid her as the French wa'i- a fixed ratio among the great nations of the world, which is the indemnity, started to demonetize silver-in 1871, and the law, I best remedy of which I have any knowledge for the monetary believe, was p!issed in 1873. The Sc-mdinavhn states of Sweden, evils with which all civilized nations are now suffering. Groo.t Denmark, and Norwa.y changed to the gold standard in 1874, and Britain, Germany, and all the gold-standard countries would be the countries forming-the L 3.tin Union, consisting of France, delighted to see our country go to a silver b-dsis so that they Belgium, It •ly, Switzerland, and Greece, in 1876were compelled might add our gold to their stock. They are now watching with to suspend the coin"'.ge of silver, though sLver still circulates anxiety and interest the Congress of the United States, and on there inlargequantities. Holland 'l..IldSpain took similar action the 3d day of the present :rponth Mr. Balfour, the leader of the about the same time, and Austria.-Hung::tr-y ch rured from silver Cons ~ rvative p:trty in England, delivered an address in London to the gold standard in 1872, and India 'lLlB lately closed her in which he forcibly presented the situation in that country. mints to the free coin..,ge of sllver, but the Government still He said: has the right to coin silver. I We are the great-upholders of a sin~le gold standard, and yet there is not England h9.8 always like a lion blockaded the way to inter a man, I venture to say, in the city or London at this moment who would ll3.tional bimetallism, but the feeling amon(J' her paople in favor not look with horror and with apprehension at every other nation tollowing so good an exa.mple. Was inconsistency ever shown in more ludicrous col of international bimetallism has greatly incre ..~. sed- in the last ors? * * • It is orthodox to have a single gold standa.rd, but let Gex-many few years, and if England would lead the way I believe there is have a gold standa.rd, let India try a gold standard. let the United States go no doubt but that the Latin Union countries would unite with in fora gold standard, and the tremor seizes every one of our commercial the United States in an international agreement. ma.gna.t~s. I earnestly appeal to the portion of my audience whose ml.nds are not yet I ha.ve gr63.t admiration for- Mr. Gbdstone as a statesman, as made up upon this question to reflect whether ot all the subjects in the a scholar, and as a leader, but he became attached to the gold world which deserves international treatment that of currency does not standard more than a half century ago and he will not modify stand in the very first rank. or change his views now. When I had the honor to address the International Monetary The day will come w~en he will cea.se to be prime minister of Conierence held at Brussels, Belgium, in December of last year, Englandj then friends of bimehllism, with such leaders as Bal I made ne std.tement whieh attracted more attention and was four, Goschen, Houldsworth, Thompson, Chaplin, Archbishop more widely commented upon than that both the great political Walsh, and m3.ny others, will show to the world till:.t they ap parties of the United Sta.tes had in na.tional conventions declared preciate the value of intdrnational bimetallism, and a new mon opposition to the act of July 14, 1890, known as the Sherman act, ~ry policy will be inaugurated in EnglciDd which other coun and th..tt.I was s ttis:fied that act would be repealed. tries m Europe wil·l follow, and that is the time, I will say in .Mr. STOCKDALE. Willthegentlema.n fromKentuckyallow answer to the question of my friend from Mississippi [Mr. me to ask him a question? STOCKDALE], when the chance for free coinage will come :Mr. McCREARY of Kentucky. Yes, sir. .through interm.tional action. Mr. STOCKDALE. Was the gentleman a member vf the In There are many persons who believe that the repeal of the tarnation· l MonetJ:LrY Conference? purchasing clause of the Sherm"ID act will force England to look Mr. McCREARY of Kentucky. Yes, sir; I was one of the more favorably on ano.her meeting of the monehry conference commission who represented the United States at the Interna and strengthen her desire for an international agreement, and tiondl Monetary Conference held in 1892 at Brussels, in Belgium. that bere..ifter it W1ll not be the United States who, with be Mr. STOCKDALE. Will the gentleman give the House his seeching hands. pleads with European nations, but that Gre:tt opinion, before he sits down, as to when we shall arrive at the Britain, with al1 her prestige and power, will be compelled to be free coinage of silver through an international commission? an humble supplicant for an international monet_try agreement. Mr. McCREARY of Kentucky. Iwillbeveryglad to attempt Mr. BLAND. I would like to inquire if the gentleman from to give whlt information I have on the subject in answer to the Kentucky proposes th:1 t the Amerwan Government shall wait question of my friend from Mississippi. until England changes her ministry before we legislate on this There h:l. ve been three international monetary conferences subject? Are we to be governed by America or by the English held, two of them by request of the U ni te.d States, one by the re Parliament? quest of the United States and France. The first one was held in Mr. McCREARY of Kentucky. My friend from Missouri was 1878, the second in 1:581, and th~ last in 1892. chairman of the Committee on Coinage in the Forty-ninth Con When the first conference assembled~ in 1878, there were but gress. When I first had the honor to come to Congress I s:tt twelve nations represented.- When the second conference as as amember of that committee ovel."' which he presided with so sembled, in 1881, there were but thirteen nations represented. much ability; I regard him as one of the ablest exponents of When the conference was held last year twenty nations were the silver question, and I learned much from him eight years represented and all the. delegates were in their seats the very ago. But he was mistaken then in some things, as he is mis day that the conferenee was called together. What does that taken now. show? It shows the deep interest that all the nations were I am not looking to England for anything at present. I am taking in monetary questions. It shows that that interest had merely using England as an illustration, and I am referring to increased as the years h-id advanced. When that conference the position of her leading men to show what c:~.n and wh.!tt will assembled at Brussels it was welcomed by the minister of finance be accomplished after awhile. I do not believe free-coinage of silver is advisable now. I believe if 3l free-coinage bill is passed of Belgium1 Mr. Beernault, who,in his address inauguratingthe conference, declared that- it will not be approved by the President. Ifit was approved it would bring us to a silver ba.sis in less than ninety day. I am those who will find a remedy for the d:ifilcult-ies and perils of the actual not in favor of a silver basis: I am in favor of bimetallism; I want monetary situation will certainly merit well or humanity. both gold and silve1~. I am trying to travel the road which will And the able and distinguished president of that conference, through international agreement give us free coinacre of silver Mr. Montefi.ore Levy, in accepting- his high office, sa.id, with and free coinage of gold at a fixed ratio, common "'among the much torce, "that the delegates had assembled to find, if it ex great nations of the world. ists a means of palliating by a more general use of silver in I received this morning the London Times. It has an edi monetary circulation the serious inconvenience from which every torial which begiris with these significant wOTds: civilized nation suffers to a more or less deg.reeA" The silver question may be said this morning to· hold the field alike in the I refer to these shtements because when th3.t Conference met new world a.nd in the old world. the minister of finance of Belgium who greeted us, the presi While we are discussing silver in Americ:t they are in the dent of the Conference who addressed us, and every member House of Commons discussing silver in India; and silver, the who made a.. statement on that flE>or, speaking for either of the great giant of the world, is struggling for proper recognition. 508 CONGRESSIONAL RECORD-HOUSE. AUGUST 19,. The London Telegraph, also received this morning, contains of opinion among the leading bimetallists with whom you con· these significant words: !erred in Europe that national bimetallism is impracticable? The monometallic controversy has descended trom heaven to earth, and, Mr.McCREARY of Kentucky. That national bimetallism is dry as it is in theory, it forces attention when it involves the durerence be· impracticable, that bimetallism can not be maintained by a single twe~n prosperity and ruin. The silver question, in President Cleveland's nation but that international bimetallism is practicable forcible language, "vitally concerns every business calling and enters into M 'B· . . ·. every household in the land." It is undeniable that Ruropean financiers . r. LAND. Did they not confine that view to their own have hoped that the action of the American Government might possibly pre.;. little governments, not extending it to ours? vent the sil-yer question from becoming a burning one in older countries. "'~~~.. Mr. McCREARY of Kentucky No sir Wh.en AmeriCa has shown that it does not intend any longer to try to conn- , M BR . · ' . · . . tera.ct the natural laws affecting the values of the metals Europe may be 1 r. Y AN. Will the gentleman yield for an Interruption? more ready to resume the attempt to establish some joint Understanding o~ Mr. McCREARY of Kentucky. Yes, sir. the question. " Mr. BRYAN. I would like to ask the gentleman from Ken· Mr. BLAND. Will the gentleman inform this House why t~ICky to insert also in his remarks that portion of the report, the meeting of that conference, which was to reassemble in May, SI_gned py ap. o~ the c?mmissioner~, which st!:ttes that France has been postponed? did mamtain brmet!:tlllSm at a ratio of 15t to 1 for a period of Mr. McCREARY of Kentucky. Yes, sir; I will. The con- seven~y yea~s, ~d then explain why, if Fr~nce did it, thiseoun· terence adjourned over to meet the 30th day of May. Two or try, with twice Its resources, can not do It now at a ratio of 16 three weeks before that timearrived,many of the ieading mem- to 1. bers of the conference, including the president of the Conference ¥r. McCREARY of Kentucky. In 1876 France suspended the and nearly every bimetallist in it, expressed a desire to ha'{._e c~nnage of silver, and that coinage · has been suspended ever the conference adjourn over until November. June and July~,:~ smce. not good months for the holding of a conference in Europe. The ~r. BRYAN. But if France, of all nations of Europe, main cause of bimetallism seemed to be improving in England and in tame~ alone for seventy years the parity of the two mebls on other parts of Europe, and the postponement also g-ave our coun- a ~asis of 15t to 1, why can not the United States do the same try and other countries time to establish through their respective thmg? Congresses or Parliaments adefinite policy as to monetaryques- Mr. MCCREARY of Kentucky. The gentleman from Ne- tions to be discussed at the Conference. braska is mistaken in saying that France maintained the parity Mr. BOATNER. Is the gentleman from Kentucky of opinion of gold and silver alone.. At that time bimetallism existed in that the repeal of the Sherman a~t, without any provision for Ger~any, in the Scandinavian States, and in Austria-Hungary, the unconditional c.:>inage of silver in this country~ will facil.t and m Italy and Switzerland and Spain, none of which had gone tate the cause of international bimetallism? ' to a single gold standard at that time. Mr. McCREARY of Kentucky. I am of that opinion. Mr. BRYAN. But does not the gentleman from Kentucky Mr. BOATNER. Will the gentleman in his remarks here- understand that this report to which he refers gives France after kindly inform us how, in his judgment, the repeal of this credit for maintaining the parity at 15t to 1? law will promote international bimetallism? Mr. McCREARY of Kentucky. I understand exactly what I Mr. McCREARY of Kentucky. As long as England believes have stated. I know the fact that the gentleman is well posted the United States will go to a silver basis and she and other on the silver question, and therefore he is too well informed on gold-standard countries will get the gold of our country she will the subject to say that France was able to maintain bimetallism not agree to international bimetallism. ' alone until1871. The very extract that I read from the speech of Mr. Balfour~"' Mr. BRYAN. I will find the passage towhichi have referred few moments ago partially answers the question of the gentle- and hand it to the gentleman, so that he can .use it in his re man from Louisiana. Mr. Balfour in his speech at London, one marks. of the greatest speeches that has been made on bimetallism in Mr. McCREARY of Kentucky. The gentleman can put any- modern times, said: thing in his remarks that he thinks fit. I have already occu- lt is orthodox to have a single gold standard in England· but let Germany pied more time than I expected to occupy on the International have a gold standard, let the United States go in for a gold standard, and a Monetary Conference. I will close on this subject by saying that tremor seizE's every one ot our commercial magnates. the gold and silver commission appointed by the English Gov· As I said before, there is not gold enough in the world to main- ernment t~ inquire into the recent changes in the relative value tain the gold standard in all countries. of the preCious metals, composed of twelve able and distinguished Mr. BRYAN. Will the gentleman allow me a question? gentlem~n, most ?f w.hom were members of Parliament, after an Mr. McCREARY of Kentucky. I will yield once more, and e~haustive exammatwn f<;n· _nearly two years, declared through then I must decline to yield further. SIX members of th~ commlBsiOn as follows: Mr. BRYAN. If the unconditional repeal of the Sherman law Neither metal alond exists in suffi.cient quantities to serve as a sole stand· will promote the adoption of bimetallism, will the gentleman ard without causing such a change in the level ot prtces as to amount to a explain upon what theory every advocate of a gold standard de- financial anu commercial revolution. No settlement of the diffi.culty is, however, possible without international action. The remedy we suggest is mands such unconditional repeal? essentially international in its character, and its details must be settled 1tl Mr. McCREARY of Kentucky. I can not of course speak for concert with the other powers concerned. The el>sential features of the · 1 ld ta d d agreement to be arri-ved at are: th ose men, f or I am no t an a d vocate o f a smg e go 8 n ar · Free coinage ot both metals into lee:al-tender money. But I suppose that gentlemen who advocate a single gold stand- The fixing of a ratio at which the coins of either metal shall be available ard and who are to-day in favor of the repeal of the purchasing tor the payment ot all debts at the option ot the debtor. clause of the Sherman act, desire its rapeal because they have ARGUMENTS OF THE OPPOSITION AN.A.L"YZED. found that it has been a curse to the country, that it has been a failure as a ln.w, and that more than anything else it is bringing I desire now to refer to arguments presented by the other side, about a shrinkage of value, and hard times and depression so far as I have been able to hear them. They say that the pas throughout the country. I am giving that simply as my opinion. sage of a free-coinage bill will make money more abundant I am not one of the gentlemen to whom myfriendfromNebraska among the people and restore prosperity. We already have more refers, money in circulation per capita in the United Sbtes than in any Mr. Speaker, I shall not attempt to go into a history of the other country in the world except one, and we now have 363,- advance of bimetallism in England; but I want to say to my 000,000 standard silver dollars in the Treasury and 120,000,000 of distinguished friend from Nebraska (and I have thoughtof it since silver bullion also in the Treasury. he asked his question) that! listenedwithregrettwodays ago to Free coinage will add to the stock of silver lying there by bring· his statement when he spoke lightly of international bimetallism. ing to our mints annually seventy-five millions of silver, the I regretted to bear him intimate that the friends of interna product of American mines, and many millions from foreign tional bimetallism were friendly to the gold standard and were countries annually, and would, in my opinion, bring our country the enemies of silver. to a silver basis in sixty days. No man can get this money with· Mr. BRYAN. May I correct the gentleman's statement? out he earns it or furnishes the Government something for it. Mr. McCREARY of Kentucky. Yes, sir. Free coinage will not put money in the pockets of the poor and Mr. BRYAN. I know the gentleman does not desire to do needy, and the Secretary of the Treasury is not authorized to me injustice. M.y statement was that we are still waiting for give freely to all who will take. The only people who may get international bimetallism, and thn.t those are waiting most pa a bounty that I know of are the silver mine owners. When a tiently who want a gold standard. mine owner t1kes $600 worth of silver to the mint, and the mint Mr. McCREARY of Kentucky. The gentlemansaidalsothat gives him 1,000 silver dollars for it, does it benefit the mine the opponents of the Bland bw in 1878 were waitjng for inter owner or the people? Does it increase the wages of the miner . national bimetallism. I think the gentleman unintentionally did who delves in the mines? My opinion is that no man is bene injustice to the grand army of bimehllists in this country and in fited by this trans::J.ction except the man who sells the silver. Europe. Our country produced last year 58,000,000 ounces of silver, Mr. PATTERSON. Is it not true that there is a consensus worth at present about $42,000,000. One million ounces of this 1893. CONGRESSIONAL RECORD-HOUSE. 509 was produced in small lots by several States. All the rest was will have to see reports referred to by the gentleman before I will produced in seven States and Territories, as follows: be satisfied. Responding to his question in regard to coining the silver States. Ounces or Popula- bullion in the Treasury, I remind him that I have already stated silver. tion. I am in favor of coining the bullion in the Treasury at the rate of $2,000,000 per month. Arizona ____ .•.. ______...... 1,062,220 59,620 Colorado ..•.•...••••. ____ --.-- ______24,347,017 412,198 It is said also that free coinage of silver would raise prices. Idaho. ______------.... ------3,164,269 84,385 The lessons of the past fifteen years answer this statement. Dur MontanaNevada.. ______...... --·. ____ ---- ____ ------.. ______------_ 17,405,093 132,159 ing this period the amount of money in this country has more 2,244,000 45,761 New Mexico_---- ______------____ .. ______1,075, 000 153,593 than doubled. The circulation per capita has increased nearly Utah ____ ·-----·- ____ ------____ ---··· ______---·-· 7,762,257 207,905 30 per cent, but the general average of prices has fallen. 1------:------The demand for money grows with the world's growth of busi Totals ____ ------____ . _____ .... ___ -______57,059,8561 1, 095,621 'ness and trade. THE PROGRESS OF THE PRESENT AGE. Here we have the remarkable and unprecedented situation of 1,000,000 of people, withu. tot:1l annual production worth at mar The immense developments being made, the numerous rail ket price $42,0JO,OOO, demanding free-coinage privileges which ways in both hemispheres, the gre ~l t lieets of ships laden with will enable them at the present prices to get for their proc.uct the commerce of the world, the telegraph lines making all com 40 per cent more than its present market value, while 64,00::>,UUO mel·chl centers convenient m 1rkets, and .the rapidly growing of their countrymen must drink the dregs of misfortune and bear tendency to internation:1 l unity, imperatively require large the burdens of hard times in order that 1,000,000 may be pros amounts of money; but that money to be useful must be sound, perous and grow rich. st"Lble, and international, so that when debts are contracted both The foreign commerce of this country aggregates nearly debtors and creditors will know that p:1yment will be made on $2,000,000,000 per year. The silver product is only about one the same principle as when the debt was contracted. This is the fiftieth of this sum, and this commerce must be conducted honest, the fair, the just way of conducting business. with money that is sound, and stable, a.nd internatiomtl, and as If there is an abundance of money in a country to meet the good as gold. But how does it affect the farmer? The value of demands of trade and business and labor, prices will assume a the silver products in only one-sixteenth of the value of the natural and pr.oper position unless there is some other interfer corn product, or one-tenth of the value of the wheat or hay ence. When the monet:try systems of the world are examined raised every year. It is worth only one-half as much as the wool it will be found, a.s I have said before, that our country has more or the potatoes annually produced, and about one-sixth as much gold and silver money than any other country except one, and as the cotton produced annually. I do not believe one class that no country in the world except one has as large a circula should be enriched while other classes are impoverished. As I tion per capita as the United Shtes. There must then be some understand it, the object of government is "the greatest good thing else needed to increase prices other than free coinage. to the greatest number," and the old Democratic rule is "equal THE DEMOCRATIC PLATFORM. rights to all and exclusive privileges to none." One of the greatest conventions which ever assembled in the The SPEAKER. The time of the gentleman has expired. world was held last year at Chicago, and Grover Cleveland and Mr. JOHNSON of Indiana. Mr. Speaker, inasmuch as the Adlai Stevenson were nominated for President and Vice-Presi gentleman from Kentucky [Mr. McCREARY] has been frequently dent. Those in favor of free coinage say that the Democratic interrupted by questions, I ask that be be permitted to conclud'9 platform should be adhered to, and that they are seeking to com his remarks without limit of time. ply with the pledges m:1de in that platform. I am as much in There was no objection, and it was so ordered. favor of keeping the pledges in the national Democratic platform Mr. McCREARY of Kentucky. Mr. Speaker, I am very according to the straight letter of the covenant a.s any man. I thankful for the courtesy extended to me. know it has been differently construed according to the.interests It is sn.id by opponentJ of the pending bill if we pass a free of thosA who interpret it, but to me there is no ambiguity about coinage bill silver will soon be on a pa1•ity with gold. For fifteen it, and I am ready to st:md by a fair and just construction of it. years we have tried to accomplish that result. In 1878 we pro I now read from the Chicago Democratic platform: vided for the coinage of not less than $2,000,000, nor more than We denounce the Republican legislation known as the Sherman act ot $4,000,000 worth per month, and that law was in force untill890; 1890 as a cowardly makeshift, fraught with possibilities of danger in the but silver steadily declined. future, which should make all or its supporters, as well as its author, anx ln 1890 the Sherman act provided for the purchase of nearly ious for its speedy repeal. We hold to the use o! both gold and silver as the standard money or the country, and to the coinage or both gold and ~>ilver the entire output of the silver mines of the United States and without discriminating against metal or charge tor mintage; but the dollar required Treasury notes to be issued therefor, yet silver declined unit or coinage must be of equal intrinsic and exchangeable value. or be to less than 60 cents on the dollar, being lower than it had adjusted through international agreement. or by such safeguards of legisla tion as shall insure the maintenance of the parity of the two metals, and ~ver been in the history of our country. I can not see, therefore, the equal dollar of every dollar at all times in the markets a.nd in the pay· how the free and unlimited coinage of silver, with our mints open ments of debts; and we demand that all paper currency shall be kept at par to the whole world, can restore silver to a parity with gold un with and redeemable in such coin. We insist upon this policy as -especially necessary for the protection of the der existing conditions. In 1878 the pure· silver in an American farmer and laboring classes, the first and most defenseless victims or unsta dollar was worth $1.03. The ratio was 16 to 1, anil the produc ble money and a fluctuating currency. tion of silver in the United States was $35,000,000 per annum, and in the whole world the production was $SO,OOO,OOO per annum. It will be observed that the free coinage of silver and gold At present the pure silver in an Americ:m dollar is worth about without discrimination ''or charge for mintage'' provided for in 60 cents. The ratio is about 27 to I, and the production of silver the platform is that of coins of equal intrinsic value. It is not in the United States is $75 000,000 per annum, and in the world. the free coinage of a 60-cent. or 70-cent, or 80-cent silver dollar, $185,000,000 per annum. These are stubborn facts, and I submit but of a silver dollar of equJ.l intrinsic value with the gold dol as a business proposition, when every nation in Europe has sus lar. It is further to be observed that the alternative plan of an pended the coinage of silver or demonetized it, and lndia, who "international agreement" or "safeguard of legislation" men purchased from us last year nearly half we produced, having tioned in the platform must be such as shall insure "the parity closed her mints to the free coinage of silver, where can we now of the two metals" and the equally purchasing power and debt find a market for our silver, and how can we expect it will go to paying power of the two dollars in the markets of the world. to a parity-with gold by now making its coinage free and un The free coinage of silver upon these terms is just as different limited? from the free coinage of light-weight dollars discredited in Mr. RAWLINS. May I interrupt the gentleman for a ques every market but our own, as is the purchase of silver bullion tion? not for coining but for useless hoarding in Government vaults. Mr. McCREARY of Kentucky. I will permit one more inter This scheme the platform justly denounces as one ''fraught with ruption, but will then be compelled, Mr. Speaker, to refuse to possibilities of danger in the jut·ure." yield further. To those who have charged inconsistency and bad faith, I can Mr. RAWLINS. Is it not true that the Secretary of the only say that Mr. Cleveland was nominated by those who had a Treasury has sent to the Senate information that notwithstand full know ledge of his Warner letter and of his views on financial ing this amount of silver to which the gentleman refers, more questions: and in his letter of acceptance he said: silver is demanded than can be supplied by the Treasury; that Though much is left unwritten, my record as a public servant leaves no gold has been offered for silver which can not be furnished? excuse tor misunderstanding my beliet and position on the questions which .· And will the gentlem"'.n in connection with that say if the bul are now presented to the voters or the land tor their decision. lion now in the Treasury ought not to be coined? His record as a public servant made him a platform, and the Mr. McCREARY of Kentucky. I do not know what informa people had no doubt as to his position. Every national platform tion the Secretary of the Treasury has sent to the Senate, and I of the Democratic party since 1880 has demanded honest money 1 510 OON-GRESSIONAL RECORD-HDUSE. AUGUST 19, :copsisting ~f , gold and silver, and paper convertible into coin on The gold and silver commissionin.England,ofwhichHerschel demand without loss. I indorse this fully. I have n.o rigbt or was chd.irman and Balfour, B:oldsworth, and Chn.plin were con .authority to ~eak for Mr. Cleveland, .but I .believe he _heartily spicuous members, made Iavorab1e and eXhaustive reports and dndorses this time-tried ·and time-honored doctrine. furnished much important information to the whole of Europe THE RATIO OF GOLD TO SILVER. on financial questions and awakened a feeling in favor of bimet Many of the opponents of the pending 'bill advocate a change allism which is growin~ every da;y. ·efthe law which has been in force in the United States since lt$34 After the repeal of !.he Sherman act, conservative and well-ad fuing the -ratio between gold and silver at 1 to 16-that is, one vised action is needed, and a ·few months allowed for ·the people • 'Ounce of gold equal •to 16 ounces of silver. They propose that n. to recover from the effects of bad financiallegisb.tionand for the wote be taken on the ratio of 1 to 17, 1 to 18, 1 to 1!i, and 1 to 20. committee to make a careful examination of questions involving The question of the ratio of gold to silver ~ very important and the relative value of gold to silver, the proper ratio to be fixed deserves the most careful and thorough investigation and con between the two metals, and-the policy of m· int1iningthe double sideration. Changes in ratio were made in ancient times easily, standard and ofTeducing the n.umberof kinds of currency which because there was then but little silver money. In Rome, about we now have, and the best me!1IlB of promoting international bi l.he beginning of the Christian era, the relative value of gold to metalism will be of immense benefit in aiding Congress to ar -silver was 1 to 9. At the time of the discovery of America the rive at a proper conclusion on these great questions. ratio was! to 11; in 1600 it was 1 to 13,and it continued to rise until DUTIES WHICH SHOULD DE HEEDED. the first mint act of the United States was passed, when the ratio Mr. Speaker, some duties stmd out so clelrly that not to see in our country was established at 1 to 15. In 1834 the ratio was them is to be blind and not to heed them is folly. changed to 1 to 16, and for about sixty years this ratio has re The first I present is that the purch::tsing clause of the Sher mained unch:mged. man. act should be imm~di ately repealed and the legal-tender When itis remembered that if the.ratioof gold to silver should quahty of the standard s1lver dollars preserved, and the p!Lrity be changed it will take, according to a statement made by the of gold and silver coins of the United St:ttes m aint·.tined. Director of the Mint, ten years to recoin the silver we now have on hand, and if the ratio is fixed at 20 to 1 it will immediately The second is that a free coinage bill should not be passed at discredit ·every silver dollar in the United States and cost the this time. lt would only result in a divided Democracy and the Government $89,000,000, as stated by Secretary of Treasury, be -bill will not become a la,w. ;ing the cost of mintage and the additional amount of silver re The third is that every patriot should aid so far as he can con quired to . m~e the-difference in the ratio, and increase the obli cientiously ~the honest e.tl'orts of a p atriotic President to relieve •gations of debtors millions of dollars and destroy all hope of the people and restore prosperity to the country. .intern.a.tional bimetallism, the unwisdom of a changed ratio be A heavy responsibility i.s resting on the representatives of the comes apparent. people at present. We are not here as some have intimated, to watch the, way the wind blows and study only problems that will MONETARY COMMISSION. return us to Congress, but we are here to rise above prejudice Macauley said ''truth is found between two extremes." I have and passion, selfish interests and personal ambition, and to leg listened attentively to speeches made by members in favor of islate in such a way as to benefit the people and promote the gold monometallism and by members in favor of free coinage of welfare of the whole country. We should do what honor and silver, and I am satisfied that neither will pro-ve to be a remedy ·conscience dicta"te and then submit to the ver.dict of the people. lor existing financial and business distress. On tha contrary, [Applause.l either will aggravate the woes with which ·our country is at [Mr. C.A. TCHINGS obtained the .floor. present afflicted. The SPEAKER. The Chair will announce that there will be To continue silver at its present standard as money will not a session this evening, at the request of gentlemen who desire to harm the 'East, but to impair or destroy its value as money would address the .House. At 5 o'clock, therefore, a recess will be ..greatly injure the West in its mines and manufactures, and the taken until 8 o'clock, the evening session to be devoted to debate South in its agriculture and trade. Therefore, I am in favor df only on 'the pending measure. an intermediate position. Repeal the purchasing clause of the [Mr. CATCHINGS withholds his remarks ior revision. See 'Sherman act 3nd then arrange for the coinage at our _present r :Appendix.] standard of $2,000,000 of silver per month, beginning with the I silver bullion in the Treasury. This will Telieve present finan [Mr. ·LIVINGSTON withholds his remarks 'for revision. See ·.cial strain and help to restore confidence. Then a .monetary Appendix.] •commission could be put to work, and after it ·reports we could ' Mr. HUDSON. Mr. Speaker, .AND GENTLEMEN OF THE "take such further action as is ·needed. .HousE OF REPRESENTATIVES: I am conscious of the fact that There are certain gre:tt questions in our monetary system, in It will appear presumptuous on my part to occupy the attention cluding the ratio of gold to silver, which I think should be re of a body containing so many older and abler men, and my onl_y ierred to a monetary commission, to consistof three Senators, to apology for claiming your attention is the fact that I represent be appointed by the President of the Senate, three Represent'l a people as much entitled to be heard u,pon this floor as those tives, to be appointed by the Speaker of the House of Repre of any other district·in our common country: and t'he question ·sentatives, and three experts, to be selected by the President of now before this House is of such far-reaching and overahadow the United States, who should ·have authority to "take evidence ing imporlance to them that I feel that I should be recreant to of business men in the South, l'{orth, East, and West, before the the trust confided in me should I remain silent. My only regret ·whole committee or befora subcommittees, and to inquire into is thu.t I am not better equipped for the discharge oi that groat ·and report- responsibility. First. On the change which has taken place in the rrela.tive It is the first time in the history of our country that the Con value of gold and silver, and whether the change is due to the gress of the United States has been called together in extraordi -depreciation of silver or the appreciation of gold, and the cause nary session to pass upon a demurrer filed by the Executive of the ch nge-whether permanent or temporary, the effect branch against the acts of a former Executive and Congress. thereof upon finance, trade, commerce, agriculture, labor, and It is a well-established rule of practice that a demurrer levelE!d other interests of the country, and upon ltbe standa.rd,of value in at the answer or pleading of a defendant may be carried over 'to ·tb.i£! and other countries. the .original complaint or initiatory pleading. I therefore pro Second. On the policy of maintaining the double standard in pose, Mr. Speaker, to insist upon applying this demurrer to the :the United States, a:nd what should be the legal ratio ,between so-called Sherman silver-purchasing act, to the act of 1873 de silver and gold when coined, -and how .many kinds of currency monetizing silver, which was the primary pleading in this case 'ln'e needed. the provoking cause of the Sherman law. Third. On the best means of restoring·confidencein ·commer- The wrong does not begin, sir, with 'the Sherman law, but 40ial and financial circles and promoting inte-rnational fbimetal began with the act of 187::!, which stopped the coinage of, and lism. nonsequently debased sil;ver. Such .monetary commissions ·have been appointed in the past, A skillful patient in treating a patient seeks for tha primal and hav-e alwajs rendered 'Valuable service. The Monetary cause of his disease, and, in eradicating that, cures the patien't. !Commission appointed under an act oi the Congress of the 1rb.erefore, being .called together to prescribe for this dreadful United Sbtes in 1876 m'l.de an able and elaborate report, arou-s Sherman act, let us like good physicians dispose ol the whole ing an .interest among the people, .and accomplished much of question by restoring silver to "the place It occupied. in this Gov permanent value in the ·diraction of iSOlving the di.nancial diffi -er..nment,prior .to the14tb. day of February, 1873. culties of those times. It opened the way •for· the remone5tiza The .gentleman from Indiana [Mr. BROWN], on theJJ.rst day of tion of silver and the passage of .the Bland-Allison .act .tn 1878, the debate upon.tbis question, maae an able appeal to this House which took the silver question nnt oi politics until the passage for.a .mere suriace .treatment of our ii.nan.cial trouble, asking us of the -She:rrm.an act in 1890. to .ignore .for the .time being the root of the evil. His ;plan would 1893. CONGRESSIONAL RECORD-HOUSE. 511- give us no substantial relief, and would leave us, in my judg wives and children-and their sensibilities would ba terribly ment, in a worse condition than we are to-day. shocked if they were compelled to so dress and live. Our farm I tru!St, thereiore, that we shall not subject ourselves to the ers' wiv~s, many of them intelligent and well qualified to grace criticism of having shirked our whole duty. No, sir; the mere any sbtion in life, are compelled not only to do their own house repeal of the purchasing clause of the Sherman ~aw, which is all hold work and care for their children, but also to go into the field that is cont!lined in the bill now before us for consideration, will and aid their husbands in farm work, or in t . king c:l.I'e of the not meet the expectations or the demands of the American stock, and a great m ~jority of them are wholly debarred from people. We should, here and now, either adopt a paper standard tbe time or opportunity to read and cultivate their minds, or or fiL·mly and positively re·· stablish bimetallism by giving silver otherwise enjoy the amenities of social life. her old place tmder our Constitution and laws, equal with gold In the senseless abuse of our people their traducers frequently at 16 to 1. s:1y that they do not work enough, and then, when driven from The people whom I represent in the Third Kansas district are that assertion, they sn.y that our want of good prices is brought farmers and miners, and those whose interests are directly de about wholly by overproduction. In other words, we work too pendent upon the success of those two industrial classes; and little and produce too much. What a masterpiece of logic! they know that they want more money; that they must have These charges are untrue and wholly unjust. more money or lose all the property they now possess, together The whole truth of the matter is that there is not money with all hope of future success. While they do not believe that enough in the country to give profitableemplovment to our peo the free coinage of silver will give them the immediate relief ple and enable us to p!iy our debt3 and live. Those who growl which is now needed, they believe thatitwillgradually, butcer about our people in the West failing to meet their expechtions tainly, give them more money and better prices; that the un remind me of a circumstance that occurred when I wus in Mon conditional repeal of the silver-purchasing clause of the Sher tana some ye!lrs a-go. Some highwaymen or "ro:td agents," as man act will decrease the volume of the currency by reason of they were cilled there, held up a miner at the outskirts of Vir· the holders of the coin certificates issued under that act taking ginia City, and on examining his pockets they found only $5, them to the Treasury and demanding and receiving gold for them, which they relieved him of, and then kicked him soundly because and result in their ultimate retirementfrom circulation and the he had no more. checking of the further issue of such notes. I do not expect paid newspapers to stop abusing Kansas a.nd Give us free coinage of silver and the silver miners will at once the people of the West, although every word I have uttered can resume work, and as fast as bullion is taken out it will be taken easily be verified by any honest investigator. If they told the to the mia.t by the miners, coined for them, put in circulation by truth about us, like Othello, '' they would lose their occupation," them in the purchasa of food and clothing and in supplying their and yet, strange to say, nearly every one of these maligners of general demands, thereby rapidly increasing the volume of cur our Western people are advocates of a gold sta ndard, and doing rency in the country, stimulating labor and prices everywhere, all they can to take away from us more than half of the money giving employment to the idle and unemployed, and bringing which we now have. back to the country the prosperous times of 1873. Every step we take widens the space between the holders of We are told by the gold-stardard advocates that it is not more gold and gold-beYing securities and those wh.p must pay. We money that we need, but more confidence. I hope they will must pay all our debts finally with labor and its products. Silver permit me to say to them, without any intention on my part to and farm products are all that America can rely upon. The only be humorous, that if they will give us their money we will leverage we have left us to prevent our creditors fr3m absorbing give them our confidence. We have been confiding in them for our property is silver, and that is why they are so clamorous twenty years and have constantly grown J!Oorar, and the prices agronst it. Will some supporter of the gold theory ple300 tell of our labor and our products have steadily gone down, with a us how we are to get the gold of Europe unlesa we increase our spasmodic exception here and there. trade with her and h ave something to buy her gold with? Do Confidence without money has deprived tens of thousands of they suppose, or do they expect the people to believe, that gold people of their homes, of their property, and of their employ will flow to this country simply beca.use we favor it? Do they ment. The gold advocates have maligned and slandered our reg::trd gold as a sens te being or a cupid to be won by smiles? people through ignorance or malice, the result being the same Shylock wanted his pound of flesh, but the gold advoc.1tes to us, and charged us with dishonesty in not paying our debts, want three pounds where their bonds c:lil for but one, as $1 will the interest and principal of mortgages held by them, thought now purchase three times as much of the products of the farm lessly assuming that our people were giving up their homesand and mines as a dollar would at the time our debts were con~ all they had of this world's goods as a mer~ pastime, or for the trac:ed. The holders of the securities say that it is not our simple enjoyment of hearing the complaints of the mortgage fault, and blandly reply that we want our contracts fulfilled to holders. the letter, and we say, "grant it;" but while you demand the No people on earth are more intelligent, industrious, or honest~ fulfillment o! our contract, we demand that you accept without as a whole, than the people of Kansas; and all this talk ana complaint the kind of money we contracted to pay you. newspaper twaddle about the people of Kansas suddenly becom The foundation of all wealth, of all business, and of every in ing law-breakers, anarchists, and criminals is the outgrowth of dustry in this country is farming and mining. Consequently, mendacity and want of information. Can any man possessed of when we get back to the base, the farmers and miners must pay reasonable decency expect an intelligent farmer to remain do all debts and all interest, and a burdenof any kind c :1 stupon this cile with whe1.t selling at 35 cents, o.tts at 13 cents per bushel, nation or upon any of its people ultimately reaches the farmers cattle and horses at less than one-half that which they sold for and miners, and they are the greatestsufierers. The American in 1873, and all other products at about the same ratio-all at silver mines are now.producing $75,000,000 coin value of silver. less than the cost of production, with here and there a nominal Close the silver mines (and that is what a gold stmdard men.ns), exception-with land constantly falling in price, while bonds, and the farmers and miners must not only make up th t $75,- mortgages, interest, and t3.xes retain all their elephantine pro 000,000 lost to us, but must supply the 225,000 miners and those p ortions? dependent upon them with the necessities of life, and have their Will you be kind enough, my gold-standard friends, to tell me farm products further depreciated by the loss of the silver, and how, under such conditions, our people can pay their debts (the the further increase of farm products put upon a falling market, securities held by you), their taxes, educate their children, and should these miners go into the farming business, as they are provide their families with the comforts of life? No, sirs; they advised to do by some of the gold advocates. On the other are losing their homes, shortening the terms of their schools, hand, the miner would be compelled to engage in a. business of buying fewer manufactured articles, and buying less and less of which he knows nothing, his wages would be decreased by more the necessities of life, not because they want to do so, but because than one-half, and discontent and crime would have thrifty they must. growth among them. There is not a supporter of the single standard in the United In the face of all this, where is the boasted protection to St:ttes, or all Europe, that would suffer as patientlytheinjustice American labor? Ab:mdoned by the men who so eloquently ad that has been done them as the people of Kansas, and of the vocated it a few years ago, while confidence on the p!ll't of the West, and of the South. Instead of being malignedand reviled, workingmen in their sincerity, has vanished like mist before as they have been, they should receive applause for their mod the morning sun. They s y truthfully that your talk about pro eration. But, sirs, this condition can not continue much longer. tecting the American laborer was simply for thepurpose of mis We must have relief, and th1:1.t speedily, or the mutterings that leading him and thereby c:1tching his vote, and I warn you that - you h::tve heard !rom the West and the South will break forth this b~it will not catch him again. In the language of Lincoln- so loud that they can be heard not only in Wall street but at You can fool all of the people some or the time, and some ot the people all Buzzards B ':ly. the time, but you ean not fool all the people all the time. Men recklessly tell us that we are extravagant, and yet these I may be old-fashioned and out of date, but I believe that un same men would sneer at the cheap clothing and Co:l:I'se fare of der the Constitution and laws of this country the rights of the our Western and Southern farmers and laborers, and of their poorest farmer and most destitute miner are just as sacred. and I 512 CONGRESSIONAL RECORD-HOUSE. AUGUST 19, entitled to just as much consideration as the rights o! the men money, is clearly proved by the operations of the Bank of Venice during sev eral centuries, throughout which time its deposits, which were never pay who manipulate" Wall street," corner our money, and declare able, but only transferrable on the books of the bank, were at a premium a panic at their sweet will. over coins, because they were the standard of payment furnished by the state and used for all large transactions. Indeed, this bank money was that which SHERMAN LAW. established the money of account, and in which the value of all coins was expressed. Further, on the testimony of Thomas Baring, we are assured I believe, and am not alone in that belief, that had the Secre that it was found impossible during the crisis of 1847 in Lond<{n to raise any tary of the Treasury given a fair interpretation to the Sherman money whatever on a sum of £60,000of silver. law silver would to-day be on a par with gold at 16 to l. Im During a s1milar crisis in Calcutta. in 1864 it was equally impossible to raise mediately after the passage of the act silver went up all over even a single rupee on £20,000 of gold. The former was not a legal tender above 4{) shillings, while the latter was not so for any sum whatever. About the world; 'but the Secretary of the Treasury was opposed to sil 1855 Holland adopted silver as the only legal tender at a flxed value, but at verand at once began to construe the law unfriendly to the white tempted to coin ~old coins having no such value, this only being regulated by the market pr1ce from day to day. After 200,000 florins (about $80,000) had metal, and systematically did all he could to disgrace and de bet~n coined the demand entirely ceased. grade it, and that plan is followed to-day by those charged with the execution of the law. Some gentleman possessed of a poetical imagination, more ac You ask us to save ourselves from national dishonor, to give customed to the drama than practical everyday life, savs with our creditors more than the contract, to give them gold only, a theatrical flourish, ''I want an honest dollar, one worth a hun when we have the right to p3.y in either gold or silver, and you dred cents in gold, and good in Europe." This remarkable apes ask our people to do this at a time when our products are lower trophy seems to furnish the opponents of silver a battle cry. Let in the marketeven than silver. You ask us to wipeout $70,000,- us examine these cabalistic words; they possess no real signifi 000 annually of our money, and to throw out of employment im cance. There is no dollar containing a hundred cents, or honest mediately 250,000 miners. You ask us to cut off five-sevenths of dollar, or dollar made by the United States that is good in Europe. our money metal supply at a time when all bu9iness and indus Three marine leagues from our shore every coin of the United tries all over this land are prostrate. States of gold or silver is bullion, a commodity, nothing more, Let me suggest to you, my Democratic friends, and to you, my unless some European state (and I know of none such) has by law Republican friends, that unless you now renounce the single ~ade our coin a legal tender. The word "cents" has no signifi standard heresy and honestly stand by the silver dollar, the cation in Europe as applied to money, and none in the United money of the laboring and industrial classes, you may write States except as established by law. Mountains of forensic "closed out" in big letters on your b::mners. eloquence have been wasted in the effort to prove that the Con The temper of the people is not to be mistaken for party pride, stitution of the United States does not confer upon Congress the and empty promises will not deceive them any longer. power to say what shall constitute a dollar unless the thing men This sham nonsense of an honest dollar for labor and for the tioned by it is worth a dollar as a commodity. workingman has grown sble, and he knows thatit. means for I propose, Mr. Speaker, for a short time to discuss the legal him no dollar at all. meaning of the word" dollar." The Constitution of the United The people want silver dollars, and they want to see them and States declares, Article I, section 8, clause 5, "That Congress feel them. No more confidence for them, but dollars-dollars shall have the power to coin money, regulate the value thereof, that always supply their needs when they have them. Confi and of foreign coin to fix the standard of weights and measures," dence will not supply homes, clothing, or food. There can be and in section 10, "No St3.te shall coin money, emit bills of no confidence in business without money or property. Confi credit, make anythin~ but gold and silver a tender in payment dence alone is like unto nothing. Confidence and nothing as a of debts." copartnership is bankruptcy already. Give us money, more of Stripped of all sophistry this is a plain and direct declaration it, at least $50 per capita, and confidence will be at once restored. that whatever Congress declares to be money, no matter what Gold-standard men say, ''How will you get it in circulation?" the commodity value may be, that declaration fixes its money I reply, "Just as any othe.r money is put in circulation." "If it value. It is claimed by theorists of the gold standard persuar does not get into circulation, why do you object to it?" "It can sion that the words "regulate the value thereof" means that not possibly hurt you or yom· foreign abettors." "It is because Congress shall ascertain its value and then declare what it is, it'will get into circulation that you oppose it." but in the same sentence the Constitution also provides that Congress shall have the power to regulate, not ascertain, the LAW MAKES MONEY value of foreign coin. The men who framed the Constitution oi What is gold? ·A metal, im insensate thing, without action or the -q-nited States unde:stood our languar.e, and wrote vigorous power. Enghsh, and bad they mtended to sa.y ' ascertain the vi:llue of Clothe it in the royal robe of the law and it springs upright domestic and foreign coin " they would undoubtedly h ave done into active life, moves the commerce of all nations, employs all so, and I submit that any man of ordinary intelligence who labor, controls the tastes and passions of men, mars or gives vic wishes honestly to ascertain what the framers of the Constitu tory to all human hope a.nd endeavor, and, in fact,likeamighty tion meant by the words "regulate the value thereof" can have m g,gician with magic wand, moves the world. no trouble in arriving at a· clea.r-cut conclusion. What quality is it, then, that exercises this almost omnipo The word "regulate," as used in the Constitution, clearly tent influence? Certainly not the cold, lifeless gold. No, sir. me:ms to adjust, to fi x, to establish, to direct precisely as Con It is the law which susta.ins the same relation to the metal that gress shall will, and the power to coin money granted to Con life, the S()ul, does to the human body. gress by the Constitution is unlimited; but belongs to Congress Gold is petted, praised, pushed by" Wall street," by England alone and can not be delegated. It would be next to impossible and other European nations, and by the executive branchofour to use clearer or stronger language, and as applied to gold and Government, while silver is slandered, abused, and spurned, and silver the true intent and meaning of the Constitution h as never yet some we, k-minded people wonder that silver does not hold been seriously questioned until r ecently. its own with gold. Aristotle, the great Greek philosopher and lawgiver, who Silver, clothed in the same robe, would be equally powerful, flourished about 325 B. C., and who taught Alexander the Great, command the same respect, and exercise the same influence. in speaking of money, says "that it exists not by nature, but by Those who attack silver, on this floor and elsewhere, are not law." But why argue this question? If there is anything set only illogical, but have not carefully read the history of money; tled beyond all cavil by the decisions of the courts, it is that or, if they have, they h ave forgotten its teachings. I find the Congress, under the Constitution, has power to coin money and following in Appleton's Encyclopedia, which is an acknowl to fix the value of it, without regard to the market value of the edged authority of the very highest character: . substance of which it is made. Money is the currency of the realm or of the country; the standard of pay The supreme court of Pennsylvania, in 52d Pennsy1 vania State, ment, whether of coins, circulating notes, or any other commodity. Any page 36, says: thin~ which freely circulates from hand to hand, as a common, acceptable To regulate the value is to declare by proclamation or statute the value of medmm of exchange in any country, is in such country money, even though the coin as a currency, and thus essentially, if not necessarily, make it ale· it cease to be such, or to possess any value, in passing into another country. gal tender in payment of debts. In a word, any article is determined to be money by reason of the perform ance by it of certain functions, without regard to its form or substance. Money has been termed by Mr. Hem·y C. Cary "the instrument of associa The court of appeals of New York, the home of "Wall street," tion," and the same writer has said of it that it is "a saving fund for labor, in 27th New York Court of Appeals, page 459~ uses the following because it facilitates association and combination, giving utility to billions language: of mlllions of minutes that would be wasted did not a demand exist for them at the moment the power to labor had been produced." Baron Storch terms It is the lawtul money of the United States only (madesuchbyits author· money "the marvelous instrument to which we are indebted for our wealth ity) that can be e.trectually used for payment of debts, without reference to and civllization." Mr. Thorold Rogers has said: "Just as the development the intrinsic value of the thing tendered or paid. of language is essential to the intellectual growth of a. :r.eople, so is a me dium of exchange to civilization.." Aristotle says of it, • that it exists not For those who care to look it up, I cite the following cases, by nature, but by law." which are to like effect: Taylor vs. Robinson, 34 Federal Re How true is this doctrine, or, at least, how potent is the law under a. civ fiized government in imparting the quality of acceptab111ty for the payment ports, page 681; 47 Wisconsin, p 3. ge 557; 13 Wallace, page 6U4; ot debts and the purchase of commodities to that which it recognizes as 8 Wallace, pages 603 and 639; 12 Wallace, page 457; 14 Wallace, ·- 1893. ·cONGRESSIONAL RECORD-HOUSE. 513, page 297; 15 Wallace, pa.ge 195; 38 Missouri, page 658; 25 New dem:tnds of the world, and almost without exception it is agreed Hampshire, page 434; 27 New York, page 400; 69 Illinois, page that there is not sufficient money in existence to properly supply 70; 3!:} Vermont, page 46, and a great many other decisions too the demand. numerous to mention here, hold that the power of Congres3 is Every intelligent person knows that by adopting a gold stand complete·to say what shall constitute a dollar. ard our debts will necessarily be increased and prolonged, neces The Supreme Court of the United Shtes, in 12 Wallace, page sita.ting the payment of vast interest. Interest is what our 445: says: creditors want. We want to pay them the principal. This is I - It was designed to provide the same cUITency, having a uniform legal value good sense and good financial policy; let us use every resource in atl the States. It was for this reason the power to coin money and regu at our command to pa.y our debts, including every dollar in sil late its value was conferred upon the Federal Government, while the same power, as well as the power to emit bills of credit, was withdrawn from the ver that we ca.n get. States. The States can no longer declare what shall be -money or regu We are told that we fail now because we borrowed too much, late its value. Whatever power there is over the currency is vested in Con and owe too much; that-we ought not to have borrowed so much. gress. If the power t-o declare what is money is not in Congress, it is anni Suppose this to be true. Is that any reason why this Congress, hilated. * * * Even the advocates of a strict literal construction of the :phrase, "to coin elected by the people, should add to our burdens by depriving money and regulate the value thereof," while insisting that 1t defines the ID:a us of more than half the means of p 1.ying our debts? Wall street terial to be coined as metal, are compelled to concede to Congress la.rge dis cretion in all other particulars. The Constitution does not ordain what b:mks are here asking relief for their own acts and their own metals may be coined,. or prescribe that the legal value of the metals when mishkes, for doing business on confidence and not on capit::tl. It coined shall correspond at all with their intrinsic value in the market. Con is said that we want a sound money as a basis. A gold standard fessedly the power to regulate the value of money coined, and of foreign coins, is not exhausted by the first regulation. More than once in our history places this Government absolutely at the me roy of its creditors. has the regulation been changed, without any denial of the power of C~n Our Europea.n creditors could call now-on present outstanding gress to change it, and it seems to have been left to Congress to determme securities-for every dollar of gold in this country. alike what metal shall be coined, its purity, and how far its statutory value, as money, shall correspond from time to time with the market value of the Are we not as a nation doing a far more reckless business than same metal as bullion. * * * the people of the West ever did.? It is proposed to adopt a gold But the obligation of a contract to pay money is to pay that which the standard at a time when we owe $50 for every dollar of gold we law shall recognize as money when the payment is to be made. If there is anything settled by decision it is this, and we do not understand it to be possess-placing ourselves in the hands of our creditors and the controverted. No one ever doubted that a debt of $1,000 contracted before great money centers, giving to them the power to put up the 1834 could be paid by one hundred eagles coined after that year, though price of gold at will, and absolutely bankrupt all business and all they contained no more gold than ninety-four eagles, such as were coined when the contract was made. and this, not because of the intrinsic value of industry. the coin, but because of its legal value. The eagles coined after 1834 'Yere Does not common sense and common honesty toward our own not money until they were authorized by law, and had they been comed people require us to protect their interests by standing by our before without a law fixing their legal value, they could no more have paid a debt than uncoined bullion, or cotton, or wheat. legal right to pay all our debts in silver? If for· no other reason we should stand by silver until we have paid our debts-at least As I )lave said there is no such thing as an honest dollar. every debt which we can legally pay with it-and we should do There is not now, and never has been, a dollar coined which was this at the present standard. made by law or was in fact a st.andard of value. Value has no It is claimed, Mr. Spe3.ker, that only the mining States are in standard, it is an ideal thing; it is like faith or hope, intangible. terested in this question, and I notice that some of the Wall Therefore, when the words "honest dollar" are used they street pictorial p :1pers, Puck, I believe, ·has a big dog, a very must mean a legal dollar; if they do not mean a legal dollar the proper illustration of this gold-st:mdard idea, with a small t.ill. expression is senseless. · The tail is labeled" Four silver Shtes," and the body of. the If legal dollar is meant, the silver dollar is legal, therefore animal is labeled "All the rest of the States." The illustration honest. The silver dollar is a representation of value made so would have been much more apt and truthful with a small weasel by law. head labeled" Gold standard,'' and a~l the rest of the body, tail In the legal-tender cases, 12 Wallace, page 553, the Supreme ana all, labeled "Free silver." Court of the United States says: · Gentlemen say that they do not see how it can affect the agri It is hardly correct to speak of a standard of values. The Constitution cultural States, and I am asked, "How- can it affect Kansas?" does not s:peakof it. It contemplates a standard for that which has f5ravity tor extension; but value is an ideal thing. The coinage acts fix its unit as a Let me illustrate. Let us suppose that the State of Kansas is dollar; but the gold or silver thing we call a dollar is, in no sense, a. stand· indebted to the Eastern and foreign holders, $300,000,000; the ard of a dollar. It is a representative of it. sum is greater, sir, and that the amount of interest that sum is Speaking of the idea that gold was a fixed standard of values, drawing annually is at least 7 per cent. Ten years ago wheat Archbishop Walsh, to whom I shall hereafter refer, says: was worth adollar a bushel in Kansas, and had in fact been above The popular notion, then, of the sovereign or pound sterling constituting that figure almost continuously since the war. The interest on a fixed standard of value is merely a popular delusion. three hundred millions at7 per cent would be $21,000,000. Ten The sole foundation for that delusion manifestly is that in these countries years ago 21,000,000 bushels of wheat would have paid that in the values of all commodities are commonly stated in terms of the pound terest. sterling. * * * The natural result of this method of expressing the values of commodities Now, sir, wheat is only worth 40 cents per bushel, but the in other than gold, is that, when prices rise or tall, the impression is conveyed terest remains unchanged. Therefore, it requires 52,500,000 to a superficial observer that it is the value ot all other things that changes, bushels of wheat to pay that interest. Three hundred million the value of the sovereign remaining fixed. bushels of wheat would have paid the principal ten years ago DEM.AND FOR MORE MONEY. or previous to that time, but now it requires 750,000,000 bushels There are 1,500,000,000 of people on this globe, probably more. of wheat to pay that debt. Kansas is an agricultural State, al The total amount of gold money is $3,600,000,000, and the supply most pure and simple, and she can from no discovered process of gold is rapidly decreasing. become anything else for generations. The figures I have given Scientific investigation proves that a gold piece in constant you regarding wheat holds good with almost every other product circulation is destroyed in twenty years. of the farm and of the State. Not only that, but the enormous Increasing commerce, developments, inventions~ civilization, drain upoc our resources to pay our interest necessarily com are each and all rapidly expanding the demand for money. The pels us to increase our debt. cry is going up to-dity in every nation and among all people for Taxes throughout the State average over 3 per cent, and all more money, and only a few here and there, not to exceed 3 per this great tax upon the energies of our people to pay interest cent-the very rich and their attorneys-are resisting that de and taxes which- I have mentioned, is sapping life and hope. mand; but the few are powerful because they possess the wealth There is in the decline of prices absolutely no prospect of there and have a mortgage on the 97 per cent. demption of this great debt. .All the earnings must go to pay All kinds of fallacies are put forth, published, and repeated in interest, and that interest pays no taxes or tribute to the State behalf of gold; their name is legion. Among others it is claimed of Kansa.s, and leaves but little to defray the constantly increasing that the world is now at a gold standard-this in face of the fact burden of tax necessary to carry on our State and municipal gov that the last report of the Census Bureau, No. 1, 1892-1893, on ernments. And what is true, sir, of Kansas is substantially imports, exports, etc., but rece:qtly issued, pa.ge 184, shows that true of all the agricultural States. It is useless to tell the peo of the gold and silver of the world there is of gold stock $3,656,- ple of the agricultural States that it makes no difference to them 935,000, while there is a full legal tender of silver of $3,401,100,000, whether we have a gold standard and less money, or whether we and limited tender $543,600,000, making the total of silver money have the combined stmdard and more money. in use $3,944,700,000, or $300,000,000 more of silver money in use As I have said, our people want to pay their debts, want to than the entire stock of gold. relieve themselves of these enormous burdens, but in order to Thus it will be seen that of silver and gold combined there is do this they must have more money th;:tt must be accepted by sufficient to furnish only $5 per capita if all in circulation. Drop our creditors. We will be satisfied when the volume of money silver and we have only $2.40 per capita. No economic writer is so increased that wheat will again be restored, on the average, has ever up to this time had the hardihood to assert that there to a dollar a bushel, and we will be satisfied with nothing less. was money enough in circulation to properly supply the business The mining States will not suffer as much by the adoption of XXV-33 514 CONGRESSIONAL RECORD-· HOUSE. AUGUST 19, a gold standard as will the agricultural people, because they are Ithe least, not legislate against them, and increase their already not so heavily indebted, and if their mining interest is closed out too heavy burden. they have the consolation of knowing that they owe nothing. I propose to add to my remarks a few t::tbles of fiCTures show- From a financial standpoint the people of the agricultural ing that silver has not gone down in value, notwith~tandlng the Statesmusthavealargercurrency,orabsoluteba.nkruptcyawaits legislation of Europe and America against it, any more rapidly them in the near future, and this bankruptcy will recoil upon our in its commodity value than the average products of labor creditors because they will be compelled to take our lands in pay- throughout the world. ment of our debts, and put tenant farmers on them. This will re sult in negligence of the interests of the land-owners, decav of .A PERMANENT CURRENCY. improvements and falling off in the value of the lands, and the The President says, and the gold-standard men say, and bi burden of local t ::LXation will then begin to be felt and under metallists say, and we all say, that we want a permanent and stood by them, and the history ·of Ireland will be repeated in the st3.ble currency, and we all agree that Congress h as the power to valley of the Mississippi. establi~h that currency. F or some years prior to 1792, when the This, sir, is not an idle vision. I have recently examined first carnage aet was passed, a general discussion had been going with much interest a pamphlet prepared by the Most Reverend on among the founders of our Republic, and an earnest effort was Dr. Walsh, archbishop of Dublin, entitled "Bimetallism and made by the ablest men of that day-and no one will maintain Monometalli m: What they are, and how they bear upon the that they have ever been surpassed in this country for ability to Irish land question." Archbishop Walsh is now recognized as do precisely what we now claim we should do-Jefferson and one of the most learned and conscientious men in the great Hamilton hking the leading p:1rts. Finally it was agreed be church to which he belongs, and it .is further well said of him tween those great men and thos eJssociated with tliem, uninflu that there is no man living who has at heart the interest of the enced by England or Wall street, but acting for the best interests common people of Ireland to a greater extent than he, and after of all, that both gold and silver should be coined in the United a careful and thorough investigation of the question, bringing St:1tes at a ratio then fixed. to bear upon the subject all his vast learning and splendid At that time thera were no greJ.t security holders clamoring ability, he felt compelled to advise the Irish people not to at for a gold st:mdard and a high price dollar, 'nor extensive silver tempt to purchase the farms upon which they live, under the mine owners demanding thn.t silver receive special considera land laws adopted by England in recent years, because of the tion. But these men, uninfluenced by any motive except the constantly and necessarily falling prices of their products on a.c future development of the prosperity and grandeur of the young count of the gold standard now sought to be forced upon the Republic, at whose christening they had stood godfather, de civilized world by the English Government. cided on a bimet3.llic standard, and that bimetallic standard From the examination of the archbishop by the English com stood the test of eighty.one years without wronging or injuring mission, I quote: anyone, and would be standing to-day as a monument of their wisdom and patriotism butfor the fact that during the late war an Q. The connection, your grace, between bimetallism and the Irish land immense debt was saddled upon the people of this country, and question does not seem very close? A. (By the Archbishop). Yet nothlng could be closer. The adoption of the holders of that debt, although a small yet a compact and skill bimetallism, or of some equivalent remedy, if there be an equivalent remedy, ful body, desired to increase the value of their holdings, not by is, I am convinced, a matter of imperative necessity; that is, if the agricul· the usual laws of trade, not in the ordinary and fair dealing tural tenants of Ireland-and I do not at all limit this to Ireland-are to be saved from otherwise inevitable ruin. methods,butthrough actsofth AmericanCongress; and, among It is transp:1.rently obvious to everyone who has mastered even the ele other unjust and wrongful acts, they procured the passage of the mentary facts and principles of the case. But it 1s disheartening to find that, law in 1873, known as "the demonetization of silver " 1-a.w, and notwithstanding all this, no interest seems to betaken in this grave question by many of the leaders of Irish opinion. from that day to this, sir, they have with organized, systematic, If things go on as they are, even the excellent land-purchase scheme which and skillful effort, through the mighty power of untold wealth, is associated with the name of Lord Ashbourne may become, before many labored to maintain that law. years are over, a source o! widef.'pread disaster to the tenants who have pur chased under it. They knew then and they know now that by that legislativa act and other acts procured by them the purchasing power of And a little further on the archbishop goes on to say: their securities wa.s more than doubled, consequently the bur The principle of the monometallists seems to be that things must become dens laid upon the shoulders of the industrial people of the a great deal worse before they can become any better. * "' ·~ At all events, United States were nece ~ s ::t rily more than doubled, and I am, sir, they have no practical remedy to propose. astonished to find the Chief Executive of this nation and a largo And at page 11 the archbishop continues: number of distinguished gentlemen, who owe all they have and Iti is indisputably plain that the Irish tenants who have the misfortune to are to the industrial people, stJ.nding up before all the world to have their rents '' fixed" for terms of fifteen years, under the land act o! 1881-and, much more so, the Irish tenant purchasers, who have the misfor day and insisting upon a. perpetuation of the advantages gained tune to find themselves s:~.ddled. with the obligation of mald.ng annual pay by that act over the masses by the rich few. ments "fixed " for forty-nine years-are simply slippin~ down an inclined Contemplating these wrongs and the position taken by quite plane, with bankruptcy awaiting them at the bottom of 1t. a respectable number of distinguished citizens, I am led to ex At page 30 the archbishop continues: claim, "Can this be Americ a ":~ Can we be the descendants of Monometa.lliBm, as we have it in Great Britain and Ireland, in Germany, ~he Revolutionary fathers? Can this be the boasted land of and in so many other countries, tends to raise the value of gold, thereby fa liberty, and of equal rights to all?" And I can not refrain from vorine: the interests of the capitalists, the interest of all those who have com:n:land of gold-moneylenders and the like-favoring all such persons at the sad reflection that, notwithstanding our boasted Christian the expense or the general community, and favoring also the inte1·ests o! all intelligence, we are following in the footsteps of the great major creditors, the interests of all who have aclaim to receive a fixed money pay ity of empires that have heretofore sprung into existence, flour ment from others, favoring these at the expense of their unfortunate debtors. ished, and fallen, almost universally fallen through corruption The archbishop then goes on to show by statistics that when in high places and injustice on the part of the rulers toward the England only had adopted a gold standard the. commercial people. world was but little influenced thereby, and silver was not cast Let us, sir, to-day, at this extra session of Congress, call a down as compared with gold until other European nations and halt, and do our best to restore as far as we may, under our Con the United States, in 1873, adopted a gold standard. At that stitution and laws, to the masses to the yeomanry, and to a.ll the time the disastrous effect oi the gold craze bagan to make itself people the rights which have been so unjustly taken from them; manifest, and has continued to grow in importance and in and in doing that, as a first step, let us wipe from the statute creased ruin to the borrowers of money, until now the intelli books all patchwork on the silver question and restore this coun gent people oi the world are beginning to understand the mon try to the bimetallism which existed prior to the 14th day of strous crime that has been perpetrated against them in the effort February, 1873. Do this, and generations to come, whose tiny to wipe out more than half of the money of the world. But in feet have not yet touched the shores of time, will praise and the face oi all the history of the last twenty years, monometal bleEs the patriotism of this Con.,o-ress. lists still insist with a dogged resistance that gold has not gone It is charged, sir, upon this floor, and in newspapers and mag up, but that everything else h as gone down. .azines throughout the country, that the represenbtives and Suppose we admitforamoment, Mr. Speaker, that their theory people of the silver-mining Sb.tes and Territories are unjustly is correct. Upon our side we know that it is not; the effect is pr.a trying to compel this Government to buy their silver at an ex cisely the same upon-the business interests of this country and of orbitant price for their own selfi.sil. interests and gain. the world. That is, that the holder and controller of gold is en The State that I partially.r epresent produces no silver; there riched, while the creditor and the business interests of the coun fore I think I may answer these chargas from an impartial stand try are correspondingly burdened. The necessary result of this point.. I have mingled with the people oi .the mining State:J increased value of g·old is to increase every existing obligation very extensively, and I have never yet he:1rd the demand urgec\ to pay a fixed amount of dollars. by them, or any of tb em, that the Government buy their prod Therefore, sir, if, in the language oi Horace White, "We are ucts. On. the contrary, air, all they h ave ever asked, or are aslf· .. ' not called_ upon to legislate for the d.ebtor classes," let us, to say ing now, is that silver be restored to its right of free coinage M -. 1893. ,CONGRESSIONAL RECORD-HOUSE. 515 it existed at the time they settled and begun to develop those rest of the human race, if, as he contends, gold is the only hon States and Territories, and this they have a right to insist upon, est money. and only those who prefer England and Europe, and our credit· History does not bear out Mr. HARTER's proposition. Eng ors, to the people of these Sts.tes a.nd Territories, are objecting land, conceded to be the wealthiest of all n ations, has h ad a gold to their claims. standard for seventy yeat"s, with the rest of the world most of It is universally admitted in works of political economy that the time using either a silver or bimetallic shndard. Not only any such thing as a commodity with absolute stability of value that; she is the creditor of the nations which deal with her to is unattainable. the extent of $10,000,000,000. So says Mr. Gladstone, and yet, with The most importanh characteristic of a good monetary stmd all those advantages in her favor, she only has $18 per capita in ard is that it should preserve comparative stability of value. circulation, and that not all in gold. The principal reason why, of the multitude of commodities that I was curious to know, Mr. Speaker, upon what theory the dis h ave been used for the material of money at different times, tinguished gentleman arrived at his conclusions, and I learned gold and silver has survived as the fittest, is because their great that he based them on the t rade balance in our favor for the last durability r enders the total stock extremely large compa red t wenty years taken in the aggregate . But, Mr. Speaker, that with the annual supply, and thus eliminates one element of in proposition does not hold good, for during those twenty years stl bility of value. Another special advantage of gold and silver we have exported silver in excess of our imports to the gross for monetary purposes is that both the weight and purity of the amount of $290,000,000. Even last year, when the balance of trade coins made from them may be easily ascert.ll.ned. was largely against us, we exported in excess of our imports Only fools believe, or can be made to believe, that gold never over $14,000,000 of silver. · ialls in price or value as a commodity; and even when coined in Sir, a few years ago our Wester n people were told that what money, that it does not change in value. they needed was protection, that tb e McKinley bill was the goose If the world's-stock of gold should run low e very man of ordi that would lay golden eggs for all of us. What was the result? n ary intelligence understands that the price of gold would go We got the goQSe, but we never •got the eggs. In the year 1892~ up , not that other commodities or labor would go down. as shown by the Treasurer's report just issued, we exported As I h ave stated, there can be no absolute standard of value. $99,000,000worth less of breadstuffs, $70,000,000 less of cotton, and V alue is a sliding scale and changes according to the demand of $10,000,000 less of animals than for the year 1891. In round num each and every particular commodity, even though that com bers, of farm products alone we exported $200,000,000less in 1892 modity may be money itself. than we did in 1891, and we .sold what 'We did export at less prices, The immense production of gold in California was of great bene instead of increased prices. fit to the human race, not because the gold was needed, but be Now let us see, on the other h and, if we m!lde that up in the cause it was generally accepted as a money standard. I use the increased sale of manufactured articles. I find, on examination word '.'money" standard distinct from "value" standard. Money of the sam e report, that we did not; that the increased sale of was needed throughout the world, and the price of commodities manufactured articles, if any, was merely nominal, not to ex and wages went up everywhere because of the discovery of gold ceed $10,000,000. in California and Australia. Inventions, improvements, and civ Now, sir, whTie l do not charge all this losstothe demonetiza ilization leaped into new life, and progressed more in fifty years tion of silver by European nations, and partial demonetization after the discovery of gold in those two countries than it had for upon the part of our own Government, yet the fact remains that a hundred and fifty years previous thereto. ever since the demonetization of silver Europe has been paying Money and plenty of it is the spirit of all enterprise, of all com less prices for our products, and the price of our products on the merce, and of all development, and no people at any time in the average has gone down in the European market more rapidly as world's history, with a small circulation of money, have ever a whole than silver has gone down. progressed to any conBiderable extent. I find, sir, in the July number of the Annals of the American Adopt a universal gold shndard with the small amount of gold Academy of Science, published in Philadelphia, an article by th&t there is now in the world and you pla-ce gold absolutely be Prof. Lotz, of the University of Mnnich, a gold sts.ndard advo _yond the reach of the many, clip the wings of commerce, close in cate, and in that article he admits that the demonetization of stitutions of learning and churches, stop inventions, and reverse silver in Germany caused a great falling off in price of German the hand of civilization on the world's dial plate and ~se it to products in Germany, and he also admits that the landowners run backward instead of forward. of Germany are just as much opposed to the gold standard as are Every gentleman who has discussed this question upon this the landowners and laboring people of the United States. In floor, without exception, I believe, admits that we need more fact, sir, I challenge the attention of this House and of the cotm .money, that we oughttoincrease the volume of our currency. In try to the fact that wherever silver has been demonetized by any fact, the gold standard men are here asking us to issue bonds nation or people it has resulted in an immediate falling off of the with which to buy gold, and the bankers of New York are issuing price of labor and of the products of the soil, and that it is not illegal clearin~-house certificates to take the place of money. The the farmers or laboring class of any civilized country that has universal cry 1s going up all over the civilized world for a larger demanded a single standard, but everywhere, and at all times, circulating medium, and the man would be reckless, indeed, who it has been the bankers and money-lenders, and the wealthy. would say to the American people that we have too much money In the face of all these facts how can gentlemen sts.nd upon to-day, or even that we have enough. , this floor or go before the country and defend their attempt to How then are we to increase our circulating medium? The force a gold standard upon America? · answer of the gold standard men is logically, whatever words Germany could afford a gold sts.ndard better than the United they may desire to answer in, "by cutting off more than half of States can, for the reason that she produces only a nomin!ll the supply." In other words, in order to increase the supply, amount of silver, and in order to get silver for money she must cut off the production. buy it. In some oi the Western States crops can only be produced by England could afford a gold standard better than any other irrigation, and even the gold standard men in the United States nation, for two reELSons-the principal one, because she is the would regard the farmer who must irrigate his farm as a very largest creditor nation in the world, and is not indebted, except foolish man, who would during the dry season of the year, and to her own people; and for the further reason that her colonies when his crops most need a supply of moisture, cut off more than produce four times as much gold as they do silver; and for the half of the water which was obtainable; or having two streams further reason that all her trade with India, her large3t colony, .flowing into his ditch turned the larger one adrift. And like is carried on on a-silver b asis. Therefore , it is to her interest wise would they deem a man foolish who had a house that was to force silver down, so that she can buy it cheap and coin it at not sufficiently ventilated, who for the purpose of improving the a r atio of 15 to 1 for India, thereby making enormous profits ventilation would close half the windows and doors. on the silver she-purchases, and thus enabling- her, as shown by l was astonished the other day to hear the distinguished gen Uncle Jerry Rusk, to pay for India wheat in rupees which cost tleman from Ohio [Mr. HARTER] say: her less than half their money value-two years a.go she coined _ I want to say right here, lest I should overlook it later, that if we had $65 ,000,000 of silver, as shown by the report of the Director of never had the Bland-Allison act , nor the act of 1890, sometimes called tho the Mint-thus enabling her to force down American wheat, Sherman act, the circulating medium of this country would to-day be over which she has successfully done. two billions of dollars, and a very large part of it would be in gold coin. England, sir, seems to be legislating for England, and we find I thought, Mr. Speaker, at the time the gentleman made that none of her sbtesmen proclaiming against the injustice done declaration that he was jesting, but I afterwards, in private con her American debtors. In fact, it is her policy to buy our prod versation with him, ascertained that he was in real earnest. ucts at as low figures as she possibly c:m. England, sir, has never What a remarkable proposition ! What is there to support it? at any time said that she wanted a dollar good in the United If we h 9.d two thousand millions of gold in the United States, all St.ates, but has attended to her own business andher own in the rest of the civilized world wimld only have one billion six terests, and quite successfully, too. llllndred millions, and think of the desperate condition of the Germany could batter afforda singleshndard than the United 516 CONGRESSIONAL RECORD-HOUS~. AUGUST 19, States for the rea.son not only that she is nc.i a silver-producing SHERMAN further says, in that speech (see Congressional count1·y, but because what she owes as an empire is due her own Globe, part 5, Thirty-ninth and Fortieth Congresses): people. Consequently, whatever interest she pays goes to the I say that equity and justice are amply satisfied, 1! we redeem these bonds Germans, and not to a foreign people. in the same money, of the same intrinsic value, it bore at the time they were issued. A sound currency, therefore, must be an honest currency, Gentlemen may reason about this matter over and over again, and they must be a currency equally fair to creditor and debtor, tha.t will can not come to any:. other conclusion; at least, that has been my conclusion maint3.in a general uniformity of prices for a long ser1es of after the most careful consideration. Senators are in the habit sometimes, in order to defeat the argument of an antagonist, of saying this is repu years so th9.t the contracts made this year to be P- id in fifty diation. Why, sir, every citizen of the United States bas conformed his years would require the same amount of labor, and no more, to business to th~ legal-tender clause. pay them then than they would if paid now. This de:fini tion can SHERMAN was speaking of greenb3.cks then; they have no in not apply to gold. Gold never has been fair. It is a tyrant, tak trinsic value. ing advantage of necessity. All understand that both gold and It will be seen that the entire debt was p::tyable in coin. silver would make a more flexible currency than gold alene. I wish, sir, to adopt Mr. SHERMAN'S views as there expressed, Therefore tbe two combined do not answer the true definition as my views now, and to apply them to silver, which is legal of a" sound currency," but they approximate to it more nearly money, and when coined a legal tender for all debts. than gold alone, because the two are broader and enable the Gentlemen roar dishonor: repudiation, dishonest dollar, etc. Government to enlarge and contract as the demands of the peo Will you hear our Western farmers and miners when they show ple may require. that this debt must be paid with laboe and products which h :tve A "sound currency" means a currency that will_give employ fallen more than silver'? In other words, silver as a commodity ment to all labor, supply the dem:tnds of every mdustry, and will buy more of the products of the country and more of labor enable every man that strives for a dollar, honestly and indus than gold would buy in 1873. triously to obtain it. If this is not the definition of a "sound When I hear men hlk of national disgrace, dishonor, and re currency," then, sir, I am not in favor of a sound currency. pudiation, I feel that I would be more than justified in replying THE WEST AND SOUTH DEMAND EQUITY. ''Shylock!" No, this would be unjust to Shylock, who only wanted his pound of flesh; but extortioner, oppressor, tyrant, On the 22d day of April, 1866, JOHN SHERMAN said in the Sen robber. ate of the United States: No, gentlemen, stop your rhetoric, stop your lofty periods, Before we return to specie paY-ments the debt ought to be f~ded. It can stop giving us sentiment, and give us argument; give us justice, not be funded on as favorable terms after we return to spec1e payments. The very abundance of the currency obviously enables us to fund the debt allow us the right to pay our debts in both silver and gold. at a low rate of interest; and it is just and right, as the debt was contracted There is something remarkable, Mr. Speaker, about the radi upon an inflated currency, that upon that currency the debt ought to be c ~l change of opinion upon the part of our distinguished states funded in its present form. men and party leaders. And what is most singular is that such Nearly two years later Mr. SHERMAN pointed with pride, in a changes are always favorable to the money powers. speech made February 24, 1868, to the above extract. · Such men as SHERMAN and Carlisle, and a number of other dis Continuing his speech in the Senate February 24, 1868, Mr. tinguished gentlemen not necessary to mention, I trust will be SHERMAN said, speaking of the power given the Secretary of the able to explain to their constituents the wherefore of their Treasury in 1866 to fund the national debt: chRnges, and I hope I may be pardoned for suggesting to their con Within two years he rthe Treasurer] contracted the legal-tender currency stituents that they demand a solid r eason for their conversion. $160.000,000, and the plain United ~tates notes over $40,000,000 (making a con There is one other strong point tow hich I wish to refer before I traction of the noninterest-bearmg debt of over two hundred millions). close, and that is, that our security holders all s.1y that they are At the time this law was passed, Apri112, 1866, the total amount of 5-20 bonds was $666,000,000, and the great mass of .the debt was in what are called Cll! laboring for our interests, for the interests of the laborer, yet rency obligations, the principal of wh1ch undoubtedly could have been pa1d they seem to lose their temper when the laborer views their ac in currency. tion in a different light. Believing as he did (the Treasurer], that the best way to resumption of specie payments was by rapid and steady contraction of the currency, he If they rea11y love us, if they are in good faith when they talk entered upon his policy. of our interests, why do they not give us some real solid evidence Now what bas been the result? Why, sir, in April, 1866, the price of gold of that regard? Why do they not say," We see that your prod was ti5. It bad steadily declined from the close of the war · until it bad reached its lowest point in April, 1866, the time of the passage or this law ucts and your labor are bringing less and less each year, and in (funding act and resumption acts). order to place you on a par with us we will reduce the face of our What was the result? From that time to this gold bas advanced, varying bonds, our mortgages, and the interest on our bonds and mort between 130 and 140, and has never from that day to this reached the price at which it stood at the passage of this act. gages in exact proportion to the reduction of your products?" Are we any nearer specie payments now than then? Not at all. Why not bring forward a bill and push it through this Con Now sir what has been the policy of this Government? First, · gress, for t he p:1rpose of relieving the debtors in this country, that all debts shall be b~sed on the price of leading products our fio'ati~g and noninterest-bea~·ing debt h a~ been t.aken up at the time of the creation of the debt; and if prod uots and wages and funded into an interest-bearrng debt, while the mterest go up, more dollars would be required to p:ty, while if prices went bearing debt has been allowed to run and been continued. down, less would be required in exact proportion. Almost every dollar of our wardebtwas payable in silver, and Horace White, in his fine literary paper read before the Chi our Government has steadily, stealthily, and in violation of the cago monetary convention held last June, discloses the dr gon's rights of our people, year after year, ~ad~ it a gold debt, and t Wo1·la's production of gold and silver, calendar years1890, 1891, ana 1892. [Kilogram of gold, ~64.60. Kilogram. ot silver, $!1.56. Coining rate in United States silver dollars.] 1890. 1891. 1892. Countries. Silver. Gold. Gold. Silver. Gold. 1---S_ll_v_er_.__ Kilos. IJollars. Kilos. IJollars. Kilos. flollars. Kilos. IJollars. K&los. IJollars. Kilo8. IJollars. United States.------49,421 32, 845,0001,695,500 70,465,000 49,917 33,175,0001,814 642 75 416 500 49 654 33 000 0001804 377 74,989,900 Australia .•.. ------44,851 29,808,000 258,212 10,731,300 47,245 31,399,000 311:100 12'929'300 so'9643a;a-m'8oo '418'087 17,375,677 Mexico·------:-···------·------1, 15-t- 767,0001,211,646 50,356,000 1,505 1,000,0001,275,265 53:ooo:ooo 1:699 1,147:5001,419:634 59,QOO,OOO Europea.n countnes: ------Russia------35,296 23,458, 000 15,021 624,800 36,300 24,125 13,859 576,000 35,429 23,546,000 13,234 550,000 Germany------· 182,086 7,567,500 ...... ········--- 190,600 7,921,336 ....••. -----·-···· a190,600 7,921,336 Austria-Hungary ______2,104 1,398,500 50,613 2,103,500 2,106 1,399,648 52,020 2,161 ,951 b2__,106 1,3S9,648 b52,020 2, 161,951 152,000 ~~:!~~ ===-======-----~ -----~~~ ~:~g ~~~:~ ----~~~ ..... :~·-~~ ;;g~ ~:~ --~~~~ -----~~~-~~ ~~:~ 235,400 Italy ______•••• ····-·····------211 140,320 10,110 4lt0, 200 142 94,280 27, ~~ 1, 146,370 k142 94,280 k 21,583 1, 146,370 Spain·--·-----··--·····-····------···------c51,502 2,140,400 ·····;;; •....••.•.• c51,502 2,140,400 •...... ------c51,50'l 2, 140,400 TurkeY------·--·------d10 7,000 d1,328 55,000 d1u 7,000 d1,323 55,000 d10 7,000 d1,323 55,000 France ... .. ------185 123,000 71,117 2,955,600 e200 133,000 e71,117 2,955,600 e200 133,000 e71,117 2,955,600 Greatllritain .. ------~--- 4 3000 9,075 377,200 101 67,000 9,075 e377,200 100 66,600 6,156 255,650 Dominion of Canada ______· ----- 2,506 1,866,000 12,464 518,000 1,392 925,000 9,797 407,100 k1,392 925,000 k9,797 407,100 SouthAmericancountries: ------______---- ___ _ Argentine Republic------~ 123 82,000 14,680 610,100 e123 82,000 14,918 620,000 e123 82,000 k14,918 620,000 Colombia.------~------5,416 3,600,000 19,971 830,000 5,224 3,472,000 31,232 1,298,000 k5,234 3,472,000 k31,232 1,298,000 3 1 1 1 BBC~r.:£~.=------=-=_=_=_:_ ·_-~======2, t~ 1,J~:~ ~:~6~ ~:~:~ rt.f~ 1,4~~:~ ~:~ ~:~~:ggg f2~i~ 1,4~~:m \~:~ ~:~~::: c445,300 ---···· ------659 438,:~(100 ·------k659 438,000 -----·------Venezuela. ...• -----·------··------2, 512 1, 670,000 ------·- 1, 504 1, 000, ______----··. ____ k 1, 504 1, 000,000 ______-----·- ___ _ Gu1ana (British)------1, 693 1•lli•, ggg ====: :::: ::::=::=::: 2, ~?~ 1, 800, __ .•.•••• ------____ k 2, 708 1, 800,000 __ __ • ______Guiana (Dutch) ------668 542, ____ . ______k 816 542,000 ______. ___ _ Guiana (French)------/825 548.000------1,502 998,2:!9 ------k1,502 998 229 Peru______10-! 69,000 65,791 2,734,300 113 75,ooo 74,879 3,112,000 k 113 75:ooo "k"74,"879 ··a;ii2,"ooo Uruguay. ______. ____ .------140 93,500 ------______. ---- 140 e93, 500 ____ . ______e 140 93,500 ____ . ______.. ___ _ Central American States______226 g150,000 48,1231g2,000,000 246 163,492 48,123 g2,000,000 k2461 163,492 q-!8,123 2,000,000 Jap_an ------75;! 507,700 42,468 1765 000 h765 508,400 i43,28'J 1,798,800 h765 508,400 ~43,282 1,798,800 1 2 1 3 2 tiaiia they are payZ~Ne in silver, and saying to the ever~exacting cred money in actual circulation; $5.00,000,000 is held by the banks as itor, "We will, as a mere matter of grace, give you more silvar a reserve, and the banks m:lnage to do $4,500,000,000 of business than we contracted to give you." on that reserve, and charge 1'\nd collect interest thereon, thereby If you increase, sir, the number of grains which shall consti actually doing business on $4,000,000,000 of confidence. tute a dollar in silver, at the same time and to the same propor A few months ago the representatives of these confidence tion as I have shown by tables you will increase the burdens of plans had a little meeting in New York, the purpose of which the debtors throughout this country and throughout the world, was to bring about a gold standard, and they sbrted the wolf because if the United States increases the ratio between gold cry against the Sherman law, and proclaimed a want of confi and silver there can be no question but what Europe will imme dence and pretended to be scared. The people thought that diatelv follow. these representatives of the confidence plan were scared, that Eur'ope is awaiting now, sir, to see what the United States will they were in earnest, and the people really did get scared and do with silver, and the great mass of the European people, from began to demand their money. The $500,000,000 being exhausted, the best information that I can gain, are hoping that the United the b:1nks had nothing leit but confidence to meet their de States will stand by the silver dollar as it now stands. Aye, sir, mands, and the necessary result was failure. more than that. The single-standard men of England and of We wonder sir, that they ar e asking the Government to restore Germany and of almost all of Europe are becoming more liberal that $4,000,000,000 of confidence. Yes, sir; they want the Gov in sentiment; in other words, they are being cured by experience ernment to go into partnership with them in this confidence of their gold ''fetichism." game, but the people are opposed to the Government becoming There seems to be a studied effort to deceive the people as to a copartner in any such a fraudulent pra{}tice, and are asking foe the amo.1nt of silver coined in the United States prior to 1873. money, asking this Government to do its duty and give them There was coined in round numbers by the mints of the United money, currency with which to do business. Now, sir, shall we States priorto1873 $146,218,000. It istruethatofall thisamount consult the wishes of the people or of the banks? This is the only a little over eight millions was in silver dollars. But the whole question. Government of the United States had coined all the silver that In this crisis, let us first provide for the free coinage of silver. had come to its mints, but it needed the major portion for frac Second, let us direct the S e cret ::~ ry of the Treasury to issue tional-currency. $100,000,000 of greenbacks, which under existing laws we h ave Gentlemen of golden opinions who talk about paying cheap the power to do. This, sir, will save a large amount of interest, money to the widows and orphans who hold mortgages and bonds, and restore confidence on a sound basis. even if their claim possessed the merit of truthfulness, are I wish to remark, Mr. Speaker, right here, tha.t no party can wholly forgetful for the widows and orphans that seek employ survive the useless issuing of interest-bearing bonds at this time. ment and, food and clothing, while the latter class outnumber The American people are aroused, weary of paying interest, and the former in the ratio of a thousand to one in the United States will not tamely submit to the compounding of interest-bea.ring alone. I may be wrong, sir, but I can not help feeling that the obligations, and they ought not to do so. rights of the thous3.nd ought first to be considered. The fact Let us set our great, big, loyal, national foot down on all for that the former class possesses mortgages and bonds is sufficient eign and aristocr tic influences, and, like men imbued with the evidence that they do not require immediate relief. spirit of Washington, Jefferson, Jack._on, and Lincoln1 legislate The true difficulty here and tht•oughout all this broad land is for the common people, Americ:1 and Americans. unjust usury, the collection ol stupendous revenues on paper, Mr. RICHARDS. Mr. Spe:lker, while this discussion has with no real money behind it or honest capital to support it. dragged along it has seemed to me that, amid the diversities of If the money on which we are paying interest was all in cir opinion. there are some things upon which we all agree. In the culation, there would be, and could be, no panic or financial first place, it seems to·be ae-reed upon all sides that a financial trouble. Prices would be three to five .times what they now stringency has come upon- our land; that the wheels of ma are, labor would be employed at remunerative prices, and busi chinery have been stopped; that men have been thrown out ol ness would be in holiday attire. employment; that there is distress to the merchant and the 1 gather, sir, from the last November's report of the Comp farmer; and that, all over this broad land, the people are ca.ll troller of the Currency that there is about $1,000,000,000 of ing aloud for aid at the-h!Ulds of this Congress. 1893. CONGRESSIONAL RECORD-HOUSE. 519 Is there a single member of this House who does no-t feel at But we do not all see alike, and some believe th:1t the free this moment the awful responsibility that rests upon him? Only coinage of silver would go a gre:1t way in relieving the present two days ago the newspapers chronicled that a proC?ssion of financial depression. I am for the unconditional repeal of the laboring men gathered spontaneously, and marched through one purchasing clause. of this law, because I believe it to be the im of our cities crying aloud,. " We ask not for charity; we ask for mediate cause of our present distress; and I believe if left unre work/' And when in this country the able-bodied, willing man, pealed it will be productive, in the nes,r future, of still further anxious to toil, can not find employment, it is time for us to look distress and suff~ring to all cbsses of our people. around and ascerhin, if we ca.n, the cause. Let us go back to the time of the pass3.ge of this bill and see In the papers this morning we read that away off in the West if we can not adduce evidenee sufficient to prove this point. the laboring men had consulted together about sending an army You are all familiar with the history of this bill, or if anyone is of unemployed men to Washington to plead with the repre not he can refresh his memory by turning to volume UO of the sentatives of the people to relieve the distress that has come RECORD. It. was not considered then to be a good thing for the upon them. country, but. was passed after a struggle and much discussion When I left my quiet home in Ohio only a few weeks ago to on both sides. U really was not what either side wanted. The come and take my place in this Congress tbe people there were silver advocates wanted free coinage, and the other side were generally employed. The machinery in our mills was moving willing to vote for ths so-called Sherman act only to save the as usual, and everything indicated activity, thrift, prosperity, passage of a free-silver bill. and happiness. The fini:Ulci!ll distress, of which we ha-d heard The clause referred tor as you all know, and have heard so often, so much, h ad not rea..ched that h n.ppy Ohio community where I provides for the purchase, by the Secretary of the Treasury, of have lived so long. But only yesterday I received a letter from 4,5ro,OJ.O o-unces of silver bullion every month, to be paid for in an old friend, from which I shall read a few lines to the House: Tre::!.snry notes redeemable in giSd or silver coin, at the discre There is not a plant running from Strasburg to Ubriehsville-. The briek tion o:f the Secretary cf the Treasury. But this discretion thus lpld tile works below Stra:sburg; the furnace androUmg mills at Dover~ the vested in th!j Secretary of the Treasury is annulled by another xolling mills, pipe woTks, n~il works, and roofing-tile works here-, and clay ~d tile works at Midvale are all shut aown. No ordeTs, no sales, no collee ' clause which declares, that it is the established policy of the tiotls. I tell vou it looks blue. United. States to maintain the two metals on :1 parity with each That is but a picture of the desolation that is now extending other upon the present legal ratio or such ratio as may be estab- throughout "the land. We have the anomalous spectacle pre lished by law. · sented of the farmer in the West being unable to find a protita Thei.'efore he is forced, in order to keep those Treasury notes ble market for his wheat, while the laborers in the E ast are from depreciating~ and thereby injuring the credit of our Gov starving for bread. The President of the United States, con ernment, to pay for them in gold when gold is demanded. We sidering the condition into which the people of the country find h·om the reports that, up to the 15th of last month, there have been thrown, has called this body together in extraordi h ad been issued in round numbers $141,000,000 of these notes in nary session, to the end that, if possible, relief may be afforded payment of silver bullion, and that many of these notes had been paid fo-r in gold. The amount of gold pa id on these notes from to our p~ople. And while arguments have been made on the one side and on ' May 1, lt'>.92, to. the 15th of last month, a little more than a year, the other of the questions here under discussion, I have not yet was $49,000,000, and to-day ne3J'ly all this vast amount of silver heard the wisdom of our President in convening this extra ses is lyi:ng idle as bullion in. the Treasury. Upon this point it has sion once called in question. Gentlemen have criticised the rea been aptly said: Thooo:mds of people are employed in taking silver out of the mines where son assigned by him for the distress that h as fallen upon us, but it wasdomg no harm and piling it up in the vaults o! the United States I have not yet heard from the lips of a sing!e member' of this Treasury wheTe its enormous bulk menaces the ind-ustries and general pros House any criticism upon his action in thus convening this perity of the eonntry. body. This paying out gold for Treasury notes not only exhausted I take it, then, to be conceded by the members of this House the surplus gold in the Treasm~y, but actually encroached upon that distress is abroad in our land, and of such a character that the $100,000,000 reserve flmd set aside for the redemption of other it has become necessary, for the first tim~ in many years, for notes, and which had ever been kept s :1ered for the purpose for the President of the United States to convene this body in ex which it had been created. traordinary session. Is it not, then, the duty, the sacred duty, Our own bu3iness men as well as the financiers of other nations of every one of us to examine carefully the situation, and ascer had been watching the outcome of this policy, and we are- told tain, if possible, the cause that has produced it? Why and how that. from the first passage of this bill our public credit was by has this calamity b een brought about? And what, if any, rem· other governments considered-well, if not a little "shaky," at edy will correct the evil? least in a condition to bear watching. So they kept their eyes upon If we can ascertain the cause, it seems to me, then, that it is us, were not so liberal in investing in our securities, and when the duty, the sworn duty, of every member of this House to en our gold surplus had been encroached upon to about the tune of deavor as best he can to provide a remedy. I know that mem $7i),£JOO,OOO, they began to r eturn oursecuritiesand' would none bers of the opposite sides, from force of habit, I suppose, seem o.f us." to act as flint and steel upon each other. And even in a non vVhile gold was thus being withdrawn from our Treasury and partisan question like this, it seems impossible to overcome tllis finding its way to those of other countries and we were still in habit unlesa the question could be made to assume some tangible 11 cre::!sing our silver, it became plain to our· people also that we form and be labeled, nonpartisan,"'"' nonexplosive," or with were nearing that point at which we eould not maintain a gold some such peaceful device. st:1ndard. Our capit~.l ists, as well as intelligent people of small It was said long ago that " A rose by any other name would me1ns who perhaps h ad never he:1rd of Gresham·s law, fearing smell as sweet.'' And I say that no matter whether a man be that we would be forced to the use of a depreciated currency, named Populist or Republican or Pemocrat, when calamity has lost confidence. The former refused to invest their capital, and come upon his country he can, and he should, forget past party the latter withdrew their money from the hanks. passions and party prejudic~s in pis patriotic efforts. Although the withdrawing of these multitudinous small sums Mr. Spel:lker, I belie.ve as :firmly as that I stand here that this has c au~ed the suspension of many banks and the refusal of capi distress is produced by no other means than by the operation of talists to invest in public enterprises has thrown a. great many the purchasing clause oi the so-called Sherman law. I have lis men out of work, yet the loss of confidence in the sts.bility of tened attentively to the learned and ingenious arguments that the financial situation does more ha.rm to all kinds of business have been made by gentlemen on this :floor during their discus than is possible to be done by the withdra.wal of money from sion of the pending bill, and yet I believe that the briefest as banks and hoarding it. Some one has truthfully said,'' Confidence well as best argument on the subject is the mess:1ge of the Pres is better than gold/' and I think I have plainly demonstrated ident of the United States to this body. How forcible the con that this loss of confidence is directly traceable to this purchas cluding clause: ing clause of the Sherman law. I earnest.Iy :recommend the prompt. l'epeal of the provisions of the a.ct passed July 14, 1890, authorizing the purchase of silver bullion, and that Only by the prompt repeal o! this .law ca!l we gain t~e confi a~herlegislativeac tionm ay put beyondalldoubtormistakethe int.ention and dence of other natiOns, put mto mrculat10n the money that ability of the Government to fulfill its pecuniary obligations in money uni h as been withdrawn from the banks, restore public credit, start versally recognized by all civilized countries. the wheels of the manufactories, and, wl:Jich is most important We have. all studied, more or less, the subject of finance, of oi all, give employment to the thousands that have been thrown which the silver question is a branch, and are willing to dowhat out of work, before the rigors of winter set in. There is other we believe is best for the country. I do not believe-! can not and very important work for us to do; but this is preeminently believe-that any man possessing the confidence of his :people re the first thing, and "what our hand findeth to do let us do it with quisite to obts.in a se!Lt in Congress wGuld commit. the crime of all our might." plunging the country into a :financial :panic, with all its concomi Why should we experiment furtner? This act is acknowl tant evils. edged to have been unwise from the beginning. And the Sena- 520 CONGRESSIONAL RECORD-HOUSE. AUGUST 19, ~ tor from Ohio, whose name is wrongfully, he says, attached to ratio of 15t to 1, let us quote what Chevalier, the distinguished this bill, stated a few days ago in the Senate that this act was Fren~h eco~omist, the great champion of silver in his day, says adopted to defeat a bill for the free coinage of silver. The his on th1s subJect: tory of this bill being well known, as I said before, we need not In the year XI (1803), when the law of seventh Germinal was enacted, revert to it further, unless to emphasize the fact that at its pas which established for a temporary standard the ratio of 1 to 15! between the sage it was considered the lesser of two evils. And now, after two met~;~-ls, this ratio actually existed in the commercial world; but littl& by little 1t changed, and soon gold came to be worth ordinarily a little more finding what an immense amount of evil it contained, and that than fifteen and one half times as much as silver-it has sometimes been the people are crying out against it, we are asked to try in its worth a. little a_b ove sixteen times as much. This discr epancy, which has stead what was at that time considered the greater evil. And usually been aoout 1t per cent (that is, one-half of that which manife ted it self from 1726 to 1785), would have had no effect 1f the provision of Gaudin yet we, as intelligent men, are asked to do this thing! had been correct. On the contrary, it had a very considerable e:trect; it suf What great patience-and alas. what short memories we pos ficed to retire gold from circtlation. sess. We need precept upon precept. We need to cultivate and A few years after the passage of the law of the year XI gold became so scarce that people had to buy it of the money-changers when they wanted to refresh our memories by going back into the the history of carry that kind of cash on their journeys. In fact, the circulation of the two finance and the evolution of money. Among uncivilized llations metals side by side, which Gaudin flattered himself that he should establish we find many articles used as money that were very inconvenient by means of the coinage of pieces denom.ina ted twenty francs and forty francs, of transportation, such as oxen, hides, salt, tobacco, etc. Some had ceased to exist shortly after the year XI, and twenty-five years after of the Indians, at the time of the discovery of this country, were that date the circulation consisted of silver only.-La Monnaie. far in advance of other rude nations, in that they had a real And free coinage at any of the proposed ratios would drive out money made from shells, called '' wampum." gold and bring us to silver monometallism, creating distrust, dan From these rude forms have been evolved our present gold, ger, and bankruptcy. silver, and nickle coins. Owing to the fluctuating and declining Mr. Speaker, I say that this so-called Sherman act is wrong. values of silver in the last twenty years and the greater stability The silver-producing miners of the West were seeking a market of gold, and the belief that gold will never be produced in quanti for their bullion; and by this compromise a m arket was given to ties sufficient to materially affect its value, have made the latter them. This Government has no more right to buy up the bul the standard of value for great commercial nations, while silver lion of those silver producers in the West than to open a m arket became the standard of value of weaker nations. Commerce, in for the fire clay and iron ores of the miners in my region of Ohio, dependent of any nation, has selected gold as its standard of or for the wool and the wheat of the farmers of that State. value and discredited silver. If this Government is going to buy up silver bullion, in order This irresistible law of evolution alone is responsible for this, to give th.J miners of the West a market for it, I want it to come and we are powerless to change it. It only remains for us to de into my section of Ohio and give us a market for the iron ore cide whether we shall stand with the strong, powerful nations of and the fire clay and the wool and the wheat of our people. · the earth, and adopt gold as our standard, or by adopting silver Now, it seems strange to me in view of these facts that gen be classed with such nations as China, Mexico, Argentine Re tlemen can have any hesitancy in regard to their duty in the public, and so forth. For my part I prefer to join hands with premises. In this condition of things-this piling up of silver the great nations of the earth. Until1870 the annual production in our vaults, this draining of our Treasury of its gold, this lack of silver was less than half that of gold (coinage value), and the of confidence which has been created by this unwise legislation price, consequently, $1.30 per ounce, the ratio being about 15t how can this country hesitate for a moment to undo that fearful to 1. wrong? Our duty to ourselves, our duty to our people, our duty Now, although the· production of gold has not materially in to this nation, it seems to me, demands that this unwise act be creased, the production of silver is so great that the parity of speedily repealed. the two metals is about 27 to 1. The United States coinage ratio But, Mr. Speaker, there is another thing that I have noticed being 16 to1, is about 40 percentabovetheworld'smarketprice. in the course of this debate, and it is this: While so many able What does this teach us? Plainly that supply and demand have gentlemen have attacked the wisdom of this act which is now to do with the regulation of the price of silver, as well as with sought to be repealed, while so much has been said against it, · the -price of wheat, cotton, and so forth. As the -production of while so many logical reasons have been given why it should be silver far exceeds the demand for it, notwithstanding the four removed from the statute book a.s speedily as possible and with and one-half million ounces per month that the United States out condition, thefurthestthatgentlAmen on the other side have Treasury is forced, by this obnoxious law, to buy, the price h as gone has been to attempt to attribute our distresses to other necessarily fallen. causes. Time has shown that this law has entirely failed to restore the Who, on this floor has raised his voice in defense of this un position of silver; and yet, after this costly experiment has so wise act which we now seek to repeal? Who is there on this utterly failed to accomplish what the silverites desired, and in floor that h as said it is a wise piece of legislation? Who upon th.,e face of the great loss the Government has sustained, they this floor has said that he believed that this act should still re ask it, the Government, to do more. They ask it to try the ex main on our statute books? periment of free coinage. What right has our Government to Is it possible that we have come to this? That an act of legis tax the whole country for the benefit of one industry, or to im lation, condemned by so many and defended by none, is still to peril the business interests of the people? Is not this class legis be retained upon the statute books of this great nation as a law lation? And if the silver advocates can not see it in this light, of these United States? It seems to me, sir, that when this act if they still maintain that free coinage will accrue to the benefit is so universally condemned, and where no voice can be found of the whole peo-ple·, is it not our duty to call a halt to this experi that will raise itself to tell us of the good that it has done, that menting? that of itself should settle the case in this emergency. We have heretofore acted too much on the defensive, but the But here is a piece of legislation which no one seeks to defend, time has come when we must change our tactics, and, acting up which has been productive of at least no good (for if it h as been to the courage of our convictions, vigorously attack this law and productive of any good gentlemen have failed to point out to us drive itfrom our statutes. If we do this, unconditionally, we shall wherein it consists); an act of legislation indefensible, acknowl have won a lasting victory over free coinage, and no unlimited edged to be a makeshift, acknowledged to be wrong, without the purchase act will again trouble us, at least while the history of the spirit if not without the letter of your Constitution, and yet with Shermanlaw remains fresh in the memory of the people. Butif no apolagy for it whatever, gentlemen say "unless we can get we compromise with the silver advocates-if we adopt a ratio of what we want" this shall remain still the law of the land. 16, or 18, or 20 to one, we only allow this experimenting to be begun There is a time coming, and that before long, when gentlemen over again. For if we give the ra.tios of the intrinsic values of who seek to retain upon the statute books of this country a law silver to gold to-day, we are not sure that it will be the correct productive of so much mischief as that will h ear from the peo ratio fornextmonth,nextweek, or even for to-morrow. We can ple in thunder tones. It will not be the thunder tones so well not do what no other nation has been able to do, m ake gold and depicted by a gentleman on yesterday, that came from Mount silver circulate together unless we limit the amount of the latter. Sinai amid the thunders and lightnings of the Almighty Him According to Gresham's economic law, an inferior money tends self, but itwill be the thundertones of anoutragedpeoplewhose to drive out .a superior money from the country; and a country rights have been invaded, on whose shoulders wrongful burdens persisting in a free or unlimited coinage of silver would soon have been imposed, who are groaning beneath the load of calam drive out gold and would be forced to adopt a silver basis. It is ity and of distress hurled upon them, and these people will speak claimed by some, who are able to judge impartially, that we in thunder tones to the representatives of the people who shall have- been terribly near this calamity ourselves. "Forewarned refuse to give them relief in this hour of their sorest trial. is forearmed." Let us see to it that our legislation is such that Can it be possible that the Representatives of this g-reat nation we will steer clear of this danger in the future. And as it was shall determine that although they honestly believe this legis said in this House last Friday, by an eminent advocate of free sil lation to be unwise, although they honestly believe it is produc ver, thatFrance had been able for a period of seventy years (from tive of injury to the country, although they h onestly believe 1803 to 1873) to maintain the parity of the two metals at the that this legislation ought to be repealed by this House, yet that 1893. CONGRESSIONAL RECORD-HOUSE. 5~1 they will take advantage of the distress of the people of this land L.EA VE OF ABSENCE. and refuse to lift this burden from their shoulders unless they By unanimous consent, leave of absence was granted- can have something else in its place? To Mr. HENDERSON of North Carolina, for five days, on ac• I came into this Hall la-st night to listen to the arguments that count of important business. should be made upon the other side of this question, and was The SPEAKER. The gentleman from Tennessee [Mr. RICH: surprised to hear the argument made by ah eloquent gentleman ARDSON] will discharge the duties of the Chair at the evening from the State of Kansas [Mr. SIMPSON]. He said that there session. was a conspiracy to bring about the repeal of this law. And then, pursuant to the special order (at 5 o'clock and 7 I say, sir, that in my humble opinion if there were aconspiracy minutes p.m.,) the House stood in recess until8 o'clock p.m. abroad in this land against the rights of the people, a conspiracy to put upon the shoulders of the people burdens too heavy to be EVENING SESSION. borne, a conspiracy to make the coming winter one of the worst that the American peopl~ have ever seen, and to make its days The recess having expired, the House was called to order at and nights resound with the wailings of the poor laborer, the 8 o'clock p.m. by Mr. RICHARDSON of Tennessee. skilled mechanic, and the toiling farmer, that conspiracy could Mr. CURTIS of Kansas. Mr. Speaker, there can be no excuse be no more effectual to bring about these things than the reten for a financial panic in this country, except unwise, or the fear tion on our statute books of this so-calleJ Sherman act. of unwise, legislation. I heard it said the other day that the b .ttlecry of silver would There can be no other excuse given in this, the richest n 9.tion be "Home. Sweet Home." But I say that that will not be the in the world. - cry that will go forth from the lips of the laborers next winter The t rouble now is the want of confidence in this Administra,. if this act shall remain in force. It will not be the old, sweet tion and the majority of this Congress. hymn that our mothers used to sing and that we loved so well, This distrust is not limited to the finiDcial question alone, but "Home, Sweet Home," that has for every man an undying at to others equally as great; but the silver question being now traction, no matter how humble that home may have been; but before the House for settlement, remarks should be limited to it. the cry that will go forth from the lips of the laborer next win Are you surprised at this want of confidence when the Presi ter, as he tramps in search of work, if this act shall continue to dent of the United Shtes disregards the platform upon which he was elected; when it is doubtful whether or not membera of be the law, will be," I have no home." this House· will vote in accordance with the promise made to the To-day all over this land there are people who but a few weeks people by their party; when members belong·ing tO a party that ago were in happy homes-everywhere husbands and fathers, has pretended to be a friend to silver say, as did the gentleman willing to work, surrounded by wives and children whom they from Maryland [Mr. RAYNER], "that he is not in favor of coin loved, men with brawny arms that were willing to work to main ing another silver dollar?" Duplicity 'is a deadly assassin of tain themselves and their loved ones-and to-day, with the mills confidence. - and the machinery of the country idle, the farmer without proper I am at a loss to underst:1nd how these gentlemen claim to be market for his cr0ps, amid the idleness and desolation that has in favor of maintaining the parity between gold and silver when been brought on throughout all sections of the country, they are they support a me:1sure which prevents the further coinage of at this time standing surrounded by their families wondering to a silver dollar. Heaven what they shall do next. I believe the only way to maintain the parity between gold This is the condition, while we are here t.o-day with so many and silver is to put a dollar's worth of gold in a gold dollar and of these chairs unfilled, so many of us giving but little attention a dollar's worth of silver in a silver dollar, open the mints to to arguments, and weighing but little the burdens and miseries their free coinage and make them a full legal tender; but silver that are brought down upon ou.r honest, peaceful people. The should be measured by its true value, and not by a fictitious value. farmers, the mechanics, the laborers, are wondering this after There can be no doubt but that both the old parties promised noon what this House of RepresentatiVes is doing for their re the free coinage of silver at its true ratio with gold. • lief. Should the citizens of Colorado, MontiDa, Nevada and other Many are crying for bread, and if we do not give them back a silver-producing States be forced to beg for the privilege of coin stone, shall we say to them, ''We have heard your cry; we know ing their silver bullion when it is a right clearly given them your wants; we know wherein lies the root of all this trouble; by the Constitution of this country? we have still our convictions; we have determined that in this When it was a promise made them l>y both the old political grandest nation on God's earth, whose granaries are teeming with parties? · grain, whose hills are filled with mineral wealth, whose people When a large majority of the citizens of this country, outside are free, and intelligent, and strong, idleness shall continue, the silver-producing States, are in favor, yes, demand, the use of misery and want increase, and the Ct'edit of our country shall be silver coins, and the free coinage of silver at its true ratio to gold? sunk down to perdition itself. That silver has d.epreciated in value no one will deny, but there Mr. TRACEY. Mr. Speaker, it is now nearly 5 o'clock, and are several reasons for it, namely, the increase in production, I ask unanimous consent that the session be extended until the improved machinery, and others, but no little of it was due to gentleman shall have finished his remarks. unfriendly legislation. The SPEAKER. Without any objection that order will be The world produced silver of the coinage value of $81,800,000 made. in 1873, and of $196,605,200 in 1892. It produced gold of the There was no objection. value of $96,200,000 in 1873, and of $130,816,600 in 1892. Mr. RICHARDS. I thank the House for the courtesy extended. The United States produced silver of the coinage value of When I rose to talk, considering the many arguments thathave $39,200,000 in 1880, and of $74,898,900 in 1892. It produced gold been made, and. knowing from my own experience the_patience of the value of $36,000,000 in 1880, and of $33,000,000 in 1892. required to listen to all of these arguments, I had not intended When the gentleman from Colorado [Mr. PENCE] says that to detain the House at length. From the beginning of this de ''the transaction of 1873 was done covertly and secretly by fraud," bate I have been promptly in my seat at the opening of the daily and in that way passed the Senate and House, and that the mem session. I have not left the House until each day's session has bers did not know what they were doing, he does everyman who closed. I have endeavored to hear all that was said, and I know was then a member an injustice, and casts a serious reflection from my own experience the patience it takes to sit here through upon the members of that body. out the day and listen to the arguments that are made. I h ave nothing to say in defense of the act of 1873; in fact, I But, Mr. Speaker, this House should have patience. This is believe it was one of the greatest mistakes ever made; but, after an hour when the American people are entitled to patience on examining the records, I am convinced that the Members and the par.t of their Representatives in this House. The time is Senators knew what they were voting for, butthey did not know now here when members of thisHouse shouldnotseek their own the effect it would have upon this country. personal comfort. This is a time when members of this·House Then, again, they did not know that there would be such a should forsake self for the good of the people of this land. large increase in the product of silver, they did not know that Therefore, Mr. Speaker, believing that the industries of the the silver men would be asking for the privilege of free coinage, people of this country, the welfare of all our people, rich and for they had refused to take advantage of the law that gave them poor-believing that the welfare of the farmer upon his farm, of the right to have their silver bullion coined prior to 1873, be the merchant behind his counter, of the mechanic and laborer, ca'l1se it was worth more in bullion than it was in coins. And that the interests of all our people, both high and low, demand the silver men by their conduct, were, to a limited extent re- the unconditional repeal of -the Sherman act-believing this, Aponsible for the act of 1873. · and that it is for the interest of the people of my district and But they should be forgiven if they will promise not to be my State, and the people of this nation, I shall vote against free guilty of the same conduct again. coinage at any ratio, and for the unconditional repea.l of the It must be remembered that there had been but about 8.000,- Sherman act. [Applause.] 000 silver dollars coined prior to 1873, that there was coined, 522 CONGRESSIONAL RECORD-HOUSE. AUGUST 19, efl.ch year prior .thereto, but a small amount of silver half dollars, I age o~ halvesr quarte:s, and dimes, as is shown by the report of quarters, and dimes, and that after 1873 there was a large num- the Director of the Mmt for 1892. The table on page 2-15 of said ber of trade dollars coined, and a large increase in the coin- report I ask to be made a part of my remarks. . Silver coinage of the mints of the United states from 18~ to 1892. [From therepm·t of the Director of the Mint for 1892.] Trade Half dollars. Quarter T'vent y Year. dollars. Dollars. dollars. cep.ts. Dimes. Half dimes. IThree cents. 1844------$20,000 $1, 885, 500. 00 $200, 300. 00 ------·--- $7,250.00 $32,500.00 -- ...... ---- 1845 ------24,500 1, 341,500.00 230,500.00 ------198,500.CO 78,200.00 ...... 1846 . ------·------169, 600 2, 257,000.00 127,500.00 ...... 3,130.00 1,350. 00 ...... 1847------.------140,750 1, 870, 000. 00 275,500.00 ...... ------24,500.00 63,700.00 ...... ------1848. ------· ---- -· -- 15, 000 1, 880, 000. 00 36,500.00 ...... 45,150.00 63,400.00 ...... ---- ...... 1849-.------62,600 1, 781,000.00 85,000. co ...... ---- 113,900. co 72,450. ()() ...... 1850------47,500 1,341 ,500.00 150, 'iOO. 00 ------244, 150.00 82,250.00 1851 ------1' 300 301,375.00 62,000.00 ------142,650.00 52,050.00 ---ii85~ o22:oo 1852 -.------1, 100 110,565.00 68,2t:5.00 -- ...... ---- 196 560.00 63,0'~5. 00 559,905.00 1853 ------46, 110 2, 430, 354. 00 4, 146, 555. 00 ------1, 327,301.00 785, 51.00 342,000.00 I854------33, 140 4, 111, 000. 00 3, 466, 000. 00 ------·----- 624,000.00 365.000.00 20,130.00 2, 288, 725. 00 857,350.00 1855 ------26,000 --______...... -- ...... 201,500.00 117,500.00 4, 170.00 1856------·------63,500 1, 003, 500. ()() 2, 129,500.00 703,000.00 299,000.00 43,740.00 1857 ~ ------94,000 1, 482,000.00 2, 726, 500. 00 ------712,000.00 433,000.00 31,260.00 1858 ------· ------·------5, 998,000. 00 2, 002, 250. 00 ------·- 189,000.00 258,000.00 48,120.00 1859 . ------.------636, 500 2, 074, 000. 00 421,000.00 ------97,000.00 45,000.00 10,950.00 1860------·------733,930 1, 032, 850. 00 3I2,350. 00 ------78,700.00 92,950.00 8,610. 00 1861 ------78,500 2, 078, 950. 00 1,231,650.00 ------209, !l50.00 164, OfiO. 00 14,940.00 1862------··-- 12, 090 802,175.00 249,887.50 ------·- 102,830.00 74,627.50 10,906.50 1863 ------Z'l, 660 709,830. ()() 48,015.00 ------17,196.00 5,923. 00 643.80 1864 . ------· ------·------31, 170 518,785.00 28,517.50 ------26,907.00 4,523.50 14.10 1865 -·------47',000 593,450.00 25,015.00 ...... 18,550.00 6,675.00 255.00 1866------49,625 899,812.50 11,381.25 ------...... 14,312.50 6,536.25 681.75 1867------6(!,325 810,162.50 17, 156.25 .... ---- .... ---- 1~ 6te. 50 6,431.25 138.75 1868------182,700 769,100.00 31,500.00 ...... 72,625.00 18,295.00 123.00 1869 ------424,300 725,950.00 23,150.00 ------70,660.00 21,930. ()() 153.00 1870 ------·------· ------· ------445,462 829,758.50 23,935.00 ...... 52,150.00 23,830.00 120.00 1871------1, 117,136 1, 741,655.00 53,255.50 ------·----- 109,311.00 82,493. ()() 127.80 1812------1, 118,600 866,775.00 68,762.50 ------·----- 261,045.00 189,247.50 58.50 1873------$1,225,000 296,600 1, 593,780. 00 414,190.50 ------·-- 443,329.10 51,830.00 18.00 1874 . ------___· ______------·------4, 910, 000 ------1, 406,650.00 215,975.00 ---i265; 598- 319,151.70 ...... ------...... 1815------:_ ------6, 279, 600 ------5, 117, 750. 00 1, 278, 375. 00 2, 406, 570. 00 ------· -----·------1876 ------6, 192, 150 ------7,451,575.00 7, 839, 287. 50 5,180 3, 015, 115.00 -----·--·-·-- ...... -- ...... ------·-- 1877 -.------.------13, 0:12, 710 ---22-495-550- 7, 540,255.00 6, 024,927.50 102 1, 735,051. 00 ------...... ---- ...... 1871:1 .. ------4,259,900 726,200. 00 849,200.00 120 187, 880.00 ---- ...... ------1879------·---·--·· 1,541 27: sao: 100 2, 950.00 3,675. 00 ...... 1,510. 00 ------...... -- ...... 1880.------1, 987 '/;7,397, 355 4, fr'/7. 50 3,738.75 ------3,735. 50 ---- ...... --- ...... ------1881------960 27, 9~7, 975 5,487. 50 3,213. 75 --·------2,4517.50 ...... ---- ...... 1882- --·------··------1, 097 27,574,100 2,750.00 4,075. 00 -·------391,110. ()() ------...... 1883 ------979 . 28, 470, 039 4,519. 50 3,859. 75 ------767,571.20 ·------·------...... 1884------28, 135, fr'/5 2,637. 50 2, 218.75 ----·------393,134. \l() ...... ------...... ------28,697,7'67 3,065.00 3,632. 50 ...... 257,711.70 ...... 1885 -·------2, 943.00 ------1886 . ------·· ------·------31,423,886 1,471. 50 ...... 658,409.40 ------...... -- ...... ---- ...... 1887------· ------·-·------33,611,710 2,855.00 2,677.50 ------1, 573, 838. 90 --·------·---- ...... ------1888 ------·----· ------31,990,833 6,416. 50 306,708.25 ...... 721,648.70 ------34,651,811 6,355. 50 3,177. 75 835,338.90 ...... 1~------6,295.00 :"------...... ---- 1890------~-- ·------38,043, 004 20,147.50 -- ...... r, 133,461.10 ------23,562,735 100,300.00 1,551,150.00 2, 304, 671. 60 ------· 1891 ------·------· ------·------·-- -·------...... --- ~ ------1892------· ------6,333,245 *1, 652, 136. 50 2, 960,331.00 ..... 1, 695, 365. 50 .... ----- l------1------l------35, 965, 924 425, 908, 223 124,5'ir7, 271.50 43, 365, 893. 50 271,000 Z'l, 645,852.40 4, 880,219. tO 1, 282, 087. 20 *Includes $475,000 in Columbian Exposition coins. Notwithst!l.nding all this, silver ha.s declined in value, and for Highest, lowest, and average price of silver bullion, and value of a fine ounce, bullion value of a United States silver dollar, and commercial ratio of silver to that reason it would not be fair to open the mints to free coinage gold by fiscal y~m·s, 1874 to 1893. at the old r atio. Bullion L etCongress pass a bill, giving the relief promised, upon the value of silver question in either of the platforms of the two great par .Average Equiva- Equiva.- lentva.lue lent value United Com- ties of this country, and confidence will be restored upon this one London of a fine Sta.tes sil- mer- Fiscal High- Low- price pe1· of a fine ver dC\llar, cia.l great, interesting, and vit~l question. ~o other measur~ will years. est. otmce ounce with ounce sati f.y the people. Let this Congress fall to pass a free-comage est. exchange based on at average ratio or standard at par, Brice of silver measure at what it believes to be the true r atio, and let it fail to .925. average s ver, ex- to gold. $4.8665. price. change at take steps to maintain the parity of the value of the two metals, par. and the 'people will lose confidence in party promises. ------It is surprising that so many good people were "taken in' by Pence. Pence. Pence. the promise of the Damocratic party, to be carried out by Cleve· 1873-'74. -- 59! 58.312 $1.27826 $1.28247 $0.98865 16.17 187-l-''i5--- 58, ~t 55.875 1.25127 1.25022 . 96Ti7 16.52 land, for he never intended to keep it. Cleveland was never for 1875-'76--- 50 52.750 1.15184 1.15954 . 89087 17.94 free coinage at any ratio. 1876-'77- -- ~t ~, 54.812 1. 20154 f. 20191 . 92931 17.20 187'7-'78 ___ 55~ 52.562 1. 15222 l.l52o~ .89116 17.94 The people will never be satisfied with free coinage at 16 to 1, 1878-'79 ___ 52t~ 50.812 1.11386 1.11616 .86152 18.55 be 1879-'80- -- 53~ 52.218 L 14436 1.14397 .88509 18.06 for that would drive gold from this country. They would not 1880-'81_ __ m satisfied with the sin2'le gold standard, for that will destroy one 52i 51 51.937 1.13852 L 13508 .88057 18. 15 1881-'82--- 52ta 50! 51.812 1.13623 1.13817 .87880 18.19 of the greatest industries of this country. 1882-'83 ___ 5'4-s 50 51.0"...3 1.11826 1. 1'1912 . 86490 18.48 50.791 1.11339 1.11529 . 86115 18. 56 Should not this Congress, then, provide for the free coinage 1883-'84_ -- 51' 1884-'85--- 503 ~i! 49.843 1. 09"..62 1.09226 . 84507 18.92 of a legal-tender dCillar at a ratio that will remove fut value? 1885-'86--- 4913!1 42 47.038 1. 03112 1. 08'.295 . 79750 20.04 1886-'8i ___ 47t 42 44.843 . 98301 • 98148 . 76029 21.02 - For thirteen years prior to 1892 the average_ratio between the 1887-'88 ___ 411 4.3. 675 . 95741 . 95617 . 74008 21.59 two metals was a little over 19 to 1; in 1892 it was about 24t to I; 1888-'89- -- 4t~a: 42.499 . 93163 .93510 . 72055 22.18 but silver h as been laboring under too great a disadvantage for 1889-'90--- tit 42 44.196 • 96883 . 96839 . 74932 21.33 the last two years to justify taking into consideration its value 1890-'91_ __ 54! 4lf 47.714 1.W195 1. 04780 . 80588 19.83 1891-'9~ --- 46i 39 • 42.737 . 93648 . 937.23 . 72!30 22.()7 for that period. 1892-'93 __ 40fil' 30! 38.375 .84123 . 84263 .65063 24.57 I request, published as a part of my remarks, the following bble July ______34i 3"-,t 33. 0CO . 72471 • 72037 . 56052 28.52 showing the ratio of silver to gold eaoh year from 1874 to 1893- TREASURY DEPARTMENT, table issued by the Bureau of the Mint: Bureau of the Mint, August 1, 1893. 1893. CONGRESSIONAL RECORD-HOUSE., 523· With free coinage, silver will increase in value, and under'aU the ci.l·cumstances would it not be fair to let the ratio be fixed Mr. CURTIS of Kansas. Yes, sir; it is true. The farms are- at 20 to 1 and create a commission, with authority t-o change the all right, improving in value every d ay. ratio if it. shall at any time be found to be too great or too small. Mr. PENCE. As I understand, the. mvrtgage indebtedness is Protect the holders of the silver do-llars no\V in circulation by $1.73 per capita, taking every m an, woman, and child in the making them a full legal tende:u at their face value until re- State~ deemed. Mr. CURTIS of Kansas. It does not matter it it is. Kansas To prevent any great loss in recoining the silver dollars now is amply a.ble to take care of herself. Agreatpqrtof tbatmorii-' in circulation and those in the Treasury, provide thatasuffic-ient gage indebtedness c;m be shown to ha-ve been incurred, if gen number of them be coined into subsidiary silver coins, at their tlemen will take the trouble to advise themselves, on farms in present weight and fineness, to give this country $150,000,000 of the extreme western part of K ans:1s where farms were taken, this: class of coins. then mortgaged, and then ab:.rndoned. ·lf the ratio should be found to .be too great, then let the silver I am not a represenmtive of the gold bugs, nor am I a repre dollars be redeemed at their face value, but prohibit any indi- sentative of silver bugs~ vidual, company, or corporation from having dollars recoined at Mr~ TALBERT of South Carolina. What kind of a bug a:re a lower r atio. you, then? L et the mints be opened for free coinage, issue coin certificates Mr. CURTIS of K ansas. I am for the common people; some- to be used in the redemption of the silver dollars now in circu- thing that you ara not. lation and also, when agreeable to the parties concerned, issue The member s from the silver States should be sa tisfied with them for the bullion as it is received at the mint. free coinage at a new but true r atio, without. silver being meas- Direct the Secrehry of the Treasury to have coined into sil~ urE\d at an untrue value. ver dollars the silver bullion now owned by the Government as- The members of this House should not pass a measure that fast as he may deem it expedient {a serious objection to the will paralyze the silver industry of this country, but one that me sures offered is that no provision is made for the coinage of will stimulate it. the bullion now owned by the Government); Let us get tog-ether and pass a measure that will restore con- P r ovide for the use of silver upon an equal footing with gold, fidence; that will remove the load from the shoulders of the busi- in the redemption of all coin certificates. ness men; that will relieve t he strain on the banks-; that wil1 P ermit the banks to hold 75 per cent of their reserve in silver cause the farmer and laborer to rejoice. dollu.rs, and repeal the act of July 14, 1890. That will convince the people that there is no fight between I have prepared 3t. bill upon this line, but as the gentlemen on labor and capital; that there is no attempt on the part of the rich, the othe1' side of the House have arranged that all bills upon represented in this body, to crush the poor ; but that labor and this que ·tion shall be introduced by them,_ members on this side cn.pital and the rich and the poor are friends and should always ca.n get thei:ra: before the public only by asking leave to print. be. Our people are asking for more money, but they want "every That will convince the people that the South and West are not dollar, gold, silver, or p s.per isJ:;ued, to be as good as any other." pitted against the East, but that this is one great country, and They ·believe gold and silver co~ and paper redeemable in that the measure passed is as much in the interest of the one as gold and silver, to be the only desirable money of this country. the other. ·What objection c:an there be to free coinage at the true ratio The citizens of the Fourth Kansas district have no fight to between the two metals? The extreme gold and the extreme sil- 1 make against the East, but are thankful to Eastern friends for ver men can give no valid reason. 1 the confidence they have shown in that part of Kansas, and they Why should we consult the wishes of other countries so lo.ng- hope that confidence will never be shaken . . as they will not be fair? I. am ready to support an:y measure ~at will give the desired America is perfectly able to take care of herself; she produces relief,, ~d do ~ot care who l~t:r:oduces ~t. . more silver th3Jl any other nation in the world, and yet we are Th1s 1s a b~~ess.a?d pa.trwtw questwn; let us act a& bus1ness asking, What India is going to do? What. Great Britain is go- men and patriotic citizens. [Applause.] . . . ing to do? What Germany and France are going to do? Mr. ~O.pERICK. Mr. Speaker, I as~~e 1n the begmnl:D-g, Their action may affect the price of sHvera.little, but not much; tJ;at w hl.ch lS perfectly ~ppa~nt, that this lS a. c:on test agamst not enough to justify this country in re.fusino- to use it lono-er as bimetallism; but the discuss10n has taken a w1de range, and a money metal. o "' should I depart from the real question it will not be without I was pleased with a greater part of the speeeh made by the precedent. . . . gentleman from Colorado [Mr. PENCE], but think he did an in- . Tha State: I ~present, m part, o.rr thi~ .floor ~as no m1?e~ of iustice to the producing States when be sent up a doleful wail e1tller ~d or silver.. She has no dl.l'e'?t rnterest m ~pp reCI ::tting about their small increase in wealth, and spoke of the great in- the. b~llia:n value of e1tber .metal, but, m comm~m w1t~ the gre:tt crease in wealth of the Eastern States, and I am glad he left out maJOrity m the West, she lS deeply concerned m ha vrng money the State of Kansas, and I am sorry the gentleman from South enough for the development of the res<;mrces of th a ~ country and Carolina [Mr. TALBERT} referred to Kansas. to supply the wants of a. new and gro_wmg commuruty~ While it is t rue that the manufacturing States have greatly ::fhroughout the. Wester~ Sta~, w1th the people.who trade and increased in wealth in the ten years from 1880 to 1890, yet K an- 'vLJh ~hose whotoiland think, thismoneyprob l em~sthesup.reme sas, with all the falsehoods that have been published against questl~n oi the ~ our. And these peopl~ are lookmg to th1s ~x: her made a greater per cent increase in assessed valuation in traordmary sess1on of Congress. and hoping, not for contractwn the 'ten ye3.rS above mentioned than any manufacturing State in of the c~rrencJ:'' _but for. expan~10n . . They are. not prepared for this Union. [Loud applause.] coz:tractwn, form seekmg: therr suffra~es durmg the late cam- The great State of Massachusetts, the State used in the com- Paigrr tJ;tey were n?t prmmsed con~ct10n. No have they ha~ pa.rison made by the gentleman from Colorado, only g ained any notice that th~ was to bethepolieyof th~Governmen.tuntil 35.93 per cent, while Kansas gained ll6.58 per cent. ~herecen t e xtrao rdmar:y message of th.ePremdent was delivered Mr. PENCE. I would like to ask the gentleman if it is not a m these halls. and pubhshed to the country. fact that Kansas has to-day the largest per capita mortgage debt PARTY PLATFoRMs-. of any Shte of the Union, or about the top of the list. Mr. CURTIS of Kansas. It was vary large, but within a year The two great national political parties at their last conven or two it has been reduced, so that to-day we have not as much tions had declared in favor of the continued use of both gold and mortgage debt as many other States; and I am thankful it is silver as money metals wit hout any expressions as to how much being rapidly paid off . of either was required. It 'vas further declared that, along with gold, silver should be tre:1ted as standard money. But coupled Mr. PENCE. I thank you for the information. with its declarations indorsing the double standard the Demo Mr. WAUGH. I would like to ask the. gentleman a question cratic platform contained a clause dems.nding a repeal of the in that line. Sherman law, alleging that it was only a makeshift. . Mr. CURTIS 0f Kansas. Certainly. It was not understood , however,. during the campaign that Mr. WAUGH~ Is it not a fact that a very large amount of the purpose was to r epeal this statute without substituting- for the indebtedness of Kansas is based on the purchase of real estate it some other and better pr ovision~ In truth, the very terms of and par uonal property? the declaration invited the belief t h at there was to be a more Mr. CURT IS of Kansas. A large amount of the. indebtedness liberal use of silver - as money. The voters genernlly had no is for the p urchase-money of real estate, and also town lots for thought, or suspicion, on election day that either of the national purposes of speculation, where the-y tried to spread towns over parties intended, if successful,. to take a backward step on the whole townships. silver question. There had been no denunciation, or- dissent,. in Mr. WAUGH. I would ask the gentleman if it is not true either platform from the contention which h ad been going on1 that the bulk of the mortgages is nvt Oil' the. farms? for years, h&ving- for. its. o hject. the enlarged use of silver & 524 CONGRESSIONAL RECORD-HOUSE. AUGUST 19, money, and the electors had no reason to believe that there was of our coins, unless we abd1cate the power given by the Consti a latent ambiguity anywhere from which the successful party tution. But while Congress has the sole power to re(J'ulate the would undertake to justify itself in a movement which would -yalue of silver coins, to destroy its money functions against the result in contraction or would further restrict the use of the JUdgment of the people would do violence to the spirit of the white metal. Constitution and weaken confidence in democr.ttic government. When the national parties met in solemn convention to make The power is to regulate, not to destroy. up the issues for the campaign, there seemed to be no disposi tion from any source to pronounce in favor of a single gold VALUE AND COST OF THE SILVER DOLLAR. standard or for a diminution of the currency, because the at Much has been said and written by the advocates of the gold mosphere was portentous and every one knew at the time that s~!illdard abo~t the" d_ishonest dollar," and. yet it is true the such a declaration would be followed by inevitable and over sliver dollar 1s worth 1ts face value from Maine to the Golden whelming defeat to the party making it. Gate. ~he merchant when offering and selli.ng his goods asks But when the contest was over, and before the new Adminis no questwn as to the kind of money he islto receive. Silver is tration commenced, the gravest apprehensions were aroused by exchangeable for any other money without discount all over the reason of the demand from high places for the demonetization country, and notwithstanding the efforts to depreciate and de of silver. grade, the fact is worthy of consideration that many more peo THE EAST AND WEST. ple.handle silver than gold. Silver is the money of the masses, I desire, at the outset, to call attention to certain conditions in whlle gold is the money of the few. But we hear that it is the this country, which are doubtless understood by gentlemen here, debtor class who demand the •continued use of silver. Debtors but do not, in my judgment, receive the consideration to which have a right to be heard, but they are not alone in this demand. they are entitled. The people of the Eastern Shtes are in the It comes from the producers, from the laborers, from the mines possession and enjoyment of the property accumulations of many and the mill, but it is not a demand for repudiation. generations. They are loaning money, and gathering interest The people have not the slightest disposition to repudiate their from every other portion of the land. They have resources de debts. They can and will pay, with interest, that which they veloped, and have long since established the m:1chine shop, mill, owe. What they do most earnestly protest against is the con and factory. They are producing and manufacturing everything stant appreciation of gold by the disparagement of silver, which they consume; hence, the money exchanged for these commod results in increasing their monetary obligations. If one-half the ities remains at home. basis for our circulation is to be discarded, it follows as a neces With these environments the men of large fortunes in the sary result that the other half will be dearer and easier manipu East have not until recently seen the necessity for more money. lated and controlled. The threat to do this }las brought us face They desire to secure the largest premium possible, and under to face with panic. This is the condition with which we are con stand perfectly that the smaller the amount of circulating medium fronted, and this condition is to-day retarding development, the greater the demand for loans, and the larger will be the in stifling enterprise, and oppressing debtors. So generally has come. this threatened disaster affected all conditions and classes that In the new Wast the conditions are essentially different. Her the cry of alarm has gone out from nearly every household. resources ard undeveloped. The people, as a rule, began in ad For centuries the currency of the civilized world has · been versity aud have acquired nothing by inheritance. They have based on gold and silver, but the ''financiers," always fruitful in builded homes and institutions, but the factory is not, yet estab suggestions and expedients, demanded a change, first in the Old lished. Like the settlers in other new communities they are World, and it was speedily made. That we so readily indorsed borrowers. It follows that they must borrow from those who thj_s foreign policy and adopted it by legislative enactment has h ave to loan and give such security as is demanded. The farm, always been a matter of surprise, and h as given rise to much already burdened with taxation, 1s now encumbered by mort criticism. gage. This farm is the source of all income to the propria tor and The law of 1873, omitting the standard silver dollar from the must produce sufficiently to meet all his demands. coinage act, was a mistake, but there was little silver in circula The products of the field are marketed and the proceeds im tion at the time, and judging from the record no one in Congress, mediately find the way to money centers in· the East to cancel or out of it, foresaw the effect it would have on the finances of the coupons and to purchase and supply Western homes with manu country. Since that every effort to restore silver·and return to factured commodities. There is no just ~round of complaint the former system has been met with the argument that gold bee use of this more fortunate situation m the older States. would be driven out. When partial r~storation was made in The people everywhere have the right to enjoy the fruits of 1878 dire consequences were predicted. Again in 1890, when their rightfully acquired possessions. But in view of these dif the much abused Sherman law was enacted, it was urged that ferent situations it is not difficult to comprehend why the West the white metal would soon be supreme: Notwithstanding these wants increased circulation. She wants mterestreduced, enter prophesies the two metals are hera, each performing the func prise stimulated, and new avenues opened to business and em tions of money and each still the object of earne3t desire. plovment. We hear it said and repeated that silver is so heavy and cum The ratio of increase of money, under existing coinage pro bersome that large quantities can not be put in general cir visions, compared with the increase of our population is slight, culation. This will most certainlv be so if the dollar is materi so restricted that prices have not been maintained. But sud ally enlarged. But those who make this objection against silver denly there is grave apprehension of disastrous inflation by reason find no fault because gold does not everywhere freely circulate. of the use of the two metals, and the demand comes to strike one Gold does not and has not circulated among the masses to any down, and this is not the mutual demand of the two classes, but considerable extent since the beginning of the late war. It is it comes alone frorri. the creditor class and after the contracts hidden in the vaults and few people think of it when engaged in have been entered into on the basis of gold and silver payments. ordinary business transactions. Paper is growing in use in the This would change the terms of the contract, be grossly inequita commercial world where large payments are required. ble, unconscionable, and oppressive. And this threat coming But the fact that coin does not e verywhere circulate is imma from the older States, and supported by the national Adminis terial in the consideration of this question. It is the right to the tration, is supplanting security and contentment with suspicion use of both metals as money which is insisted upon. I believe if and alarm. this right had b 2.en firmly established here that there cnt inter But the real question lies beyond this. The capitalists want nation:J.l monetary conference would have reached a s:ttisfactory a system of finance which can be absolutely controlled through conclusion and silver would have been placed in business chan the banks, while the masses are contendingfor bimetallism-for nels side by side with gold. It was the division of sentiment in the money of the Constitution. This is the paramount issue be this country which gave the gold monometallists of Europe hope fore the American people and will take precedence over all others of parmanent disagreement at Brussels and which resulted in until finally settled. the rejection of all overtures from our delegates. We have been admonished all through this discussion that our The work of this conference and the position taken by some system of bimehllic money is not satisfactory to Europe. There of our delegates since are serving only to weaken our position. have been many things done here not entirely in harmony with the abroad. We must adopt a comprehensive and liberal policy for views of the aristocracy of the Old World. I would not, however, the United States, st:md by it, and other nations will soon come underestimate the history and precedents of these great nations, to us. The talk of gentlemen in favor of breaking down our . but the truth remains that the great masses of the people there policy in order to hasten international bimetallism will not de have had no voice in shaping their institutions or fixing their ceive any one. It is not bimetallism they want, but an excuse policy. Their policy was fixed solely with reference to condi •for de5troying it. · tions and interests of the ruling classes. ¥r. Spea.ker, it is said that we should no longer try to main Fortunately for us, the Constitution invests Congress with the tain the double standard because the silver dollar does not rep· authority to coin money of gold and silver and fix the value resentadollar's worth of labor. It is admitted here that no one thereof, and give to it when S() coined legal-tender functions. knows the actual cost of the silver product. Until recently there No other power on earth or ''among men" can regulate.. the value were no statistics which undertook to give the cost of production, , \ -. • 1893. CONGRESSIONAL RECORD-HOUSE. 525 and none now give, or attempt to give, the cost of prospect reserve Of $200,000,000, aRd to maintain it intact by the sale Of bonds if neces Sary. Such a. suggestion from such a source is, so far as it goes, evidence of ing and development. The effect has been to show the cost a tendency toward conservative reaction. The trouble is that it does not only of hking ore from the productive mines. So far as the go far enough. It is shared by far too few of our statesmen to give hope aggregate cost of production goes, this is clearly misleading. that any earnest effort will be presently made to protect the country from that lapse to a silver standard which the conditions of the time seem to Everyone who has been through our great Western mining threaten. region knows that every mount:lin side, where evidence of pre cious mehl bas been discovered, is literally honeycombed with These two measures were at that early date mutually under prospectholes and driven full of tunnels. These ventures do not stood, and should they be consummated another will be deemed ~ecessary and will be speedily devised to dispose of all the silver, by any mems cover the entire cost of prospecting. It is the mcluding silver dollars, now in the Treasury, or one which will judgment of those who have had best opportunities for observa in some way destroy the character of this metal as money. tion that the gold and silver ores produced have cost more than Before leaving this division of the subject, I desire to refer 100 cents to the dollar. If the facts could beascerh.ined and the to the question of ratio, which has been discussed so ably that I actual cost determined, the truth of this proposition would be need only mention it. The silver dollar is large enough. To demonstrated. essentially increase its weight would be but another form of de Superintendent Porter in his Report on Mines and Mining, monetization. Outside of a few money centers, where they have under the head of" Cost of Producing Gold and Silver," says: all along disparaged the use of silver, the silver coin at its pres The actual cost of production of the precious metals varies so greatly at dilrerent mines and works that it would be impossible to arrive at any abso ent ra.tio, in limited sums, is preferred to other currency. The lutely accurate average. That one of the great gold or silver mines, when in masses care little for the ratio. It is a convenient coin for bonanza, earns enormous profits merely means that the cost of production everyday transactions which is wanted. It would partially re is but a small part of the market value of the metal produced. But the mi rage of the widely known if not long lists of millions accumulated by for lieve the situation to retire the one-dollar notes, coin all our tunate owners of gold and silver bonanzas induces the investment of mil silver bullion at 16 to 1,.pay it out for the erection of Govern lions in the opening and working of prospective bonanzas that never ma ment buildings and in pro3ecuting other Government works,· terialize, and encourages and supports the lonely prospector in his weari some waiting for the fortune that never comes. The spirit of the gambler and thereby give new impetus to the wheels of industry. controls in great measure in vestments in precious-metal mines, and so far as EXPORTATION OF GOLD. this class of investment goes there can be no doubt that it is, on the whole, unprofitable; or, in other words, that the gold and silver obtained by it cost There is no reason why gold should flow out of the country in much more than they are worth in the market. any considerable sums, except when there is a balance of trade '· This report further shows that when the losses are taken into against us and the settlement i~ required in gold, or when for consideration" that the average cost of all the gold produced is eign goverrments holding our bonds desire to convert them into more than $20.67 per ounce troy, and that silver is more than, gold. As long as we have bonds outstanding it is possible for say, $1 per tl'OY ounce." either of these contingencies to happen so as to cause slight con Mr. Porter has not attempted to take into account the cost of traction, whether we have silver or not; but the common mind explorationand of "dead work," and yet he has reached the con oan not understand how, when some part of the gold :flows out, clusion that.has been reached by every other impartial investi from any cause, conditions are to be improved by striking down gation, that the cost of producing precious metals is greater than any part of the money which remains. . the value as expressed by the coins themselves. There is not the If all these disasters should come upon us, that is, if silver ·slightest doubt but that the silver dollar at its present ratio rep should be destroyed by legislation and gold disappear, there resents more than 100 cents in labor and necessary expenditures. would be· but one alternative left-an irredeemable paper cur THE ASSAULT ON SILVER. rency. For it is well understood that the entire stocks of gold The times of 1873 to 1877, when there was only about $15 per and silver are not now sufficient to serve the purpose of the capita in circulation, are not forgotten. Prices went down, busi world's money and have to be supplemented by enormous issues ness was depressed, and the country was nearing the verge of of paper. bankruptcy. Congress was appealed to, and after a struggle, The argument that the use of silver will drive gold out of the legislation was had which resulted in a partial restoration of country is not new. It has been made through the press and silver and a gradual increase oi the currency. For the last few stated and reiterated on this floor'atevery session foryears, and years we have had from $20 to $24 per capita, and the country was yet gold and silver have gone on increasing. more prosperous until this last onslaught was commenced on I hold copies from the official records of the Secretary of the silver. Treasury showing the coin in the Treasury and in circulation From this time panics and business failures came one after July 1, 1879, and August 1, 1893, which clearly refute all these another, and I can not avoid the conclusion that the men who prophecies concerning the exportation of gold by reason of coin have forced this issue are wholly responsible for the distrust, ing and using silver. I desire these stat-ements placed in the suffering, and ruin which is sweeping over the land. The miners RECORD with my remarks. in the far West, the producers in the agricultural States, and Statement showing the amonnts of money in the United States in the 1'reasun; the laboring people in the factories are alike victims to this un and in circulation on July 1, 1879. justifiable assault on half the money of the Republic. [Population, 48,866.000; circulation per capita, $16. 75.] A few weeks ago, when the b3J.ance of trade was against us General stock and our people were settling such balances with gold, we were coined or In Treasury. Amount in told that the Sherman law was responsible, and ~h a t it must be issued. circulation. speedily and unconditionally repealed. But the extra session came a month too late. The gold is rapidly returning. The Gold coin------·------$245,741,837 $135,236,475 $110,505,362 silver law is still in force and the silver dollar worth a hundred Standard silver dollars_----·---- 41,276,356 33, 239,917 8,036,439 Subsidiary silver ____ ------______70,249,985 8, 903,401 61, iWi, 584 cents. Had this Congress been convened forty days earlier the Gold certificates ___ ---- ______---- 15,413, 7'00 133,880 15,279,820 repeal would h ave been urged here and by the press on the sole Silver certificates______2, 466,950 2, 052,470 414,480 • ground that the law was depleting the country of its gold coin, United States notes______346,681,016 45,036, 904 301, 644, 112 National-bank notes------329,691,697 8, 286,701 321 ' 404, 996 and that we were nearing silver monomet3.llism. I------1·------:------As soon as it was known thatMr.Cleveland was elected Presi TotaL----~------1,051, 521,541 232,889,7481 818, 631, 793 dent the metropolitan press commenced paving the way for an additional issue of bonds and for this crusade against bimetallism Statement showing the amounts oj gold and silver coins and ce•·tijicates, United and prosperity. Editorials and interviews showing the trend of States notes, and national-bank notes in circulation August 1, 1893. Eastern sentiment and plainly indicative of this contest appeared from time to t.ime, after the November election, in all the great General stock, dailies. coined or The following paragraph, t aken from the New York World of issued. December 21, 1892, was significant: · The outflow of gold, which Secretary Fo.st.er so jauntily dismisses as a Gold coin ______--,------$520,273,567 15103,363,626 $i16,909,941 $410,447,360 thing of no consequence, is very differently viewed by men of greater sober Standard silver dollars. ___ _ 419, 332, 450 363, 108,461 56, 223,989 57, 031~ 862 ness and more sense. It is a symptom. and there are men of serious minds Subsidiary silver __ ------___ _ 76, 5G3, 878 12, 556,749 64, 007, 129 63, 346,937 in Congress who regard it as one needing treatment. Senator WASHBURN Gold certificates ______87,704,739 93,710 87,611,029 136, 861,829 sees in it the natural consequence of the fact that a number of European Silver certificates ______---- 333,031,504 2,843,114 330,188,390 327,336,823 governments a re strengthening their gold reserves. That is another way Treasury notes, act July 14, of saying that they are buying and hoarding gold. As there are several of 1890 ______148,286,348 4,512,210 143,774,138 101,756,301 them doing this simultaneously, and as all our financial administrative UnitedStatesnotes ______346,681,016 22,286,612 324,394,404 311,852,278 methods are such as to make the United States Treasury the easiest and Currency certificates, act most convenient source from which to get it, it is being drawn from us. JuneS, 187:L ______, .. ------8,340,000 485,000 7,855,000 26,720, 000 There are men in Congress who, in view of the facts and of Europe's re National-ba.nknotes ----·--- 183,755,147 3,6~,150, 180,134,997 166,595,935 fusal to lend us any aid whatever in the solution of the silver problem, think 1 the time has come when we should assert and protect ourselves by dropping all efforts to maintain silver and proceedrng at once to strengthen our own Total ______------2, 123,968,649 512,869, 632;1, 611,099,017 1, 601,949,325 gold reserve. It is suggested by a Senator who has not been counted as hostile to silver that we should repeal the Sherman act-for which he voted Population of the United State:; August 1, 1893, estimated at 67,066,000; cir a.nd substitute for it a measure requiring the Treasury to accumulate a gold culation per capita, ~02. • 526 CONGRESSIONAL- RECORD-HOUSE~ AUGUST 19, From this data it appears that on July 1, 1879, there were in crease in the world's production since 1860, while its consump the Treasury $245,741,837 in gold coin, and on August 1, 1893, tion in the arts has been enormously increasing. Indeed, most, there were $620,273,567. To this last sum must be added the . if not aU, of the annual product is now consumed in the ar ts. gold bullion in the Treasury August 1, 1893, amounting to Some are frank enough to admit that with the constantly ex $7 8';345,510. panding commerce there is not sufficient gold to transact business However prophetic the Gresham theory may have been under and settle balances. Yet in the face of these facts and conces former conditions, recent history does not support the position sions the income classes are everywhere exerting themselves to our statesmen assumed on this question twenty years ago. In diminish the currency and to increase the value and purchasing the light of the Treasury record showing the accumulation of power of their money. Should the silver law be uncondition gold since 1873, is there any well-grounded cause for apprehension ally repealed gold will appreciate and the price of all other to be drawn from the continued use of both money metals? The properties and commodities will depreciate. increase in population and business demands, and will continue Jt·is impossible to say just how much m oney should be in cir to demand, a constantly increa.sing circulation. Every ounce of culation because it depends on many conditions. We do know silver produced in the United States could be used without the that the volume of monev is now insufficient. But it is said that slightest danger to business or commercial interests; and even after the repeal of the Sherman law the d e m :~. nds for an increas should this Congress not so declare, the time is approaching and ing circulation will be met by allowing the State or National notfardist9.nt when the people will decree that it shall he so used. banks to issue currency. If this is the plan, then you propose PRODUCTION Oll' GOLD DIMINISHING. to destroy the great mining interests of the country, upon which There is afurther and more cogent reason why the use of sil millions of people are in some way dependent, to help a class ver should be continued and enlarged rather than diminished. that is amply able to help itself. You foster and perpetuate a The en tire gold-producing regions have been systematically pros system which has served its purpose: a system once useful, but pected, and it is bslieved that the earth's great deposits of the for which better methods for supplying the country with p!tper yellow metal are almost exhausted. money have been devised-the issuing of legal-tender notes by I have here a paper, somewhat theoretical, but containing so the General Government based upon gold and silver. m any valuable truths bearing directly upon'this question, that! The gentleman from Ohio [Mr. HARTER] said the other day ask to have it read from theClerk'sdeskasapart of my remarks. on this :floor, with much earnestness, that the Sherman law was The Clerk read as follows : passed by a Republican Congress and approved by a Republican Gold getting scarce-the supply running out all over the world-probable President. I am glad the law was so passed, but hardly think that enormous masses of the precious metal are gathered about the center of the earth-why it is rare. •· How is the world going to get along when all the statement oi the gentleman will be accepted by the country the gold has been exhausted?" said a metallurgist to a Washington Star as a good reason for its repeal. It was the best measure which writer, interrogatively. "There is no joke about it. The gold production could then be enacted, and is infinitely better than anything this of th~ world is steadily decreasing from year to year, and it will not be very long before the supply is practically used up. Not more than $100,000,000 Congress will do toward bimetallism. The vice is not so much in worth of the precious metal is now mined annually, and this is n~ the law as in the execution, vVhen, a few months ago, the New nearly enough to meet the requirements of expanding commerce. 0! course. York bankers organized to deplete the Treasury of gold through ~~~!E.osits will be discovered from time to time, but they will soon be ex- the presentation of Treasury notes, had the Secretary of the Why is gold so rare? Simply because it is heavy. There are only two . Treasury redeemed each obligation by paying one-half in gold metals that are heavier, namely, platinum and iridium. Remember that and one-half in silver, as the law clearly authorized, the run would at the beginning the earth was a body of gas. By gradual condensation it have been discontinued in twelve hours. became liquid, while now the whole of its mass, save only an outer crust., much thinner in proportion to the whole bulk than is the shell of an egg, Mr. Speaker, this contest will not be settled here at this time. would be a fluid but tor the tact that it is held together by tremendous pres The question of whether we shall continue the uEe of the two sure. Naturally, in the course of its formation about a center of attraction, the weightier particles composing the globe gathered about that center. precious metals as money is one of th!3 most momentous issues Accordingly we find that the earth, as a whole, weighs five times as much as now before the country. It is a question in which all classes, water, while the rocks forming the crust are only about two and one-half especially the industrial and debtor classes, are intensely inter times as heavy as water. ested. lt was obscured during the last political campaign, ex From this it is evident that the materials composing the globe near its center are very heavy, and it is to be presumed that they are chiefiy, if not cept in a few States, but it can not again be thrust aside and wholly, weighty metals. Gold and platinum being, with only one known hidden from view. -. exception, the hea.viest metals existing, it seems highly probable that enoi' No man could have been elected President in 1892 on a public mous masses of these precious substances are gathered about the center of the earth. What a pity it is that such colossal treasures should remain for declaration of the doctrine announced in the late message. The -ever inaccessible to greedy mankind! At all events it is unfortunate that people are in earnest and will not again be deceived. They are more gold is not to be discovered on the surta.ce of the planet, because no now beginning to read and understand the signs of the times, and other metal is equally ava.ilable for use as money. One naturally asks how it has happened that any gold and platinum when they witness, as they may in this land of ours, the setting are found on the surface of the globe. The answer is very easy. Both of up of the "golden calf" and hear the edict from the supreme these metals are always discovered among rocks which have been upheaved authority to worship at its shrine, discussion will be renewed at by volcanic or other causes out oftheinterioroftheea.rth. Platinum, which has only been found in abundance near the Ural Mountains, comes from ser every fireside, organization will follow, the golden image will pentine, a rock thrown up from the depths. Gold occurs chiefly in quartz be hurled from its pedestal, and political leaders who have de veins. When the earth was contractmg, great cracks were formed, and these were filled from below by the action of hot springs or otl:erwise with ceived the people will be driven from their places as the money gold-bearing quartz. Occasionally this quartz contains so large an amount ch angers were driven from the Temple. [Applause.] of the metal that the vein is called a " bonanza." Mr. CLARK of Missouri. Mr. Speaker, to demonetize or not But such deposits are soon worked out and fresh regions must be re to demonetize silver is the question that now confronts us. We sorted to for supplies of gold. Thus the available mines of the world a1·e being rapidly exhausted. They are usually discovered at the extreme limits might as well recognize the truth and look it squarely in the face. of civilization. In ancient times gold was obtained abundantly from the There is no good to come of beating about the bush. There is rivers of Asia. The sands of Pactolus, the golden fleece secured by the Ar no sense in whipping the devil around the stump. gonauts, the yellow metal of Ophir, the fable of King Midas, all illustrate the eastern origin of gold. Alexander the Great brought nearly $500,000,000 No subterfuge, no sophistry can delude the p eople on this mo of gold from Persia. Gold also came from Arabia and from the middle of mentous subject. The issue is squarely joined. 'l'here is, there Africa by way of the Nile. But all of these famous sources of supply were long ago exhausted. can b a, no misunderstanding about it. From u tter ances, public ' Likewise Brazil, which only a century ago was the richest or gold-prod uc· and private, here, from articles in current magazines and period ing count1·ies, has now ceased to be largely productive. The tot.al output icals, we know that it is the remorseless purpose of a minority of the metal from that part of the world from the end of tt.q sixteenth cen of t his House to ut.terly destroy silver as a m oney metal, while tury until now is estimated at 8700,000,000. All the famous gold coast of Af rica does not a.t present yield as much as 8400,000 a year. Yet the dark con a majority of us are determined to restore it to its place of tinent was formerly noted as the country of gold. Mummies have been nu ancient honor, usefulneas, and beneficence in the coinage of the merously found in Egypt with massive necklaces and other ornaments of country. [Applause.] the metal. Herodotus tells us of a king who loaded his prisoners with golden chains, <;hat substance being more common than bronze. Copper was even There can be no s tr addling, no dodging, no foraging between worn tor ornament in preference to gold. The treasures brought by the the lines, and no fence riding in this fierce con test. Queen of Sheba. tO- Solomon's Temple must have been of enormous value. He who is not with us is against us. [Applause.] Since the year 1500 Africa has produced about $600,000,000 worth of gold; but the supply is nearly used up now. The newspapers s::ty that the monometallists have hoisted the The supplies of gold drawn from the United States are steadily dimin black flag'and will give no quarter. Be it EO. We double-stand ishing. It is the same way with Australia, which has yielded for the world's use about $1,300,000,000 worth of the metal. Not lessthan$7,000,000,000ofgold ard Democrats, knowing that we are standing on the Democratic. has been dug in all countries since Columbus discovered America, four hun platform, and all of it-not on one sentence wrenched from i ts dred years ago. The amount is vast, but to produce it seems to have pretty context-and realizing that our cause is righteous, propose to nearly used up the available deposits. Thetimeisnearly approaching when f:.l ithfully and steadfastly represent the people who sent us the yellow metal will be hoarded much more than it is at present, and we may reasonably expect that it will attain before many centuries are past a value hither. several times greater than that which it now possesses. r.rhe Western Democracy says to the legions of the single gold Mr. BRODERICK. Owing to the manifold and wonderfully standard: Come one! come all! This rock shall fly improved m achinery for mining and smelting there has been a From its firm base as soon as I. slight increase of production of gold for the last few years, but .all the authorities concede that there has been a substantial de- To demonetize silver is practically to confiscate one-half of all 189ft CONGRESSIONAL RECORD-HOUSE. 527 the property in the United Shtes; to double. the difficulty of standard Democrats that if the people v.-est of the Alleghenies every debtor in the land to meet his obligations; to cause stag had not believed that both of those things would come about nation in every branch of business except clipping nontaxable there would now be no Democratic Congress to pass a money gold coupons off of nont!:LXable gold bonds; to carry ruin, pau bill and no Democratic President to sign one. [Loud applause.] perism and misery into one-half the homes between the two The people knew what they wanted, and they thought they oceans. Then shah be fulfilled that scripture which says: knew what theywere getting. [Laughter and applause.] Shall Whosoever hath not, from hi~ shall be t aken away even that he hath. they have it, or shall they not? Will we redeem the solemn pledges made by tongue and pen CARLISLE' S EVIDENCE. to the people and be considered their benefactors for ever, or I will quote to you words stronger than any my tongue can will we violate our vows and have pronounced upon our heads fashion-words from a m 3.n whom from my youth up I had re their anathema maranatha? Will we restore happiness and garded as an ideal statesman-a man whose genius and eloquence prosperity to the land and read our history in the nation's eyes, to a large extent educ:1ted the people of this country into a or wlll we be the instruments in creating universal bankruptcy thorough detestation of t he high protective tariff system-a man among the people who have committed to our hands a sacred whose speeches have been used as a text-book to win voters to trust? correct political opinions-a man whom millions of his fellow These questions I press home upon the mind, heart, and con citizens had fondly hoped to see President of theRepublic-Hon. science of every Democrat upon this floor. John Griffin Carlisle, now Secretary of the Treasury. In 1878, An illustrious statesman once said, and I commend the wisdom when a Representative in Congress, on this floor, on the ques of his words to all men of all parties: " You can fool part of the tion of demonetizing silver, he used this remarkably vigorous people all the time; you can fool all the people part of the time; language: but you can't fool all the people all the time." · According to my view of: the subject, the conspir~y wJ;Uch seems to ha:ve The seventh section of the Chicago pl;:ttform verbatim runs in been formed here and in· Europe to destroy by legislation and otherwise trom three-sevenths to one-half of the metallic money of the world is· the these words: most gigantic crime of this or any other age. The consummation of such a We denounce the Republican legislation known a.s the Sherman act of scheme would ultimately entail more misery upon the human race than all 1890 as a cowardly makeshift fraught with possibilities o! danger in the fu the wars, pestilence, and famine that ever occurred in the history of the ture which should make all of its supporters, as well a.~ its author, anxious world. The absolut e and instantaneous destruction or half the entire :mova for its speedy repeal. We hold to the use of both gold and silver as the ble property of the world, including houses, ships, railroads, and all o~er standard money of the country and to the coinage of both gold and silver appliances for carrying on commerce, while it would be felt more sensibly without discriminatrng against either metal or charge for mintage, but the at the same moment, would not produce anything like the prolonged distress dollar unit of coinage of both metals must be of: equal intrinsic and ex and disorganization or society that must inevitably result from the perma changeable value or be adjusted through international agreement or by such nent ann.ihilation of one-half of the m etallic money in the world. safeguards of legislation as shall insure t.he maintenance of the parity of the two metals and the equal power of every dollar at all timas in the mar 'l.'hose were words fitly spoken, and are like apples of gold in kets and in the payment of debts; and we demand that all :paper currency pictures of silver. When a monument is erected to his memory shall be kept at par with and redeemable in such coin. Wemsistupon this there should be inscl'ibed upon it that prophetic utterance as his :policy as especially necessary for the protection of the farm.ers and la.bor mg classbs, the first and most defenseless victims of unstable money and a nohlest epita:ph. fluctuating currency. Shakespeare says: To gild refined gold, to paint the lily, That is the last authoritative Democratic utterance on the sub To throw a perfume on the violet, ject of finance, and it appears to me to mark out a path so plain To smooth the ice, or add another hU{) that even the wayfaring man, though a fool, can not err therein. Unto the rainbow, or with taper-light To seek the beauteous eye of heaven to garnish, That is the platform; and what is a platform any way? Is it Is wasteful and ridiculous excess. an honest declaration of principles which the framers honestly • And really to undertake to add anything- to the forceful and intend to enact into laws if they attain to power, or is it a dis truthful words of the great Kentuckian is a work of supereroga honest device whereby to entrap the unwary voter? Is it a. tion. Thev sank deep into the minds of the Western and South candid statement of the faith that is in us, or is it a bait to catch western people, and have contributed largely .to give hearts of gudgeons? oak to those who under all vicissitudes have loyally fought under Is it the plighted word of men of honor to accomplish certain the double standard bequeathed to us by the l!,athers of theRe things, or is it only "A good-enough Morgan" till after elec public as a portion of our priceless heritage. The people-oh, tion, which palters with the people in a double sense- which the people! have wonderful memories, and they still fondly cher "keeps the word of promise to the ear and breaks it to the ish those words as containing a truth of portentous import. hope"? If the former, then Democrats are thoroughly committed to ·THE PLATFORM. the same :treatment for both silver and gold; if the latter, may I am a Democrat. I stand by the platfo,rm-by all of it-by God have mercy on us, for a dupad and outraged people will not. every jot and tittle of it; because I believed in it with my whole [Applause.] heart when it was made and I believe in it with my whole heart When going into the battle of Trafalgar, which was to estab now. It contains the Democratic gospel pure and undefiled. lish his country's supremacy upon the seas, which was destined Over no political utterance did I ever rejoice more than over that, to write his name high up on the roll of English-speaking heroes, because it was not a Janus-faced, double-dealing, good Lord, and which was to witness his own tragic but glorious death, good devil, all things to all men sort of document, but was a clear, Horatio Nelson, the most puissant spirit that ever rode the bold, honest, manly, masterful, comprehensive declaration of watery main, signaled his fleet, " This day Eng-land expects Democratic faith. From a hundred rostrums, in the presence of every man to do his duty." The world knows the result. As high Heaven and thousands of intelligent, law-abiding, indus we go into this great financial Trafalgar, the producing sections trious, God-fearing, patriotic people, I pledged myself to stand by of this land, bleeding at every pore from stabs of poisoned, pro it here, and, come what may, I am going to keep my word. tected stilettos, signal Congress, "This day America expects The main planks in that platform are tariff for revenue only every Representa1ive to do his duty." [Applause.] and bimetallism, in all which those terms imply. It means that, If we do we will win such a victory for the :prosperity and the or the English language has no significance whatsoever. It happiness of •the human race as has not been won since John promised the people unlimited coi11age of both silver and gold. Sobieski defeated the Turks under the walls of Vienna, and Mr. TRACEY. Not in the platform. thereby saved this world from the baleful and heartless domina Mr. CLARK of Missouri. Yes, sir. tion of theMohammedans. [Applause.] Mr. TRACEY. No, sir. All this talk about the Democratic party going to pieces on Mr. CLARK of Missouri. And that they shall have, if my the financial rock makes a lover of his country sick at heart. vote will give it to them. [Loud applause.] With the whole force of my being I believe that it will live Mr. LANE. We will join you. up to its promises and redeem its pledges. ''Our friends, the Mr. CLARK of Missoul'i. Mr. Speaker, itisanoldsaying that enemy," need not lay the flattering unction to their souls that it all things are fair in love or war, and some people appear to be is about to commit suicide by splitting into two warring factions. lieve that anything is fair in politics. I dissent in toto from any It can not, it must not, it will not. [Applause.] It is the great I· such immoral doctrine. The people have aright to honest treat bulwark of civil liberty, and the only hope of const-itutional gov ment at the hands of those who aspire to be their agents in pub ernment on the whole fa.ce of the earth. In its early days it lic affairs, and to the man who betrays them they will send the drank at the founta.inof perpetualyouth; it will be living in pris- · silken bowstring for his own destruction. [Loud applause.] It tine vigor when the youngest of us shall have moldered into dust, is my solemn conviction that the man who will deceive the people and it is destined, under God, to yet give the ~eople centuries of to obtain an office will desert them when in office. honest, benignant, intelligent, and patriotic administration . I reiterate the proposition-and it can not be repeated too [Applause.] ' \ often-that the Chicago platform proclaimed to all the world MISSOURI WANTS SILVER. that we are in favor of cutting the tariff to a strictly revenue The gentleman from Maryland [Mr. HAYNER], who led the ad· basis, and in favor of bimetallism; and let me tell the single gold vance guard of t~e single g old-standard cohorts, seems to be har· • I • 528 CONGRESSIONAL RECORD-HOUSE. AUGUST 19, _, boring the delusion that nobody is interested in silver coinage the most exquisite brains ever hou~ed in a human skull. [Ap· except the silver-producers of the Rocky Mountain States and plause.] Anything political advocated by the great Virginian Terriliories. He might as well disabuse his mind of that hallu I am willing to swear by now. [Applause.l Hamilton r ecom cination at onee and forever. mended, in his celebrated report to Congress, that the unit of Missouri is an imperial COmmonwealth. She is one of the value should rest on both silver and gold, and gave his reason in greatest agricultural States ever formed by the hand of God. these words: So far as is now known; she has nota paying gold or silver mine To annul the use of either of the metals as money is to abridge the quan within her borders. tity of the circulating medium, and is liable to all the objections which arise These are about the only good things with which she is not from a comparison of the benefits or a full with the evils of a scanty circula bountifully provided. [Laughter.] But she has what is far better tion. than gold and silver mines. She has 68,500 square miles of land, He submitted the report to Jefferson, and that immortal states the -richest under h eaven-on the surface rich in soil and be· man indorsed it in these words: "I return you the report on the neath the ·surface rich in coal, marble, onyx, building stone, and mint. I concur with you that the unit must stand on both all the baser useful metals. She produces in profusion wheat, oats, metals." corn, cotton, pork, beef, mutton, fruit, and other commodities, Hamilton, who was the original aristocrat in America-who which she exchanges for gold and silver, and her people want sil advocated a vote based on property because the rich had, accord ver coinage for thefollowing reasons: With all her accumulated ing to his view, the largest stake in the Government-he who wealth and her incalculable natural resources, she is still a debtor furnished Republicans with their theories, their political chart State. Her people believe that silver is one of the money metals and compass, and Thomas Jefferson, the father of Democrt1cy, of the Constitution; they believe that the experience of four who looms up against the sky of history as the typical Ameri thousand years has demonstrated it to be good money [applause]; can President, who was the profoundest original thinker that they believe that it was corruptly and wickedly demonetized in ever devoted his life to statesmanship, who plowed his name 1873. deeper into the hearts and his political ideas deeper into the Having contracted debts under the double standard, they minds of men than any other man of whom history h :ts pre claim that they have the indefeasible right to pay them under served an authentic record-these men, antagonists, competi the same s~ndard; they deem it nothing short of robbery com tors, and enemies in their lives: ant::tgonists, competitors, and mitted under the forms of law to h ave them doubled by act of enemies in history and even in their graves-they agreed that gold Congress; they say that when they h ave mortgaged a farm for and silver both should constitute the unit of our coinage. It $5,000 to some Eastern company, their chosen servants have no must have been plain indeed to induce those two bitter rivals right by hostile legislation to practically raise the mortgage to and good haters to agree. An ignorant man-or even the dis $10,000 [applause]; they believe that the financial paralysis and tinguished scholar from Maryland- is in pre tty good intellectual terror from which the country is now suffering have been pro company when with Thomas Jefferson, to say nothing of Alexan duced by the twin e·vils of the high protective tariff and the der Hamilton. [Applause.] ·constant contraction of the currency; and they declare that the Aye, more. I state here and now, without thefear of success- clock has struck the hour when Congress should cease to legis ful contradiction, that until unhallowed greed combined with late exclusivelyforwhat Mr. Blaine, for some unaccountable rea prostituted ingenuity to discover new ways of despoiling the . - son, denominates the nine industrial States. [Applause.] many fo1· the benefit of the few, no great financier of any age .AS TO IGNORANCE. or clime can be named who seriously advocated a single standard, • The gentleman from Maryland [Mr. RAYNER], in his impas- while on our side the roll call includes all the eminent political sioned address the other day, declared that our contention that economists who ever lived. [Applause.] gold and silver are the money of the Constitution is an argu Even Ernest Seyd repented of his sins and lived to become a ment constantly addressed to the ignorance of the country. pimetallist; but his disciples on this side. the water, like Ephraim, Tha.t is certainly· a refreshing sort of statement. It appears to are joined to their idol, and still stand by his discarded theory me that somewhere I have heard before 't>f persons who ex which is only another illustration of the truth that- ploited their superiority over the remainder of mankind, and The evil that men do lives after them; the good is oft interred with their who stood on the street corners rolling their eyes to heaven and bones. thanking God they we},'e not as other people. [Laughter.] [Laughter.] There are unquestionably a great many wise .men in the East. THE DISEASE. fVmghter.] . · The gentleman from Ohio [Mr. HARTER] likens our Uncle ~ That proposition can not be gainsaid; for Solomon lived Samuel to a patient suffering from alcoholism, and prescribes there: Socrates lived there; Cato lived there; Lord Bacon lived the Gold Cure. That he is very sick is -true, but Dr. H arter there; and the gentleman from Maryland lives there. [Laugh makes an incorrect diagnosis. He is suffering not from delirium ter.] But I beg leave to observe that living in the E ast and tremens, but from renemia-from poverty of the blood-from ina being in favor of a single gold standard do not necessarily make nition-from a lack of the circulating medium. The gentleman's a man wise any more thanliving in the South or West and being remedy for our uncle, who h as been bled almost to death by the in favor of the double standard prove his ignorance. The gen Shylocks for their pound of flesh, is to still further deplete the tleman's assumption is a gratuitous insult to a majority of his tottering and enfeebled old man by more bleeding. Like the fellow citizens. horse leech's daughter, he still cries in the dull ears of the illus I apprehend that if the gentleman from Maryland will pay a trious sufferer· "Give!" "Give!" [Laughter.] He turns to the visit to the Mississippi Valley and extend his journey to the attending physicians and commands: "Whet your lance and home of my friend from Colorado he will change his opinion plunge it into the old man's jugular vein!" somewhat touching the question of intelligence while he is What this country needs is not Dr. Harter's Iron Tonic, but wearing off his character of a tenderfoot. [Laughter.] Dr. Bland's Silver Cordial. [Applause.] · There is no imminent danger that wisdom will die with the THE PANIC .AND ITS CAUSES. men from the East. [Laughter.] The gentleman from New York [Mr. HENDRIX], who acknowl In his Commentaries, Cresar divided all Gaul into three parts. edges that he is a Missourian by nativity, who is fortunate If the imperial historian were aliveandcould witness the scenes enough to be the president of a national bank, and who came to enacted here, eRpecially the airs of superior wisdom and honesty Congress by way of the East, draws a soul-harrowing and tear assumed by some of the gentlemen on the other side, he would compelling picture of the long-suffering andpatriotic NewYork change his text so as to read: "All gall is in one concentrated bankers standing in the breach after the manner of Leonidas at lump, huge, as high Olympus, and is found among the single gold Thermopylre and "holding up the financial system of the country standard R~presentatives in Congress." [Laughter.] by the neck." [Laughter.] But I undertake to say that until the chief industry of the That is certainly a spectacle for men and angels. East came to be lending money the wisdom of the,E ast was on our The trouble is that they have had the business of the country side, and that until the senior Senator from Ohio took a trip to by the neck until they have choked the breath of life out of its Europe in 1867 every great statesman of this country, even in body [applause and laughter] and until the consuming de ire of the East, had been a bimetallist. [Applause.] , the great mass of the people is to break that same neck hold of It was one of the very few propositions ever ag-reed upon by Wall street. fApplause]. Alexander Hamilton, the grandfather of the Republican party, Speaking as one having authority, he curtly informs those and Thomas Jefferson, the chief priest, prophet, and apostle of who h ave-the temer ity to differ with him that they are advocat constitutionalliberty. · ing "infernal rot," ,·cgibbering idiocy," "ra.nk,staring,sta1·k Let gentlemen think of that. It must furnish the gold-stand insanity," and" the height of midsummer madness.' ard men ample food for reflection and give them pause. What These are r ather harsh charges to prefer against the repre ever else m ay be said of Ale.xander Hamilton, he had moee brains sentatives of great constituencies sent to this Hall to legislate and more courage than any other man who eve~ fought democ for a free people because they have the courage and_fid elity to r acy on this continent, and Thomas Jefferson possessed one of stand here and contend for their rights, Lombard street, \V'all 1893. CONGRESSIONAL RECORD-HOUSE. 529 street and '' the old lad_y of Threadneedle street" to the con the fact that hope deferred maketh the heart sick. He desires trary notwithstanding. LApplause.] · us to wait and follow England, France, Germany, Russia, Aus- He repeatedly told us that the monetary evolutionary processes tria-Hungary, Italy, Spain, Holland, Portugal, Switzerland, and which God set in motion had evoluted every civilized nation ex all other countries; that is to say, that America, the richest cept ours into the single gold standard, and would in a few days nation under the sun, producing 28 per cent of all the gold and .. evolute us into the same condition of inefl'ablefelicity. [Ls.ugh 41 per cent of all the silver of the world, shall patiently and ter.] meekly wait, cap in hand, till every eight by ten kingdom and Now, I never was much of an evolutionist, and have always principality in Europe shaH give her permission to lift up her preferred Moses to Darwin; but after listening to the gentle lusty voice in the business affairs on which the happiness and man's speech, I believe more firmly in the Pentateuch than prosperity of all her people depend. The masses of the United ever-for if the summum bonum-the chef-d'reuvre-the ulti States-the men who prod·uce the wealth and not the men who mate result-the highest product of all the evolutionary pro grow rich by levying tolls from wealth passing through their cess is a Wall street gold bug, then the evolutionary procoss has h ands-do not love the practices or the practitioners of Lom been of little benefit to the human r ace. [Great laughter.] bard street. According to his rather curious theory God Almighty-and The day has surely come at last when this Republic should not the Sherman law-is responsible for the condition that in lead and not follow in the procession of the nations,·and if that volves the globe to-day and is therefore presumably in favor of day has not already dawned may God speed it in its coming. the gold standard. More than one hundred and seventeen years ago this country, I have in my time witnessed divers attempts to unload many then a feeble infant, declared its political independence of all of the errors, sins, and follies of men upon the Creator; but to the world, and some people have the audacity to believe that ask rational beings to believe that He is the author of the direful she, having grown to colossal proportions, should declare her calamities now oppressing mankind, and that he is sponsor for financial independence and be free indeed. [Applause.] the single gold standard is certainly taxing human credulity to And suppose that we completely remonetize and rehabilitate its utmost limit. [Applause.] In the absence of a revelation on silver and England cuts our commercial acquaintance-what the subject, and considering all the circumstantial evidence in then? It would inevit3.bly give us control of the commerce of the case, it looks as though H~ were on our side; bec~use He is every silver-using country on the globe-France, India, China., always on the right side. [Applause.] And because in the begin Mexico, the Central American States, a.nd the Republics of South ning, in His infinite wisdom, He so distributed the precious metals America-which would more than compensate us for the English throughout the world that after six thousand years of ceaseless h u trade. [Applause.] . man endeavor the quantities of gold and silver in circulation are Gentlemen talk as though Europe bought our wheat, corn, almost precisely the same. [Apphuse.] Is that a mere accident? pork, cotton, and beef because they. love us. That is not true. or was not the omnipoten tfinger of Almighty God visible in it from They are hungry a.nd they must eat. They are naked and must the first? There is, there can .be, but one answer. He created be clothed. That is the reason they buy our stuff. [Applause.] man and woman to go in pairs, and bade them ''Go forth, be fruit The gentleman lauds Thomas H. Benton for facing his own ful, multiply and replenish the e~rth." With alacrity has that party on a question of ratios in 1834, and prays for some other command been obeyed. [Laughter.] .He also created silver and man to rise up in the Mississippi Valley and make himself great gold to go in pairs, and Etent them forth on the mission of propa by imitating the heroic example of "Old Bullion." Thomas H. g ating, multiplying, and replenishing the business of the world. Benton was a great man and formed one of the qu:1drilateral of the Nobly have they discharged thatduty,andofthem, as of the bride greatest statesmen who have at any one time appeared together and bridegroom at the marriage altar, may it be appropriately in the Senate of the United States. His splendid fame consti said: "Whom God hath joined together, let no man put asunder." tutes one of the most valued treasures of Missouri and of theRe [Applause.l · public. I hope some day to see his effigy in St:1tuary Hall, but But we are dogmatically told that these metals which have been it is not advis!tble for Representatives here to follow blindly his the faithful servants of humanity from a time whereof the memory example in all things, unless they would enter the pathway of man runneth not to the contrary must now, after being law which leads to political death. fully wedded for sixty centuries, be divorced at the behest of Virgil says, Facilis descensus averno-easy the road to destruc England, the bully and free hooter among the nations of the earth. tion-and so the haughty, belligerent, imperious Benton found I beg gentlemen to remember that just so certainly as our it to his everlasting undoing. The awful cahstrophe of his ca mania for divorce between husband and wife is sapping the foun reer should be a warning to aU who hear me this moment. In dations of our social and moral fabric, just so surely will the di an hour fatal to his success he peremptorily refused to obey the vorce of gold and silver sap the foundations of our business fab instructions of the Missouri Legislature as to his vote on a cer ric and cause the temple of our prosperity to topple to the dust. t ain vital measure pending in Congress, and he fell, like Lucifer, The gentleman assumes the role of prophets and exhibits to us never_jo hope again. I have no sort of doubt that if the de the happiness and glory in store for us if we vote with him, and parted dead hke cogniz ~mc e of the affairs of this lower world, the infamy and execration to which we are heirs if we vote as and Benton could speak to us . this day, his advice to Repre ourconstituents desire us to vote. Indeed, all the gentlemen on sentatives would be," Stand by your constituents-vox populi, vox that side of the question indulge liberally in prophecies. They Dei -the voice of the people is the voice of God." [Applause.] call to mind what Charles Dickens says of Da.vid Copperfield ~ s This panic is a monstrous crime ·against the prosperity and sitting night after night under the gallery of the House of Com happiness of th~ Americ.:1.n people . [Applause.J It is purely mons, " recording predictions that never came to pass, prophe fictitious-absolutely without foundation , except for the insa cies that were never fulfilled, and explanations that were only tiable greed of the men who have ph nned and manipulated it to meant to mystify." [Ls.ughter.] fill their coffers with ill-gotten gains. They h ave overdone the He tells us that the panic was brought about, not by reason of thing. They wanted a scare and squeeze to accomplish their the Sherman law, but because the Anglo-Saxon race has over nefarious purposes; but they did not want it to assume its pres done the business of production. But he offered no remedy for ent proportions. They shrted it, but they could not guide it. the evil. The Anglo-Saxons are an industrious, ambitious, thrifty They sowed the wind, and they are r e ::~. ping the whirlwind. They stock; but what would he have them do-stop the plow in the have realized the truth of the old dictum that wicked inventions furrow, the sickle in the swath, and the mill in its grinding? sometimes return to plague the inventors. They are in the con That is decidedly rough on people who want to work, who know dition of the philosopher who took a few pieces of wood, leather, how to work, and who find their chief delight in work in the and iron and m ade him a devil, and after he had made him dis sweet hope of making pleasant the lives of their children. covered that the devil controlled him, instead of his controlling But if the panic in the Dnited States is chargeable to the over the devil. [Laughter.] ' production of Anglo-Saxons, how does it h appen that it came on first in the South American republics, where few Anglo-Saxons WHY THE WEST WANTS SILVER. find an abiding place, and where Spanish-Americans constitute The people of the West want silver money at the old ratio of the bulk of the population? 16 to f [applause], bec:tuse they want more money; and they He draws a graphic picture of how the money kings of Lom want more money because they need it in their business and in bard street in London will jeer and hoot at us when they the development of their illimitable resources. read of the four proposed ratios and what he is pleased to Thereisnot enoughgoldin theworld to furnish money enough term the omnibus in which all can ride. Let them jeer and hoot for its necessities. Everybody admits that You must use sil till the crack of doom. I thank God my allegiance is not to the ver or some substitute. You can not get-around it. money changers of Lomb::trd street, but to one hundred and All the political economists are agreed that the prosperous seventy-eight thousand toiling freemen in the great State of condition of a country is where the volume of currency is gradu Missouri. [Applause.] ally increasing, and that where the volume of money is either He professes himself an international bimetallist, and wants stationary or decreasing, business stagnates and the wheels of silver coinage postponed to a more convenient sea.son, ignoring progress cease to revolve. XXV-34 . 530 CONGRESSIONAL RECORD-HOUSE: AUGUST 19,. David Hume puts it this way: species of juggling that would cause. the nrost e1epert: Japanese. It is certain that since the discovery 6f the tnines in Amel'lca industry artist to turn green with envy~ fLaug h ter r] . has increased in all the nations or Em·ope. * * * We find that W every kingdom into which money begins to flow in greater abundance than for From that day to this there has been nothing but trouble tur ntel'ly, everything takes a new face; labor and industry gain life, he mer moil, vexation of spirit, crimination and recrimination o~ tne Chant becomes more enterprising, the manUfacturer more diligent and money questionr There never will be until the people g-e tlleir sk11l rul, and even the farmer follows his plow with more alac1·ity and at dues. tention. * * * It is of no manner of consequence with regard to the domestic happiness of a state '\vhethermoney be in greater or less quantity. That was the most astounding piece of legislation ever en~· The ~ood policy of the magistrate aonsists only in keeping it if pos ible, act-ed in any civilized country since the morning shJ."s fir t s'mg stillmcreasing; 'because by that means he keeps alive a spirit of industry :In the nation and increases the stock of labor, in which consists all real together. So fa.rasc.mnow be ascer·tained, nobodydemru1ded it power and riches. A nation whose money decreases is actually at that and only a small an:d select coterie knew that the silver dollar time weaker and more miserable than anotheY nation which possesses no was demonetized until scmie months a-fter the fell deed h ad been more money, but is on the increasing hand. accomplished. Such men as Allen G. Thurm n, J ames G.e William H. Crawford, Secretary oi the Treasury, in a report Blaine, WILLIAM M. STEWART, J ames A. Garfield, DANIEL W . to Congress, dated February 12, 1820, says: VOORHEES, William D. Kelley, ffiysses S. Grant, and others of All intelligent 'vriters on currency agtee that when it is decreasing in high char acter must be believed when they solemnly asseverate amount, poverty and misery must prevail. th ~t they did not know that that infamous bill, witb the inno Mr. R. M. T. Hunter, in a report to the United States Senate cent title of'' Regula.ting the Mint," struck down one-half the in 1852, says: money of the world. or all the great eflects produced upon human society by the discovery or To this day no man has ever given a cog-ent or S9Jtisfactory rea Am~>rica, there were probably none so marked a.s those brought about by the great influx of the precious metals from the New World to the Old. Eu s<;m for tha~ unparalleled act of confiscation-for that is pre ropean industry had been declining under the decreasing stock or the pre ~nsely what 1t \vas-bald, heartless, wtcked confiscation; for, let cious metals and an appreciatingsta.ndardof values; human ingenuity grew It never be forgotten that at the identical moment when that bill dull under the para.lyzing infl.uences of declining profits, and capital a. b- . sorbed nearly all that should have been divided between it and labor. was passed the silver bullion in a silver dollar was worth 103 Bnt an Increase of the precious metals, in such quantity as to check tllis cents in gold. [Applause.] tendency, operated as anew motive power to the machinery af commerce. It w~s not a" dish,onest dollar" then, it was not a "fiat dollar" Production was stimulated by finding the advantages of a change in the n standard on its side. Instead of being repTessed by having to pay more than then, It was not a "oO-cent dollar then, as the gentlemen it stipulated foi' the use of capital, it was stimulate" by paying less. Capi claim it is now. Pass alawtoputitbackwhere theconsph.. a tors tal, too, was benefited, for new demands were cre-ated for it by the new of ~873 found it, and it will rise to par again, and constitute the uses which a general movement in industrial pursuits had develo1>ed; so if it lost a little by the change in the standard, it gained much more in the mamstay of the Government and the people in every crisis of gteater demand for its use, which added to its capacity for reproduction and their fate. to its real value. True silver has apparently gone down sinee then, but every The mischief would be great, indeed, if all the world were to adopt but thing else that our farmers have to sell has gone down with it, one of ~~~S~~cious metals as the standard of value. To adopt gold alone would ·sh the specie currency more than one-half; and the reduction. In 1872 wheat sold at $1.47 per bushel, and now it sells at about the other way, hould silver be taken as the only standard, would be large 5(} cents per bushel. And the following table tells the remainder enough to prove highly disastrous to the human race. of the sad, sad story: I could pile up authorities for a week; but they are all to the same effect and these must suffice. Year. Wheat. Cotton. Why will we not accept the conclusions of men who have Silver. Year. Whea,t. Cotton. Silver. probed financial problems to the bottom? It is said that experi Cents. 1883______Cents. ence is a dear school, but that fools will learn in no other. 1872--- ·------$1.47 19.3 $1.32 $1.13' 1(). 8 ~1. H 1813 ______1. 31 18.8 Gentlemen on the other side admit that there is not enough 1874 ______L29 1884 .• ------1.07 10.5 l. 01 1:43 15.4 1.27 1885. ______.86 10.6 1.06 money in the country, for they rejoice with us that gold is now 1886 ______1875------1.12 15. 0 1. 24 1881 ______.87 9. 9 .99 returning to this country; they try to make us believe that the 1876-. ______1. 24 12. 9' 1.15 .89 9.5 .97 annual output of gold available for coinage is constantly increas 1877 -•• JV o •••• 1.17 11.8 1.20 1888 ______---- . 85 9.8 .93 ing, a.nd they ask us to join them in passing a law authorizing the 1878------1. 34 11.1 1.15 1889 ______.90 9.9 .93 1879------1.07 9.9 1.12 1890 ____ -- ---· . 83 10.1 1.0! national banks to issue bills up to the full limit of the par value 1.25 1881 ______1880- ·------11.5 1.14 1892 ______.85 10.0 .90 <:>f the bonds on deposit. 1881 ______---- 1.11 11.4 1.13 .8& 8.7 .86 The first source of increase which they suggest.,..-the return of 1882------1,19 11.4 1.13 1893 ______. 50 7.2 .75 gold from abroa.d-may or may not be permanent· the second source of increase, the growing annual output of gold available All other farm products have gone down in ab0ut the same for coirnlg-e is without basis of fact, as conclusively demonstrated proportion. Whatever the farmer has sold he had oo sell in the by the gentleman from Utah last Saturday; and as to the third open markets of the wor'ld in competition with the pauper labor source of increase-the leave to the national banks to issue more of Europe, Asia, Af:dmt., and the islands of the sea, and whate-ve:r bills-we are not particularly enamored of the idea of placing he bought h e was compelled to buy at prices fixed at abnormally ourselves absolutely at the mercy of the national banks and giv high figures by our sbke-and-rider tariff. No wonder he is dis~ them power to expand and contract the volume o'f the currency contented, dis0onsolate, and dete.rmined to find a remedv. at will. [Applause.] But, as ama.tter of truth, has silver actually fallen, or :has gold And at best this proffered increase of the national bank cir been forced up to a pt•emium by skillful manipulation? Unques culation is a delusion and a snare, because it is a historic fact tionably it is the latter, for every product of farm, mine, shopr known of all men that they will not issue notes up to the 90 per or factory that has been unaided by friendly class legislation has cent limit as they can now do under the present law. kept pace with silver, and the bullion in a silver dollar will plll" These gentlemen stand here day after day and assert that no chase as much of almost anything as it would when it was dis.. body wants silver money, and that nobody will have it. Nothing honored in 1873. could be further from the truth. The people bke it; the people The gentleman from Ohio [M.r. HARTER] asked the othe-rday, use it; the people love it. All that ever was the matter with "What about pork?" I think I can answer that . Aye r or two silve r is that people could not get enough of it. [Applau a.] ago, as gentlemen from Kans3.8, Iowa, Nebraska, and Mis ouri A silver dollar will buy as much of the necessaries or luxuries will bear me witness, the corn crop was such a failure through of life ss a gold or paper dollar, and if it had been fairly treat ed out all the corn St.ttes tha.t the farmers had little or nothing on by the Secretaries of the Treasury it would be this day at which to winter their swine, and they shipped nearly all their par, and even above par, as it was in 1873. Give us unlimited hogs, including even their breeding stock, whetherfat or not, tO coinage of silver even at the old ratio of 16 to 1 and it will at m:1rket, and evei"stnce the ·country has been decidedly short on once jump to its old position, side by side with gold. If hogs. That is all there is of the exception to the rule of down France, with a much smaller population, territory, and busi ward prices, so far as hogs are concerned, and which the gen ness than we have, can sushin and uphold seven hundred mil tleman paraded here as an argument to prove that silver had lions in silver at the ratio of 1st to 1, certainly, with our grow l013t its purchasing power. But let him m :1oke a note of the fact ing population, with our exps.nding business, with our unde that a silver dollar will buy as much pork as a gold dollar any veloped terri ory, we can maintain at the ratio of 16 to 1 all the day in the week. silver we are likely to have. r.rhedemonetizs.tion of silver helped nobody except those own ing Government funds, and it injured e-verybody elsa. THE Clli14E OF 1873. 'l'he act Of 1873 produced incalculable bankruptcyf suffering, The history of ail ver can be prie:fly told. From the days When and sorrow throughout the land~p3;rticul arly in agricultural Abraham fed his fl ocks and herds on the plains of Palestine gold States. The people were aghast at the sudden and awful ruin and silver both h ad been the money of commerce and of civiliza which so unexpectedly came upon them. tion until1873, when the silver dollar was surreptitiously struck For example, a man who owned $25,000 worth of property and from the coinage of the country by legislative legerdemain, by owed $10,000 on it and was therefore worth $15,00(}, went to bed a Machiavelian trick, by a confidence gatne that would pnt to at night happy in the f}elief that he was comforvably fixed finan blush the boldest three-card monte man upon the plains, by a cially and awoke next morning to find himself a pauper-for so 1893 great had been the fall in p:dces that his $25,000 worth of prop 1 It means tha.t.al;ter the pe_ople,have been ts.~ed nearly to deatlh erty when sold under the lLtmmer would not bring enough to for thirty yeurs to pay the public debt, and after paying two pay the ten thousand. of his debt. thirds- of it, they pi!acticqlLy owe more of it than. t.Q.e_y did when Hundreds of thousands of as honest and industrious men as the~ began to pay it. I11 is only a repe_tition of t.he story of the_ ever lived found themselves beggared and1 their-wilves-and. chil ~ billine books~ dren homeless and· shelterless by the most dillbolieal act ever Solomon say,&: placed uponastatutebook. And though twenty long, wearisome There are thre_e things tha.t are never satisfied, yea, four things say nott, years have rolled over· their he3.ds since then, tens of thousands It is enough: the grave; and the barren womb; the earth that is not filled of them suffer from rt yet, and will continue to suffer from it with water; and the tire that saith not., It is enough. until they a-l'e placed under the sod. If he were writing his Proverbs now he could add a fifth thing 'l'he wasting by fir& and sword of the Palatinate, the black that is neve1: satisfied-the holder of American bonds. ruin wrought by the Duke of Alva in the Netherlands, the de If we obey theic behests and enact the additionallegislation, in vast ::~.t ion of the N apoleonic campaigns, the Thirty Years' W ar a hundred years the people will be reduced to the wretched con..,_ in Germany, the seven yeara' war which the mighty Frederick dition of Russian serfs or Mexican peons, and the bondholders waged ag ..tinst all Europe in a.rms for the po.;;; session. of Silesia, will have all the money in. the country; fm·, as old Jim Craig, of the Ccus:l des fo r the redemption of the Holy Sepulchre, the wars St. Joe,, was wont to s .:1 y: "When a _dollar goes down into their in which Marlborough broke the power of Louis XIV-none of capacious pockets the eagle on it sings, 'Fi:i.rewell, vain- world,. ' these singly, nor all of these combined, caused as much loss of I 'm-going home!'" [Laug.hter and applause.] 1 property and entailed' as much suffering on the children of Adam . The Dl:Ltional- banks. are heard h ere and get what they want. as.the crime of 1873. It laid .i..ts paralyzing hand on every human The tariff barons are heard here and get whn.t they want. The being throughout the whole civilized world who was not possessed self--Constitu-ted and multiform boards ol trade are heard here of a fixed income oP who-was not loaded down.. with gold~bearing and get what they want. The bondholders are heard here a.nd government securities. get what they want. The great corporations are heard. her:e and There has been no era of"" genuine prosperity in this country get what they want. The Army and Navy are he:1rd here and •• since. The Bland act helped a little,. and the energy of the get what they want. The subsidized steamship mml companies American people, being unconquel'a.ble, has sometimes forced a. are heard here and get what they want. Thel:; e can alw.a.ysoffer seeming pt'osperity; but the trend of prices has been constantly a reason which c .1. r~;ies insta.J+tconviction with it. But when the downward, which, according to all politic.aJ economists, is an in far:mers of- the country, thr:ou_gh their representatives, prefe1: fallible sign of the sinking fortunes of a nation; and there will a request that they be not totally ruined, they are told to work never be any substanti.a.J, permanent prosperity in this country more and talk less. When millions of honest laborers ask Con until the people are farnished a volume of money adequate to gress to so order things as to give them the poor privilege ef their commercial wants, growing with ouP grGwth, increaS-ing having a chance to toil, they are denounced as tramps and vaga with our population. bonds. [Applause.] An old legend ran: Eor thirty-tw,o year& the legislation of this country appears to While stands the Coliseum, Rome shall stmld; have had one end in view-that of building up a moneyed aris When falls the Coliseum; Rome shall fall; tocracy, the very danger which the fathers of the Republic fore And when Rome 1'alls-the world. saw, against which they wa.rned us, a.nd from which Jefferson To this poetic prophesy, long Eince fulfilled, I will add insobar thought he- had saved th~ country, w.h~n he abolished the law prose: "When the American farmer is impoverished. and. the of primogeniture. This course bodes no-good to the Republic. American Ll.borer c-a.n not find remunerative employment, the Truly did Goldsmith say: very lifeblbod of the Republic is being· sucked from its v:eins." Ill !ares the land, to hastening ills a pret, [A_Ephuse.J Where wealth accumulates, anctmen decay. Princes and lords may flourish or may fade- LHere the hammer fell.~ A breath c~n make them, a& a brea-th ha~ made; On motion of Mr. BRYAN,, :M1•. CLARK'S ti.me- was indefi But a bold peasantry, thei:c country's. pride, nitely extended. When once destroy'd, can never be supplied. Mr. CLARK. I thank the gentleman and the House. 48 'Iv POPULAR DELUSIONS. WRO ARE THE REPUDIATORS? We have during this debate heard many sneers at "popular The gentlemen of the single gold standard. melt and dissolve delusions." The single. standard advocatJes roll that phrase as in tears when they consid.er the. ba.re possibility of bondholders a delicious mor-se1 un:deJ? their tong-ues. Th-ey may learn_ to feel being paid in what they flippantly denounce as. the 50-cent the power of popular fury. d'ollar; but they have no bowels of compassion· f·ou· those who, if At th.e beginning of the French· revolution th.e pe_ople sent up the single standm1d prevails, will be compelled virtually to pay a cry for bre..:. d tha,t h as sounded. down the ages. An upstart two dollars for every one which they promise-d to pay. . aristocrat responded-: "Let the people eat grass . " Then came The truth is that we are advocating honesty and justice, and the dies i'rae-the Congress, but they are much in the habit of thinking and of SENATE. voting. [Applause.] The leaders in the cities express their opinions through the MONDAY, .August 21, 1893. metropolitan press by resolutions of all sorts of boards and by pamphlets galore. The great body of the people, the wealth Prayer by the Chaplain, Rev. W. H. MILBURN, D. D. creators, are not heard from in any such way; but as certain as The VICE-PRESIDENT resumed the chair. God reigns in heaven, they will discover a. way to make their The Journal of the proceedings of Friday last was read and ap voice penetrate even to this HalJ. proved. "Let the people eat grass!" quoth the pampered lackey of MESSAGE FROM THE HOUSE. Louis XVI, who lost his head upon the block. · A message from the House of Representatives, by Mr. T. 0. "The people be damned!"shouts William H. Vanderbilt, whose TOWLES, its Chief Clerk, announced that the House had agreed fathE"r laid the foundations of a more than princely fortune by to the resolution of the Senate to print 6,000 copies of Herschell's selling root beer at 3 cents per glass. Report on the Coinage of Silver in India. "Popular delusions!" exclaims the gentleman from Tennessee, The message also communicated to the Senate· ~e intelli whose sudden conversion eclipses that of Saul of Tarsus, as he gence of the death of Hon. William Mutchler, late a Represent journeyed down from Jerusalem to Damascus. [Laughter and ative !rom the State of Pennsylvania, and transmitted resolu-· applause.] tions of the House thereon. Over against these ejaculations I would place for our instruction the wordsoftheforemostmanof all this world. Onacelebrated PETITIONS AND MEMORIALS. occasion Queen Victoria thought to overawe William E. Glad The VICE-PRESIDENT presented a petition of the Chamber stone by saying: "Do you know who I am? I am the Queen of of Commerce, of Cincinnati, Ohio, praying for the repeal of the England!" To which the great commoner answered: ''Madam, so-called Sherman silver law; which was referred to the Commit do you know who I am? l am the people of England!" [Ap tee on Finance. plause.] He also presented the petition of R. A. Vance, of Cross Tim No wonder he is universally known as the Grand Old Man. bers, Mo., praying for the submission to the States of an amend If gentlemen do not believe that the people have opinions and ment to the Constitution providing that gold and silver dollars know how to make them effective,· let them recall the conse shall be made of equal value as legal tender; which was re quences of the act of 1873 and the financial crash which it pre ferred to the Committee on the Judiciary. cipitated. Mr. PLATT presented the petition of W. L. Folsom, of New The first political fruit was the election of William Allen to Haven, Conn., praying for the passage of legislation providing the governorship of Ohio in 1873-the first Democratic gov fenders on wheels of railway cars; which was referred to the ernor that Ohio had had since 1853. The resurrection of one Committee on Interstate Commerce. from the de:lrl would not have astonished the country more. So Mr. PLATT. I present a petition of citizens of Meriden, unexpected was it-so utterly impossible did it seem of perform Conn., praying for the construction of a public building in that ance-that the morning after the election all the Cincinnati pa city. A bill for that purpose has already been introduced and pers announced in a perfunctory sort of way that Governor Noyes referred to the Committee on Public Buildings and Grounds. I and the entire Republican ticket were elected by the usual ma move that the petition be referred to that committee to accom jorities; but when the rural districts were heard from, ''Old pany the bill. Bill," as his followers loved to call him, was found to have won The motion was agreed to. the g-reat handicap by a length. Mr. LODGE presented a petition of the Boston (Mass.) Hard Then followed the tidal wave of 1874, which sent a Democratic ware Associ:ttion and the petition of T. H. Buck & Co. and 14 majority to this House, which landed Michael Kerr, of Indiana, other citizens of Chelsea, Mass., praying for the repeal of the in the chair where you now sit, Mr. Speaker, and which for the purchasing clause of the so-called Sherman silver law; which . first time in a generation gave Mass.lchusetts a Damocratic were referred to the Committee on Finance. chief magistrate. Mr. CAMERON. I present a hrge number of petitions of Then, in 1876, came the election of Samuel J. Tilden to the business men of Philadelphia, Pa., indorsing the resolutions Presidency; twice since then Mr. Cleveland has bEen sent to of the Trades League of Philadelphia, praying for the immedi the White House; and finally, after the lapse of thirty-four ate repeal of the silver-purchasing clauE: e of the so-called Sher years, we have an Administration Democratic in all its branches. man law. I move that the petitions be referred to the Commit [Applause.] tee on Finance. All these things found their mainspring in the protest of the Mr. CAMERON presented a petition of the Grocers and Im people ag ainst the unpardonable sin of 1873. por ters' Exchange of Philadelphia, Pa., praying for the repeal In addition to these, the country has witnessed the rise and of the silver-purchasing clause of the so-called Sherman law; fall of the Greenback party, which was nothing more than an which was referred to the Committee on Finance. extreme protest against the foul performance of 1873. H e also presented a memorial of Corry (Pa.) Grange, Patrons We behold to-dayanotherextremeprotestin thePopulistparty, of Husbandry, remonstrating against the repeal of the so-called which at tbe last election polled a million votes, which returned Sherman silver law unless provision is made for the free and eleven Representatives to this House, which sent four United unlimited coinage of American silver; which was referred to States Senators to the other end of the Capitol, and which stands the Committee on Finance. here, vigilant, alert, courageous, and aggressive, ready to take Mr. PEFFER. I present a petition, somewhat out of the usual advantage of any blunder we may make. order but yet perfectly respectful, coming from a body of men in The "pitiless pelting" of public opinion bas been doing its the State of Illinois. The ages of the petitioners are here given. perfect work, and will continue to do it until the wrong of 1873 There are 85 persons whose names are on the petition and their is completely righted. ages range from 19 to 76 ; I should think the average is about 40 We have been repeatedly told by the single-standard men that years. If the- Senate will permit me, as the petitiop is quite this Congress has a golden opportunity. Verily, verily, it has. ·brief, I will read it: I thank them for that word. I profess myself an opportunist. To the Honorable the Senate ana House of Jlep1•esentatives One of the best beloved of my teachers was forever repeating to of the United Btat88 in OongreBs assembled: his pupils: "Om-pe diem-seize the day!" This Congress has Your petitioners, citizens of Pleasant Ridge, Douglas County, Til., and vi cinity, are opposed to our present financial laws, a.nd petition your honora the opportunity to redeem the pledges solemnly made to the ble body to revise them. Please hear us: We a.re opposed to the issue of any people, thereby placing the country upon the broad highway to more interest-paying bonds; we demand gold, silver, and paper money issued lastmg prosperity and of preserving Democratic honor bright as by the Government, a.nd a sufll.cient amount for the be t interests of the Government; gold to be a legal tender to amount of $300, after that 1 per the spear of Achilles or the plowshare of Cincinnatus. cent discount; silver to be a. legal tender to amount of $50, after that 1 per The great Irish orator, Charles Stewart P arnell, once said: cent discount; paper money to be a. legal tender for all debts in the United Opportunity is a. horse, saddled and bridled, which stops at each man's States. (If gold-worshippers want gold, let them buy it.) We demand a. threshold once in a lifetime. Be ready, mount, a.nd he carries you on to revenue and ta.x on all wealth to share the burden of expenses of the Gov· success and honor. Pause but a. moment, he is gone, a.nd the clatter of his ernment: we indorse our honorable ex-Presidents-Thomas Jefferson, An iron hoofs, echoing down the corridors of time, will forever reminC1 you of drew Jackson, and A. braham Lincoln-as honest adVisors; we a.d vise a. mark what you have lost. to be put on all traitors that are opposed to honest and just laws, and have My Democratic brethren, the magnificent silver-white steed them to take wa.rn.ing before it is too late. stands pawing impP.t.iently at our gates. Let us vault into the Then follow the subscribers' names, their occupations, and their saddle and ride him into the r ealm of unfailing prosperity amid ages. I move that the petition be referred to the Committee on the benedictions of a grateful people. [Prolonged applause. ·1 Fin:mce. Mr. McLAURIN. The hour is now so late that I do not think The motion was agreed to. it would be proper to have another.speech to-night. I move, Mr. PEFFER. I present a memorialofthe Farmers' Alliance, therefore, that the HouEe adjourn. of Cherokee County, Kansas, and a memorial of citizens of Mar The motion was agreed to; and accordingly (at 10 o'clock and shall County: Minnesot9.., remonstrating against the repeal of the 25 minutes p. m.) the House adjourned. so-called Sherman silver law, unless a bill is passed providing