CONGRESS, UNITED STATES. 



161 



and Charlottesville mints and the enlargement 

 of the capacity of the mints now coining ; but 

 the expense of such preparation would be com- 

 paratively trifling. This bill shuts out silver 

 from abroad, expels from our shores one half 

 of the product of our own mines, and gives us 

 but twenty -four millions a year, except by the 

 grace of the Secretary of the Treasury, the 

 most inveterate enemy of the silver dollar. 

 How absurd is the pretense of restoring silver 

 as a legal tender for public and private debts 

 when, by the same act, we perpetuate a de- 

 monetization of nearly two thirds of the metal 

 to pay them! And to crown the absurdity 

 we make a large and indefinite appropriation 

 to enable the President to select and send a 

 commission of anti-silver men to Europe to 

 pipe -lay with our foreign creditors for a revo- 

 cation of even this small concession to the rights 

 of the people. 



"But these are not all the repulsive features 

 of these amendments. The country is in an 

 agony of business distress, and looks for some 

 relief by a gradual increase of the currency. 

 The House bill authorized not only unlimited 

 coinage, but coinage of silver bullion owned by 

 citizens for immediate use in business. This 

 bill authorizes no coinage except for the Gov- 

 ernment. Two millions of silver bullion per 

 month are to be bought by the Secretary of 

 the Treasury. How will he buy it? There are 

 no surplus revenues. But the resumption law 

 authorizes the issue of bonds to prepare for re- 

 sumption. Under that law only can he make 

 the purchase, and only by the issue of bonds ; 

 thus saddling the people with at least two mil- 

 lions per month of new bonded debt. And 

 when silver bullion is so bought the resump- 

 tion act under which he will issue the bonds 

 requires that the resulting coin must be hoard- 

 ed in the Treasury for the redemption of green- 

 backs. Thus this bill, instead of giving the 

 people more currency, gives them only more 

 bonded debt. Instead of being a bill to relieve 

 them from the terrible effects of contraction 

 and resumption, it reenforces the resumption 

 scheme and encourages its promoters to stand 

 firm and resist all efforts to repeal it. 



" We are told, ' Get this much now, and then 

 get the rest by a new bill.' Sir, if the friends 

 of the people accept this as a triumph, a long 

 truce on this question will follow. If the ene- 

 mies of silver will not remonetize it now, when 

 popular excitement is great, will they do it 

 after it has been allayed by a vaunted triumph ? 

 No, sir; they will not yield another inch until 

 it shall have been demonstrated by sad expe- 

 rience that the amendments to this bill are in 

 fact a fresh triumph of the wrong over the 

 right, of the money power over the people. 

 Then, if the masses are not worn out in their 

 struggles to control their own Government, a 

 new agitation will follow, and a new Congress, 

 born of such agitation, secure that justice 

 which can be had now if inflexibly demanded." 



Mr. Browne : " I rise to a question of order. 

 VOL. xvin. 11 A 



As I have not been permitted to say anything 

 on this question, I wish to ask will it be in 

 order for me to say I approve the amendment 

 offered by the gentleman from Ohio (Mr. 

 Keifer)?" 



The Speaker pro tempore: "The remark of 

 the gentleman is not in order. Does the gen- 

 tleman from Georgia yield ? " 



Mr. Stephens, of Georgia: "I prefer the 

 Senate amendments in some respects to the 

 original bill. I did not like the free-coinage 

 feature in the original bill. The amendment 

 of that feature I approve. The other amend- 

 ments, Mr. Speaker, I do not like ; but not a 

 single one of them is of such a character that 

 I would forfeit the passage of the bill on ac- 

 count of them not one. 



" The great object that I had in view, and 

 that I think the majority of the House had in 

 view, is accomplished by this bill; that is, the 

 double standard of value by it is to be reestab- 

 lished in this country. By it the dollar of the 

 fathers is restored. By it silver is made money. 

 That is the great object I had in view. We 

 can easily, if a majority of this House shall 

 hereafter think wise to do so, supplement the 

 bill in any way we please. I shall vote for all 

 these Senate amendments, lest we hazard the 

 great important principle established in the 

 bill. I shall say no more, but now ask the 

 previous question. 1 ' 



The question was upon concurring in the 

 first amendment of the Senate, to strike out in 

 line 12 of the first section the words " provided 

 by " and insert in lieu thereof " expressly stip- 

 ulated in the contract " ; so that it will read : 



Which coins, together with all silver dollars here- 

 tofore coined by the United States of like weight and 

 fineness, shall be a legal tender at their nominal 

 value for all debts and dues, public and private, ex- 

 cept where otherwise expressly stipulated in the 

 contract. 



The question was put ; and on a division 

 there were ayes 176, noes 62. 



The next amendment of the Senate was to 

 strike out all after the word "contract" in 

 line 12 of the first section, down to and in- 

 cluding the word " laws," as follows : 



And any owner of silver bullion may deposit the 

 same at any United States coinage mint or assay 

 office, to be coined into such dollars for his benefit, 

 upon the same terms and conditions as gold bullion 

 is deposited for coinage under existing laws. 



And to insert in lieu thereof as follows: 

 And the Secretary of the Treasury is authorized 

 and directed to purchase, from time to time, silver 

 bullion, at the market price thereof, not less than 

 two million dollars' worth per month, nor more than 

 four million dollars' worth per month, and cause the 

 same to be coined monthly, as fast as so purchased, 

 into such dollars ; and a sum sufficient to carry out 

 the foregoing provisions of this act is hereby appro- 

 priated out of any money in the Treasury not other- 

 wise appropriated. And any gain or seigniorage 

 arising from this coinage shall be accounted for and 

 paid into the Treasury, as provided under existing 

 laws relative to the subsidiary coinage: Provided. 

 That the amount of money, at any one time, invested 

 in such silver bullion, exclusive of such resulting 



