206 



CONGRESS. (FREE COINAGE.) 



sented by certificates supported by bullion 

 bought at the market price. There is the differ- 

 ence. That is bimetallism, the two metals main- 

 tained at parity by the power of the Government 

 and by the credit of the Government even at a 

 ratio far from the market value, and that is the 

 theory and the basis of our whole system of 

 coinage. 



" But this scheme is quite different. Here the 

 holder of bullion has the option. He brings his 

 bullion and demands either coin or notes, which- 

 ever he thinks he can use to the best advantage. 

 He can present those notes the next day and de- 

 mand gold, and it involves at once the question 

 of the surrender of the bimetallic system. If we 

 refuse to pay in gold we acknowledge that these 

 notes are worth less than gold, and they will 

 soon be worth only the value of the silver in the 

 dollar. There is the difference. 



"I contend for the present system. They 

 think I am opposed to silver. I am no more 

 opposed to silver than any other commodity. 

 Why should we pay more for silver than the 

 market price? We buy everything else in the 

 open market. We are trying to prevent our 

 servants from paying more than the market 

 value ; we make close contracts for every kind 

 of services which are demanded. But they tell 

 us that silver is something sacred, that silver is 

 a money metal. Well, it is not a money metal 

 which the people want to handle much, except 

 for mere change. But even if it was a money 

 metal, is that any reason why it should be fa- 

 vored ? It must be tested as we test diamonds, 

 silks, satins, muslins, everything we buy ; we 

 must test it by its market value; and if that 

 market value of silver is only two thirds of its 

 coinage value in gold, how can the parity be 

 maintained?" 



When questioned as to the possibility of main- 

 taining the parity of gold, silver, and paper 

 money under the existing statute, should the 

 price of silver continue low and the mass of it in 

 the Treasury continue to accumulate, Mr. Sher- 

 man said of the law now in force, which he 

 thinks misnamed as the Sherman act : 



" I can say myself that there are possibilities 

 in the future in respect to that law which would 

 make me as anxious to repeal it as I was reluc- 

 tant to vote for it. The provision pointed out 

 by the Senator from New Jersey has been con- 

 stantly in my mind, that we made no provision 

 in that law for the sale of the silver bullion in 

 case it became necessary ; that we have gone 

 partly on trust that the law would operate as we 

 hoped it would, to prevent the further decline of 

 silver; but if that decline should go on, and we 

 are called upon year by year to buy 54,000,000 

 ounces of silver at a depreciating price, I should 

 feel bound, in consideration of my duty to my 

 constituents, to arrest the purchase, if I could, 

 by my vote." 



The measure was debated at great length in 

 the Senate, and on July 1 the following substi- 

 tute was adopted and passed that body : 



Be it enacted, etc., That the c wrier of silver bullion 

 may deposit the same at any mint of the United 

 States to be coined for his benefit, and it shall be the 

 duty of the proper officers, upon the terms and con- 

 ditions which are provided by law for the deposit and 

 coinage of gold, to coin such silver bullion into the 



standard dollars authorized by the act of Feb. 28, 1878, 

 entitled " An Act to authorize the coinage of the stand- 

 ard silver dollar and to restore its legal-tender char- 

 acter," and such coins shall be a legal tender for all 

 debts and dues, public and private. The act of July 

 14, 1890, entitled " An Act directing the purchtise of 

 silver bullion and the issue of Treasury notes thereon, 

 and for other purposes," is hereby repealed. Provided, 

 That the Secretary of the Treasury shall proceed to 

 have coined all the silver bullion in the Treasury pur- 

 chased with silver or coin certificates. 



The final vote on the passage of the bill was 

 as follows : 



YEAS Allen, Bate, Berry, Blackburn, Blodgett* 

 Butler, Cameron, Cockrell, Dubois, Faulkner, George, 

 Harris, Hill, Jones of Nevada, Kenna, Kyle, Mills, 

 Mitchell, Morgan, Pefter, Eansom, Sanders, Shoup, 

 Squire, Stewart, Teller, Turpie, Vest, Wolcott 29. 



NAYS Allison, Brice, Carey, Carlisle, Cullom, Da- 

 vis, Dawes, Dixon, Dolph, Felton, Gallinger, Gorman, 

 Gray, Hale, Hawley, MePherson, Manderson, Palmer, 

 Perkins, Proctor, Sawyer, Stockbridge, Warren, Wash- 

 burn, White 25. 



NOT VOTING Aldrich, Call, Casey, Chandler, Coke, 

 Colquitt, Daniel, Frye, Gibson of Louisiana, Gibson 

 of Maryland, Gordon, Hansbrough, Higgins, Hiscock, 

 Hoar, Hunton, Irby, Jones of Arkansas, McMillan, 

 Morrill, Paddock, Pasco, Pettigrew, Platt, Power, 

 Pugh, Quay, Sherman, Stanford, Vance, Vilas, Voor- 

 hees, Walthall, Wilson 34. 



In the House, action on the silver question 

 was difficult, not only because of a difference 

 among Democrats as to the best policy, but be- 

 cause of the possible effect of the course of the 

 Democratic majority on the choice of a presi- 

 dential candidate. But on Feb. 10, 1892, the 

 Committee on Coinage, Weights, and Measures 

 determined to introduce a bill for the free coin- 

 age of gold and silver ; and on March 7 the 

 Committee on Kules made a report setting apart 

 March 22, 23, and 24 for debate on that measure. 

 The report was adopted, after a sharp contest, 

 by the following vote : 



YEAS Abbott, Alderson, Alexander, Allen, Ar- 

 nold, Babbitt, Bailey, Baker, Bankhead, Bartine, Bee- 

 man, Belden, Belknap, Bergen, Blanchard, Bland, 

 Blount, Boatner, Boutelle, Bowers, Bowman, Branch, 

 Bretz, Broderick, Brookshire, Bryan, Bullock, Bur- 

 rows, Busey, Butler, Bynum, Byrns, Caminetti, Cape- 

 hart, Caruth, Catchings, Cate, Clark of Wyoming, 

 Clarke of Alabama, Clover, Cobb of Alabama, Cogs- 

 well, Cooper, Cowles, Cox of Tennessee, Grain of 

 Texas, Crawford, Culberson, Cutting, Dalzell, Davis, 

 De Armond, Dixon, Doan, Dockery, Dolliver, Dun- 

 gan, Edmunds, Ellis, Enloe, Enochs, Epes, Everett, 

 Fithian, Flick, Forman. Forney, Fowler, Fyan, Gantz, 

 Geary, Goodnight, Gorman, Grady, Griswold, Hal- 

 vorsen, Hamilton, Hare, Harries, Hatch, Haugen, 

 Haynes of Ohio, Heard, Hemphill, Henderson of Iowa, 

 Henderson of North Carolina, Hermann, Ilitt, Hooker 

 of Mississippi, Hooker of New York, Hopkins of Illi- 

 nois, Huff, Hull, Johnson of Indiana, Johnson of 

 North Dakota, Jolmstone of South Carolina, Jolley, 

 Jones, Kem, Kilgore, Kyle, Lanham, Lawson of Vir- 

 ginia, Lawson of Georgia, Layton, Lester of Georgia, 

 Lewis. Lind, Livingston, Long, Loud, Mallory, Man- 

 sur, Martin, McClellan, McCreary, McKeighan, Mc- 

 Millin, McRae, Meredith, Milliken, Montgomery, 

 Moore, Moses, Norton, Gates, O'Donnell, O'Ferrall, 

 O'Neill of Missouri, Otis, Owens, Parrett, Patterson 

 of Tennessee, Patton, Paynter, Pendleton, Perkins, 

 Pickler, Pierce, Post, Price, Raines, Randall, Rich- 

 ardson, Rife, Robertson of Louisiana, Savers, Scott, 

 Seerley, Shively, Simpson, Smith, Snodgrass, Snow, 

 Stackhouse, Stephenson, Steward of Illinois, Stewart 

 of Texas, Stockdale, W. A. Stone, Stone of Kentucky, 

 Sweet, Tarsney, E. B. Taylor, J, D. Taylor, V. A. 



