Show FOR AND AGAINST senator morrell reads a paper on repeal proceedings IN THE HOUSE many sliver silver debate debates favoring and appos repeal odthe clause but the chief interest centered in the announcement of the chally ways and mean means committee washington aug 21 the proceedings of the senate today lid not excite any unusual interest fetter offered a ay substitute for tho the bill td increase in creaso the national bank circulation chandler offered a resolution which was referred ferrid re to the coni committo mitte on privileges and elections declaring that john martin is not entitled to a seat as senator from kansas as no legal election was held stewart offered a resolution which wap wa agreed to calling on the tile secret secretary arv of fhe the treasury for a statement as to the silver bullion purchased in july with the prices and as to the bullion 1 for sale in the same month with til alio 0 prices asked J the finance committee bill reported last arlda friday v for discontinuing llio ahe purchase of silver bullion was isa then taken up so as to afford morrill t e opportunity of addressing the senate 1 in L favor or of the bill he ile first however asked basked and obtained an indefinite indeli nite leave of absence remarking he lie was in the senate chamber today against the advice of his physician he then proceeded eded to read his I 1 ISO speech it bearing the motto sound mone money cheats nobody lie y said he had bad not yet abandoned all hope of bimetallism and for that reason ho lie would gladly vote for the repeal et ef so much of the act of 1890 as required the purchase of silver in order to remove the wide distrust which it lias has caused the country would c continue ont dinue to be dependent on paper as uell wol as silver and gold and as the silver dollar would not i be demonetized thereby wb whenever enever moio silver could be coined and utilized without crowding gold cold to a premium it would be done by universal concept con sept but the tre treasury astry should be relieved from f rom the embarrassment of furnishing gold to pay for silver bullion the substitute which tho the silver mino mine owners demanded for the repeal of the purchase clause he said wap was the very measure most feared by the coant connary as it would bring with it a single silver standard there had been lie said from 1878 to 1893 some silver dollars coined with a difference between the face value and the tile present market value of a depreciation r of over 40 per capt cent stock bullion ID n and silver dollars fer r now on liand hand if placed in the hands of a receiver would exhibit a melancholy loss the delusive made by all blithe tho power po and prestige of the national government 0 v e rn men t to enhance the val value pf f iye r showed that tha ohp universal sa ie in baw W pf supply a and nd demand was still 1 invincible j abi and could not beset be set aside even vert by t the he d dynamic n a in 1 c of lega legal tender laws law every v miles milestone ton e along the dreary track of eze t the unsuccessful experiment marked a step downward in the depreciation of silver the foreign nations would not bo perVaded persuaded to adopt any measure of re relief cef in in favor of silver by the fact that it might afford some relief to the united states but they would do much for their own relief ohp repeal of tho the silver pur purchasing chasin 9 clause in hie tile act of 0 1890 9 0 would give givena us the practical force so O 1 long 0 it manifestly disregarded in the tile final determination of the tile silver problem and europe after all I 1 to for its coming financial necessities nas was roost most likely to rea reach cl I 1 the conclusion that silver should not remain obsolete and useless except as a co commodity in in lie ile was not in III faur of bimetallism without the increase of silver in the silver coinage as without increase it would bo be impossible to maintain the parity between gold and silver silve even reven w with ith the operation cooperation co of money nations nor would lie favor the free coinage of silver by tho the united states alone were the ratio between the two metals to bo be advanced from 18 16 to 25 to 1 pr even to 28 to 1 for the reason that the tho present resent colossal output of silver co could ur d not bo be annually absorbed by beany any single nation and a preposterous attempt to absorb it on our part mi might I 1 t win the smile from the governor of glorado colorado but it would provoke to ridicule of the commercial world and inexorably exor ably cause its further depreciation no acme remedy d y would have a pro prosperous a ending w which I 1 ach did not squarely and f fully uli rec recognize n ze the existing extraordinary magn magnitude tut I 1 e of ottlie the amount of silver which must bo furni furnished she d with a new market if the united states should timely assume the burden of a conof monopoly ol 01 Y of silver that fact might induce france r ance and other nations also to join the gold mon ometa lists of europe there wae now little of the necessaries necee saries of li life le for which the tile united states was dependent on other countries while cotton petroleum and anti provisions could not be so readily or satisfactorily satisfactorily obtained elsewhere as in the united states there ie is therefore no possibility of circumstances that could deprive pr ive this country of its largo large a and nd natural ra 1 space in the worlds gold unless by c coinage 01 nage it went directly to a silver standard and unless the revenue laws were so framed as to make tho the imports exceed the exports permanently perma and that was a risk which no political poli political party would take with a sound currency the foreign gold capital capital would flow into our country by mi millions lions I 1 for in investment v estment but with any cheap or uncertain value money panics would be an eve every r yda day occurrence and the foreign capital capita I 1 w would ouid stand aloof and foreign creditors would demand prompt returns on oil all invest ments an international agreement is is the best hope of a pe permanent res resurrection ur of silver and after a proper national action hero here on our pait part the chances of a resurrection will bo be greatly multiplied the other nations will have equal if not greater ater responsibility it may bo be called a T bitter itter remedy to stop the purchasing ur P h as rg of silver but without 1 hout it the tle case is is hopeless if in af all li the b world we NYO arp now the only purchasers of silver e ivor to cease from it might temporarily cheapen its price but deepen our minta mints to its free coinage would permanently cheapen its value as its solitary accumulation in our hands haa has already sufficiently demon st rated at the close of morrelle speech bees presented a letter addressed to him 1 by the secretary of the treasury showing allowing the probable cost of coining silver at the changed ratio and had bad it read by the clerk the vote on the leo mantle case which was to have been taken went over to wednesday A bill reported this week from the tile finance committee in aid of the california midwinter Wid winter international exposition was taken up and passed the lee v 3 mantle antle case involving the right of a governor of a state to appoint a senator in case the legislature failed to elect one waa was taken it up p and vanco vance and george argued against the right of tile a appointment i in such a case to after t e r an executive session the tile senate adjourn adjourned id home house of representatives the interest in the financial discussion of the house was dwarfed today in the greater interest everyone every one felt in the announcement no of the standing committee by speaker crisp no one was prepared p red for the radical cli changes anges mat made 0 in in th the removal of some important committees springer of illinois gives way to wilon aileon of west virginia as chairman of the lie waye ways and means committee and the Illino islan was given the chairmanship of the committee on banking and currency holman of indiana the venerable watch dog log of the treasury was deposed from the committee on appropriations in favor of sayres of texas and was given the head of the commit tee on indian affairs bland of Mise missouri ouri wag was retained at the head of the committee on coinage buethe but alie free coinage people were dissat pointed in the being changed eo as to leave whether the free coi coinage na people ara a minority and whether h t ve r the financial policy of administration may not finda majority in the committee congressman tracey of new york who is an administration man and second ou on the committee claims the the speaker deferred to the repealing element to such an extent as to make mike the committee mildly free coinage instead of radically free coinage and insists on counting kilgore of texas with the free coinage men the committee will only stand 9 to 8 for free coinage the committee on banking and currency ia is said to be opposed to free coinage 11 to 6 the removal of holman from the head of the appropriations committee is interpreted by some to mean the speaker favors more liberal appropriations in the afif fifty ty third congress the removal of springer from the ways and means committee gives this important chairmanship 0 of f the to the south but it assaid is said this makeup make up of th the committee on ways and means does not indicate any essential change from the policy of the last congress r e conat after p r ilie the house met this morning powers of vermont took the tile flour floor in a support up of the tile repeal of the pur purchasing chaFing clause 0 of f the sherman act hooker of mississippi opposed the unconditional repeal of of the purchasing clause the debate was suspended to allow the tile speaker to announce the tile standing and select committees forthe for alie present t Cong congress reps thou then on oil motion of bland saturday next waa was set apart for general debate on oil the wilson lill instead of a de debate b ate undo under tho the live minute rule cooper of indiana spoke in opposition 0 1 1 to the free coinage of silver while A alexander 1 of north carolina advocated free silver coinage and spoke for a larger currency sperry of oi connecticut opposed free coinage and advocated the wilson all b 11 and cox of tennessee argued against the pending bill settle of north carolina opposed the free coinage of silver and favored the wilson bill recess till 8 mcdonald McDo democrat Illi illinois said he lie w was as in favor of the free coinage of gold and silver at any ratio that might be acco acceptable bartlett democrat new york said W with ith the message of tile tho president lie 11 I 1 is in thorough accord sterndale Ste democrat mississippi argued sivi the sherman bill had litt little e to do with the stagnation of business but that it was attributable primarily to the tile tariff the house then at 1110 ad journea jour ned |