No Man Who lits Country Above Party Can Vote In 1896 For A Goldbug Candidate For President. PEOPLE VS. MONOPOLY, MY- POCRISY AND FRAUD WILL BE THE SLOGAN FOR THE COMINC CAMPAICN. " . THE CAUCASIAN mV2?' TWt T" Oj t. 0 NICN ftlOC AC O . I VOL. XIV. SPEECH OP Hon. MARION BUTLER Of North Carolina, II THfc United Slates Senate, lllfm. JOUtV 14, IM. I he .Senate, in Cnmmitlre of the W hole, resumed the ..fni.lf-mtioii of the bill ll'lc .'"U ) tit maintain and protect thecnin redemption fund, and l authorize the iiianif nf certificate of iiidehtednc-4 t rn l temporary de- ticienciei of revenue. 'I he i r-l'KH-ii'KNr. 'I'hi' pend ing iiift ion i mi tin amendment in I l.e iiiif ii n of it mi hut i to! reported by the I oriillii I tec nil 1'ili.mce, IIJMill which I he Senator from North Carolina .Mr. Cut ler n entitled In tin floor. Mr. lit i inc. give notice that I IhiiiM ottcrau amendment tothesub t it ute ri-jii.rl iil by the committee on Mm hill. etnl tlit amendment to in-desk ami ak tli.it it be read. I uly wish to oftr one amendment at i in- timi. The ' ii k-I'ii khi iknt. The amend- nl submitted hy tin- Senator from "rlli Carolina In the aniemlment will he stated. I m it Ski mi tuv. It ii proposed to undid the ainemlnieiit reported by Mir niiiinit tee hy strikingoiit section i iinl in lieu thereof inserting : i'. I. '1 lint the issuance of interest-lieur-ImiiiiIs of tin? I 'nited States for any pur i whatever, without further authority I Congress, ii hereby prohibited; and that lii- Hi-in-tary of the 'I reusury when redeem ng I' nited '.Stiitr noted, eommonly called iiTiiliai ks, and Treasury notes issued un- i' r the ruvi.iiMM of the act of July It, i-xi, ami when liquidating either the inter t or principal of any of the tjovernment's i nil obligations is hervhy directed to make ii( h laymeiit in gold coin whenever the iiiHiket value of grains of standard ld is le-s than the market valve of 1121 griiini of .standard silver, and to I'oiitimie to pay in such gold coin until the market value of 2').H grains of standard gold .shall be equal to the mur ki t Milne of lli'l grains of btandard silver; but when the market value of 2f.rt grains of standard k Li shall he greater than the market value of tll'i grains of standard ilver, lie shall pay the interest and princi pal of Mail coin obligations as they become li e in silver coin, and continue to pay the -Mine in silver coin until the market value of 1121 grains of standard silver shall be i to the market value of 25.H grains of Maii'lanl goltl, anil saia notes, common! onlv i -alien greciiuachs, wnen so redeemed, snail cil greenbacks, when so redeemed, shall i .ii . i r. lie reissued, as provided hy the ant of May i ii--. Mr. Hut i. Kit. Mr. l'resident, certain ly every man who is opposed to further increasing the public debt favors this amendment. And I can not see how eventhoMe who favor a further issue of bonds can oppose it. The effect of it is simply to prohibit the l'resident troni issuing more bonds without the :ul ice and consent of I 'ongress. I de ny that he has the power now, but in asmuch as he claims that he has that power, and inasmuch as some Sena tors on this floor admit the same, while many others deny or question the au thority, we should promptly pass this amendment and settlj the contro versy. If the President has power to sue the bonds which he has already sold, under this la if of 1S7.", then he has the power to issue a thousand mil lions of such bonds without the ad vice or consent of Congress. Such tre mendous and dangerous power can not safely he put iri the hands of any one man. It is the power to bankrupt a nation at one stroke of the pen. Tim power to control our finance was tested by the Constitution not in tin1 l'resident, hut in Congress, and wi' should lose no time in assuming our sworn and constitutional duty in this respect. The language of the i '(institution is as follows: "i 'niigress shall have power to bor row money on the credit of the United Mates." Hut nowhere does it give that power to the President, and nowhere does it authorize us tr delegate that power to the President. It is the duty of Con gress to deal with these questions. It n tlie duty of Congress to decide, first, whether or not bonds shall be issued to borrow money, and if they are to be is .-ued it is the duty of Congress to deter in i in' how and under what conditions. I oilered a bill containing this same provision before the President made his l.i.-t call for bonds. If Congress Ii id promptly passed it then $100,000, I'lioofdeht, with the interest that will accumulate, would have been saved I he American people. We do not Know what day or what hour the Pres 'b ut may see lit to again burden the people with debt without their con sent or the consent of their represen tatives in Congress, I f we are opposed to bonds let us be honest and say so: let us pass this amendment, and do it now. Neither the Democratic party nor the Republi can party can escape responsibility by claiming not to have a majority of this body. I pledge six People's Party votes in this Chamber to either party that will vote to stop the further issue of bonds, and six votes will give to either side a majority. In fact, either party can have a majority in this body any hour that they desire to pass any law In the interests of the American people. The Democratic party had a majority in both Houses of the last Congress, and yet they sat still and saw the President issue over l(!i',000,- noo of interest-bearing bonds without raising a protest or passing any law to prohibit it. Only the other day we were confronted with the remarkable spectacle of Republican leaders criti cisincr the President in Ins course They seem to be criticising him and the Democratic party for having in dorsed and pursued, in the main, the financial policy fastened upon this country by the Republican party, and when they were asked to go squarely on record in favor of bonds or against bonds on an amendment which 1 offer cd to the resolution submitted by the Senator from West Virginia, we found it impossible to bring the question to a vote. This body did not act at that time I ho next day the President issued call for bids ou the 100,0OO,(Ho bond issue, and he called it "a popular loan The distinguished Senator from Ne ada Mr. Stewart showed conclusive' ly in his masterly speecn a lew uay asro that the terms of the call are sue that it is next to impossible for the people to subscribe or pay for the ootid. The denomination of the bonds is too large; the price at which the bonds are to be sold is not fixed; any I'id may be refused, and, besides, no kind of money will be taken for the bonds except gold, while there is prob ;iMy not as much as $100,000,(MX) of gold in circulation among the people of the wiiole country. Everybody admits that i In- gold is cornered by a syndicate. What would Senators say if the President was to advertise to sell bonds lor wheat only, and they were to dis- " er that I had a corner on the wheat I' the country? The people arearous ''i. and justly so, against such con i t. The President seems to be smarting under their criticism, and mw there comes in the papers a letter from the President to a Senator on this floor, in which tbe l'resident in dignantly denies that be erer thought - s a. . . oona syndicate. Why ahould the Pies Jdent now grow o indignant and loudly deny that he, was about to do an evil thing, when heid the same evil wnng less than a year ago, in Febru ary, isli.',? Uut let that pass. The chief wrong that he in committing against the pp!eof the I'nited States is in lsumg bonds at all. The burden will be just aa great upon the people, nu wie iiufrcH win oe jum as nam to pay.mjiejher it is paid to a syndicate, or ii tne bank, or to anyone ele. On yesterday He New York World, which has been Hevrrely criticming me i reinvent, came out with a great flourish of trumpets and said that the gold ring had been whipped and that the people had triumphed. The World knows that this is not true. The World knows that whenever bond are issued at all that the gold ring tri umphs and that the people have been Whipped and robbed. The World, While pretending to be the friend of the people, is really trying to deceive them; it is trying to cover up the main issue and to call the attention of the people from the overshadowing wrong of issuing more bonds in time Of peace. The World's criticism of the President means no more than the crit icism of certain Republican gold Sena tors on this floor. Now, let us see what this Republi can criticism of the President means. Their position, as stated by the distin guished Senator from Ohio and others, is mm an oi tne financial troubles of our government are due to the want of Butlicieut revenue and to the fact that the balance of trade is against this country, all of which they charge up to the Wilson-Oorman tarih bill. They say that a tariir bill furnishing sulli cient revenue would be a complete remedy. If this is so, then, from even a Re publican standpoint, the further issue of bonds is unnecessary and unquali- neuly wrong. IT the Republicans have faith in their remedy, then why are they not ready and anxious to vote for this provision to prevent the further ssue of bonds? Certainly thev are not in favor of borrowing money and piling up a still larger interest-bear- ng ueoi unless H is absolutely neces sary. And besides, if the troubles of this Government are due to the want of sutlicient money that is, if the ex penses of the Government are greater than its income then why do not our Republican friends bring in a bill to cut down expenses instead of a bill to increase taxes Taxes are already too high. Instead of binging in a reve nue bill to increasejtaxes, why do they not bring in a bill.that will equitably adjust the tariff taxes and that will ustly distribute tbe incidental pro tection as between the different sec tions and'the various industries of each section? Why not take some of the protection from those who already lold the lion's share and give it to those in the South and the West who produce the raw materials? This is the position of the People's Party. nd it is just. Rut let us return to the bond oues- tion. What is the Democratic posi tion? The Democratic l'resident and eading Democratic Senators upon this floor say, on the other hand, that there is revenne enough now for the needs of the Government, and that an ncreasei revenue even to double the necessities of the Government, would not relieve the present embarrassment of the Treasury, because the taxes and duties levied by the Government are not paid in gold. They say that the whole trouble is due to the want of gold, and that, therefore, they must issue bonds to buy gold Now, if the Republican party ad mits that the Administration is justi fied in paying the coin obligations of the Government in gold alone and in redeeming the greenbacks and I'nited States notes in gold alone they will be forced to admit that the Democratic position is correct. And theRepubli cans are forced to admit this unless they have the patriotism to confess their errors and mend their ways, be cause it was the Republican party that naugurated this poliey of paying the coin obligations of the Government n gold alone in defiance of law. This is what Mr. Carlisle, the Secretary of the Treasury, is doing to-day, and when the distinguished Senator from Ohio Mr. Sherman was Secretary of the .treasury he set him this ex ample. The fact is that the leaders of both parties are to-day in favor is is suing interest-bearing bonds. .Not a single protest has been raised on either side of this Chamber by the Represen tatives of either the Democratic party or the Republican party against this policy of piling up an interest-bearing debt iu time of peace. They have simp ly been fighting a sham battle over this question quibbling as to details and sparring for party advantage. The Republicans have tried to make party capital by criticising simply some of tbe details about how the bonds should be issued. The main question is whether the bonds should be issued at all or not. Both the Democratic party and the. Republican party are on tbe same side of this question, both are in favor of increasing the interest-bear ing debt of the country, and the policy of both parties means ruin to tbe pro ductive industries of the nation. I repeat they both favor the great wrong of issuing interest-bearing bonds in tbe time of peace; they differ simply as to the details of committing tne wrong, uotn sides unite in relus ingtodo right; they differ simply as to the most plausible method of doing wrong.- one party would stab you in the back; the other criticises the method of stabbing you and insists that you should be stabbed under the fifth rib. Both would stab you, both would murder you. They quibble, however, about the method of commit ting the murder ; that is all. Tbe Sen ator from Ohio believes in hanging; the Senator from New York believes in electrocution. The difference be tween these two parties on this great question is the difference between tweedledee and tweedledum ii one side has its way, bonds will be issued in tweedledee fashion; if the other side has its way, bonds will be issued in tweedledum fashion. They are both in favor of bonds, more bonds r More bonds: They are Dotn ior piling up the debt of the nation to be paid by fu ture generations; they are both for contracting the currency to enrse the nresent feneration. The policy of either Dartv means falling prices, stag nation of business ana tne paralysis oij every productive industry. I appeal to both sides to reverse their policies anu 10 siop mis great wruug. Your crimes against the American people have been great and grievous, but it is never too late to mend. I call upon you to do it now. Let either of the old parties bring in a bill that will stop these wrongs and settle our pres ent difficulties with equal justice to all sides, and the People's party will at once loin tou in such laudable and pa rrintio efforts. We will even sacrifice our party organization if by so doing we can save the nation from British rule and restore prosperity to our peo ple. The great majority of tbe voters of the Democratic and Republican n.rtiM are oooosed to this wrong. Every member of the People's party is opposed to it. If the wishes and de mands of the great majority of the American people were heard in this ui naving anjtbing to do with the Chamber a tbe wishes of WaJl treet are hedd in the White House and too often in Congre, this amendment re pealing the law under whlc h the Prs- laeoi ciaims ine rigni to nue bona would be pasted in an hour. I said above that if the policy which both the Democratic and Republican parties have adopted in administering tne finances of this country is correct, mat tlien it is clear that bonds must now be Uxued to buy gold. Iet us see w hit that policy Is that has raised all of this cry about gold leaving tber.oun try and the ne-e&ity for the Treasury to keep gold in its -, aults. In the first place, this government owes a very large debt. A prt of this debt was contracted during the great war. The government issued its inter- ent-U-aring bonds to raise money. The government took any kind of money it could get for these bonds and Mime of t heiu Were sold at as low, f.s ii cents Oil the dollar. The government promised to pay these bonds in lawful money gold, silver, greenbacks, or any kind I money. lien the war closed, these bonds were almost doubled in value. because they were at once worth par everywhere. Hut the holders of these bonds were not satisfied with having made 100 per cent, out of tbe misfor tunes of the government. They at once began to lobby Congress to change the contract which the government had made with them and make the bonds payable in coin instead of in lawful money. 1 hrough the influence, largely 1 may say, of these bondholders, a bill was passed by Congress in ls7 pledging the faith of this government to pay all of its obligations in coin, and so care ful were these bondholders to clinch the hard bargain which they were driving with the government that they insisted, when the act of July 1 4, 1S7U, was passeu, upon Having the law to state that the bonds should be paid in coin of the present standard value. Not only this, but they insisted that a statement of this fact should be put across the face of every bond. Ry this act the government deliberately chang ed its own contract and promised to pay to the bondholders more than was due. Besides, every bohd issued since 1870 also contains the provision which l nave quoted above that is, that the bonds "shall be paid in coin of the present standard value of July 14, 1S70." But the bondholders were not satis fied. Heartless greed is iTever satisfied. They began to ask for payment of prin cipal and interest iu gold; in fact, they began to demand gold and say that they had a legal right to demand it since the passage of tbe act of 1873 demonetizing silver. To refute this claim and demand of the bondholders a . , . , . a and to forever put to rest any question Ihnnr. inia mnltor I'nntrrpGa nua&oil In I about this matter, Congress passed, in Ji8, a resolution which will be found on page 504 of the Congressional Re cord, volume 7, part 1, Forty-fifth Con gress, second session. l will not have the resolution read, because the distinguished Senator from Nevada TMr. Stewart read it only a few days since,and the distinguished Senator from Alabama Mx. Morgan read it again on yesterday. Every Senator knows what the law is and is thoroughly familiar with the provis ions of this resolution, but 1 hope that every man who speaks on this question will read it or put it in his remarks, so that the people may know what the law is and be able to judge whether or not their trusted agents obey or vio late this law. When the people know the facts, they will condemn some men who now hold and abuse their confi dence. I ask permission to print the resolu tion as part of my remarks in the Re cord. The resolution is as follows : Whereas by the act entitled "An act to strengthen the public credit." approved March IS, ls!, it was provided and declared that the faith of the I'nited States was thereby solemnly pledged to the payment, in coin or its equivalent, of all the interest- bearing obligations of theU.S., except in cases where tne law authorizing the issue oi such obligations had expressly provided that the same might be paid in lawful money or other currency than gold and silver; and Whereas all the bonds of the I'nited States authorized to be issued by the act entitled "An act to authorize the refunding of the national debt," approved July 14, ISiO, by the terms of said art were declared to be re deemable in coin of the then present stand ard value, bearing interest payable semi-annually in such coin; and . Whereas all bonds of the Unieed States authorized to be issued under the act en titled "An act to provide for the resumption of snecie payments." approved January 14, 1875. are required to be of the description of bonds of the United States described in the said act of Congress approved July 14, 1870, entitled "An act to authorize the refunding of the national debt:" and W hereas. at the date of the passage of said act of Congress last aforesaid, to wit, the 14th day of July, 1870, the coin of the United States ot standard value ot that date included silver dollars of the weight of 4124 rains each, declared by the act approved anuarv 18. 1837. entitled "An act supple mentary to the act entitled 'An act estab lishing a mint and regulating the coins of the United States,' " to be a legal tender of payment, according to their nominal value, for any sums whatever: lheretore Kesolvec by tne benate (the iiouseoi Representatives concurring therein), That all the bonds of the United States issued, or authorized to be issued, under the said acts of Congress herein before recited, are paya oie, principal anu interest, at me opuon oi the Government ot tbe h nited States, in sil ver dollars, of the coinage of the United States, containing 4121-2 grains each of standard silver; and that to restore to its coinage such silver coins as a legal tender in payment oi said bonds, principal and inter est, is not in violation of the public faith. nor in derogation ot the rights of tbe public creditor Here is the vote in both the Senate and House on that resolution. I ask leave to print it in my remarks in full. We omit official vote in detail for want of space. Ed. Caucasias.1 It will be observed that the resolu tion passed by over a two-thirds vote in both Houses, it will also be observ ed that the Senator from Iowa Mr. Al- lison voted in favor of this resolution, and alsq the Senator from Pennsylva ma Mr. Cameron J and the Senator from Nevada Mr. Jones. The Sena tor from Tennessee Mr. Harris and the Senator from Missouri Mr. Cock rell were paired in favor of it. This resolution passed here, as 1 have said, January 25. 1878. and the House passed it hf a vote oi IS!) ae-ainst 7! .lannarvl 28, a few days afterwards. Among ' -r CI - af those in the House who voted in favor I is this : Suppose on January 1, 1805, I j Secretary of the Treasury has tbe op-1 gold mortgages anu goiu noie ""'J nt this resolution were Jon. O.Carlisle. I had e-iven mv note to the Senatne from I tinn nf redpeminir everv one of these I That is the case in the State of the the present Secretary of the Treasury ; Roger Q. Mills, who now holds a seat in this Chamber; Will'amM. Springer, of Illinois, and ex-Secretary of the Treasury cnanes roster, oi umo. Thorn we have the nresent hec.retarv nf the Treasury voting for it and an ex- Secretary who preceded him also vot ing for it. They both understood what the law was anu voteu ior mis resolu tion when they were in Congress. They both violated this same law af terwards when they held the office of Secretary of the Treasury. They can not only recites the laws relating to the issue of bonds and the payment of the same, which laws, on their face., are perfectly plain to the most ordinary mind that every obligation of this government was payable either in sil ver coin or gold coin, but in addition this resolution interprets these laws, fjUlS a C9U1UD1VU luvxi aa. wo vuou na ww ay it tbey need interpretation, and says never explain their conuuet to tne sat- that my crop naa oeen narvestea, mat i tors, wno are to get tne oonus, gabuer i iueec8. vUuS. 1 construction at Shanghai, Ningpo, and the I wy '"V.. , T-. isfaction of the American people, I did not know how my yield of corn ap 5I),000,0tdof greenbacks, go to the the strain on gold is offset by pom on tie Yangste river. lare rapidly iaTAaing, that tbe coon- I. .:il 1 ih.l thi. ...nl..li. . hof arnnlil h hnt I fMMil tluf. m I Tm.nn anil damand t.Vl (Wl 000 in I and enUal Strain On Sliver. nnleSB the I Thm nnmher of nrainHl of notion annoailv I tee I IB a WOndeTfnlly OTOSBerOU COD- . nail JO DVV U VUWV a. a.a a w av fvawa-- u uaaww ii 'W -M. - - -mm I w I RALEIGH, N. 0., THURSDAY, FEBRUARY emphatically that every obligation of this government is payable in silver if it is to the interest or pleasure of this government to so pay tbetn. There has been but one law relating to this matter paaed since 1h7s, and that was the act of is, which expressly makes it the doty of the Secretary of tbe Treasury in paying these eoin obliga tions to exercise tbe option which the government reserves to pay these obli gations in either coin, and to pay them out so as to maintain the parity be tween tbe two metals. And thus the matter tauds to-day, that every obligation which this gov ernment owes, except a few gold certi ficates, is payable, at tbe option of this government, in either gold coin or in silver coin of the name standard value as that in use and authorized by the government of July 14, 1870. Hut, strange to say, for some reason beyond Human comprehension, Mr. Carlisle, present Secretary of the Treasury, re fuses to exercise this option on behalf of bis own government, which he has sworn to up port, but pays out gold alone and at the option of the creditor. lie did this until he drained the Treasury of gold, and then, iustead of exercising tbe option which it was his duty to use in tbe interest of his gov ernment and the people, and to pay out silver coin which he had in the Treasury, he proceeds to issue more bonds to buy gold, simply because the bondholders demand gold. lhat this is a betrayal of the high trust which he holds, it seems to me, should be plain and conclusive to every fair and unprejudiced mind of even or dinary intelligence. it can not be claimed by any one that any bondholder has ever had any reason to believe that he had any legal right to demand payment in gold. Not orly is the existence of our statutes on this question sufncient notice to them and to all the world that these bonds may be paid in silver, but when the l'resident made his bond deal with the syndicate February, 1895, he sent a special message to Congress, under date of February 8, 1895, and urged this body to authorize him to issue gold bonds, saying that if the pur chasers of these bonds could know that they would receive payment in gold that he could sell the bonds for f 10, o00,000 more than he could get for them as coin bonds. 1 call special attention to the follow ing paragraph of the message, which I ask to nave read by tbe Secretary. Let him read the part that is marked. The Presiding Officer (Mr. rrye in the chair). Tbe Secretary will read as requested. The Secretary read as follows : The privilege is especially reserved to the KUVCIUUicilb iu Duuoiiiuw ai uai mwiu veil u from this date jn Uea 0fthe 4 , j 1 i i . . 1. 1 r coin bonds, other bonds in terms payable in gold and bearing only 3 per cent interest, if the issue of the same should in the mean time be authorized by the Concress. The arrangement thus completed which, after careful inquiry, appears in present circumstances and considering all the ob jects desired to be the best attainable, de velops such a difference in the estimation oi investors between Donas made paya Die in coin and those SDeciticallv made navable in fold in favor of the latter, as is presented y three-fourths of a cent in annual inter est. In the agreement just concluded the annual saving in interest to the government. if 3 per cent gold bonds should be substi tuted for 4 per cent coin bonds nndr the privilege reserved, would De iwj.iwi, anioanunn in uiiny y tours, or ai ine matu rity of the coin bonds, to f 16,174,770. Of course there never snouio De a uoudi in any quarter as to the redemption in gold of the bonds of the government which are made payable in coin, lheretore the dis- crimination in the judgment of investors I between our bond obligations payable in coin and those specifically' made payable in gold is very significant. It is hardly neces sary to suggest man wnaieyer may De our views on the subject, the sentiments or pre- faian.as nf thrtoA wiih wVinm wp must, npen- tiate in disposing our bonds for gold are not suoject to our dictation. Mr. Butlkr. The President of the United States in that document admits that this great government is in the hands of and at the mercy of these gold gamblers. That is no doubt true with Orover Cleveland in ine vvnite House; but that such a humiliating condition could exist if we had an An drew Jackson for President every true American will indignantly deny. But what I wish to call special atten tion to is that in the very contract which the President then made with the gold trust there is a distinction made between a gold bond and a com Donaio an amount exceeumg io,wu, - (wi OOO. vnw if these bondholders wer w,i- 1XOW, ii luese uuuuuuiuero were wii- lino, tn iv a certain anni foe thia issue r of bonus, providing tney were to oe uajau.c ... g., " '"" give and did give $10,174,770 less be cause they were not to be payable in gold, then I wish to ask any intelligent men iu what money should these bonds be paid? Mr. Mitchell, ot -Oregon. May l ask the Senator from North Carolina a question? Mr. Butler, certainly. Mr. Mitchell, of Oregon. If they should be paid in gold would they not on their own confession and their own admission receive a bonus of just that I am sorry that our Secretary of the Treasury and our President can mry and our President can Their stupidity in this, as : . . ... . ... not see it. ineir stupiuuy in mis, as in otner matters, nas aireauy cost me people millions of dollars, and almost bankrupted the nation. Mark you, the bondholders offered a gold price for these bonds and then of fered a price $16,171,770 less as a coin price, whicn tney said meant silver. Therefore, I say that there is no legal or moral obligation of this government to pay these bonds in gold, or any part or them in gold, but it has every legal and moral right, and it is the doty of this government, to pay every dollar of them, principal and interest, under tbe circumstances, in silver, and I chal lenge any Senator on this floor to con tradict the correctness of this state ment. A few days ago the Senator from New York (Mr. Hill), in a speech on this floor, attempted to justify the Ad ministration in pursuing this sucidal coarse, jnow, a wonia like to ask him nnoil nn o rat nor tn nut nl.in a question, of, rather, to put a plain, I u ww.W , T - " , ' u.w.u, 1 simple, business proposition to him. It Ohio (Mr. Sherman), in which I prom- ised to pay him on January 1, 18t1, either 1,000 bushels of wheat of 2,000 bushels of corn at my option. Sup- pose on the 1st day of June my busi I naaa callpn me. tn Knrnne and. knnv, ing that I could not return before the 1st of January, coat i naa asKea tne Senator from New York to act as my friend and trusted agent,' and to pay this debt for me on the 1st of January in the manner that would be most ad vantageous to me. Of course, I would have called nis attention to the fact ana thnrl TCnmi lot- na suppose that my corn crop was'a boun . ... . . C j. uiu one, BUfc.mil. my wntat. crop wan a failure, l want to as it tne senator from New York whether, under these conditions, he would have Daid mv Oent to the Senator from Ohio in the corn which I had in my barn in abundance, vw uivu . m um su ni nvwuwwivw j or would he hare mortgaged mj ' farm amount more than they say tney are Kepublan poiicy, wbich leads to the interests of the people, or the credit uken f rom t beutbScal Abstract of lo. Per " " " themselves entitled tor bankruptcy and ruin. Both old par- of this government, he can use this op- the Cnited State, for la. and they show a boutof mcb proflu ip i ruiinir) Mr. Butlkr. Certainly. That is . betrayed their trusts to the tion to cause a disparity between tbe falling off in thi one item in on year of 1 be balancw of trad u I n Koasia fa plain to any man of ordinary intelli- L Th.c iiinriiiv mtiii So far he h used hi nn- 38.153.000 yards. ' vor, and she baa accumulated cold in- ,v : - . r . r . i- r rirrw. i :rirc u .v.: ..: . .r n.i. m m ue uukd wod mu a wurse w i :: .w-. iw .mmm..!.. to raU Btottey with whteli to b wheat to pat the dVUJ Mr. IIiul. I kri the Senator want an answer to that long and rontpliruI qunnoD oof r mr. m ini, i ne Senator ran u Mown pleure, but I would be rlaj w near iron mm now. Mr. Uiu- I have forgotten what tbe flmt part of tbe question wa. Mr. Bctui. That in tbe way with these gold bug. They excue their wrongdoing by ignorance and want of memory, (laughter.) That the only excuse for I heir tin of oiuiion and commiasiun. Mr. Hill. I hardly think the Sena tor from North Carolina cm eecl me right off to answer a lung oueotion that take about ooe page ..f recital recital of the ri.ti. ub.ua fact that the Senator from Ohio would be apt to take theSeuator Uole for an very large amount. Mr. Bun u. I iiIcm. ii was payable in gold. air. 11 1 i i- Ani, 1 1 payable in any way. possible. N'lere are too many aumn- tlotm in it, and it requires rather too much deliberation to annwer it oil hand in a reasonable lime. Mr. Butler. I will give the Sena tor from New York an opportunity to think over it and give the answer at his leisure. Mr. lln U It does not require very much time, but 1 hardly think I will indulge myself now to answer the question. Mr. Hi'TLaik, then I will proceed to say what 1 llnnk. tne euator would and should do as my tru-ted friend. The fact that the Senator from l ihio Mr. II ill. The Senator can answer it himself if he wants to. I have no objection to that. Mr. Hutlkk. 1 did not catch the Senator's remark. Mr. llii.i.. 1 say the Senator can proceed to answer it himseinf he de sires. Mr. Butlkr. The Seuator from New York will have full opportunity to cor rect my statement as to how he w ould act if I do not state it correctly. 1 will state what it would be his duty to do, and leave it for him to say whether or not he would do his duty. No doubt the Senator from Ohio would demand payment iu wheat, but you would not for a moment consider bis demand. You would call his at tention to the letter of the contract and insist on paying him according to the contract, in the manner most ad vantageous to me- Kspecially would you do this if you had learned that the Senator from Ohio had cornered allot the wheat in the country, and besides had nearly every other farmer in the country in debt to him on the same kind of notes and was trying to force payment from them all in wheat, TV hen there was no wheat to be had except you purchased it from him and at a price double what it was when t he debt was made. I say that if you had given up the option which I had in my contract and had mortgaged my farm to buy wheat at an enormously increased price, everybody would say that you were either a fit subject for the lunatic asy lum or that you had been improperly influenced by a pecuniary considera tion or otherwise by the Senator from Ohio. In short, your conduct woul'' be infamous. It is true that the Sena tor from Ohio might threaten that he would Viri ntTf credit if you did not pay my debt in wheat as he demanded,) x. ij . 1 t r but you would promptly answer him that neither he nor any one else could ruin my credit as long as 1 was able to pay my debts according to the contract ana still nave corn leu in aounoance in my barns. lou would furthermore tell him promptly that the surest way of ruin ing my credit would be by mortgaging my farm to buy wheat at a 100 per cent advance in price and thereby discrim lnaiiug agauisL me corn, iiic property which 1 had, and causing it to fall in - i - . i . ... Drice. The dilterence would be a man out of debt with plenty of means for support, or deeply in debt, paying twice as much as the value received, and with the property that he had left depreciated in value on account of the discrimination. In case-1 pursued such a short-sight ed and foolish policy I would find my self at the end of the next year, when the mortgage on my farm came due, forced to give another mortgage to buy more wheat at a still further ad vance price to . pay me ueot. i iius, 1 ; f- QO, t,1,10.hmvfio,(1atoom' nirai.ivHji.,."v.B j -- , , , j ;ik .A.n in ahnmlinps I wnnlil ha "-" V - . ' I i ine-n f.aoh inlmisi n "rueu '-"s-s" mv farm until tne mortgages amount - i d" tQ more than the a,ue thereof, where would mv cred t be then? Now. this is exactly what our gov- eminent it doing to-day. We are is- auinc bonus Dutting a mortgage iiDoti this country to buy gold to pay a debt and silver on equal terms, but the See when we have the option of paying retary of the Treasury can send silver that debt in silver. This policy was inaugurated by the Republican party, not onlv without snauow 01 law. DUi in defiance of law. The Democratic party Jnn.inH hia Twtliev nml dunmniPMl it justly, and promisad the people to nut a stop to it. The Democratic party came into power, but it has adopted neopl hand in hand, mortgaging the prop uouu X rJT- i err v no linen v 01 tu b cuiiuuv iwai foPeil,n amblers and speculators, . . . . - v ..,n Upnedict Arnold a traitor, a ,.,,,, hllt one to Great Britain. What will you say of those who are trying to surrender the whole American continent to threat Britain? But the Secretary of the Treasury says that tbe greatest danger in our currency Bystem now. is the greei- backs. He says that those who want to raid the Treasury ana aepiece uoi ' - . . iiie-i t .r-1 in-uuica xuv v o vuiim w i v s w - v vmv - - - sr- i . its gold gather up greenbacks and come line interest oi me uiououomsib, iuc to the Taeasury and demand gold. II gold combine, and the creditor class, n.nHv nrhut rivht thv have inland was done to depreciate silver and demand gold, and what right has he to pay gold. I want to asg it tnese green - hanba'aea not eoin. nhltfationa. everv one of them payable in silver at the ... reJ - . a a rtntinn nf th mvarnment. H tne er retary would redeem tbe greenbacks . , i . i u j vs in Sliver, 11 ue wouiu uu uio uuij uuuu th law this raid nnnn the Treasury aa-nnld atnn and atnn at nncp. ' T chl I lanrra anv SMiirnrAn tnia nnnrtn con- lenge any Senator on this floor to con . w " J " I tradict this statement. In short, the notes in either gold or silver coin, and, therefore, if . any speculator or capi- talist gets a single dollar of gold out of the Treasury it is the fault of tbe Sec- retary, who is the sworn officer of the government to protect it ; and it is his I lault alone. ' This is the same endless chain that h an much ahnnt. There could . . . i " be no endless chain without the con-1 will have, the inevitable result of arti- burger scale; and it ia tbe opinion of coo-l tbe effect that If exioo, instead of bay sent and connivance of the Treasury I ficially increasing the price of gold. I aervative bualneaa men that the endM thel iOK Urgely of oar nutnolactured good Department. How is it worked? The Secretary of the Treasury propose-to issue bonds lo y gold ; the specula enM fnp Hum - Is the Secretary bound to pay them I , -t o..m igo.ur xio. jun ne p j . I gold, tne very article tnas ne is trying 1 to get into the Treasury. The specu I lator receives the troia ana men nanus I the same gold back over the samel everything else has fallen In price I counter for 50,000,000 of bonds.' What vwewwMwisk bvi ajvywjvvw - Is tbe result of this transaction? Tbe 13, 1890. guverBBverj ha. Ld-Qt fki r me rvu&itr and taken tbe guld ingle dtti.ar morv of gold than it fe4 tM-lure. Hut It ha nturtbttlg elar. It ha a debt f ftf and tbe inter- et rvnimenre from I Hat hour ai grow dajka&d night. Ye, a jiui,. tai debt and not a iDgle thing under heaven to bow for tt. That finan ciering. If that u not Inronipv-trney, .uen. m m language oi I be i'itin ruwbed Senator from Colorado. (Mr. Teller). U iuut be M&r thing Wore whien be railed 'dUhottraty." Thi i tbe endle chain, tbl U the folly, if not t be rri tne. that our govern ment i guilty of : tin I. the that our debt i piled up without melting anytmug in return therefor. 1 hi i the way that the people are robbed h their own officer for the beOrCt of the peculator and gold gambler. In "hort, thi Whole trouble, ll.u whole cry about gold going out of tbe coun try,! hi whole clamor about tnd. i due almost entirely to the wilful and -ritent violation of law by theortl- rer of thr government. They act a if tbrjr were agent for the r old com bine :utead of the trusted agent and fervanl of the people. I-t the Sevre- tary of the Treasury commence to-day I and redeem the greenback and I'nited tate notes and pay the principal and interest on the coin obligation of tbi government according to the letter and spirit of the law and all of thee dark trouble lhat are now hovering over our government w ill anion a fog before a rising un. Inasmuch as the Secretary of the Treasury has not obeyed the law and used the legal option of the govern ment in the interests of the people, I have ottered the amendment to the hill which was read at the beginning of my remarks. 1 ask that the amendment be read again, and 1 t all special attention to the lat division of it. The amendment was read, a fol lows : Sec. 4. That the issuance of interest-beahiu; liouds of tbe I nited State for any purpose whatever, without further authority of Congress, is herebv prohibited; and that the Secretary of the Treasury when re-leetniim I'nited iStutes notes, commonly called green backs, and Treasury note issued under the provisions of the "act of July 1 1. It, and when liquidating either tbe interest or prin cipal of any of the government s coin obli gations is hereby directed to make sach v uient in gold coin whenever the market value of i" s grains of standard gold is lem than the market value iV' 1-2 grains of standard mIv.t. and to continue to y in such gold coin until the market value of 115. M grains of standard gold shall be equal to the market value of ill l-'2 grains of stand ard silver; but when the market value of of 2o.3 grains of standard gold shall be greater than the market value of 1121-2 grains of standard silver, he shall pay the interest and the principal of said com obli gations as they become due in silver coin, and continue to pay the same in silver coin until the market value of 4121-2 grain of standard silver; shall e equal to tbe market value of 2o.s grams of standard gold, and said notes, commonly called greenbacks, when so redeemed, shall be reissued, as pro vided by the act of May 31, l"7s. Mr. Butlkii. The provisions of this section are perfectly simply and plain It simply directs the Secretary of the .treasury, in express terms, witn no option, to do what everybody thought he or any patriot would do in exercis ngtbe option of the government in paring our coin obligations. The law expressly declare that he f hall use this option to keep gold and silver at a pa-1 fsTal a. i.. as- rity. If that law means anything it means that whenever, for any cause, there is a greater strain on gold that is, a greater demand for gold than for silver that then he shall use tbe gov ernment's option to pay our coin obli gations in silver.and on theother hand, whenever silver is scarce, whenever there is a greater demand for silver and the price goes up, that then he shall equalize the demand for the two metals by paying our com obligations in gold and continue the strain on gold until the two metals come back to a parity. I will answer here a question asked me by a distinguished citizen a few days ago. lie asked why 1 insisted on putting this provision on tbe bond bill along with a provision reported by the committee providing for the free and unlimited coinage of silver, lhat gen tleman, whose name I shall not call. rather eluded me, and said, " l ou and every other advocate of free silver all over the world have been claiming that the free and unlimited coinage of sil . nn ,m.i rPma with o-oid wnuhi I ' . - "w i i I hnn tr silver to a narif v with e-nld that -r-- " ; ii hana i UniKil lhat .11-1 1 v err a i n a nl "T -1 ".P" . : 1 silver wouiu aiways practicaiiy oe i worth as much as 2.-..S grains of gold That is true provided I other laws, or con law, to artificially d 1 will illustrate, vv e can coin gold to a premium or gold to a premium, just as he chooses, oy an improper use oi me option w uicii is vesieu in mm oy law of paying out gold or silver on our rnin obligations. This Option WIS vested in hi nn , so that jer d k?p t r Tt tti oi . 4 to ji i .ri v. I il ii lie urpi " " " ' --- . "uu""b " " tion for tbe profits of the gold trust, :-::; .kd4 I " . i. - j: . .1 ixaiust iuc luuirsu v. v.t people, and to liic uciriuiriu oi nir credit of our government, There j9 another reason, and I wish . n..linlar tttantirtn tft it In the Bland-Allison Act of itsjs tnere was inserted a clause, known as tbe ex ception clause, making it lawful for a private individual, corporation, or company to take notes or mortgages . . a.- 1 rw stipulating niyment in gold only. This was a very unwise and unjutt provis- . i ... a .Mi iion. n was iiii-u .mo v u I to appreciate gold. Under this law 1 wnicn, oy me way, "w I hiU wbich claimed to restore silver as money there have been thousands I- I !ll! l Jll aaA v 9 am sat mm Mas ina millions ui uuiwrs o uiunB land notes taken in this country requir- I ..m.nhin trrAA Therp l nrai. mg r. ticallv. not a town or hamlet in the - 1 whole United StlteS to Which the I nanKB nave DOI at"n uruera to nit uu - . . . Isiness men calling upon tnem to taae Senator from Mississippi (Mr. Waltb- all); it is so in my State; it is so all "over tbe country. There are probably a thousand million dollars to-day due under mortgages containing this gold clause. Vtnj I and mortgage! are paid there will be a greater strain all over the country on I aw A. E. mm ailrna war Vt s. K vf aaiima I .. a m I arold than on silver, wnicn. oi course, I Therefore 11 we pass a irewoiDige bill here to-day ; gold ana silver can not - come to a parity "O". every ooe SMnttTT OI IDe lreUOrT IDQ Ue rref ident will observe and carry out the u.. .nint nf ih ii ... xney nave uu j .uS SotU - 1 alone, L naer tnis policy goia nas con i tinueu io nuvauce iu unw, w unc I measured in gold, and the disparity a a J between gold and ailver has grown greater every 4j. tint W. Cleveland 4 !tr.trl!te eU and neent in ine naavn t pert tal irettanent. inif-n irir nUenteMktlnnn tagrvw mrtbaa hd eeral neen pmana. a ad now la a wry lew, humiliating, and erltira evftditu. f km n4 rvaw- nenne nay thai the eiawettwental treatanent whh they are m utinc With jrb dianatrwue reentU how id he topped? la they be Jwlte4 in rawing their wild. cranky, and tanatirnJ lr nent any further If they care ant. thing t tbe life ad their Uet. fe the jtTMprrit ( f the fewnie e the credit of thi Goarraanent. bow Id thev not try the other treatsaeat. which u reeogniied by law They late the option of ww treatment. Tj bate tried the gold treatment with d.a- tron remulu; If they will nC try the oiuer Doti id not oogreM uke tWir discretion from tber- and direct then peeially to try the other trewtanent? ioe not l-ongrea cwre wetting for tbe life of the nation and the credit of thetountryf If the I'reaident and tne Pecrv-tary of the Tmuri do wd then let US do our dtttl and let w an. ci&Vally Inatrucl them bow to nate our credit. Hence the neeeeity for this amendment which I offer direct ing the Secretary of the Treasury pe clflcally to carry out the intent of the taw, tne spirit and letter of the taw under which all of our coin uMm. tions have been iaaued. If the Secretary of tbe Tnimri had done hi aworu duly, there Would be no ne, ruy tor MUiug bond. Thi evliou take awa the discretion Which he ha abused and force him tosdo hi duty. But to make auraawe don hi v ure that no further bunded debt shall be heaped upon an already uuruened people, I have ahm iuclnded a provision that no further bond shall tie issued for any purpose whatever without further authority of Congre. The distinguished Senator from nhio (Mr. Sherman laaya that another one of the trouble with Uiiseountrt I that the balance of the trade is against us. I niot heartily agree with hint in that statement. But when he go further and charge that as the sole cause for gold going out of the coun try, and that, therefore. the gold e port i due to tbe difference between the vt ilson-,orman tariff bill and tbe Mckinley tariff bill. I most emphati cally take iue with him. tiold ha gone out under high tariff and lo tariff. Oold wentout constantly un der the Mckinley Art. In short, for the last eight year, under varying i arms, goiu us routmutd to rise in price and to be steadily drawulxit of tne country. I undertake to say and lo prove be yond successful contradiction that tbe chief cause for tbe balance of trade be ing against this country i. first, the fact lhat the products that we abip abroad we are forced to sell at a price less man me cost oi production; aec ond, because, on account of the differ ence of exchange between gold-stand ard countries and silver-standard countries, that we not only can not ex port the products of our soil and our manufactured products at a profit, but mat. me countries trial were once among our best customer are now not only manufacturing and producing nearly all of the goods that they need for their own consumption, but have actually turned the tables upon us and are exporting tticir produce into this country at a cost below that which it 1 . . . . ls possible for our manufacturer to make them. n account of thi differ ence of exchange, the silver-using countries in the world to-dav have hundred per cent, advantage over u or any other gold-standard country Now tbe question arises, how can this be remedied or prevented by tariff? If every schedule in the Mc- Kinley tariff was doubled.it would not protect tbi s country against tbe com petition of silver-using countries, nor would it turn the balance of trade in our favor sufficient to protect our far mers, laborers, and manufacturers, or to prevent the export of gold, so long as this fatuous aud blighting finan cial policy is pursued. In proof of this position I beg leave to submit some facts .taken from our consular reports. r irsc i nave tne Consular Kenort for June, 1mm5, containing the report made by Consul-Ueneral Jernigan, at Shanghai, on "Trade with China." 1 regret that time will not permit the reading of extracts, at least, from the report now. It is an official report ;ir "f-.. " -" "' T""Mtr e I "Om an omciai representative oi iuii I . .. i rrovernmenv in loreign country, ii I . . . . f . contains vaiuaoie ana alarming inior - mation. It is the duty of every man on I to tudy for the real cause. Therefore it is our Outy to seek carefully the air- nincant Tacts in tbe (insular Keport. I ask leave to insert certain extracts in my speech OTTOX, COTTOJI (rOOl, AXD COTTOa MIL China is America's largest market for do- goods. i i I ..nl. rr ilnitiMlv vlnn- In 1lt m.m , . - I l.nrle.1 onlv Z7 7i UK! van I Theae fimimi trade of the I'nited Kingdom for ISO also irauuawiuc . .... - material lorn in she importa tion by China of cotton yarn and domestic cottons from Ureal Britain. In Kfi China imported British ooUOna to tbe noantitr of 4 i7.175.0U0 yards, and in 13 only 3ii5.4U&.- 000 yards. The changes in tbe number of yard ot tnia commodity imported during 1-04 from tbe countriea named do no affec tbe application of tbe principle I wish to present lor oonasaeraiioD in I nw connection. I the importation of domestic cottons, will 1 ne cause oi ue iauing ou, inaicaiea in not appear in tbe ordinary rule govern- intf ami aa wgimi in i . ntuwi matM ing trade, and aa regard tbe United States the loss ia so marked aa to excite anxiety. Tbe study I have been able to devote to the subject and the Information derived from the moat reliable statistical reports heaving noon It influence toe opinion that one of the main causes lies quite beneath the surface. 1 advance tbe opinion that tbe manu- ha-tareof cotton rood by China and Japan nfwaises to decrease the importation by these countries of such goods from tbe United States. In the report of tbe Yokohama Chamber oi fjommerce, a tea jsay it, iv. ii an tra that the fust spinning mill erected in tan was erected in lwvJ, with a.os spin dle. At the end of 1S83 there were 16 mill with 43,700 spindles; at tbe end of LHft 24 mills, with 84.140 spindle: at the end of 12. 39 mill, with 403,314 anindjea; 133, 4 mills, with about 000.000 SDLodlea. No statistic rehuing to tbe cotton mLGs of China bare been pnbliabed ao full as those reUUng to thon "n'i0: S!aS bV tembermm St,nh7i JZtZS hVniw in ixa hZ I OuaUKUSM. UWUVVCU WTW USWS Mm mj-M- AatWBBW I . n 7 af . . . i 'k-:!, j . nnw nmviirMi m prewi ui iusw u. i "h."? 17 oi -',1 mill, in coarse' of I DrOdOad IB IXlDt OU DM OBtU mOaiTmmiY given, but the .J. I creaainf. and the aou ana the climate I manvTnartmof the Emoin are tavofablB -rr' httUl9 u thmn M - 1 inkiojinch of the cotton niaad 1 1 takan be the cotton milia of Juea. as I but a the new cotton milia am erected I Lluna.tbea wiU cnBanmc the pats pan a I a T. . a m f J of the home supply, foKtBgJapaa I this flitfir trhn in rhirnal with lha p.l t,at re P SDonsibilitT of legislation and who to- . . . . ditions created by d,T ia ennfrontiiwrith ti. f A.i. . eT1. 1 nv ?""r report i. istlirb this parity. Utfl..mn.l.!li.m r..l .el.l HS-lTa-a PM""?1. " . I ,,. f. " "7 -.."" "ru'IZ,.! from tbe report of Consul J.ll.l.oc- The annual autement of tbe vn u eahse ws4 f a awe a Utmm. Una w kaa t i sit j toww fa I . A M U.a Wasr s. a w aaia sw a ..wired al ii It si kaei iai iw twrtuntaj lwdar rr.' u I wian Ma.h sm. Jkm4 SM4 e.e. f. tbe SW and S4UI Uhs .srani tt Iks gttmt luaalk'u. KIS1 'H" In olt I lv M htghsa aUalrwd btrifa 9 (t f . Ito X.I WaJ. ta.t e a4 If sat ttm4 fe Im Un a auftiUs f ISM a ta rate d K ...I Thaw lura is,! IsaltMukM a... to ml Jswa rsrwly rwhat. ti,. rrt.a tl kVuraa tfW Uwwiaatr relwrM the waUtfw ml d .ral lir-iav. at wa n-'soal W sniiM tu th.a ml the t a4 Ikalaw. ihLMd.i hwwiarf d rvry i:. Is- w .Wi the to sh s d an rung e4Mt.avk.MS la Udl.saa I u miv4 Wei kJUl Waja eT 1 S . Ju in 1, sua the dausarwlntf IsT.eaasU cotnpwmutwSy. thai tas .s ad m, i, e wB laMww nwijaiiBWB avawi sVI awVJww . In the I utsd ts the tfewhl ma inm wMimm imms srt ike aa4 milM of the Nucih ms swtoe so Ut( mu ua ll.r iHta. sl mm tu ine fewwaj of tM b..i w tbe la.a i'i W ieim aWMKiwaNj.! nmrm and I rear hi ale smibmh swsax the aUlM) aiMvts i( ti t4mm mt-m ml the t soled ! a-l rwt rtntaia. uj th llrtus L.fc IImi Oj.le.t UitMUmm mtmm ill aero ruuataiiti llue hiaa lLm I aotnetLing wfusir whew un trati la Ile lws rults saalwrw tm lLm iJ.. tMjs4iUuf the UIwm wkhb L... beeMof .ire raailjr itinl U the au 4 the wanufacturtnc ocrsa uf the 1 La rrau.u tuubi i aotullMKl and Hsu li' of tbe woooiulat lo .w4 the r.m Ii (HUM sss ut. Il Is bete I bat the tl of tsiw Lmt I meive rmref tU wttentioii and n 1mu1 I nt he furirotun that while h law ut au4f and demand with reeael Iu nuuumliiMi h international. It onlr natsuoal and of tew wtninl. with twwrd to lal. A mm ml r4ton may Umm the sasus hawses' o value in hew r leans. jrnnl or IUmm bar. hut the tevw of a dav s ImtmM in K.- lv Iwar no relatMio to the i -v. ..f a Amw Uiur in livertwul or Kr tlileeua. an J m adluatmeut of the two 4ajtia mi i..1m (n lm eSeril unhw a iwnro of ium im imnorled a waaily ns n cwrgu .f itUM. An hih-llieut undrrstandiiMr of the n.fl u etitial aerncy of the tfw of lata im rraru laimg tii rjtits of suanufaiiuriiig x.ier trisr may ha-l frt.ie this IllustrstMta Im 7i the mill of the Orient an l hv-i Wait wer comnetins; on -ual tetm and imht lug uaj return, how in l. e.h mill empSor the aame amount of lalvr as it .IU in 17.1. bat the owner of the mill in tbe I'nited Klatws any for tbe Is lor lu ?ulA at Ik old rata, wbde tbe owwer of the noli in Japan tieya for the labor in adeer at the old rate aW Tbr Janeaa mill owner -l la en. as be did in 173. from 1 lo jiiret.t a day for men and from to tJ .ent a dar for women, lhat meant, in KS, fn.u I lo 20 rent in gold a day for turn aid traa s to 10 tenia in gold a day for womeu. Now, during the gnairr rt of I CM 1 1 in gold has le n about e-usl to kl of Japanese silver, nbuh make it dear that, on a-rvunt of the detrrciUou of silver alone, withiait taking into account the low rale of atau.lard wages which t revail in tbe orient the mill owners; of the I'nited btales are imw a) ic twi a rnurb for lalKir as the mill owner of Jan. This mav be one reaon wby the lotion mill in Japan are showing aunt handa'.nie rriurn. while in the 1'nited Btatea and lireat Britain they are compara tively struggling for eii-tetwv. Nut only doc-thi principle of tbe diflrrrue In vabe of currency iu wbi.h lalr la il in the Kastern and Weatern muutnr apply Vt wgw, hut it apnlie to a bate. -r ieM-iitl to the ucr- . of agrk-witure and manufac turin enterprin. The same grade of machinery wheh a few years ago gava oriorttv to the mtlou mill of the t inted Htates and Oreat Krilaui is now used in the cotton mill of lapan and China, and the enterprise that lrao planted it to tliwe coniiirie aent wi:h it for eign skill and ingenuity to sua riiiteud aud uuiw ita caaciiy. A hi oommoilitie iu 'real Britain and tbe I'nited 8tate. the averay 1111 are tl.e lowest 01 uie century, wh.le the arerae prkwa, otmrativlv. of twenty h-awlitur vommoditirs of Chinese tiroliitlion wete nearly the aame in hbam-hai in lJ as they were in 17.1, and a hii;h-r degrae ol rus nty in Oilna and Japan baa acrbmnke-l Lbb stabiUty in prks-s. Tbe extracts show that tbe Asiatic countries and all silver-using coun tries are rapidly increasing their cot- , IIOO ill. J hey also show tbe whole I I SOU some effect 01 a stable currency on those countries, where a dollar will 1 . K.. buy as auucb now a it would twenty man, at Mataniora, Mexico: Meiico 1 IfMteaoing her manufacture in every tfimii of Lra.ie fmjmAie. a trretw lore she nas teeu d-ia-n-ient on fMeien conn trie lor her manufactured jpsuda Tbe same consular reporta atiow that the trade of Kuasia i in a moat pros perous condition. e learn that I lie cotton weaving and spinning mills of Moscow are paying a dividend of from I stead of exporting if. In this connection I also send to the desk and ask to have read an interview itb Mr. Kansom, U'nlted State min ister to Mexico.clipped from the Wash ington Post of last Monday, Jannary 6. Mr. Itanaom, I believe, bow claim to be a gold man. listen to what a gold man nay about a silver eountrr. Tne secretary read aa follow : Kx -Senator Itanaom. present minister to If exioo. who baa htj la Lb cil v for a few .Lay, leave for hi home in North Carolina to-day. but will be lck in Waahiturtow on hb return to fjexico in we eourw ot a wreea or ten day. Mr. Banona say a great deal of American capital is being weeded in Mexico, and that a large number of Ameri can dtuenave engaged in toaineaj there. Tbe best of feeling prevails between aieai cana and Americana, and Mexico ia g-ner- - 1 oe inn shwibbwimwi umw tmrnm wmm ine nnosual effort to ndvanoc the ftepuhlic oa tbe high road of avbatanuat proverrty." said Mr. lff" '"nj "and theac eaons nave tamed out avjeoeafully in every fwspaot. With the government hae tbe prawrnt. Mex oo haw a iswat fature before her. roanjner- eial relation bttwen the United 8unw aexl Mexico are expanding on a constantly wid- enina- ba-si. and tbe increase ia eowsviw i aoUrg that it ia utterly uapo-euUe for any one to make aw ettlmat of what it will he In tbe fature. Mr. BcTLaa. It is bard to aay bow nocb of that kind o evidence it trill tak 10 JS1-1 convince Mr. Hanson that be before be got wrong. I bop I Thus we have tbeteetimony cf Con- a I anl Gorman and Minister junaom to mm 9 m' . . i u me nu is im pw, ii pw iwra. lt manufactrr. in e-erj tnuc I rtition. Mia KOBa ABWWTICalW anmil leaving this country and gotni r to tn I -- ntaaa4r in nanfftarlr T.Ti. 77.: ;(.T to i enierpnsca "!".,'.. ba I ". a ow, Meuwu FT"""11' " I suvex cwwuj, mmm j ia I must be accepted aa conclnal va, i Jr SMfcv' ami A, m nwdthe mws"to u I'U' J ui-t I nsd Msm la. isasa'sV Hinr?? wa. fc U . n4 tw """ n Wvi mi aM. !. kWH af 1 O- a.t.eu MsdsMLryaf J saws waa t t -, tt M saswsii iriti i a d If Is '-Va-s a,J

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