Extract
Rec
C. O,
9435
Congressional Record No. 983: 34,
of 7th April
Mr. LODGE. Mr. President, I understand this resolution to proposition to put our silver in the most available form for ort to China. I do not understand it has any bearing on the rency question at all. In fact, it can not have any bearing that question, for the Mexican dollar will of course pass here ly at its bullion weight. But the Mexican dollar, as the ator from Colorado [Mr. TELLER] bas pointed out, is the rec- ized dollar of China. The Chinese are a conservative peo Dollars in other forms have not been acceptable there, and Mexican dollar is.
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do not know whether it is by her inthence that the mints of Persia have been closed, but as it is we can see in her own Indian exchanges, in her failure to sell the council bills, the effect of her policy. We can see in the failure of Guatemala to pay her bonds, in the threatened failure of Mexico to meet her interest, what is coming from gold monometallisin carried to the extreme to which it is now being carried. It seems to me that if any oppor tunity offers for us in any direction to attack England, which is the only way we have ever found it possible in the past to come to any agreement with her, either by discriminating duties or by an offort like this to open a wider market to silver, it is clearly in the best interests of the United States to do it.
Me."DUBOIS. Mr. President, I shall not pretend to make any extended remarks. As I am going away from the city and wil probably not be here on Monday, I desire simply to record my wish that the resolution may pass. I think it is of much more advantage in every direction than the seigntorage bill or any legislation of that kind.
The Mexican dollar at this moment, I understand, sells for a all premium in London for the purposes of the China trade. e demand is greater than the supply. Now, if we can make an angament by which we can putour silver into the form accept le in China, we facilitate its export. We also enable ourselves, eems to me, to make our payments directly through San Fran to in our own commodity, put into this most desirable form, the teas or the silks or whatever else it may be that we im- t from China.
So far as I am concerned, I hope that no legislation like the As it now is, we pay for our China teas very largely by way of seigniorage bill will be brought before the Senate or the House endon; that is, by the purchase of hills upon London. If we again. I think the silver advocates should stand squarely for
put our silver into these dollars in this convenient form, free coinage and accept no intermediate legislation. Blars on which there is to-day a premium, it seems to me on I have not much faith in England agreeing to an interna- e chances, indeed on all reasonable oxpectation, we shall open tional arrangement. We are, I think, unfortunately placed in sthod by which wo can send our silver directly from San this country. Almost all of the Republican party, at least the Fancisco into China to pay for our imports from that country. loaders of that party, and a great many Democrats of standing all events the experiment is well worth trying. It can do no and influence, agree with England in her financial policy, while asible harm, and it may add largely to the market for our sil- the whole Democratic party agrees with her in regard to her trade propositions. On the one hand. England benefits by our E product.
gold standard; on the other band, she is benefited by the free- trade proclivities of our Democratic friends. She is gaining the advantage, no matter which party is in power in this coun try. She has been struggling ever since 1816 to put the world on a gold basis. Now that she has succeeded and is reaping the benefits of it, it does not seem to me probable that she will give up this advantage and agree with us as to bimetallism. Therefore, I think we must fight this battle out alone. We must either make an arrangement with the silver-using cour- tries or take a firm stand ourselves in favor of bimetallism.
This proposition does not at all interfere with our financial laws. It has no effect whatever on our financial system. Mexican Government of course will be responsible for these Mexican dollars. Almost all of our silver mines are closed. do not see any prospect of their being opened soon, unless through some such arrangement as the one now proposed.
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It does not occur to ms that auy possible harm can copie. do not believe any one financial interest will suffer at all by passing such a measure; aud I am rather inclined to think that It would make a market for all of the silver which is produced in the West and restore prosperity in a measure to that part of the country.
But it seems to me there is another side to this matter which so makes this experiment worth a trial. If we can pay China rect from San Francisco it will throw into our hands a certain ount of trade that now passes by way of London, leaving thero prodt. This seems to me an important consideration. However we may differ us to what is our best domestic licy in regard to silver, there is one thing I think all are recd on, whether they favor immediato free coinage or the fort to restore silver by means of an international agreement, d that is that it is England which is to-day the great enemy any offort for the restoration of silver to the w vucrency. do not mean the whole of England, but the bankers and the ghty moneyed interests of London. They are the people who day stand across the path of any intelligent movement for the estoration of silver. The people of England are divided among emselves. There is a great cry to-day from all engaged in e Eastern trade, from all the manufacturers of Lancashire, hat something should be done for silver.
England is held in her present position by the banking and oneyed interests of London, speaking in a broad and general By She isn great difficulty with her Indian exchanges; she in great difficulty with her manufactures. She needs re- et. No one who has followed the English newspapers or the scussion of the Indian currency question can fail to see that The movoment in favor of silver is growing in England all the me. But england is governed in her attitude towards silvor olely by her own interests. She is not engaged in maintaining the gold monometallic standard because she is in love with what me persons declare to be an economie truth. She is engaged in maintaining it because her bankers and her capitalists believo pays. The rest of the world stands either ready or auxious to do something for silver, and the gold monometallic policy of Great Britain now in force among all great civilived nations is, I believe, the great enemy of good business throughout the world
The Chinese do not care for bars of silver bullion. They do Therefore it seems to me if there is any way in which we can Strike England's trade or strike her moneyou interest it is our not like to use it in that form, but they will accept and use the ear police to do it in the interest of silver. Nothing, in my Mexican dollars. Forhaps the reason why they will use the our trade dollars is that the dgment, as the Senator from Iowa [Mr. ALLISON] pointed out Mexican dollars and will not use be other day, can help England so much in her present dificul- Mexican mints are opened to the unlimited coinage of silver. I es as to open the markets of this country to her under the pro-am rather inclined to think that is the reason why those coun posed tariff bill. But, tsuppose the evidences of popular delight tries prefer those dollars to our trade dollars or to the French
ith that bill are so great that we can not hope for any relaxa trade dollars.
Mr. President, this is all I desire to say, as I see the hour of on in the effort of the Democratic party to press it to a conclu- eios. Nevertheless, wholly apart from the question of free trade 2 o'clock has arrived.
protection involved in the Wilson bill, or from the merits of the bill, it seems to me it is to the American interest, if we cau och Hnglish business or English interests in any point, to strike at that point.
at this moment.
I think the experiment contemplated in this resolution is worth trying. I think we may injure her in that way. But I would very much further than that. I would strike her on those points where she would feel it most, on her colonial trade. In the interest of silver (I am not speaking now with the slightest reference to protection or free trade) I would strike her with prohibitive duties, if necessary, on her Cupe diamonds. I would Strike her in the same way on her Assum and Ceylon teas. I would put discriminating duties on her Australian wool. want, if we can, to force England to take the view of the silver question which we believe is not only for our interest, but for the interest of trade, of good prices, of botter wages all over the
World.
We
There is only one way to deal with England on this question, that is to make her feel it in her pocket. II, on the other and, we help her by opening to her wider markets, we shall mply confirm her in her present attitude in favor of gold mono- alism and against all efforts to widen the use of silver among uations of the world. She has closed the miuw of India.
I am inclined to believe that the Mexican Government would agree to this proposition. They would collect their seigniorage of 4 cents on the 100 cents, and as we could take our silver now to their mints and have it coined, I do not believe they would object to opening our mints to the coinago of their dollars.
Last year, as the Senator from Colorado Las said, some 25,000,- 000 Mexican dollars were used chiefly in the Chinese trade. Somo seven or eight million dollars were so used in Singapore and the Strait Settlements. He has no doubt correctly stated that there is not a great deal of silver in China; and with the great mass of people there it is altogether probable. It seems to me, that they could use 50,000,000 or 60,000,000 of these Mexican
dollars.