New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-12-06
AMERICAN COINAGE.
A SPEECH BY SENATOR MORRILL,.
srspFNs1oN OF SILVER COINAGE NEcRssARY-THE
TRADE poLLAR-CoIN DESIGNS.

WASHINGTON, Dec. Ex-senator Morrill,, OF
Vermont addressed the Senate to-day on the coinage o.
the country of his speech crcisng the ue
signs of the coins in and favoring suspension
of the mlnting of silver Below Is an extract nom Ms
speech which was partly explanation of his bill In re-
lation 10 coinage:
The problem Of q universal legal tender coinage has
long perpexed the world and the vast extension OF mod
eru commerce tends TO perpetuate its difficulties; bu
American interests great TO I've SURRENDERED 10
blunders of ourselves The present unsas
factory condition OF gold and silver coinage appears
go rs to demand the serious attention OF the
Senate Though nominay representing the oouoe
standard their relative propaDha value Is fiction
too gross TO endure; and when the fiction expodes as
some time IL must explode the heaviest loss Will fall
upon those least able TO bear IT, The law from Mount
sinai is against divers weights great and small our
silver coins and all the minor COINS are practically moth
ing more tokens representing values received Ior
them much above their actual value Congress- having
the exclusive power to coin money is under the mghes'
promptngs of duty provide the soundes known to the
world and its duty equally grave TO protect the people
AGAINST raising revenue 10y debased coinage When our
silver dollars first authorized their intrinsic Vaue
was equal TO their nominal value ana no mOre "eI0
coined than wanted for circulation IhlS was INC
doctrine and practice of fathers Now inc actua'
value OF the silver dollar is S5o cents instead OF 10 cents
in l77s at start of compulsory coinage; ana We arc
daily doing all we to depress It's value at nome ny
aborous additions 10 the enormous pile III the treasury
until it threatens toppe over carrying WIN us ase
and msy scafodng eQuivocating silver certhcateS
which when redeemed, must be redeemed In amela Vi
unite another color. Silver will not be accepted Tor
certificates while anything much better can DO had
A GLUT OF SILVER DOLLARS.
The accumulated tons of silver dollars now held by the
Treasury conspicuous over-producton' recognized
dstrusted and avoided by everybody. glut appears
for the moment make silver as 1t does any othe COM
modify scarcely worth having We are compelled to seek
lOI 0f rave AM
an optio which allows tine use of $4sOOOOOO above all
that would otherwise DO required in order to perpetuate
the colossal folly of boarding 3455 tons OF silver dOar
742 tons Of fractional silver and 140 tons of silver bull
on as useless either to the Government or to the peo
pie as the buried treasure OF Captain Kidd.
Ii is not proposed deprive outstanding silver certn
Gates of any existing functions Let the nearly one hun
dred millions now ahOat circulate with all OF their plvi
leges but their bulk, already excessive cannot De In
creased without danger 10 whole monetary system
II may falsely supposed that the large accumulation Oh
silver dollars Treasury is there for the redemption
of outstanding silver certificates, but not one OF these
certificates been ever will be presented by the
holder for redemption in silver. They will all be ten
dered al the Custom House. instead OF gold the frst mo
men our exchanges ieei tue shoch Vi an az sc &
EXPORTS and then the real difference between the stand
manifest Ne are hound by law TO accept and receive
silver certificates in violation OF our pledged puDhc ah
The connrencv occurs exposing the hollow exist
ing between our gold and silver standaIdS goa T pc
come fugitive aud sink below the horizon and cker
ing single standard OF silver whether up or down VIII
become dominant the disastrous emeeS sI anS 70 nSe
wade the home OF every wage-receNn9 IaDOref OF the
country Failing to keep our proper SHAFT % .ng e
evils OF suddenly deprecated currency will be sure TO
revisit U.S. and witn proclamation that tney cono u
DANGERS OF SILVER STANDARD.
Does any one propose that shall step down and out
from among leading industrial and commercial ma
h.. llpf fins a M
business interests exclusively siyeri Can any one
propoe at blow to cut the wages Of labor and the
terms of all contracts the extent Of 10 or 20 per cent?
Must all of trade and business enterprises be Kept
forever the lookout for financial CONFUSION sus-
pended only by hairs breadth In the rate Of eXchansc
If not then may not hope that all Will unite upon
some proper measure that Will save to our people the
use Of both gold and silver ,,-..
temporary suspension of the coinage OF silver cannot
reduce amount in circulation III Ihe leas', as IL WI
manilesty be lmI Ossibe for several years 70 Wholly
exhaust the extensive stock now III the overloaded
vaults of the Treasury. temporary suspension Is also
indispensable enable Us To reform ana improve our
amount to One-half OF the combined annual coinage OF an
other leading commercial nations. Inc money oldel
system and postal OF the Post Office Department
likely, as informed, soon TO be greatly improved
f that small bills are no longer indlspcn
sable for renittanees and may properly be pushed aside
The n ade dollar OF unusual weight authorized in
consequence urgent commercial demand presented
exclusively by those engaged III the trade with CHINA
who paid the MINT the cost OF s manufacture II bore
exceptional character its face, piece OF silver
weighing ago grains, nne-tenths fine. THIS commercial
rover trsts Itself IN our lces ANA demands 10 DC count
ed. There are IN circulation at the present time
S939j3,7SO OF our silver coinage There are also
Sal 337 j:3 in the Treasury which the Govern
would be only too glad to unload Hall as much vi
fractional silver and about three times as many silver
dollars are now i'm the Treasury as are held by peo-
pie would obviously be To our eat hurt If our specie
should lack harmony with tue standard OF other CONNER
cial nations with whom our chief intercourse must be
maintained Different standards OF money are worse and
more euient than different languages. hhatcycr
OsadN auages may hereafter arise from adv erse
exchanges must be borne exclusively by those who ad-
here to the inferior standard.
ANTIQUATED DESIGNS FOR COINS.
The designs and devices OF the Mint arc limited to
those of eighty years ago. coins being authorized
no change be made in the matrices and dies. Is II
not time to make effort improve the character Of
our conagel What may have been acceptable and
creditabe to our people In 1892 in 1897 is more
anpicahle to our condition than wOuld-be the gar
ments of boy the after lapse or half century.
apparently Of the size of the three-cent
piece and gold quarter eagle and the first and last
have the same ancient Britannia doing her best the
latest edition of American Liberty The latest copper
cent is very like the threedOllar gold pierre, with SINH
lar picture OF the head OF Indian Venus de M0dOc as
lie emblem of Liberty. Some OF the nickel nNe-ctnt
pieces costing less than half cent are nearly OF the
and weight OF the gold half eagle that they
have already lded and circulated for thousand
pieces well three-cent pieces diverse IN metal
tOn and in value, and those made OF the
dearest metal executed IN the cheapest and most
commonplace manner. On one OF the hve-cent pieces
tine design been said 10 suggest its origin Ia old pct
ures OF tombstone OVerhuDg by weeping WILLOWS.
Believing that reform would bc great ana last
ing public benefit, induced 10 urge higher real
value in fractional silver coins or restoration 10 the
proportions which they held ul degraded Inc copper
cent il be hoped be abandoned, and gradually
superseded By another less poisonous
SENATE BILLS RESOLUTIONS, ETC.
WASHINGTON, Dec. 5.-In the Senate to-day