The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1886-01-21
LIVE ISSUE.
TELLER'S SPEECH IN THE
SENATE IN FAVOR OF
SILVER COINAGE.
INTERESTING ANALYSIS OF THE
woRLD's MONEY, GOLD, Sill
YER AND PAPER.
SENATE.

ihe nnittee on military affairs, reported JOINT
iest zion appointing General Jehn +. Hartranft,
jf 'e nsylsania as one of the managers of the ma.
uupAl soldiers home, in the place of General Nc
(leal, deceased. Passed.
MI Morrill,, from the committee on custom
liOase Investigations ordered for the port of New
4ork to such other ports as the committee might
deem best.
Mr Harrison's resolution of yesterday, to admit
MC Moody, of Dakota to the floor of the senate,
was aid before the senate.
Mr.. Vest said he yielded to man in courtesy to
political or personal opponent, but thought the
people whom Mr.. Moody represented had not been
Courteous to the senate and Mr. Vest believed that
courtesy should be reciprocal, Those peo-
pie had acted against the deliberate parli-
Mr. Vest declared revolutionary. He denied that
Dakota was state, either de jure or de facto, or
that it could become so without the authority from
congress. He knew the resolution would be
adopted as it was part of the programme agreed on
by the committee on territories.
Mr.. Harrison denied that it was part of any pro
gramne The resolution was introduced by him
self without any reference to the committee. lie
which Mr.. Harrison said had been cast on him by
Mr. Vest MIR. Harrison denied that there was
anything exceptional in the course pursued by Da-
kuta to gain admission as state.
Mr. Harrison offered resolution providing that
Mr.. Moody be admitted to the floor.
Mr. Salisbury moved an amendment to Mr.. Har
Iisnn resolution by adding shut the courtesy
hereby extended shall not be considered as any re-
cogni'ion of Dakota to admission as state into the
laioun
Nj Saulsburys amendment was lost yeas, p
1he resolution admitting Mr. Moody to the cour
tesy " the floor was then agreed to.
Mi ingalls, resolution of yesterday was laid be-
fore me senate, calling on the secretary OF the
treasury for information as to what proportion of
be Si0,00O,000 bond called for February lst, was
Leld by national banks, and how much by each
bank
Al Ingalls, modified his resolution by withdraw
ing the clause requiring the naming of specific
banks lie did this, he said at the request OF per
Sons Interested in some of the bonds that had been
called for payment on the 1st of February, and
WlIQ feared that the publication of that fact might
Interfere with or impair their credit.
MIR. Fryes resolution of yesterday, regarding
the presidents recommendation for a fishing
commission, was placed before the senate, and
without debate referred to the committee en- for
eign relations.
Mr. Conger said he would postpone his intended
remarks on this subject until the return of the
resolution from the committee.
Nj. ingalls, offered resolution, which, without
debeto was agreed to, directing the secretary of
the treasury to inform the senate what amount OF
silyee hullion had been purchased for coinage in
each Vonth since July l. 1885, in what market the
same aad been purchased in each case, from whom,
and z prices paid also, whether, in any in
what .eason, and in what money or currency pay
men Tor such silver bullion had been made.
The presidential count bill was placed before the
senate but informally laid aside.
Mr Teller then addressed the senate on the sill
yer question. Without a sufficient amount of
money with which to do business Mr. Teller said,
The energies of the people were repressed. Money
scarcity meant duh times and low wages, or nc
wages at all, The persons who suffered least from
such scarcity were the money lenders, bill discount
err and pawn brokers. Those who suffered mos
we're the laborers. Mr.. Teller presented elaborate
tsbes, showing the coin circulation of the world
fE9n which it appeared that the silver circulation
sSJrGreat Britain was $3.50 per head of the popula
ton, Germany S467 per head, the United States
SASS per head and France S15.79 per head. The
total Coinage of the world, he said, had been est
mated as follows: Silver. S?,776,0O 10000; gold
S3ss2, ,o00.oo. But gold and siver had been found
insufficient to carry on the business of the
world and all nations had resorted to paper
currency based on these metals. The, whole
amount of paper currency issued had only beer
$685., ,OO0,OOO, which was more than the whole
Smount of eith.r gold or silver. If the gold anC
silver combined had been found insufficient t.
carry on the worlds trade, what reason was there
for snpposing gold alone would be sufficient
When You destroy the money faculty of silver yol
increase the purchasing power of gold. ou thu
benefit the holders of bonds and mortgages ant
government securities, because the principal an!
interest of these obligations remain to be paid will
bat one-half of the money in existence, and tina
existed when the debts were contracted The hold
ersof these obligations constituted great ant
powerful class-a creditor class-and wanted silye
demonetiEed because of the consequent enormou
Increase in the purchasing power of gold
Tney had raised the cry that gol'
would leave the country if we did no
cryin 1878 against the passage of the silver coin
aye sol. We had been told that the United State
would become the repository of all the silver il
the world, that we would lose all our gold woult
lose our national credit, and would be unable t.
sell our bonds. What was our financial condition
at that time, and what was 1t uow In 1871 ou
national notes were worth "a cents. ~ Everybod!
kueW what they were worth to-day. The amour
of gold in the United States then was 600 600
the amount to-day was 673,00O000. We had bee
adding fp stock of gold at the rate of S6O,0OO
600 a va r. There was but one nation that had tC
day mcrJ gold than the United States. That nt
ticn was France, which had 4S,0000 900. Th
conoge of silver had not hurt our national banks
M Ieller analyzed the national bank returns i
support of his position, and showed that the de
posts of 1877 were 63OOOO0OO: the deposits to.da
are 81, ,1R0, 600 000-neary doube-while the savin&
banks deposits are now S2O0tWOO0O more than Il
deposits of four years ago. How had it Jared wit
Ergland in these respects? The bank of Englar
vas FAST losing its coin and bullion. In the la
s!xmonths it had lost S3S 100000 of 1t, and in Il
sa,ne time had lost $lS,0O0O0O of its deposits. WI
II not extraordinary If our financial policy was
unwise and that of England so wise, that we ht
accumulated so large an amount of gold, Will
England was losing her gold: The whole cond
ton Of our country, he said was an eloquent deni
OF fhe trnth of the predictions and complaints.
The enemies of silver. The stOppage of silv
coinage would be equivalent to the addition
S0O,U000t0 to the national debt. II would az
from 20 to 30 per cent to dollar of the debt
an amount almost too great for computation. III
creditor class demanded the suspension OF coinal
which was practically the stOppal
or it, and also that we pi
In gold the S34B,000,000 of national bank note
and withdraw them from circulation. The ne
move would be to take from the silver dollars
ready coined, the legal tender value, thus effecti
araductiOn amounting altogether, TO S3b2,OOOO
in the circularing medium-over one third OF o
whole circulation Then with S4O0,0O0,00O of the bi
ance locked up in the treasury as now, the bu
ness Of the country would be left to be done wi
about one third our present stock of money II
secretary of the treasury had told that the labC
Ing men would be the first to suffer from silv
coinage. Let that gentleman speak for the gre
inoneyed corporations and for the bondholde
and capitalists, but not for the laboring men. Il
lab0ring men were well aware that that depa
meli of our government had passed into the CO
trol of the banks, bankers a
Intneyed powers. They knew that the statut
passa1. to cuTtail the powers of moneyed corpoi
lions md capitalists were violated every day in
treasury department. The present disturbed stt
Of the public mind concerning silver Mr.. Tell
sscriia d to the attacks made on it by the Cover
meft ,ffcials Mr. Teller did not demand t
forced circulation of silver. He merely demand
for il IN equal chance with gold. When that W
VI done IN would abide the decision of the CONNIE
e;ai world Let the gold advocates give to sily
fee mage as they give it to gold and let the jud
laont % mankind be taken on its value as mont
Ilc moi allow government officials to discredit
do not allow government agents Cthe I
tiOnal hanksl to refuse TO receive
on deposit. Let all men understand that payne me
IL twas just and fair payment OF debt with
TIC Letter and spirit of the law, and when tnat v
,ione siiyer would resume its place as the favor
inoner metal of commerce. The real question "
whether the world commerce should be conduct
fftr .4IffHfsz ofDck Of coin. with only a