Daily Tombstone epitaph., 1886-01-22
Right Win Triumph.

Right Will Triumph.
 WASHINGTON, Jan.. 2I.-After pre- liminary matters were disposed of then Mir. Teller addressed the senate on the silver question. Without a sufficient amount of money with which to do husi- ness, Mir. Teller said, the energies of the people were depressed. Money scarcity meant dull times and low wages, or no wages at all. The persons who suffered least from such scarcity were the money lenders, bill discounters and pawn brokers. Those who suffered the most were the laborers. MT. Teller presented elaborate tables showing the coin cir culation of the world, from which it ap peared that the silver circulation of. Great Britain was S2.69 per head of pop ulation; Germany $4.67 per head, the United States SASS per head and France $I5.7o per head. The total coinage of the world, he said, had been estimated as follows: Silver S2.776,ooo,ooo. Gold $3397, 7,ooo,ooo. But gold and silver 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 pa per money issued had been $3,o73,ooo,- 900, which was more than the whole amount of either gold or silver. If then gold and silver combined had been found insufficient to carry on the worlds trade, what reason was there for suppos- ing that gold alone would be sufficient? When you destroy the money facilities of silver, you increase that of gold. You benefit the holders of bonds and mortga- ges and government securities, because the principal and interest of these obli- gations remain to be paid with but half the money in existence that existed when the debts contracted. The holders of these obligations constitute great and powerful class, a creditor class, who wanted silver demonetized because of the consequent enormous increase in the purchasing power of gold. They had raised cry that gold would leave the country if we did not suspend silver coinage. They had raised the same cry in 1878 against the passage of the silver coinage act. We had been told that the United States would become the reposi. tory of all the silver of the world; that we would lose all our gold; would lose our national credit; and would be unable to sell our bonds. What was our 6nan- cial condition at that timer What was it now? In 1877 our national notes were worth o7 cents. Everybody knew what they were worth today. The amount of gold in the United States was SIo3,ooo.- 900. The amount to-day was $673 ooo,. 900. We had been adding to our stock of gold at the rate of S6o,ooo,ooo year. There was but one nation that had to- day more gold than the United States, and that was France, which had $864,- 100000. The coinage of silver had not hurt our national banks. Mir. Teller analysed the national bank returns in support of his assertion, and showed that the deposits of 1877 were S63o,ooo,- 900. The deposits to-day are $I,I2o,- COG, oo,ooo-nearly double that of 1877; while the savings bank deposits are now S2oo, 100000 more than the deposits of four years ago. How had it fared with England in these respect !? The Bank of England is fast losing its coin and bullion. In the last six months it had lost $3S,ooo,ooo of it, and in the same time had lost $48o, 900, 900 of its depo- sits. Was it not extraordinary if our financial policy was so unwise and that of England so wise, that we had accum- ulated so large an amount of gold, while England was losing her gold? The whole condition of our country, he said, was an eloquent denial of the truth of the predictions and complaints of the enemies of silver. The stoppage of sil- yer coinage would be equivalent to the addition of S3oooo,ooo to the national debt. It would add from 20 to 30 per cent, to every dollar of debt in the land, an amount almost too great for compu- tation. The creditor class demanded suspension of the coinage which was practically stoppage of it, and also that we pay in gold the S346,ooo,ooo of na- tional bank notes and withdraw them from circulation.