Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-01-21
THE SILVER QUESTION.
KLIx. CONGRESS-.



senate.
A resolution was offered by Mr..
Mitchell, Of Oregon, for reference to the
Committee ON Foreign Relations, and
was so referred, calling on the Secretary
OF State for copies Of all the CORE
spondence between the United States
Government and the Chinese Govern
nent since the PRONUNCIATION Of our
treaty with China having reference to
the enforcement OF the treaty provisions.
A resolution TO pay the expenses Of
Judge Underwood, OF Virginia, in con-
testing O seat IN the Senate, which
resolution had lain over since the spe-
cial session Of the Senate, was laid be-
fore the Senate, and on an objection
by Dir. Allison to its present considers-
ton 1t went over.
Mr.. Merrill addressed the Senate on
the silver question.
Mr.. Morrill, promised with the remark
that the elaborate speech Of the Senator
from Kentucky (Mr. Beck seemed 10
throw the burden Of the rejoindeT on.
the friends Of the Administration. 81
do not mean,' he continued, to en-
croach upon the privileges which so
many Democratic senator's appear eager
TO enjoy OF coming to the rescue Of the
President and Secretary Of the Treasury
against q rather cruel attack made upon
a cardinal measure of the Administrs-
ton, as j know the fate Of those who
venture TO Interfere with family quar-
rels but this measure, by which silver
might be maintained on 8 par with
gold, 50 worthy Of all acceptation, fear
will not have, after the hot demonstrs-
ton of the recognized leader Of his
party IN the Senate against it, that unani-
nous support to which it may be fairly
entitled. In the first place let me say
that there are no parties, so far as ]
know. IN the Senate or out OF 1t. that
propose. or that have any wish, to
demonetlze silver. To charge other
wise Is q baseless assumption and I'M
worthy of the arena OF fair debate.
Everybody is willing, nay anxious, to
keep as much Of silver IN circulation
as can be done, and keep 1t at the same
time at par with our gold coinage. The
only hostility 10 silver arises from
what seems 10 be q fixed and pas
sionste purpose OF the part Of
some of its advocates to promote
such al excess Of silver coinage
as will drive gold coinage out OF the
country and leave our vast trade and
commerce based upon silver only. In
reaching this position Of silver mono
metallism II Is impossible to be blind
10 the disastrous contraction OF the cir
culating medium Of the country that
would al once occur for when the mo-
mint arrives that gold commands a
premium II will all be held as g com
modify for sale and not for circulation.
ss small as a per cent. premium being
as productive OF universal boarding a.
% per cent, and no possible advantage
10 our people could be expected from
following the lame and feeble example
Of India or Mexico ID utilizing Q silver
currency only.
Mr.. Morrill, insisted that there was
no war upon silver, but that IN sub
stance and effect 3 declaration OF war
had been made on gold by the leaders
OF the Democratic party in the Senate.
From the pleasure which the Senator
from Kentucky had eyinced ID deliver
Ing ID the Senate his antsgOnisms q
the President and Secretary Of the
Treasury. II seemed 70 Alr. M0rrll.
that the Senator had been Tor a moment
under the delusion that he was still be
laboriDg with left-handed compliments
some Republican President and Secre-
tary, but Mr.. Morrill, could look on
with composure, confident as he was OF
the - survival OF the tittest.'
His lMorriil'sJ conviction that the
continued coinage OF large amounts OF
silver would drive all the gold out OF
the country was based on past expe-
rience Of all civilized people that the
inferior money never failed 70 eXDel the
superior, and on the fact that our Own
silver mines furnished more than hall
the annual silver yield Of the world
Our yield for 1884 was as 900, 900,
which, added to our imports Of ST.
OO0. 600. made eos, 100000. This
was more than we could practically
absorb. and ali not used IN coinage
and arts must find market
abroad. Large and frequent sales Of
surplus would establish the com
mercial value OF silver. The exc
dus Of gold, howevrr, would not be
likely TO appear with much force unit.
its shipment became frequent or until
il commanded premium but the large
return OF American securities from
abroad. affecting foreign exchange ad-
versely on any great commercial dlsas-
ter, from which the world was never eX-
empt, might suddenly produce this
exodus Of gold.
Mr.. Morrill, denied that there had
been any failure on the part o. the
Treasury officials TO comply with the
laws regarding the application oil the
money received from customs dues.
=" BY the report Of the United States
Treasurer, Mr.. Morrill, continued, 1t
appears that there are somewhere IN the
Treasury 65.535, 900 Of standard silver
dollars which We are struggling 70
find how and where TO safely store until
BY some miracle they can ind more favor
II the wicked world. The percentage
Of these dollar IN actual circulation
outside Of the Treasury, 1t also appears,
has been constantly growing less since
1881. beng then 50 $40 per cent. and
now only Il $40 per cent. We have
coined over DIS, zoo, eco Of silver dol
lars. and have only been able al any
time. through much cost and tribnla-
ton. to get not quite fifty millions into
spasmodic circulation. The people do
not like TO be compelled by Law 10 carry
ii. We do not receive il here ourselves
with any praiseworthy cordiaiity. Our
condition is somewhat like that Of one
Of our distinguished humorists who
in our late war would not en-
hist himself, but was very will
ing that ali OF his wife's relations
q =