New-York tribune., 1886-01-21
MIR. MORRILL'S SILVER VIEWS
A STRONG ANSWER TO SENATOR BECK.
s1isRING UP THE ADVOCATES OF SILVER COINAGE

WASHINGTON JAN 2O.-Mr Morrill, addressed the
Senate on the silver question to-day. He promised
with the remark that the elaborate speech of tho
Senator from Kentucky (Mr. Beck seemed to throw
the burden Of reoinder the friends of the Admins
trasion ~ do not mean" he continued to encroach
upon the privileges which many Democratic Ser
tors appear eager enjoy of coming TO the rescue OF
the President and the Secretary OF the Treasury
against the rather crue attack made upon cardhal
measure of the Administration. as know the iale Vi
tloso who venture to interfere with famiy quarreIs
but this measure by which silver might be maintained
ON par with gold worthy OF all acceptation iear
will not have after the hot demonstration OF recog-
nized leader of his party in the Senate against 1T that
unanimous support to which it may be fairly entitled
In the first place let say that there are no parties,
20 far as know the ate or out OF it, that pro-
nose or that have any wish to demonetze silver TO
charge other wise is baselcss assumption and un-
worthy of the arena of fair debate. Everybody is
willing nay anxious, to keep much of silver IN
crcu alton as can be DONE aud keep il at the same time
at par with oIr gold coinage. The only hosnhty 10
silver arises what to be fixed and PASSION
ate purpose the part of some OF its advocates 10
promote such of silver coinage as VIII drVe
gold coinage out of the country and leave our vast
trade and commerce based upon silver only. In
reaching this position of silver monometailism II Is
impossbe to be blind to the disastrous contraction of
once occur for when the moment arrives that goid
commands premium it will all be held as
commodity for sale net for circulation small, or
psr cent premium being as productive of universal
boarding as 25 per cent: and no possible advantage 10
our people could be expected from following the lame
and feeble example OF India Mexico in utilizing
silver currency only
Mr. Morrill, insisted that there was no war upon
silver but that in substance and effect declaration OF
war had been made on gold by the leader OF tue
Democratic party in the Senate. From the pleasure
which the Senator from Kentucky had evinced Ill
dey ering in the Senate his anagonism TO the Pres
ident and Secretary of the Treasury it seemed to Mr.
Morrill, that that Senator had been for the moment
under the delusion that he still belaborng with
left-handed compliments scme Republican President
and Secretary. But Mr. Morrill, could look on with
composure confident he of the survival OF the
testv BY the report of the United States Treasurer
il appears that there is somewhere IN the treasury
$165 535 900 of standard silver dollars which we arc
cling to find how and where to safely store until
by some miracle they find more favor 10 the wicked
world The percentage OF these dollars IN actuai
circulation outside of the Treasury also appears has
been constantly growing less since 1881 being then
3Os per cent. and now only 1873 per cent This
country has coined over 215 900 600 of silver and has
only been able at any time through much cost and
tribuation to get not quite $50 spasnodic
circulation People do not like TO be compelled by law
TO carry it, Our cor dton is somewhat like tina of
distinguished humorst who i'll the late war would not
enlist himself but was willing that all his wi,es
relations should Ii often smartly claimed that
seD 900 600 of the $l65 ,0U0O 900 of the standard
silver dollars now il the Treasury was represented by
an issue silver certificates, meaning to convey the
Inference that those certificates would ultimately be
ns;d with silver but this would not be done as long as
the holders had the option of rendering them at the
Custom House as an equivalent ior goId. ., NJ,
he ",
Morrill, has already found il necessary to resort to
unusual resources to ayod ne snGoH % 10 I ao od
silver hitherto ever maintained by our country, 10
single silver standard. Whenever the Goyernment'
from inability or from indispOsitiOn shall fa TO nam
tain the silver dollar on par WIN goo. al OF .ne
silver certificates well as all other paper currency
together with the silver dollar itsel' wiz Ia 70 .e
exact commercial value of the bullion contained III the
standard silver dollar. All Of our legal tender must
then stand that basic ihe senator Ia,,.o Is 10
worth ess than 80 cents that he proposed at once to
begin the payment the public debt With that coin
and no other although later he seemed TO nave con
sented TO a mixture OF course. be expects TO carry
the Empire State in 1883 on his platform Not MN
sef eligible as candidate for II rresiuehGy, tne
distinguished Senator waves his banner reckless oil
the clouds without any sivtr lining which there
betoken the fate of any Democratic son OF New-icrk
who may seek to conquer under that sign"
Mr. Nor II characterized the od-me Democratic party
as the party of inhexble hostility to paier money
and devotion TO gold, and asked why the financial ia
principles Of Jefferson and jackson were now de-
nounced "Our own legislation" said he. " Is hasten
ing disastrous revolution a the President ana oecfe-
tay OF the Treasury believe, in all 'he CONDITIONS
surrounding the silver dollar IN danger OF iurtber
d. preciation, and the question arises can we VIII
roper decency tako adv antage Of our act to pay oil
The bond. of the United States at cost of only 80
cents or less the dollar. The fact mat nearly an
the merchants and trained business men OF tLc
country whose daily lite has afforded broad lniorlna'
tion upon the history and practical knowledge O the
subject are arranged upon the side avorng. at the
very least cit her increase IN the weight o tue h
dollar limit to a temporary suspension OF It's
coinage does not appear to have the sghte.t weight,
but is contenptuously disregarded by those who
theoretically and sentmentsily cling first and last 70
the dollar OF 4I2o grains OF silver The tact that the
President and the Secretary o. the treasury tne
urer Director of the Mint, and the Controller OF the
Crrrencv tbe erperienced Treasury officials, less
under the present Admnist ration than under the pre-
cedng are all agreed in urging Congress TO cease me
with the Senator from Kentucky and his obedient
followers" - , NJ. p.o,
said he thought the country would think, on Eeahg
Mr. MorrilPs speech that If that were the best the
moTometallists could DO and tne oest sna' ore one
poor one. The argument merely showed mat SILVER
was good enough tor everybody but the bondhoder,
who was the only person that had in writing agreed 10
take IT, lie rdieuled the idea OF Jay COckes being
brougbt IN to support the OF the bOndholder Jay
Cooke. he said, was broker:
Mr. MCPHERSON remarked that as Jay COOKE was the
agent and the Government had not de0ied
his public nts, the overnm mt was party to
Mr. Beck replied that Jay Cooke was bound by law,
and could no, himself make law But the Secretary OF
the Treasury was also bound Dy law, thongh ne N.
ignored the law and bad never paid out dollar oil
silver in payment for bonds. -.
Mr. McPhcrson inquired whether the investors In the
bonds knew the conditions of the law
Mr. Beck said they could read the words engraved on
the greenbacks and could read the words engraS ed
on their bonds and the bonds stated that they wero
trustees of the people they were not the trustees OF
the bondholders. Mr. Beck cited Mr sherman 4
"denunciaionD rs no called il, of bondholders fol-
daring to call for than they had contracted Tor
Mr. Mcrherson asked whether Mr.. Sherman, as
Secretary OF the Treasury, mas ever disavowed Jay
Cookies statements. ~ :,
Mr. Beck replied that that made no difference; II
had been clearly shown that Jay Cooke had nc
authority for any statement binding this Government
10 nay anything except Stimulated IN the contract