The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1886-01-27
Senator Morrill, on the Silver
Question,


sion of congress in regard to the silver
coinage. The silver men are in the
majority in the house and have consid-
cradle strength in the senate. Any
measure to restrict the silver coinage
is not likely to succeed, and any meas
ure the silver men might be able pass
through the two houses to strengthen
their position would probably be vetoed
by the President But the subject is
getting a good deal of discussion in
both houses, though thus far the prin-
cipal speeches have been made by the
silver advocates.
Last Wednesday Senator Morrill, of
Vermont addressed the senate on the
silver question. His speech, like all
others he has made during his long
service in congress, was eminently in
structive and practical, and is generally
regarded as mastery presentation of
the subject. He stated that his con-
viction that the continued coinage
of silver would eventually drive out
gold was based on the past experience
of all civilized people, that inferior
money never failed to eXpel superior,
and on the fact that our own silver
mines furnished more than one-half
the annual silver yield Of the world.
Our yield for 1884 was S4S, 900 900,
which added to ourimports, ST. 900, 900,
made $50, 100000. This was more than
we could practically absorb, and all not
used in coinage and the arts must find
a market abroad. A large and frequent
sale of the surplus would establish the
commercial value of silver. The exo-
dus of gold, however, would not be
likely to appear with much force until
its shipment became frequent, or till it
commanded premium, but large re-
turn of American securities from abroad,
affecting foreign exchange adversely,
or any great commercial disaster, from
which the world was never exempt,
might suddenly produce the exodus
of gold.
The inevitable result of using silver
in payment of the public debt, Senator
Morrill, said, would be to Danish gold or
two-thirds Of all our present metallic
circulation, and leave us with nothing
but silver coinage. Our five or six
1,r Of
command premium, increasing day by
day. Go where it might, it would have
more appreciation, and its departure
could not fail to produce serious mon
etary crisis. The contraction congress
would be promptly asked to cure by an
indefinite issue of legal tender green
backs, or by revival of wildcat
banks " to supply the place of the de-
parted gold. This, or anything the SUI
preme court has already announced, con-
gress may do at its pleasure. Sucha step
once taken, however, the experience of
the world shows, cannot be easily re-
traced. The senator continued:
By the report of the United States treas
urer it appears that there is somewhere
in the treasury S165, 535, 900 of standard sill
yer dollars, which we are struggling to find
how and where to safely store until by
some miracle they can find more favor in
the wicked world. The percentage of these
dollars in actual circulation outside of the
treasury, it also appears, has been con-
stantly growing less since 1881, being then
30.S per cent, and now only 1873 per cent.
This country has coined over S215, 200, 600 of
silver, and has only been able at any time,
through much cost and tribulation, to get
not quite $50,OOO,OOO in spasmodc circula-
ton People do not like to be compelled by
law to carry it.
Whenever the government from inability
or from indisposition, shall fail to maintain
the silver dollar on par with gold, all of
the silver certificates as well as all other
paper currency, together with the silver
dollar itself, will fall to the exact CONNER
standard silver dollar. All of our legal
tender must then stand on that basis.
The senator then asserted that we
now have on hand 100000 of I'M
used and unusable silver, unrepre-
sented even by the conceit of silver
certificates, and, beyond this, more
than $25,000,00O of unavailable frac.
tional silver. For every dollar of this
large amount our people are subjected
to an equal amount of taxation, and
every year of the present continued
coinage of the idle silver dollar this
taxation must be perpetuated and also
augmented, in order to provide for the
monthly purchase of silver bullion
AS TO the charge that the fall in the
value of silver in this country was a
trick of the bondholders and "gold
bugs " to demonetize silver for theil
benefit, Senator Morrill, showed that NJ
country in all the world has been ex
empt from the depreciation of silver
and said it was difficult to see how
parties in America could conspire I,
cheaper silver in the markets of Europ,
or India. The indictment for a con
spiracy against silver would have t,
cover the whole world. Referring I,