The Republican journal., 1886-02-04
Mr.. Morrills Silver Views.

Mr.. Morrill, addressed the Senate recently on
the silver question. He promised with the re-
mark that the elaborate speech of the Senator
from Kentucky (Mr. Beck) seemed to throw
the burden of rcondcr on the friends of the
Administrations II do not mean," he contin-
ued, ''to encroach upon the privileges which
so many Democratic Senators appear eager to
enjoy of coming to the rescue Of the President
and the Secretary of the Treasury against the
rather cruel attack made upon a cardinal
measure of the Administrations as | know the
fate of those who venture to interfere with
family quarres; but this measure, by which
silver might be maintained on par with gold,
SO worthy of all acccptation, | fear will not
have after the hot demonstration of a recogniz-
ed leader of his party in the Senate against it
that unanimous 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 it, that propose or that
have any wish to demonetiZe silver. To charge
otherwise is baseless assumption and ull-
worthy of the arena of fair debate. Every
body 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 to silver arises
from what seems to be Il fixed and passionate
purpose on the part of some of its advocates to
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 monomctallism it is impossible to be
blind to the disastrous contraction of the crcll-
latlng medium of the country that would at
once occur, for when the moment arrives that
gold commands 4 premium it will all be held as
commodity for sale, not for circulation Il
small, or IL D per cent. premium being as pro-
ductive of universal boarding as % per cent;
a III
be expected from following the lame and
feeble example of India or Mexico in utilizing
Il silver coinage ONLY
Mr.. Morrill, insisted that there was no war
upon silver, but that in substance and effect. Il
declaration of war had been made on gold by
the leader of the Democratic party III the SER
ate. From the pleasure which the Senator
from Kentucky had cVinced in delivering in the
Senate his antagonism to the President and
Secretary of the Treasury, it seemed to Mr.
Morrill, that the Senator had been for the mo-
ment under the dcluSon that he was still bella
boring with lcft-handed compliments some Re
publican President and Secretary. But Mr..
Morrill, could look on with compoSurc, conf
dent As he was of the ''surviva of the tttest."
BY the report of the United States Treasurer it
appears that there is some where in the Treas
ury lG5 .535 900 of standard silver 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 per-
rcntage of these dollars in actual circulation
outside of the Treasury, it also appears, has
been constantly growing less since 1881, being
then 30.S per cent. and now only 1>.S per cent
This country has coined over S215,0OO 600 of
silver, and has only been able at any time
through much cost and tribulation to get not
quite S50,000,000 into Spasmodic circulation.
People do not like to be compelled bv law to
carry it, Our condition is somewhat like that
of distinguished humori>t who in the late
war would not enlist himself, but was willing
that all his wifcs relations should. 1t was Of
ten smartly claimed that S90O00.0O0 of the
$50 900 900 of the standard silver dollars now
III the Treasury was represented by an issue of
SILVER certificates, meaning to convey the in
ference that those certificates would ultimately
be paid with silver, but this would not he done
as long as the holder had the option of tender
ing them at the Custom House as an cquiva-
lent for gold.
''The Secretary of the Treasury" continued
Mr.. Morrill,, has already found it necessary to
resort to unusual resources to avoid the shock
to all business interests of sudden drop from
using both gold and silver hitherto over main
tanned by our country to a single silver stand
ard. Whenever the Government, from inahil-
ty or from mdispo>ition shall fail to maintain
the silver dollar on par With gold all of the
SILVER certificates rs well as all other paper cur
rcncy, together with the silver dollar itself will
fall to the exact commercial value of the bull
lion contained in the standard silver dollar. All
haSiS ma snnntor ~ i; ~ ''''nr ,lh VI, of o1i',
d",oa. of tha .i,.r ,Icii., intri,,,inIi, I, ,,ti
less than 50 cents, that he proposed al once to
i,, , ~, Hth,,, Itbn,,,h i+ L ,,,,i'i ,i' i', M
have ron.nnt,I f. - n,iTturn of ,.,,,,r,n ~,
nynncts ~ ,,.r, IN. E,,ir j., ,S"l
nldtfn %nt h;,,.it II =! H. 49,,
for the Presidency, the distinguished senator
ont ,nr .sil%nr inin,, tr,, tl
f,t ~, W i', = G nv