The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1886-01-28
THE SILVER QUESTION.
Senator Teller, Whose State Produces
Considerable Silver, Talks
About Coinage.
Treasurer Jordan's System of Book-keep-
ing Oriticised-A Plea for Fair
Dealing

Mr. ingalls,, of Kansas, offered resolution In,
the United States Senate, Jan. Is. which, with
out debate. was agreed 10. directing the Secre-
tary OF the Treasury 10 inform the Senate what.
amount OF silver bullion had been pur-
chased for coinage in each year since July
/, 1873, I'm what market the same had been pur-
chased in each case, and from whom, and the
price paid Also whether in any instance all
bids had been rejected and IL so. for what rea-
son, and in what money currency the pay
ment for such silver bullion had been made. Mr..
Teller then addressed the Senate the silver
question. His remarks were supported by many
figures. The following is fair abstract:
Money scarcity means dull times and low
wages the money-lenders suffering least from
the scarcity. Gold and silver combined had
been found insufficient TO carry ON the business.
OF the world, and all nations had resorted to pa
per currency based ON those metals. From this
IL was plain that gold alone would not suffice.
He showed that the bondholders and capitalists
were opposed TO the people in this struggle The
creditor class wanted silver de monetized be-
cause of the consequent enormous increase in
the purchasing power OF gold. He presented
hgures showing that when the silver coinage act
passed there sl93, 600 600 in gold i'm the Uni
ted States and now there Ia S6l3, 900, 000-an adj
dition of gold at the rate of SO 600 600 year in
the face of the cry that We would lose all our
gold, would lose our national credit, and would
be unable to sell our bonds. The Bank Of En-
gland fast losing it's coin and bullion. In the
~,
in the same time had lost S4s,000.000
of its deposits Was ii not extraordinary,
II our financial policy unwise,
and that OF England so wise, that we
had accumulated SO large an amount
of gold while England was losing her gold The
whole condition of our country Mr.. Teller con-
tinued, was an eloquent denial OF the truth OF
the predictions and complaints of the enemies
Of silver. The stoppage of silver coinage would
be equivalent to the addition Of $500, 900 to
the national debt. 1t would add from 20 to 80
per cent TO every dollar of debt in the landau
amount almost too great for computation. The
creditor class demanded suspension of the COIN
age, which was practically stoppage of it, and,
also that we pay in gold the SAG 100000 OF
national-bank notes and withdraw them from
Circulation; The next move would be TO take
from the silver dollars already coined their legal
tender value, thus effectng a reduction amount
ing altogether to $500 0O0, 900 III the circulating
medium-over one-third OF our whole circula-
ton. Then, with S40) 900 600 of balance locked
up in the Treasury as now the business Of
the country would be lett to be done with about
one-third of our present stock of money. The
laboringmen were well aware that the great
Treasury Department OF our Government had
passed into the control of the banks, bankers and
moneyed powers. Every scheme that could dis
grace silver had had the sanction of that depart
ment, il IL did not directly originate in the de-
partnent The Treasurer OF the United States
had even gone into n convention of fifty-four
banks-a convention whose object was the de-
probation of silver-and his presence among
the bankers was carefully photographed to all
corners of the earth Another attack on silver
was found in the system of bookkeeping newly
adopted by the Treasury Department in treat
ing as liability and not as an asset the $780,
1000 of revenue held in order to redeem the
greenbacks. According TO this idea the more
money the Government had in its vaults with
Seb s its paper it's
of bookkeeping came of long experience In
Wall street 1t was for the purpose of de-
available funds In the treasury e a'n0 as 4
would always show SlO0,000,O00 less than
was actually in the Treasury. No doubt
the Treasury officials believed that the con-
tinued accumulation and retention OF money in
the Treasury was beneficial 10 the country and
that the suspension of the silver coinage would
also be beneficial to the Treasury but the
trouble with the Treasury officials was that thew
had consulted the national banks and money
loaners, and not the real businessmen of the
country. Had our Government officers executed
the laws of the land as they found them there
would have been no trouble with the silver ques-
ton. Mr.. Teller did not demand forced cir
cuiation OF silver be merely demanded for it an
equal chance with gold. When that was done
he would abide the decision of the commercial
world Let the gold advocates give TO silver free
coinage as they gave it to gold and let the judg-
ment OF mankind be taken on it's value as
money. Do not allow Government officials to
aeents the n D4 not b alTw
to receive it deposit. Let all men
understand that payment in it was
just and fair payment of p debt within
the letter and the spirit of the law and when
that was done silver would resume it's place as
tho favorite money metal of commerce. lit
were said that the special interests of Colorado
warped Mr.. Teller's Judgment he would reply
That, although Colorado Produced one-quarter OF
all the annual silver yield of the world vet the
question Of silver coinage was one of but little
more importance TO Colorado than TO the other
States of the Union The real question was
whether the words commerce should be con-
Quoted with ell the worlds stock Of coin or with
only one-half of it, That question affected nine
men in every ten in the United States. He
spoke therefore, for all who toiled in mill and
feld-that great host, mighty In numbers as
modest in aspiration, who constituted the
strength and power Of the nation; who though
forbearing and long-enduring yet. when aroused
in defense OF their rights, knew how to compel
their agents to respect their will.