The semi-weekly miner., 1886-01-23
ANOTHER GREAT SPEECH.
Senator Teller Of Colorado on
the Silver Question.
AN ABLE ARGUMENT
In Behalf of the Peoples Money---An
Array Of Convincing Facts and
Fisures on the Subject.

WAsHMaroN, January 19.-In the Sen
ate to-day MIR. Ingalls,. from the Commit
tee on Rules, reported seal for the use OF
the Senate.
Mr.. Hawley, from the Committee on Mil
itary Affairs. reported q joint resolution,
| appointing Gen. John F. Hartranft, oi
Pennsylvania, as one OF the directors OF
the National Soldiers Home in place OF
Gen. Mcclellan, deceased. Resolution
was passed.
Mr.. Harrison's resolution OF yesterday to
admit Mr.. Moody, of Dakota, to the
floor of the Senate was laid before the SEN
| ate.
| Mr.. Vest said he yielded to no man in cour-
tesy to political or personal opponent,
but he thought the people whom Mr..
Moody represented had not been courteous
! to the Senate, and he (Vest) believed that
courtesy should be reciprocal. These
people had acted against the deliberate
parliamentary action of Congress, and had
taken action that he (Vest) declared to be
| revolutionary. He denied that Dako was
q State either dejure or defact0, or that
| it could become so without authority of
Congress-. He quoted the remarks of Judge
Campbell to the effect that Dakota had the
| right to become state in spite of Congress.
Referring to Mr.. Harrison's allusion yes
terday to Thomas III. Benton, OF Missouri,
| Mr.. Vest denied that there as any anal
ogy between the cases of the admission of
Missouri and Dakota. Mr.. Benton had
discharged his duty as a Senator and Mis-
souri took pride in his distinguished public
services, but he (Vest) did not agree with
Benton living and did not agree with him
dead. 1t would be peculiar, he said, if Utah
should come here with constitution
republican in form, when he thought Mr..
Harrison's prccedents might become inter-
esting. He knew the resolutions would be
adopted as it was part Of programme
agreed upon by the committee on Territor-
les. MIR. Harrison denied that it was a
part OF any programme, the resolution was
ence to the committee. He defended Judge
Moody against aspersions which he said
had been cast on him by Mr.. Vest. Mr..
Harrison denied that there was anything
exceptional in the course pursued by Da-
kota to gain admission. It had never been
said that a like course pursued by other Ter
ritories had:been disrespectful to congress.
ENTITLED TO GOOD TREATMENT.
The 100000 American citizens of
Dakota who had combined in a respectful
petition for admission to the Union were
entitled to respectful treatment. There
was nothing in their character or conduct
to warrant the counting Of Dakota with
Utah. Mr.. Harrison briefly reviewed the
case of Utah and urged that courtesy war
rants the admission of Mr.. Moody to the
floor. Mr.. Salisbury moved to amend Mr..
Harrison's resolution by adding, "but the
courfoov horohv ov fondod aha II NOT no cnn.
sidered as any recognition OF Dakota to-
admission as State into the Union. The
matter was further debated by Senator's
Vest, Dolph, Butler and Salisbury, after
which the resolution as amended by Mr..
Salisbury was agreed to.
The resolution of Mr.. Ingalls,, calling upon
the Secretary of the Treasury for informa-
ton as to what proportion of the $40, ,OOO,-
900 bonds called for redemption February
1, was held by National Banks to secure
their circulation, was modi led by with
drawing the clause calling for the names OF
the specific banks. and agreed to.
Mr.. Freye's resolution relative to the
Presidents recommendation for Fishery
Commission was placed before the Senate
and without debate referred to the Com
mittee on Foreign Relations. Mr.. Conger
said he would postpone his intended re-
marks on this subject until the return OF
the resolution from the committee.
SILVER PURCHASES.
Mr.. Ingalls, offered a resolution, which,
without debate, was agreed to, directing
the Secretary OF the Treasury to Inform the
Senate what amount of silver bullion had
been purchased for coinage each month
since July 1, 1885, in what market the
same had been purchased, in each
case, and from whom and the
o1c 1n<h
instance all the bids had been rejected, and
if so, for what reason and in what money
or currency payment for such silver bullion
had been made? The Presidential Count
Bill was placed before the Senate, but in
formally laid aside.
MR.. TELLER ON SILVER.
Mr. Teller then addressed the Senate on
the silver question. Without a sufficient
ness, Mr.. Teller said the energies of a peo-
pie were depressed. Money scarcity
meant dull times and lower
wages or no wages at all, for
the persons who suffered most we're labor
ers. Mr.. Teller presented elaborate tab
let's showing the coin circulation OF the
world from which it appeared the silver
circula ton of Great Britain was 1868 per
head of the population, Germany $3.50
per head, United States $488 per head and
France $3.50 per head. The total coinage
of the world he said had been estimated as
follows: Silver 50, 1926. .OOO,OO Gold $3,-
found insufficient to carry on the business
of the world, and all the nations had re
sorted to paper currency based on these
metals. The whole amount ofpaper money
issued had been So, 3,943, ,OOO,O 900, which
was more than the whole amount OF either
gold or silver. If, then, gold and silver
combined had been fonnd insu ffi-
cient to carry on the world
trade, what reason was there for it.
Supposing that gold then would be suf6-
cient. When you destroy the money faculty
of silver you increaee the purchasing
power of gold, you thus benefit the hold
ers of bonds and mortgages and govern
ment securities because the principal
aud interest of these obligations remain to
be paid that existed when the debts were
contracted. The holders of these obliga.
tions constituted great and powerful
class, the creditor class and they wanted
silver demonetized because OF the conse-
quent enormous increase in the purchasing
power Of gold. They had raised the cry
that
GOLD WOULD LEAVE THE COUNTRY,
if we did not suspend silver coinage. They
had raised the same cry in 1878 against
the passage OF the silver coinage act and we
had been told that the United States
would become the depository of all the
silver in the world; that we would lose all
our gold; would lose our national credit and
would be unable to sell our bonds. What
was our financial condition at that time
and what is it now? In 1877 our national
notes were worth "a cents, everybody
knew what they were worth to-day. The
amount of gold then in the United States
was $193. 600, 900. the amount to-day wag
1923. 100000 We had been addins
to our stock OF gold at the rate of $780,
600, 900 a year. There was but one na-
tion that had to-day more gold than the
United States that was France, which
had $848, 100000. The coinage OF silver
had not hurt our national banks. Mr..
Teller analyzed the national bank returns
in support of his contention, and showed
that the deposits of 1877 were $63O.OO0,-
600. The deposits to-day resi- .12O, ,OOO,-
900, nearly double those of 1877. while
savings banks deposits are now 5000, ,0OO,-
600 more than the deposits of four years
ago. How had it Jared with England in