Crawford avalanche. (Grayling, Mich.) 1879-19??, 1886-01-28
The SILVER QUESTION.
Senator Teller, Whose State Produces
Considerable Silver, Talks
.eas 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. 1s. which, with
out debate. was agreed to, directing the secre-
tary Of the Treasury to inform the Senate what
amount OF silver bullion had been pur-
chased for coinage in each year since July
/, 1878. in 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 30. for what
son, and in what money or currency the pay
ment for such silver bullion had been made. Mr.
Teller then addressed the Senate ON the silver
question. His remarks were supported by many
figures. The following is a 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 demonetized be-
cause Of the consequent enormous increase in
the purchasing power of gold. He presented
figures showing that when the silver coinage act
passed there was Sl93 900 600 in gold in the Uni
ted States, and now there is S623, 900 000-an ad-
dition of gold at the rate of $50 900 900 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 was fast losing its coin and bullion. In the
last six months it had lost S3S 100000 of it, and
in the same time had lost S4S,0O0000
of its deposits. Was it not extraordinary,
II our financial policy was so unwise,
and that OF England SO wise, that we
had accumulated so large an amount m
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, 900 900 to
the national debt. 1t would add from 20 to 80
| per cent to every dollar of debt in the land-an
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 S346, ,0OO, 900 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 effecting reduction amount
ing altogether to S562 600 900 in the circulating
medium-over one-third OF our whole circula-
tion. Then, with S40), ,0000 900 of balance locked
/ up in the Treasury, as now, the business of
/ the country would be left to be done with about
| one-third of our present stock of money The
| laborngmen 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 1t did not directly originate in the de-
| partment. 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 teleRaphed to all
corners Of the Garth. Another attack on silver
| adopted by the Treasury Department in treat
| ing as a liability and not as asset the $780,
| 100000 of revenue held in order to redeem the
| greenbacks According TO this idea the more
| money the Government had in it's vaults with
| which TO redeem its paper money, pay it's
debts, the greater its liabilities. This change
| of bookkeeping came of long experience in
! Wall street 1t was for the purpose of de-
ceiving the people as to the amount Of
| available funds in the Treasury, as it
would always show S1OOOOO,OOO less than
actually in the Treasury. No doubt
the Treasury officials believed that the con-
| tinued accumulation and retention of money in
the Treasury was beneficial to 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 they
| had consulted tho 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 n forced cir
culation OF silver; he 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 its value as
money. Do not allow Government officials to
discredit it. Do not allow Government
agents (the national banks) to refuse
to receive it on deposit. Let all men
understand that payment in it was a
Just and fair payment of n debt within
| the letter and the spirit of the law, and when
that was done silver would resume its place as
the favorte money metal of commerce. II il
were said that the special interests OF Colorado
warped Mr.. Tellers judgment, he would reply
that, although Colorado produced one-quarter OF
all the annual silver yield Of the world yet 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 worlds commerce should be con-
Quoted with all 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, as 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.