Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1886-02-19
Senator MorrilI's Silver Speech.

Senator MorriITs Silver Speech.
The following are the more important
portions of the text of Senator MorrilPs
speech before the Senate on the silver
coinage question:
Mr.. President on the day of our adj
iournment for the holiday recess my
friend the distinguished senator from
Kentucky, with all of his usual aoillty
and industry, made All elaborate speech
of character that seemed to me then, as
il does now, to throw the burden of re-
joinder upon the friends of the present
administration. ] do not mean to en-
croach upon the privileges, which so many
Democratic senators appear eager TO en-
ioy. of coming to the rescue of the preSl-
dent and the secretary OF the treasury
against the rather cruel attack made up
on a cardinal measure of the admlnlstra-
ton, as | know the fate of those who
venture to interfere with family guar
rels; but this measure, by which
silver might be maintained on par with
gold, so worthy of all acceptation, fear Will
not have, after the hot demonstration OF
the recognized leader of his party IN the
Senate against it, that unanimous support
to which it may fairly be entitled. shall
hope therefore, to be pardoned for briefly
attempting to relieve the party from some
part of it's difficulties by showing that the
leadership has not escaped some new
errors, while he may presumptively be as
sumed to have adhered to all OF his old
ones. The new and smaller field will be
quite as much rs propose at the present
time to explore, and, along with that. to
offer occasional suggestions which may
seem pertinent from my own point OF
view.
In the first place, let me say that there
are no parties, 50 far as | know, IN the
ant nf ~
have any wish to demonetize silver 10
charge otherwise is a baseless assumption
and unworthy of the arena of fair debate.
Everybody is willing, nay anxious, to keep
as much of silver in circulation as can be
done, and keep it at the same time at par
with gold coinage. The only hostility to
silver arises from what seems to be liked
and passionate purpose on the part OF
some of its advocates TO promote such an
excess of silver coinage as Will drive gold
coinage out of the country and leave our
vast trade and commerce based upon sill
Yer only.
NV convictions that the continuance of
the coinage of large amounts OF silver
will have the effect of driving gold out of
the country and of leaving all of our bust
ness showed in or foundering in the sill
ver-standard blizzard now raging, are
largely based upon the past experience OF
all civilized people, that the inferior
and upon the facts that our own silver
mines annually furnish One-half or more
of the entire annual product OF the world
The questions relating to our currency
are of great moment and above mere par
tisan questions. that may be here toda!
and gone tomorrow. In the discussion o.
these grave questions it is always well Il
adhere with some precision to facts. Th'
preamble to the resolution of the senator
from Kentucky begins as follows:
Whereas the laws of the United States re
0ure that all duties on imported goods shall
be paid in com.
This unfortunately does not happen Il
be altogether true. All duties may b
paid in CON- in silver or gold certificates
or to limited extent in United State
notes payable on demand, which were au
thorized to be issued prior to the 18th da.
of February, 1862 and it is well also to re
member that the resumption of spec
payments occasiOned some changes in tn
practical administration of the law, b,
which the custom house collectors re
ceved United States notes, knowing the,
might call at once upon subtreasuries TO
their redemption instead of always i'm
posing that messenger duty upon i'm
pOrters. The government was neithe
richer nor poorer whether the gold all tn
time in its custody,was in one or the othe
place,
the revised statutes that 1.-THE coin pat
for duties on imported goods shall be Sc
apart as a special fund" and shall be ap
piled" first, to the interest on the bond
and notes of the United States; second
to the purchase or payment of | per cen
of the entire debt of the United States t
be made within each fiscal year, which
to be set apart as sinking fund, and tn
interest of which shall in like manner b
applied to the purchase or payment of tn
public debt as the secretary of the treas
ilry shall from time to time direct; thirt
the residue to be paid into the treasury.
These provisions of law, the senator al
serts, no man will contend are now or tina
they have for many years past bee
obeyed, and yet we have only to read tn
annual report Of the secretary of the trea
ury to learn that the receipts of the fiscI
wear 1885 from customs and apart from a
other receipts are $lSl, 47l,9393. Tn
would seem to show so far strict obed
ence to the first requirement of the Law
and when we reach the second, we fin
by the same report that United Stat,
bonds and fractional currency to IL
amount of S45, 604, 5.43 were applied
that fund during the past fiscal year"
not all this well and properly done
the remainder of the money from custom
is and has been in the treasury, fact m
disputed, it is a mistake for anybody to a
sert that the third and last recurrence
of the law quoted has not been ful
obeyed There is no provision OF any la
which designates silver instead OF GOLD II
any payments whatsoever, ana lhere N
been enough money received from GU
toms thus far equivalent TO gold 10 GOV
all purposes specllled.
Nv tile report of the United States trea
urer it appears that there is somewhere
the treasury Sl65, $780, 600 OF standard ;
Yer dollars, which we are struggling
find how and where to safely store untll
some miracle they can find more favor
wicked world. The percentage OF lhe