Savannah morning news. [volume] (Savannah) 1868-1887, 1886-01-21
COLDS VALUE SET FORTH
SENATOR MORRILL, REPLIES TO
THE SILVERITES.


WASHINGTON, Jan. 2O-Mr. Morrill,
addressed the Senate on the silver ques-
ti0n to-day. He promised with remark
that the elaborate speech of the Senator
from Kentucky Mr.. Beck seemed to
throw the burden of the rejOinder on the
friends of the administration. 81 do not
mean,' he continued, Ito encroach upon
the privileges, which so many Democratic
Senators appear eager to enjoy, of COM
ing to the rescue Of the President
and Secretary of the Treasury against the
rather cruel attack made upon the cardi-
nal measure of the administration, as l
know the fate of those who venture to in
terfere with family quarrels, but this
measure by which silver might be main
tained on a par with gold, so worthy OF all
acceptance. ] tear will not have, after the
demonstration OF the recognized leader OF
his party in the Senate against 1t, that
unanimous support to which it may be
fairly entitled.
RECONCILIATION NOT INTENDED.
Elm 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 a b2seless assumption
and unworthy of the arena OF fair debate.
! INeIYUUly l6 WlIllHg4 AdAs duAlOuS W
4 keep as much of silver in circulation as
can be done and keep it at the same time
at par with our gold coinage. The only
hostility TO silver arises from what seems
TO be the fixed and passionate purpose on
the part ofsOme of its advocates to pro-
mote such an excess of silver coinage as
will drive gold coinage out Of the country
and leave Olr vast trade and commerce
based upon silver only. In reaching this
position OF silver recommendation II is i'm
possible to he bind to the disastrous con-
traction of the circulating medium of the
country that would at once occur, for
when the moment arrives that gold conf
mands premium it will all be held as a
commodity 70; sale. and not for circula-
tiOn, as small as 3 per cent. premium be-
ing as productive of universal boarding
as % per cent,a and no possible advantage
to our people could be expected from fol-
lowing the lame and feeble example of
India or Mexico in utilizing q silver cur
rency only"
THE WAR ON GOLD.
Mr.. Morrill, Insisted that there was no
war upon silvel but that in substance
and effect a declaration of war had been
made on gold blythe leader of the Demo-
cratic party IN the Senate. From the
pleasure which the Senator from Ken
lucky mad evinceJ in delivering in the
benf's his antagonisms to the President
I anc Secretary Of tbs Treasury it seemed
III to Mr.. Morrill, tha that senator had
been for tie m0meit under the delusiOn
taat he was still lelab0ring with left
handed compliments some Republican
President and Secretary, but MIR. Morrill,
could look on with cOmpOsure, confident
as he was OF ''the stTVival of the fittest."
GOOD MONEY Always DRIVEN OUT.
His (Morrill's) conviction that con-
tnued coinage of urge amounts of silver
would drive all goh out of the country
WAS based on the hst experience of all
civilized people, tat inferior money
never failed to exnl superior, and on
the fact that our own silver mines fur
nished more than hlf the annual silver
yield OF the world. Our yield for 1884
was SfS,OOO, 900, whih, added to our i'm
ports of $i7, ,000,0 900, npde $50, 600, 000. This
was more than we eluld practically alb
sorb, and all not used in coinage and the
arts must lind market abroad.
Large and freq1ent sales of
the surplus wOuli establish the
commercial value d silver. The eX-
& odus of gold, however, would not be like
3 81 ly 10 appear with much force until its
Shipment became fequent or until it com
manded premiun, but the large return
#oi American securities from abroad af-
lecting foreign exchange adversely, or
pay great commercial disaster from which
I ne world was never exempt, might sud
Denly produce thisexodus OF gold.
THE TREAsgRY DEFENDED.
Mr.. Morrill, DENIED that there had been
fny failure on the part of the Treasury
Dmclals TO comply with the laws regard
4ng the application OF the money received
RlOm customs dues. by the report of
Poe United States Treasurer" Mr.. morrill,
Eontinued, ''it appears that there
#ts somewhere IN the Treasury
\ b5535,O00 of standard silver
loliars which we are struggling TO tind
pow and where 10 safely store until by
ttome miracle they can tud more favor in
the wicked world. The percentage of
ihese dollars in actual circulation outside
the Treasury, it Also appears, has been
Htonstantly growing less since 1881, being
HtAen 30 $40 per cent. and now only Is $40
Der cent We have coined over 2lj, 100000
ul silver dollars, and have only been able
~ any time, through much costand trlbu-
iati0n, to get not quite 500, 600, 600 into
AFpasmodic circulation. The people do
not like 70 be compelled by law TO carry
a.. We do not receive il here ourselves
with any praiseworthy cordially,
LITTLE HUNOR.
"Our condition is somewhat like that of
one OF our distinguished humOrists, who
In our late war would not enlist himself,
bat was very willing that all of his wite's
relations should. 10 was often smartly
claimed be said, "that $50. .OG0,0 600 of the
l6j, 100000 OF standard silver dollars now
pm the lIedbuTg Wdb represented Dy an
issue OF silver certificates, meaning 10
convey the inference that those certif-
,ates would ultimately be paid with sill
en-, but this would not be done as long as
me- silver holders Lad the option OF ten
| lering them no the custom house as an
qliyalent for gold. The Secretary of the
4 reasury," continued Dir. Morrill,, "has
READY found 10 necessary 10 resort 90 un-
suai resources % avoid a shock 10 all
business interests Of u sudden drop from
fslng both gold aud silver hitherto ever
fantained by our country 10 a single sill
fsr standard.
WHAT rs THREATENED
"Whoneyer the government from In
fltpositi0u, shall iall t1 maintain the
lfer dollar ON par with gold. AN of the
tiFor ceruhellcs, as well nB all other
/ tptr currency, together with the silver
oilar ITSELF viii fan 90 the exact CONE
iorcinl value of the bullion contained in
no standard silver dollar. an NJ our
sAl tender must then stand Ou that
asis' There lauo financial Or legislative
ilehcrat thnt pHefe nny oihor fate.
tmocratio Treasury officials nTe held ~