Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-16
MUST BE- LEGAL TENDER.
TWO SENATORS ATTACK THE PRESENT
SILVER BILL.

Teller, OF Colorado. Confines His Decidedly
Radical speech-siIver the Money for
tho People-Tbo McInl Must Not be
Placed nc Windows Mercy.
WAsHINGroN, May 15.-The Senate to-day
resumed consideration OF the silver bill,
and Mr.. Teller continued his argument In
criticism OF It. There we're two features Of the
bill which should be amended, lie said II the
bill was to perform the two things which It's
friends proposed to accomplish by ito raise
the price Of silver and to give the country an
increased circulation. 1t was absolutely essen
tial in the first place that the Treasury notes
provided for in the bill should have the highest
cipal duties Of money ttbo discharge Of
indebtedness) was denied It. Its depreciation
and the suspension OF silver purchases under
the bill would bo invited. He did not deny
that tho passage Of tho bill would put the price
OF silver UP.
It's very Introduction had had that effect.
Wby7 Because II was apparent To the people
abroad that II the United States Governments
consumed the entire silver product OF the coun-
try (one.third of tho worlds produet). there
would be demand for silver that could not bo
met. II might put the price up TO par. IIo
did not know exactly what par would be. ff0
supposed that 81 20 per ounce would bo called
par ~ the United States. II would pe less In
prioo one'olghth OF ] per cent above par, tho
purchase OF tho Governments under the bill
would censei and tbe gront interest. arrnyed
against silver would obtain their ends. This
was no vain suppositlon. no Imagination on tho
part OF tho people who wanted 70 have silver
used as coin. was borne out by tho facts.
The FlunBcisrr OF the World.
THERE was party. not In tho United States
alone, but all over the world, that held tho
NaAi Ga nH thu kl.aN All r..
quarters, that levied tribute on all snterprIseA
and that was arrayod against silver aa money,
For II years that party had held tho whole
civilized world. II had Its scat In Europe, but
IL had It's influence here. 10 had added ono.
third TO the material d0bt OF the United States
by legislation, aud had added an equal amount
70 tho state, municipal and individual debts
Those people had enriched themselves at tho
expense OF tho many, Colossal fortunes had
been built up In the United States and Europe
within II years which had no parallel In tho
history Of the woFid-fortunes equal In extent
60 those brought back 10 Rome by tho con.
querors who inyafsd Asia.
And did anybody believe that these people
were now ready 20 surrender their vantage and
90 adopt 1hanglal system that would relieve
the tAx.ridden debtors 0f this country and tho
world. and put them back on the plans where
they Wers IN 1877 The energies OF those paos
pic were beyond calculation, and their ayariee
was only eduaisd BY their energy. They could
put silver ~ and above par when they wanted
20. and, II they could, thereby destroy silver as
money metal, And then twhen the United
states Government could not buy silver under
the pending bIlD they would come back and
say. I'VE told You that silver would not do for
money. We told you thar II was not q suitable
metal, and that you have TO 90 to the only suit
Was Il q deinsion, he asked, to suppose that
that would be dOnef he suspected that those
legislative enactment or OF commercial trans
actions, TO accomplish their purpose, and any
bill that contained provision which would
allow such state Of affairs was not perfect
bill.
Mr.. Butler Invited Mr.. Teller to give his idea
Of the effect Of free coinage Of silver on inter.
national monetary arrangements.
No Temporary Affair Wanted.
Mr.. TELLER said thathe would do So Every
body had to admit. he said, that the pro-
posed bill whether 1t was the scheme Of the
Secretary Of the Treasury to pile up bullion In
the Treasury Department and to pay 1t out on
the demand of note holders, or the amendment
reported Dy the nnance commttee) was tenn
porary affair. Not one member Of the finance
committee would claim that IL was a permanent
thing. They said that it was temporary, that
they were waiting to see what the current OF
events was going to be, and they said TO the
friends of silver coinage: "Y ou ought to accept
this bill. 1t is not. it is true. full restoration
OF silver to its money function. but it is half
anG wban yo az Ia fon osn tSr "nil9
Tba hiii he said ,sas b,Ifwaa snh - ~ o"i
n afforded NO reIief ,yhatever ercent IN rnahjn.
sneciaI naTtet for siiusr in e,rccsa ~ - tb ase,
Govarnmanr danand 81 60 oo0 noo q ,noIp.t e'eTs
N was nronosad 20 rastore siIyer it ,.onId -. r. -
to he oivep ;ts Sif r"nnoS t,a.; ~ "ouiu rh raEe
yape or Ieast nina ,nar ~ u ,nn.iS In, uele
'iiyer as aoainst one ~ caIIin So soIJ 1T
Tbere were NOT 1nore than I96 nno 66o ~ soI Ell
that preferred IN their trade goid m siIyar.
while there were over n thonsand TntlIions 81
neonle among whom bv nrefarenca and hv -
silver was the chief monav SiIvar ,gas Rotta,,
adanted for nse as ,nonav than goid Whiia 10
vas himself a bimetailist IN fbara NOS ~ he
DnIy one money standard he ryonId vaicoma a
silver basis in the interest of the race and of
the people of this country. Aud the soons, IL
was reached the battar-tha battor e.
morican indnstrv tho Sottor 9,r co,,,,,-no aUl
he bettar for trade and the 5s,tor for a,arv'
hing ~ 0 '0''i io' ''e''-
Mr, Hoar inouired whether even without tho
o2 silver in 1s73 it, nrica Svonid
NOT have fallen F0O "'~
AI,, p,.z,., tr,-
'o '."a"o"' i''s'or''
M r. roller replied that when silver was de-
monetized q silver dollar was worth in
81 GA and n fraction. Thers was
.a,t,ia,, a. .,,., ,i,,, o., i.dia., ,.., ill., 49,,
'os"ihs a' 'nas i.iho an W ,huiVaso 'ha' .h'er was
toing TO fall' There had pesn an increased
product In the world. reaching to sH1 900 000 but
there bad been no suggestion In, the public
prints OF the world That there WIS any danger
rom an oyefproduotioh OF silver " the United
states had remained on tho double standard
.f la