Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-05-16
NATIONS CAPITAL.
Silver Bill Still Lin6ers in The
Senate.
Tariff Bill to b Reported to Na House
Next Wednesday.


wAsHneroS, May Is The Senate con-
sideration of the silver bill Was resumed,
Teller cont nuing his speech. He did not
deny the passage Of the bill wolld put the
price Of silver up. Its very Introduction
had that effect. 1t vas apparent To people
abrosd. if the United States government
consumed the entire silver product Of the
country there would be demand for silver
that could not be met, and might put the
price up TO par. He supposed 81 70 per
ounce would be called par in the U. tied
States. II it put the price an eighth Of one
per cent above par. the purchase of gov
ernment under the bill would cease, and
the great interest srrayed against silver
would ob ain its ends. A party, not in the
United States alone, but all over the world.
that held credits Of the World, and took toll
from all quarters, and levied tribute on ali
enterprises, was syed against silver ~
money.
For II years that party held the whole
civilized world. II had its seat In Europe
but had its influence here. 1t had added
one third to the national debt Of the United
States by its legislation, and had added an
equal amount to State, municipal and in
divIdusl debts. Those people enriched
themselves at the expense Of the macy.
The propo'ej bill al lrded no relief what
ever, except in making . special market
for silver in excess of the present govern
ment demand Of two millions Z month. If
it proposed to restore silver, it would have
to be given its full money function.
Hosr inqured whether even without the
demonet zation of silver in 1873, its price
would not have fallen.
Teller replied that when silver was de-
monetized the silver dollar was worth in
t-insicaly one dollar. three cents and
fraction. There was nothing at that time
to indicate that silver was going to fall.
There had been an increased nroduct in the
world amounting 10 $Sl 900, 900, but there
was no sugge stion in the public prints of
any danger from over production of silver
If the United States had remained on the
double standard, if den,one liz alton of silver
in Germany had brought down the price of
silver, if the Latin Union had restricted
silver on account of the effect of German
silver on the market, the min,s of the
United States would have been open i'm
mediately to the coinage of silver, and ev-
cry silver owner could have taken his silver
to the mint and had it converted into legal
tender money. He quoted Allison, Hume
and other historians for the assertion that
the decline of Rome was to be attributed
TO Lack Of money, and the dark ages re-
sulted from the same cause. NJ nation, he
said, that made progress, that did not have
a sufficiency of money. 1t was question
VIII 'her the continual dropping off in prices
for 10 years was TO continue 10 the ensl4ve-
ment of men, to the destruction of enter
prise, and to the special destruction Of the
indebted classes.
A. the request Of Blair, Teller stated
that in connection with the fall in prices of
agricultural products there hal been no
relative increase in the qusntiy. Teller
added the trouble was of under production
Allison asked him to state that the price
the farmer obtained for his produce now
would pay for as much of things he bous sht
as the higher price obtained formerly.
Teller admitted as to some things which
the farmer boughs that WAS true, snd aided
that some things had not fallen which the
farmer had To pay. His taxes had not
fallen; interest on his mortgage had not
fallen The farmer who contracted a loan
when corn was worth sixty cents = bushel
was not able to pay the interest on il now
when corn was worth very much less.
Telier concluded his speech at 8 40.
Coke addressed the Senate in favor of a
free and Unlimited coinage of silver. He
declared the persistent defiance of the pop
ular will by the executive department of
the government for the past seventeen
years was one of the most remarkable facts
in the history of free representative gov
ernment The bill AZ reported from the
finance committee Disseminated against
silver in leaving to the Secretary of the
Treasury the right to determine how much
of the silver 10 be purchased should be
coined into money, as the Secretary held
that already too much silver had been
coined, and he was ire that with that dis
or, tion IN the Secretary not another dollar
would ba coined. That provision of the
bill was provision to convert the treasury
of the Uni.ed States into = warehouse for
silver to be held as commodity on which
the government should advance money.
The effect of the bill would be to repeal
til, oniy bill on the salute book requiring
the coinage of silver dollars. The passage
of the bill would prove the severest blow
to silver since its characterization in 1873.
BIT the close of Coke's speech the SILVER
bill went over till tomorro~.
After a brief executive session the Sen
ate at 4 so adjourned.