The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-05-16
THE FIFTY-FIRST CONGRESS.
SE!HA TOR TELLER ENDS MS SPEECH
IN FAVOR OF FREE COINAGE

Senator Coke Says tho Pending Bill Pre-
yeats tho Collage OF n SInEIe silver Dol
lar Except mt the Discretion OF tho Sec
Rotary of the Tronsury-Tho House tc
Vote On the TRrIG BIN "wednesday.
WASHINGTON, May l5-The Senate to-day
ut 1910 resumed consideration Of the Silver
bill, and Mr.. Teller tRop. COLI con.
ainued his arguement in criticism OF IT.. There
wore two features OF the bill which should he
amended, he said. II the bill was to perform the
two things which It's friends proposed TO
accomplish by it-that was to rinse the price
Of silver and to give TO the country An increased
circulation. 1t was absolutely essential. in
the ilrst place. that the treasury notes pro-
vided for in the bill should have the highest
possible money function. II one OF tho
principal duties OF money the dis
charge Of indobtednessl was denied It,
tts depreciation and the suspension
Of silver purchases under the bill would be in
vited. He did not dony that the passage Of
the bill would put the price Of silver up Its
very Introduction had had that effect. Why
Because 1t was apparent to the people abroad
that IL tho United States Government con-
sumed the entire silver product OF the country
tone.thrd of tho worlds product there would
be q demand for silver that could not be met.
1t might put the price up to par. He did not
know exactly what par would be; he supposed
that tl.2O per ounce would be called par In the
pnitod states. 1t would be less in Great
Britain. and less in Europe. lit put the price
one.elShth OF per cent. above par the pur-
chase Of the Government under the bill would
cease. and the great interests arrayed against
silver would obtain their ends. This was no
vain superstition, no Imagination on the part
OF people who wanted 10 have silver
used coin. Ii WAS borne out by the
facts There was Il party, not in tho United
StataS alma NIL tina tporlI thath hal
the credits Of the world. that took toll from all
quarters. that levied tribute on all enterprises,
and that was arrayed against silver as money.
For seventeen years that party had held the
whole civilized world. 1t had it's seat in Europe.
but 1t had its influence here. 1t had added
one-third TO the national debt OF the United
States by legislation, and had added IN equal
amount to the State. municipal. and individual
debts. Those people had enriched themselves
at the expense Of the many. Colossal fortunes
had beon built UP in the United States and
Europe within seventeen years which had no
par ael i'll the history OF the world-,fortunes
equal in extent to those brought back
ASIA 4 h0m3 And a d SngboGy bs h st
render their vantage ground ana to, adopt
ridden debtors OF this country and the world. |
S1d put 5sR 9P s the plane they
were beyond calculation Their avarice was |
only equalled by their energy. They could put |
ifthey could thereby DESTROY silver as a money
metal and then. when the United States could
Would hGS sY back nd9 the 1 T @
silver would not do for money. We told you
that It was not suitable money metal. and
that you have to 20 to the only suitable money
gold" Mas 1t delusion to suppose that that
would be doner He suspected that those peo-
islative enactment or Of commercial transao-
lions to accomplish their purpose; and any bill
such state Of aiTairs was not al a perfect Bill
Mr., Butler Dom, S. O. Invited Mr. Teller to
YER on tr lniisrnatl , monetary ARRANGEMENTS.
Ar. Teller said that he would 90 so. Every
b b had to adM he said thai the
tary OF the Treasury to pile up bullion In the
Treasury Department and to nay it out on de-
porary, affair. Not one member OF the Finance
nent thing. They said it was temporary; that
they were waiting to see what the current q
silver MS eoSe ih ea sd 70 es H
biz. It Is ot.it is true. q iul restoration of
house at which you can stop for while, and
WIS you have gathered strength go on" The
no relief whatever except in making a special
market for silver in excess OF the present Gov
{Srnment demand OF two millions a month. II
j was proposed to restore silver it would have
were al least nine in the world calling for sill
were not more than rs, 100000 U Of T peo
PIE i,0t that preferred in their trade gold to
OF people among whom, by preference ;
{, and by law, silver was the chef money. c
than gold. While he was himself a bl-motnl, t
list. II there was 10 be only ono money stand
ard he would welcome a silver basis, In the in ,
fountrY, and The sooner it was reached the c
better.the better tor American industry. the '
better for commerce. the better for trade. the c
De or Tor everything. ,
Mr.. H@ar dep. Mass inquired whether !
even without the decentralization OF silver in I
Mr.. Teller replied that when silver was de-
rAlly dollar and three conts and a iracton. y
i b, was nothing at that tine TO Indicate
an increased product in the world. reaching to i
pnbo 9pf w esHp Ba sss
4 the lifted States had remained on the dou-
bic standard, and # the decentralization OF sill t
silver. and il the Latin Union had restricted t
,iivo; on account Of the effect Of German silver
states would lavo boon open immediate- l
\ y,v 10 the coinaSG e Of u silver and every
YER to tho mint and have It coryeltod into )
eGai tender money. AGAINST which there WAS ,
At Aso Hums %G oo4 h
or the assertion that the decline Of Home was 8
Q he attributed to tho lack o. money: and that g
ause. There was no nation, no said, that $
male progress. which did not have suilici- E
ncy Of money. So that tho question now 10.
ore the Senate wa one OF vital interest to tho
9S6S Of the VI. Gso 2gny p TSs G"9 ia
0 continue in advancement or 20 sand 5ti!l.
was II question whether tho continual drop
ling OF pr.ces Tor fifteen years was to continue
to the ensluvement OF mon, t. the destruction 4,
{ enterprise, and 10 the special destruction oil u
no debtor class the ereatest and most nu b
Ountrles. y
Nj. Blair Rep. n. H. asked Mr.. Teller TO d
tate that in connection with the fall of prices G
/ agricultural products there had been no O
elaiiyG increase in quantity .
Mr.. Teller did make that statement, and !
dded that the trouble was one not OF over y
roduction Out OF under production. "
Mr.. Allison Rep Iowa asked him to state
that same connection, that the price which n
he "a NOR obtained for his produce now would b
az Tor as much Of tho things no bought as the q,
lSher nfico which hs obtained formerly ~
ar. Teller admitted that as To some things al
men me farmer bought. that Was true; but ju
o slaed mat there wore somo things which n,
ad not talon and which tho farmer had 10 a.
~; MS lax . !Nd not fallen tie interest on "a
rs MORTGAGE had MT fallen, The farmer who I'll
om.Iacteh 'ohn when "on was worth 90 ~,