New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-06-13
MR.. EvARTS ON SILVER.
OPPOSED TO FREE COINAGE, BUT A con-
SENTATIVE FRIEND OF SILVER"
r.voRuNG EITHER THE JONES BILL OR THE
AMENDED HOUSE BILL-sENAToRs NOR
GAN AND VANCE ADVOCATING
FREE COINAGE.
FREE COINAGE.
ypY rrLEeKArn TO THE TRIBUNE.

IBY TELEGRAPH TO THE TRIBUNE:
Washington June 12.-The chief feature OF to-day's
a.hate on the silver bills before the senate was
an elaborate and highly interesting speech ON the
General silver and monetary problem by Mr.. Evarts
The views Of the senior New-York Senator, which
.,e known TO be moro or less in accord with those
a, the decided friends of silver but which, it was
umo did not GO quite to the length of free coinage
rare naturally made the object of good deal OF
curiosity and speculation; and there was, cehsc-
ou.nty a fattering attendance on the floor OF the
senate during the whole of the time occupied by
Mr.. Evarts in making clear HIS precise position on
,he nendng measures. The New-lork senator used
- votes and talked as usual, with undated
sanity and a matchess syntactical skill. His man
.- however was conversational rather than orator
lc,l: and though the subjectmatter was necessarily
,hstruse and difficult, those who listened were re-
a.red with occasional bits Of humor and wituclsm,
rhtch gave an air of freshness and pquancy to the
s<hste- as grateful it was unexpected AFTER the
sa-v ponderosity of the discussion for the last I'VE
49, His comment, for instance. the sherman
s,ou-.s controversy about The legislation of 1873
caused good deal Of quiet merriment The senate
No said seemed to have been In state OF hypnotsm
hen the law demonetizing silver was passed. ana he
WAS not much exercised now whether one>oehator hao
,.er mor, asleep than another. Mr.. stewart VINO
rants 10 prove that he voted for the law OF 1919
ui,bout knowing il. was forced to smile himself az
,bis hit Mr. sherman was not present TO enjoy H.
Mr.. Eyarts spoke for about two hours and hali
Ne WAS freely congratulated when he hnisheo. MS
views on the silver question. as gatherei from HIS o
marks NAV be briefly summarized lie Is s'rohS
,.ever I'm the desrabity of restoring silver 10 us
Mace alongside Of gold the money OF the wolu' anu
dvoates such steps as will be efeotual IN creating
an International ratio between the two precious
metals Free coinage now by the Oni'ed s'a'eS' no
holds would only be obstacle in tho way OF ti'e
General standardization Of silver; ana ne theeioo
onposes ii as unwise and dangerous. The Jones Dill
or the House bill. amended, meets his hearty ap.
,-oral. and he will vote for either as a safe ana
r-udept stem in the right direction He Is decidedly
onnosed 10 the bullion-redcmpton feature Oh the
Uonse hill because IL treats silver not as money oul
as a commodity He stands, In fact, OH tie "ioio
question: in the attitude of the more conservative anu
,,osrate Of the friends of silver" In the senate
though for the representative OF sta'e ike Nc"
York. his views may a little radical
The general silver debate will close to-norro" alVcl
~ a. . O'Clock hut a vote the pending bill is
scarcely expected until Saturday. senator Aiuficn
u,u make a speech during the morning hour' winch
,5u practically close the for the Finance COM
mittee. ,, ,.,
comnarison of the bill it passed the House Win
A., ,,u az reported with the amendments OF the FL
nance committee Mr.. Evarts said, brought the dver
cencv Of opinion within substantially narrow hmlts'
he meant the free coinage of sver-the opening OF te
minis Of the United states to the bullion of the world
seouenees whether Of good or evil; step not easily
eyaded and almost irretrievable.
After a philosophical review of the history OF the
precious metals Mr.. Evarts brought the matter down
10 1873 at which time, he said, the two metals "ele-
and had been since 1sO3-on parity. 1t was no law
NJ trade or of nature, that broke up that parity IL
was the wit and the wisdom of man. The TWO
metals had been throughout the worlds history
found tied together their relative value beng nAeo ps
comparison of the labor needed to bring them into
existence Sixteen days Of labor, for instance, were
necessary 20 produce much Of gold as one days
labor cOuld produce Of silver. But something nap
p.ned in 1873. silver then worth in the market
SO pence-which par with gold. In 1875 IL had
gone down to So pence; in 1881 10 o. pence, anu III
$780, when the bottom was reached 10 AZ pence "ha
stupendous event In nature, he asked, had pVouoeu
that sudden change; what freak had produced that
sIodar4 Nothing whatever but the folly of men.
Not satisfied with the wisdom and experience OF the
world they had made the experiment OF demoheulihs
silver: and they had done so when all inc ieeisiaoiS
IN both houses of Congress were in hyphotc ooh-
dIton There not one OF them wloea"ahe' anu
men ought to have been wideawake when they were
.c,i,g nnon the money question of the world
He characterized the Act of 1873 as a numerous
thrust at silver and said that every biow uhuel
which silver had shrunk and covered was piow Oh
positive law. Yet the argument was maze no" Chao
the effort TO rearange by law the ratio OF gold ana
silver like trying to put one physlcai oouy III '0
space occupied by another.
After a review of the international conferences on
the question Of silver tout Of which nothing hau |
Gomez. Evarts said that for the first time III
the progress Of the matter Of redress the question
confronted the Republican party, which had majority
In each House. and had the control OF the Executive
power II was for that party to determine that inc
interval of and of delay should be no longer
extended What then, were they to do? The people |
Of the United States through their representatives IN
the houses of Congress. and in their elecuoh OF
the Executive, had, in his opinion determined that
they would not allow the disgrace and disorder TO
continue either in regard TO their domestic money or
their money in relation TO commerce Congress was
now prepared for the adoption, In one form or
another of a measure WHICH, as compared with any |
thing that mad been done in the interval between |
1873 and 1890, like the step of giant as COM
pared With that of sick man who made three PAGES
and then halted.
speaking of the proposed opening of the American |
mnts 10 the silver Of the world, Mr. EVarts SAID tha
with the difference in ratios15 12 in Europe and 10
IN this country-that measure would be utterly i'm
practicabe-especally If IL was desired also TO cause
the opening Of the rnints abroad to silver The |
proposition TO receive silver bullion the counter OF
the Treasury and to pay for in certificates, leaving
the transaction the win of the owner of the bullion
had never approved itself 10 MS judgment. lie re-
garded II as being a step backward. Money could |
never be safely treated as COMMONLY IL was not
70 be treated anything but the force and propulsion
Of circulation.
Mr.. Vance next addressed the Senate: Nothing
was better established, he said, tnan the TACT o. inc
necessity Of more money for the progress and pros,
perity Of the country. The wealth Of the world lad
increased enold within the last fifty years and the
output Of the precious metals has kept pace neither
WIN me growth of wealth Of the population In
consequence Of this deficient circulation, the prices
"a an products were lower than they ever had been
Dslofe' although the prizes Of wages had kept up,
p"!he 10 labor unions and other causes. Those VINO
ao suffered most from the depreciation Of silver were
ule agricultural classes. In ORDER that there might
e no msapprchension TO his position, he desired
70 stare mat ne favored the unlimited coinage OF
slEeI money ana the restoration OF silver II was
munty desired il. "
T. Nf Morgan next addressed the Senate particularly
TIeience 70 the amendments reported by the Finance