, 1890-05-22
FABULOUS FORTUNES.
Demonstration Made Their
Accumulation Possible.
LOSE Of Mr.. TELLER'S SPEECH
Senator colSo Spca,ss In opposi-
tion 70 fac Hill--Too Much
piscretion.

commutcct ana pinccd ON tho calendar,
In the senate to-day. werv ths senate bill
10 provide for the adjudication Of clsims
sriAing nom Indian doprcdations, aud
tho house hill granting a pension TO Mrs.
Della Parnell.
The senssc then resumed tho consid-
srntion Of the silver bill. and Nj Teller
rontinue<l his arguments In cri,Lcism Of
n Thero were Two lcnturos Of tlio bill
which should be aincnsict, he said, 81
The blIt vas 20 porfor.n two things, which
.lls ff1ends psuposed 10 ncccmpiish by
H. Those werc 10 raise the price
OF silver and 70 Rivc tho country
An increascd circulation. Il was
absolntely essential, IN tho first place.
that ths treasury notes provided for In
che bill hllouId have the highest possible
money function. n the power 20 dis
charge Indebtedness wps denied them,
the depreciation and suspension Of silver
p,ircha1ss under tue bill would DO In
Vitod- He did not deny that the pas
saga Of tl,s bill would put tho price OF
silver up Its very Introduction had
that effect, because II was apparent to
people abroad that II tina United States
govornn1nt consumed the cntirc silver
produot Of the country. onc-third Of the
worlds product. there would be a de-
II might put the price up TO par. He
did not know exactly what par would be-.
Hs supposed >I.D Yer ounce would be
callsd par In the United States.
u would be less In Great Britain. II 1t
pnt ths prios onc-oighsh Of per cont.
above par. the purchases Of tho sovern-
n,ent under the bill would coase and the
sfsas Interests arrayed against silver
would Obtain their snds This was no
vein supposition. no Imagination on the
pert Of the people who wanted TO have
silver used rs coin. II wns bprno out by
fhe facts. There was party, not In the
United states alone, but all over the
world, that held the credits Of tile world,
that took toll from all quarters. that
invied tribute on all enterprises and that
wns nrrsycd against silver as money.
For sevsnscen years that party had held
Trio whole civiiizcd world. II had It's
seat IN Europe. but Il had Its influence
here II had added one-third to the ma
tcriai debt Of the United States by iegis-
lation and had added an equal amount
10 state. municipal and lndivid nal debts.
Ihefr people had enriched themselves at
tilr cxpclisc OF the many. Colossal tor
tunes had been built up in the United
States and In Europe within those
stssGtccn years which had no parallel
III thr history OF tho world, fortunes
conrl IN cxtont to7those brought back to
Hlu,e by the eonquerers WHO invaded
Asln. And did ANYBODY believe that
,flrkc people were now ready
TO snrFender their vantage afid
adopt a financial system that WOULD re-
iicy1 tho tax-rtdden debtors Of this
back on the plane whcrc they were in
ISIS? The energy of tiese people was
beyond calculation, and their aynrico
WAS only cqualcd by their energy. They
sou.d put silver at and above par when
tiIcy wanted, and they could thereby do
stroy silver az q money metal. and then,
when the United States government
would not buy silver under the pending
bill, they would come aud say; ''we
told yot sIlyfr would not do for. money;
We tsIid sou IL was not a suitable money
metal. Was Il n delusion, he asked, 70
suppose that that would be doneq He
suspected that those people would do
Anything within the range OF legislative
achievement. or Of commercial transac-
tions. 70 accomplish their purpose, and
bill that contained provisions which
would allow such Affairs was not a per-
feet bill.
Mr.. Butler asked Mr.. Teller to give
his idea Of tho effect OF the free coinage
Of silver on the International monetary
Mr.. Teller said that every ono had to
admit that the proposed bill. whether u
were the schcfne OF tho secretary OF the
treasury 70 pile mp bullion in the treas
ufy department and pay IL out on the
demands Of the noio holders, or the
- 49,. -t..1 I..~
committee, was a temporary affair, ana
not one memhsr of the finance commit |
zoe would claim that II was permanent
thing. They said that II was Temporary. |
They wore Whiting to sec what tho cur
rant OF eyeats WA going TO be, and they
ssid to the friends. Of silver coinage;
not, It is true, the frll restoration OF sil- |
yer TO its money function. but II IL n
halfway house at which you can stop,
and when you have gathered strength go
on." The bill, he said. was n halfway
scheme. It afforded no relief, oxcept
In making special market Tor silver IN
sxcess Of the present government de-
mand OF s2,Ooo0oo month II u was
proposed 10 restore silver. II would nave
t. lie given Its full money junction.
There were at least nine mon Ia the
world calling for silver as against one
man calling for gold. Silver was better
uNAlt<o tor use tuhn rotu- " uito ne
was himselfa bi-metalllst, II there was
or mtut boa single money standard he
would welcome a silver basis In The in |
tefcst Of the race and Of the people Of |
this county. and tile sooner it was |
renched the better for American indus |
tries, the better for commerce, the better |
Tor trade, tho better for everything. TT
hr. Hoar inquired whether oven
without The decentralization Of silver IN |
ISIS its prlco would not have fnlien j
Mr.. Teller replied that when siy or was |
ecmonciixrd silver dollar was worth |
mirirsicnily ndollar and three cents and |
q fraction. There was nothing nj thai |
Iflnsc u indicate that silver waf going 10 |
tiii. There had been an Increased Drod- |
rti IN the world. hat there had been no /
Suggestion in the public prints Of |
Tic world that there was any danger
Il ihe United Mates had r. remsinei iss
" the double standard. even Ii the
decentralization Of silver In Germany had
4 iirsuxtt down the price Of silver and
esen ifths Latin Union had restricted ALL
Sef. op account Of tho effect OF German
p niiysr IN tho markets, the mints OF
tho United btstcs would have been
oi,encd inamcdisscl. 10 the eoinago OF
s.iyer' silt 4; every silver ownar COULD nave
conrertsd 70 legal tender money against
which thezs u no prcjudice anywhere.
The question: nov bulore the senate
4na ous q vital interest 20 the people OF
tbe connesy. IL vas. question as to
Nhethe< the paopfe Of thn United Etafes
Wefp - continuo IN sdvancemcnf or
s(npd gt!ll. vas . question %
e ehss6et ~ dSspyins OF pricss
$1,000 2 e s7s,svS & g., sns ,.,9iss aIos os os
- a. s<,5<s - {~n~rioi ~ Scss,,,'' ..1r