The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-05-16
He Severely Criticises the Pend
ing Measure.
THERE is ONLY ONE SOLUTION
For the Present Financial Distress and that Is
Absolute Free Coinage-The Bene-
fits this Would Confer.

49,
house Dill granting pension to Mrs. Dell;
Farneu. The Senate then resumed consid
eratlon OF the silver bill Teller continnec
MS argument in criticism of it.
Ihere were two features of the hin
winch should be amended, he said. if the
OIL elll was TO perform two things which its
friends proposed to accomplish for it-that
was 10 raise the price of silver and to give
Une country an increased circulation II
was absolutely essential in the first Mace
tnat the treasury notes provided for in the
Dill should have the highest possible money
functions. Ii one of the principal duties
Oh money, the discharge of Indebtedness
was denied it, the depreciation and sus,
pension OF silver purchases under the hill
would put the price of silver I'D. It's very
introduction had that effect because it was
apparent to people abroad that if the United
oIaCes government consumed the entire
oft te product OF the country lone third
OF the worlds product) there Would he a
demand Tor silver that could not he met
IL might put the price up to par. He did
not know exactly what the par would he
ne supposed Sl.29 per ounce Would be
called par in the United States. II womb
De less in Great Britain and less in Fnrone
IL IL put the price up one-eighth of | Der
cent. above par the purchase of government
pallion would cease, and the great interests
their
enos. rms was no vain supposition nor
imagination on the part of the people who
wanted silver used as coin. 1t was borne
out by the facts. There was a oartv NOT
Ill the United States alone, but all over the
world, that held the credits of the world
Ihat took toll from all quarters: that
leVieo tribute on all enterprises.
ana That was arrayed against sill,
yer. FOR seventeen years that party
h6Id Urb nln ~
us seat In Europe, but it had it's influence
mere: 1t had added one-third to the mate
RAJ debt OF the United States by legislation
and had added an equal amount To state
municipal and individual debts. Those
people mad enriched themselves at the ex-
pense of the many. Colossal fortunes had
9een Quilt up In the United States and
Europe within seventeen years which had
no T1 parallel IN the history of the world.
tL nese fortunes were equal in extent to
1hose brought back to Rome by the com
querors who invaded Asia, and did anv-
BODY believe these people were now ready
TO surrender their advantage and adopt
financial system that would relieve the tay-
rluaen DEBTORS OF this country and the world
and put them back on the plane where thew
were IN 1913! The energies of those peo.
pie were beyond calculation. Their aver
Ice was only equalled by their energy
Ihey could put silver at and above par
When they wanted to, and if thew conId
thereby destroy silver as money metal
ana then when the United States govern.
ment would not buy silver under the pend |
ing Dill, they would come back and saw
we told you silver would not do f01r |
money. We told you that it was moi,
money metal and that you would
nave 10 GO TO the only suitable money
5 5olu. was IL deluslon, he asked, to sup
1ese that That would' be done! He sus |
oected that those people would do ANYTHING |
within the range of legislative enactment |
% accomplish their purpose, and the bill |
nat contained a provision which wonld |
allow such state of affairs was not ner-
'ect bill . poi-
Butler asked Teller to give his idea of
me erect of free coinage of silver on inter
laGlonal monetary arrangements.
Keller SAID everybody had to admit that
'ue proposed Dill, whether it were a
scheme of the secretary of the treasury to
'lle up bullion in the treasury department
lnd pay 1t out on demand of the note
lolders, or an amendment reported bv the
nance committee, was a temporary affair
Not one member of the finance committees
YOU'D claim 1t was permanent thing.
Ehey said 1t was temporary; they were
valting to see what the current of events
vas going to be, and they said to the
rlends OF silver coinage, ''You ought to
ccept thls Dill. 1t is not, it is true, a full
estoration of silver to its money fnnc-
Ions, but 1t is half way house at which
ou can stop for a while, and when Won .
ave gathered strength, 90 on.,'
Inc Dill, he said, was a half way scheme
Afforded no relief whatever, except in
1aking special market for silver in ex- 7
ess OF the present government demand
1000, 900 month. If it was proposed to G
estore silver it would have to be given it's 7
uli money functions. There We're at
east, nine men IN the world calling for
liver as against one man calling for gold v
mere were not more than 125. 900 600 of q
eople that had preference, and bv law :,
liver was their chief preference. Silver .
'as better adapted for use as money than Il
Old. White he was himself a bi-metal- .
ST, II there was to be only one money Z
ne would welcome silver as that d
asls IN the interest of the race and of the .
eople OF this country, and the sooner If
as reached the better for American in j..
uStry; better for commerce: better for L
'ade; better for everything. a
Hoar inquired whether even withouttbe E
ofSilver in 1873. etc the
rice would not have fallen. S
Teller replied that when silver was de- a
onetized silver dollar was worth in ?
a dollar and three cents and q d
action. There was nothing at time to :,
alcate mat SILVER was going to fall. i
uere nao peen an increased product in the :,
orld, reaching to ISL 1000 (?), but there had p
zen no suggestion in the public prints of o
e world that there was any danger from 5
er- production OF silver. If the United ,.
ates had.,retained,,a double standard. and If Il
e RECOMMENDATION of silver in Germany had L
ought down the price of silver, and if u
e Latin union had restricted silver on u
count of the effect of German silver in
market, the minis of tue United States
ould nave been opened Immediately to the
mage OF silver, and every silver owner fe
uld have taken his silver to the mint. and d
d it converted into legal tender money a
alnst which there was then, at least. no i ie
eludice anywhere. w
The question now before the Senate was
of vital interest to the people of the
lntry. 1t was a question whether the
Ople OF the United States were to con- 70
ue In advancement or standstili 1t was =,
question of whether the continual drop y.
lg OF prices for fifteen years was to CON ~ ~
ue, to the enslavement of men, to the tn
struction of enterprise and the special sa
struction of the debtor classes the ii
latest and most numerous class in this eli
intry, and in all other countries.
here Is, In this body, a majority
men who believe there is
hteous and just demand for the free fo
mage of silver. Some of them NAV he
arded by it's rejection from other Il.
arters. They may be retarded bv fear OF
It we will not be able to enact a free La
mage bill into law. My duty is done
en- exercise my Judgment here as God
given me power to see my duty and
as the executive or anybody else may see M
propose to do my duty, and believe hi,
very Senator will do the same, we will tu
re free coinage act, an act which will I &