The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-05-16
SPEECH Is SILVER.
Teller, the ne-Owner, Tells
His Same Old Story.
4 vsts 70 Ne Takes - che Tsrt9 hin -
nses wednesday, --sssv<y 81 wash
fues0u I.sads-

wAsHsxrrox cfrs. May Elm the Sem
ate among the bills reported from the COM
msttee and Placed on the calendar. were
the senate BIZ to provide for the sdJndica-
sion of cIairns arising from Indian dspre-
daiIons. and the House bill granting pen
sion to Mrs. Della Stuart Parnsll.
The Senase then resumed consideration
Of the silver bill, and Teller continued his
Argument iE criticism OF " There we're
fwo features OF the bill which should be
amended. he said IL the bill Was TO perform
the two things which its friends proposed
10 accomplish By ii. That was TO raise the
price OF silver and TO give the country an
increased circulation. IL was absolutely
essential, in the FIRST plaee, that the
treasury Botxs provided for IN
the bill should have ths highest
possible money function. II one OF the
principal duties Of money. the discharge
Of indebtedness. WAS denied 1t. its depre-
citation and the suspension OF silver pur-
chases under the bill would be invited. He
did not deny that the passage OF the bill
would put the price OF silver up. Its In
PRODUCTION had that effect. because 1t was
apparent TO people abroad that II the
United States government consumed the
entire silver product Of the country tone
third Of the worlds product) there would
be Q demand for silver that could not be
met. IL might put silver up To par. lie
did not know exactly what par would be.
He supposed II. = per ounce would be con-
sidered par in the United States. II would
b. less in Great Britain and less in Europe.
II put up the price one-eighth OF per
cent above par The purchase Of bullion by
the government would cease. and the
great interests arraysd against silver would
obtain their ends. This was no vain sup
position. no imagination on the part OF the
people who wanted to have silver used az
coin. Ii VAS borne out by the facts. There
was party. not in the United States alone.
but all over the world, that held the credits
al the world: that took toll FROM all quar-
tiers; that levied tribute on ali enterprises,
and that was arfayed against silver As
money. For seventeen years that party
had held the whole civilized world. IL had
its seat In Europe, but 1t had its influence
here. 1t had added one-third to the ma
tIonsl debt Of the United states by legisla-
fion and had added an equal amount to state.
municipal and individual debts. These
people had enriched themselves at the ex-
vense Of the many. Colossal fortunes were
huilt up in the United States aud Europe
within seventeen years which had no par
alIel In the history Of the world: fortunes
equal in extent to those brought back 70
Rome by the conquerors who invaded
Asia. Did anybody believe that these peo-
Pile ware now ready TO surrender their
vantage and sdopt financial system that
would relieve the tax-ridden debtors of the
country aud the world. and put them back
In the plane where they we're in 1872 The
energies Of those people were beyond cal
culasion; their avarice was only equaled
by their energy. They could put silver at
and above par when they wanted to, il
they could thereby destroy silver as a
money metal. and then. when the United
States government would not buy silver
under tho pending bill, they would come
hack and say: I'VE told you silver would
not do for money; We told you it was not
a suitable money metal. and that
you would have to go to
the only suitable money gold. !.
Was il delusion, he asked. to suppose
that that would Be done3 He suspected
that those people would do anything
within the range of legislative enactment or
Of commercial transactions TO accomplish
their purpose. and . bill that contained a
provision which would allow such state oil
affairs was not . perfect bill.
Butler asked Teller to give bis idea of the
effect Of free coinage of silver on interna-
tsonal monetary arrangements.
Teller said everybody had to admit that
the proposed bill might be q scheme OF the
secretary OF tho treasury 10 pile up the
bullion in the treasury department and paw
IL out on demand of note-hoiders. The
amended bill reported by the finance com.
mittee was a temporary affair Not one
member Of the finance committee would
claim IL was . permanent thing. They
said IL was temporary. They
were waiting % see what the curren,
OF events was going 10 be, and they said ia
tho friends Of silver coinage: You ough.
90 accept this bill. 1t is not, il is true, full
restoration of silver TO ITS money function
but II Is halfway house at which you car
stop for a while. until you have gathered
strength" The bill. he said. was half
way scheme. 1t afforded no relief what
ever EXCEPT in making a special market for
silver in excess Of the present government
demand for ss,osa.nD month. II il was
proposed to restore silver IL would have q
be Given its full money function. There
we're at least nine men in the world calling
for silver rs against one man calling for
gold. There were not more than ia,. ooo. oas
ot people that gave gold the preference
and hy Law silver was the chief money
silver was better adapted for use IS money
than gold. While he Was himself bimet
sllist, be would welcome silver Msis IN
the interest OF the race and Of the people o.
this country, and the sooner il was reached
the better for American industry. the bet
Ger for commerce. the better for trades. th,
better for everything.
Hear inquired whether. even without III,
decentralization of silver in 1873, its pyic,
would no; have fallen.
Teller replied that when silver was de
nsonstsxed silver dollar WIS worth inirin
sieallv si.02 aud = fraction There wa
nothing at that time To indicate that sllye.
was gesng e. fail. There had been an in
creased product in the world. bnt there has
heen no suggestion in the public prints O
the world that there was any DANCE
from over production Of silver 1.-THE mite,
States had retained the double STANDARD
and II the decentralization OF silver ia Ger
many had brought down the price os sigve
and ii the Latin union hsd restricted silvr
In accent OF the effect OF German sllve
o. the market, the market Of the Tnsfes
states wossi hare been openea inane
dsssly 10 the coinage e silver. and ever,
sisysr-owneI eoald have taken his silver I.
the Mat and had j, converted into lers
tender money. against which there va
thea AZ least no prejudice anywhere.
The question new before the Senate "a
ore Of Vita interest 10 the people al III