Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-05-15
THE TARIFF BILL.
EFFORT TO REACH A VOTE.
A Resolution to Report the Bill to
the House Next Wednesday.
THE DEMOCRATS OBJECT.
MR.. TELLER'S SILVER SPEECH.
THE DEMOCRATS OBJECT.
SENATE.

PuoiS AllentOWn. Ia
The House bill authorizing the erection Of
ahotel Ofor colored people, on the government
reservation at Fortress Monroe.
The Senate bill to grant right of wav to the
TcNarkana and Fort Smith Railway Company
through the Indian territory and the territory
of Oklahoma.
The Senate bill to provide for the adjudica-
tion and payment OF claims arising from Indian
depredations.
The House bill granting certain privileges
10 the Union Railway Company of Chattanooga,
Tenn.
House bill granting pension to Mrs Della
Parnell.
DISTRICT LABoRERs AND THE ErGHT-HoUR LAW.
MIR. Blair offered resolution (Which was
agreed to- calling on the Commissioners of the
District of Columbia for information as to the
employment and payment of laborers on public
works In the District and whether they are re-
CURED 10 work more than eight hours day.
MR. TELLER on THE SILVER BILL
The Senate then, at 12:40, resumed consid-
Grafton Of the silver bill; and Mr. Teller con-
tinued his argument in criticism of it. There
were two features of the bill which ould be
amended, he said, if the bill was to per
form the two things which its
friends proposed to accomplish by it
that was to raise the price Of silver and to give
to the country an increased circulation.
1t was absolutely essential, in the first place.
that the Treasury notes provided for in the
bill should have the highest possible
money function. If one of the principal
duties OF money (the discharge Of indebted
ness) was denied it. its depreciation and the
suspension of silver purchases under the bill
would be invited. He did not deny that the
passage of the law
WOULD PUT THE PRICE OF SILVER UP.
Its very introduction had had that effect
Why? Because it was apparent to the people
abroad that if the United States gov
ernment consumed the entire silver pro-
Duct OF the country lone-third of the
worlds product) there would be demand for
silver that could not be met. 1t might put the
price up to par. He did not know exactly what
par wouldbe. He supposed that 81. % per ounce
would be called par in the United States. 1t
would be less i'll Great Britain and less in Eu-
rope. If 1t put the price one-eiShth of one
per cent above par the purchase of
the government under the bill would
cease, and the great interests arrayed against
silver would obtain their ends. This was no
VAIN supposltlon. no imagination on the part
OF people who wanted to have silver used
as coin. 1t was borne out by
the facts. There was a party. not in the United
States alone, but all over the world that held
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 its seat in Eu-
rope, but it had its influence here. 1t had
added one-third to the national debt
OF the United States by legislation. and
had added an equal amount to the
state, municipal and individual debts. Those
people had enriched themselves at the expense
of the many. Colossal fortunes had been butt
up IN the United States and Europe within
seventeen years which had no parallel in
the history OF the world = fortunes
to Rome by the conquerors who invaded
Asia. And did anybody believe that these
people were not ready to surrender their van
tage and to adopt a financial system that
would relieve the taX-ridden debtors OF this
country and the world and put them back on
the plane where they were III 1873!
Ihe energies of those people were beyond
calculation. Their avarice was only equalied
by their energy. They could put silver at and
above par when they wanted to. and if they
coula, .herepy destroy silver as money
as metal; and then they would come back
and say: I'VE told you that silver would not do
for money. We told you that it was not
"a suitable money metal, and that YOU
have to go to the only suitable money
gold. Was 1t "A delusion Che asked) to suppose
tiat that would be done? He suspected that
those people would do anything within the
range OF legislative enactment or of COM
transactions to accomplish their pur-
pose: and any bill that contained a provision
which would allow such state of affairs was
not perfect bill.
EFFECT OF FREE COINAGE.
MIR. Butler invited Mr.. Teller to give his idea
OF the effect OF free coinage of silver in inter-
national monetary arrangements.
Mr.. Teller said that he would do so. Fyerv-
pody mad to admit (he said) that the proposed
fhn
the Secretary of the Treasury to
pile up bullion in the Treasury
department and to pay it out on the demand
OF note-holders. or the amendment reported by
the finance committee) was temporary affair
Not one member of the finance committee
would claim that it was permanent thing.
They said that it was temporary; that they
we're waiting to see what the current of events
was going to be, and they said to
the friends of silver coinage: .You ought to
accept this bill. 1t is not, it is true, full
restoration of silver to its money function. but
it Is a halfway house at which you can stop
for while and, when you have gotten strength.
go on
HALFWAY SCHEME
The bill, he said, was halfway scheme. II
afforded no relief whatever, except in making
n special market for silver in excess of the
present government demand of two millions
month III It was proposed to re-
STORE silver IL would have to be given
Its full money function. There were
at least, nine men in the world calling for
silver as against one man calling for gold.
There were not more than 125, 900, 900 of
people that preferred, in their trade, gold
to silver, while there were over
LOO 100000 of people among whom
by preference and by law silver was the
chief money. Silver was better adapted to the
use OF money than gold. While he was HIM
self bi-metlalist If there was to be only one
money standard he would welcome a
silver basis in the interest of the race and of
the people Of this country. And the sooner il
was reached the better-the better for Ameri-
can industry, the better for commerce the
better for trade, the better for everything
THE DEMoNErIzATIoN OF SILVER IN 1873.
Mr.. Hoar inquired whether, even without
the demonetization of silver in 1873, its price
would not have fallen.
Mr.. Teller replied that, when silver
was demonetized, silver dollar was
worth. intrinsically, dollar and
three cents and fraction. There was nothing
at that time to indicate that silver was going to
fall. There had been an increased product in
the world, reaching to $4,000, 900; but there
had been no suggestion in the pub
lie prints of the world that there
was any danger from an over production of
silver. II the United States had remained on
the double standard and il the demoue etization
Of silver in Germany had brought down
the price of silver, and if the Latin
union had restricted silver ON account
Of the effect of German silver on the market