The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-06-11
THE FIFTY-FIRST CONGRESS.
,,p. TELLER,s SPEECH ON THE sEN-
ATE SILVER BILL.
NJ. Defends tho Friends or Silver, Criuelses
some OF Senator ShermAns
and Deuounces Wall street.

~ n.Ce,ds the Friends OF Silver Criueises
Sop,e or Senator Sherman's St"teneA'e'
and Deaounces Wall street.
w,surSaToN, Juno 10.-In the Senate to-day.
IN motion OF Mr. Morrill,, the House silver Dill
rna referred to the Finance Committee ana
tho senate silver bill was then taken up the
',,,oa,ion being on MIR. Plumb's amendment
,t',t M funds available for tho payment OF the
,'uhIic debt, including such as are kept for the
rsJ,nption OF United States notes. shall be re-
,nIn,J in tho Treasury in excess OF tllO,OOO'-
olo ON motion Of Mr. Harris this amendment
was amended by adding TO 1t the words pro
vI,lcd Il at the gold aud silver coin and Rold
buliton In tho Treasury on which gold ana Sill
vor Certificates have been Issued shall not be
considered available for any purpose except
the REDEMPTION OF such certificates.
Mr. sherman opposed Mr.. Plumbs amend
ment The effect OF 1t would be, he SAID 10
leave only a working balance OF ten millions IN
the Treasury. Sometimes on quarter days
The Secretary had to pay out forty millions,
and sometimes he had TO pay twenty millionS
q day for rensons.
Mr.. Reagan auestiono cd the use OF retaining
hundred millions OF gold in the Treasury whiie
there was dearth OF currency felt espeeiaiy
in tho rural districts His opinion was tnas
reserve OF fifty millions would be all-suincleht'
and he intended to offer an amendment eatr'
inc ont that idea The retention OF that nun
dred millions OF gold had already COST Inc eo'-
eminent forty millions In interest
Mr.. Teller said that the Senator had not put
tho figure high enough. 1t had cost iorty-sl&
millions. calculating the interest NJ pei 'on'''
for eleven and one-half years.
Mr. Teller went on to question and TO DENY
the accuracy OF some OF the statements IN Mr.
Sherman's last speech on the BILL one OF tue
noints was that the gold dollar had always
bean the unit Of value. THAT statement Is
not true" said Mr. Teller. whether 1t comes
from IN ex.Secrotary OF the Treasury or from
ANYBODY else. There never was an hour pre-
yious TO 1873 when the gold dollar was lne
nnit Of value in this country. The silver dollar
was tho unit OF value UP TO the act oflSI3. Inc
Senator himself. in 1868. introduced bill for
tho purpose of making the gold dollar the unit
OF value. which he did not succeed IN do inid
And yet the people 81 me G tbn nnt Of value
and that the old Democratic party had made u
the unit OF value, That IS not true hhotMNe r
TeIIer disputed was that tho Increase OF circu-
iation had kept pace with the Increase OF Pop a
iation MIR. Teller argued that II woulu re-
mira an annual Increase OF forty -four millions
OF currency to meet the annual increase OF
py AZ to the statement by Mr.; sherman and
others that the supporters of the bill wanted a
cheap dollar. Mr.. Teller said that It , was q
s fo tbe senate. They wanted the honest dollar
restored-the dollar that had been stricken
o o0w the s kpowledee. There never had been
demand from the public fos cheap d0iiar. anu anu
the for r ANY Of silver II er' wanted
cheap dollar. 1t was said In order to frighten
the capitalists and the pnpiformasd, ana avs 10
T ySase to pT FHn1ss dsb fSors
hS ko hsS ss It e' pHd and
that was all that anybody could ask.
with having by the law Of 1873 added thou
sand millions to the public DEBT ana % tSe
TTh e sophstry aud falsiiy OF the Senator from
Ohio could not keep tue people IN ignorance 81
nose now? 10 continue that outrage. To con;
nss TO sons sp IS pee IN
al and fa II the the purpose could be accomplished
which me- Rsre tr a1a hi SsS sa
eompete the demonstration Of silver (which
would done eeoua 4 The. the ssnSs s aha a
per cent. more to every public and private
debt. and every man would be compelled to
m@ts s SS lHf to his than he would
have had to make before 1873.
lican s% NaiSna patform Mr. Teler said that il
he had supposed it to he mere claptrap the Ne
great majority that it did in Colorado.
The bmetallie principle. he declared. had
had its worst enemy, its most effective 100. inc
man who had dope 1t the most harm, In tho
Treasury department 1t had been within the
power OF the Administrative to relieve the peo-
PIE SO that what the people suffered was n at
there was no feeling favorable 10 bimetal-
jism in high places, and would not be while
Wall street could influence political parties.
Each party had been met by the declaration
that Congress must legislate 80 as to gain the
good will OF the business interests OF the
country. That meant Wall street. He rememI
bered the case OF a President Mr.: Cleveland
addressing a crowd OF people In Wall street.
and saying that he saw before him the repre-
sentatives OF the great interests OF the country;
But the fact was. Mr. Tel ier said. that he did
not see before him a single man who had ever
done an honest days work. ever produced
an article OF commerce. or ever promoted
the Industrial pursuits OF the, country
In conclusion Mr.. Teller declared that. no
matter where the Republican party or himself
should be left hi+ vote should be given for Thu
measure which would loosen the burden put
upon the debtors OF the country. and do 1t
without detriment to the creditors.
Mr. Call then addressed the Senate. and at
tho close of his speech the Silver bill went over
The Conference report on the bill for pub
lie building at New London, Conn. was pre-
rented and agreed TO. 1t limits the cost to
$75.OOO.
site for the city Post ONCE OF Washington was
aIso presented and agreed to. The site So
lected by the Senate is the one fixed upon.
the square on the south side OF Pennsylvania
avenue between Eleventh and Twelfth streets.
Tine cost of the site Is not to exceed $SUU,UUU.