New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-05-16
THE SILVER DEBATE.
MR. TELLER FINISHES HIS SPEECH.
WHY HE OPPOSES THE JONES BILL-THE DE
BATE LIKELY TO LAST THROUGH
NEXT WEEK.
NV TELEGRAPH TO THE TRIBUNE.

|
tinued to-day in the Senate. but there was marked
falling of In attendance and interest 1t is true that
Mr. Teller, who finished the speech against the Jones
| bill which interrupted yesterday by executive
business, held the attention of the Senate for hour
or two, his argument being enlvened by various col
| loques into which he drawn through questions
put to him by senators both sides Of the Chamber
But when Mr. Coke. of Texas, got TO read essay
on free coinage. only his colleague. Mr. Reagan ana
few other Southwestern Democrats remained to steh
Mr. Teller's speech to-day devoted cheny 10 giving
the why he opposed the Jones bill In its pres
ent form. 1t mistake. he Thought. NOT 10 maze
the silver certificates full legaltender and mistake
also to stop the purchase OF bullion when 1t went above
par From these ideas starting points he mace
excursions into nearly all the phases OF the silver uue
tion reasoning tending uniformly toward the com
pete reconciliation Of that metal MI Teller Is one
Of the most pronounced and radical OF all the ieho'
of silver his opinions far In advance OF ohoe
of the great majority of the Republican senators iet
his zeal and earnesness in setting forth that view OF
| the question which has commended itself to MN 50
strongly have always entitled him to rcSpecIui near
ing both in and out Of the senate ms s'Nie Oh
is upreieved and at times trying but the iofcDie way
| in which he puts thing often conpchs'es ioi 'i'0
| lack of attractiveness in his methods.
| At the sluggish rate az which the debate Is now
| moving along it promises to last throughout ioA'
week. Many of the Democratic senators are ahAiou'
to kill by talking in favor OF frce coniage anu
| several of the Republican members OF the fhlahcc
Committee may find it necessary To say something III
| defence of the Jones BILL Mr. IeueFs spee0" W
| cuped in all about four hours
There were two features OF the bill which should be
amended Mr.. Teller said If the bill was 10 perform
the two things which its friends propose TO accomplish
by t-that was, TO raise the price OF silver anu ~
give to the country an increased circulation IL was
abs olutely essential. in the first place. tna' 'he
Treasury notes provided for in the bill should nave
| the highest possible money function. lie did not
| DENY that the passage Of the bill would put the
| price of silver up. It, very introduction had hso
| that effect Why ? Because 1t was apparent W
| the people abroad that. If the United states oo'-
ernmcnt consumed the entire silver product OF the
country, (onethird of the worlds productJ there
would be a demand for silver that could not be
met 1t might put the price up To par II IL put
the price one-eighth Of ! per cent above par inc
| purchase of the Government under the Dill "ouiu
cease and the great interest arrayed against slNer
would obtain their ends. This was borne ont py inc
| facts. There a party, not In the United states
alone but all over the world. that held the GREATS
of the world that took toll from all quarters, mat
levied tribute on all enterprises and that wds arryed
against silver money. For seventeen years thdt
party had held the whole civilized world. IL nan
its seat in Europe: but ii had its influence mere ~
rad added one third the National debt of the
United states by legislation and had added az equal
amount to the state municipal and individual debts.
Those people had enriched themselves at the ex-
p.nse of the many. The energies of those people
were beyond calculation. Their avarce was equalca
only by their energy. They could put silver al
and above par when they wanted to, If they could
thereby destroy silver money metal; and then
when the United states Government could not buy
silver under the pending bill, they would come back
and say 1--WE told you that silver would not do
for money. We told you that you have to go TO
the only suitable money-gold"
Mr. Butler invited Mr.. Teller to give his idea of
of SflV into top al
monetary arrangements.
Mr. Teller said that lie would do Every body
had to admit, he continued that the proposed bill
whether it the scheme Of the secretary OF the
Treasury TO pile up bullion III the Treasury Depart
ment and to pay it out demand of ehodcrs, or
the amendment reported by the Finance Committee
was a temporary affair Not member OF the
Finance Committee would assert that /. ierma-
nent thing. The bill halfway sCherie. 1t al
forded relief whatever, except in making special
market for silver of tie present Government
demand Of 81, 900 900 month"; II il proposed u
restore silver. it would have to have its full money
function There not more than 25.oOO.OOO
people that preferred in their gold TO silver
while there were than loo 100000 people
among whom, By preference and by law silver was
the chief money. silver better adapted for Use
as money than gold
Mr.. IIoar inquired whether. even without the de
monetizstion Of silver in 49, its price would not
have fallen.
Mr.. Teller replied that when silver demonetzed
silver dollar worth 81 % and a fraction. There
nothing at that time TO indicate that silver was
going 10 fail II the United States had remained on
the double standard and II the decentralization oil
silver In Germany had brought down the price of
silver if the Latin Union had restricted silver
on account the effect Of German silver the mar
ket, the minis of the United states would have been
open Immediately TO the coinage Of silver and ever!
silver owner could have taken his silver to the mint
and have had it converted into legatender money.
He quoted Allison. Hume and other historians for
the assertion that the decline of Rome was to be
attributed 10 the hack Of money and that the DARK
Ages" had resulted from the same cause 80 tha' te
question before the Senate Of vital interest
to the people OF the country. 1t question
whether the continual dropping of prices for hftecn
years 10 continue-to the enslavement of men, 10
the destruction Of enterprise and the special de
structor of the debtor class, the greatest ana most
numerous class in this country and in all other coun
Mr. Blair asked Mr.. Teller TO state. in connection
with the fall of prices in agricultural products that
Mr. Teller did make that statement and added that
the trouble was one. not of overprodncton' but oi
Mr. Allison asked him to state in that same relation Ella
pISduce now would pay for much the things he
hought as the higher price which he obtained formerly
the VA farmer bought that was true but he added that
there were some Things which had not fallen. i h
mortgage had not fallen. The farmer who contracted
a loan when corn was worth sixty cents pus ,n
y.s not able pay the interest Ii now, wien
cor, was worth Much less
Mr. Cockrcl-Onk IL cents bushel. -.
Mr. Teller went on 10 say Give US plenty ol
money sound money. international money, none!
that has discharged the duty Of money for all tlfe
40 NOT want to gold leave the country want
90 zoe II stay here. But II are 10 have goih
standard al the expense Of the iun Of the country
"a ~ the degradation Of the best elements OF so
"ietv 7 am willing 10 see gold and IT cannot 20
too quickly to suit ne But sold will not go That That
onr dmtv ! propose 10 do my duty and believe
that II every senator Will do the same We viii have
a free coinage act. , -, . 49,. ., |
Mr. Coke next addressed the senate in favor ,rS %
., t.ee and unlimited coinage Of silver. lie conld
ons ~, snnport the bill reported from the Finance |
eeommitec II Disseminated against silver n leay,
~, 20 ,he secretary Of the Treasury the right to
M .r ~ how much Of the silver 10 be purchased
shonIn be coined into money and as he secretary neT
eio sure that with that discretion In the score
iarv not another dollar would be coined The ef