Morning journal and courier., 1890-05-16
], THE rlFrx-YlRsr CONGRESS-.

| - A.e0A OVSs01sAACSs
 Conclusion Of MT. TelIerss speech on
 sne silver Question-A Resolution
 Adopted In the House to Guard ARainss Democratic Observation-Disclosures. 1 WAsH1roroN, D. C., May 15.-The senate at l2:40 resumed consideration of the silver
 piii and MT. Teller continued his argument
 Tn criticism of it. There were two features
 or the bill which should be amended, he
 said, If the bill was to perform those things
 which it's friends proposed to accomplish by
 i'that was. to raise the price of silver and
 to give to the country an ,sincreased cireula-
 ton. He did not deny that the passage of
 the bill would put the price of silver up.
 It's very introduction had had that effect,
 Whys Because it was apparent to the people abroad that if the United States con-
 sumed the entire silver product of the coun- try (one-third of the worlds produsD there would be demand for silver that could not
 be met. It might put the price up to par. He did not know exactly what par would be; he supposed that $1.29 per ounce would be called par in the United States. It would be
 less in Great Britain and less in Europe. Mr. Butler invited MT. Teller to give his
 idea of the effect of free coinage of silver on AsoAoooAOAoA nAOu0ShIy hIIhuR6U0uLSs MT: Teller said that the proposed bill was
 half way scheme. It afforded no relief whatever except in making special market for silver in excess of the present government demand of two millions a month. If 1t was proposed to restore silver it would have to be given its full money function. There were
 at least nine in the world calling for silver as against one man calling for gold. MI. Hoar inquired whether even without the characterization of silver in 1878 it's price would not have fallen?
 Mir. Teller replied that when silver was de- monetized silver dollar was worth intrin- sically dollar and three cents and frac. tion. There was nothing at that time to in- -dicate that silver was going to fall. MT. Blair asked MT. Teller to state in con- nection with the fall of prices in agricultu- ral products that there had been no relative increase in quantity.
 MT. Teller did make that statement and added that the trouble was one not of over production but of under production.
 MT. Allison asked him to state in that
 same connection that the price which the
 farmer obtained for his produce now would
 pay for as much of the things he bought as
 the higher price which he obtained formerly.
 Mr. Teller admitted that, as to some things
 which the farmer bought that was true, but he
 added that there wsre some things which had not fallen, and which the farmer had to pay.
 His taxes had not fallen; the interest on his
 mortgage had not fallen. The farmer, who contracted loan when corn was worth sixty cents bushel, was not able to pay the in- terest on 1t now when corn was worth very much less.
 MT. Teller concluded his speech at $40, having occupied three hours today and about two hours yesterday.
 MT. Coke next addressed the senate in favor of the free and unlimited coinage of silver. He declared that the persistent de- fance of the popular will by the executive department of government for the past sev-
 enteen years was one of the most remarkable
 facts in the history of a, free representative
 government. He could not support the bill as reported from the finance committee. It
 discriminated against silver in leaving to the secretary of the treasury the right to deter mine how much of the silver to be purchased should be coined into money, and as the
 secretary held that there was already too mucn silver coined, it was sure that with that discretion in the secretary not another dollar would be coined.
 At the close of Mir. Cokes' speech the silver brief executive session the senate at 4:50 adjourned till to morrow.
 AN AMENDMENT. WASHINGTON, D. O., May 15.-Senator Sherman to-day submitted an amendment
 intended to be proposed by him to the pend ing ailver bill. It provides that the balances
 standing to the credits of national banks for deposits made to redeem circulating notes shall be covered into the treasury as mis- cellaneous receipt. and the treasury shall re- deem the circulating notes of the banks which may come into its possession subject to redemption. The amendment also pros vides that upon the certificate of the comps troller of the currency that such notes have been received by him and destroyed, and
 that no new notes will be issued in their place, but reimbursement of the amount
 shall be made to the treasury from an ap- propriation created by this amendment to be known as "National Bank Notes Redemption Account"
 In the house today MT. Mckinley of Ohio, from the committee on rules, reported
 resolution providing that hereafter the house
 shall meet at Il o'clock. that after the read- | ing of the journal and the disposal of con- | ference reports the house shall go into the | committee of the whole on the tariff bill that l the bill shall be read through commencing with paragraph and shall be open to amendment on any part of the following | paragraph no. and that on Wednesday next | at 12 noon the bill, with pending amend
 ments, shall be reported to the house. | After debate MT. Breckenridge of Kentucky | moved to lay the resolution on the table.
 Lost-yeas 110, nays 149.
 The previous question was ordered-yeas
 1S3 nays 102, and the resolution was adopted yeas 129, nays 93.
 | Messrs. Morrill,, Sawyer and Yoder were
 appointed conferees on the senate dependent
 pension bill.
 The house then went into committee of the l whole on the tariff bill.
 l The reading of the bill consumed the re-
 mainder of the day, and at its conclusion the
 committee rose and the house at 5:15 took 8 | recess till o'clock.
 l The house at its evening session passed 139 l private pension bills and at 10:3O adjourned. | Riotlng at Bilbao.