The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-05-16
A DELUGE OF DOLLARS.
TELLER AND COKE SPEAK FOR
FREE COINAGE.

The Fall of Rome and the Dark Ages
Brought on by Lack of Money.
Prosperity Without Plenty of Cash
Out of the Question In Any Country.
in the World.
WASHINGTON, May 15.-In the Senate
to-day number of bills were reported from
the committees and placed on the calendar.
The Senate then at 12:40 o'clock resumed
consideration of the silver bill, and Mr..
Teller continued his argument in criticism
of it. There were two features of the bill
which should be amended, he said, if the
bill was to perform the two things which
its friends proposed to accomplish by it
that was to raise the price Of silver and to
give 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 du-
ties of money (the discharge of indebted
ness was denied it, its depreciation and
suspension of silver purchases under it
would be inevitable. He did not deny that the
passage of the bill would put the price OF
silver up. Its very introduction had had
that effect. Why? Because it was appar-
ent to people abroad that If the United
States government consumed the entire
silver product of the country (one-third OF
the whole product) there would be a de-
mand for silver that could not be met.
WHERE 1T WOULD PUT THE PRICE.
1t might put the price up to par. He did
not know exactly what par would be. He
supposed that 81 30 per ounce would be
called par in the United States. 1t would
be less in Great Britain and less in Europe.
If it put the price one-eighth of one
per cent. above par, purchases for
the government under the bill would cease,
and the great interests arrayed against sill
yer would obtain their ends. This was no
vain supposition; no imagination on the
part of the people who wanted to have silver
used as coin. 1t was borne out by the facts.
The bill, he said, was acknowledged by its
friends to be a temporary measure, and
was not to be permanent. Besides, it was a
way scheme 1t afforded no relief whatever
except in making special market for silver
in excess of the present government demand
of So, 600, 900 month. If it was proposed
to restore silver it would have to be given
full money function.
FAVORED SILVER ABOVE ALL.
While he was, himself, a bi-metallist, if
there was to be only one money standard,
he would welcome a silver basis in the in
terest of the race aud of the people OF this
country, and the sooner it was reached
the better-the better for American indus
try; the better for commerce.: the better for
trade; the better for everything. He
quoted Allison, Hume, and other historians,
for the assertion that the decline of Rome
was to be attributed to lack of money, and
that 1.-THE dark ages" had resulted from the
same cause. There was no nation, he said,
that made progress which did not have a
sufficiency of money. So that the question
now before sthe Senate was one OF vital
interest to the people Of the country. 1t
was a question whether the people of the
United States were to continue in advance
ment or to stand still. 1t was question of
whether the continual dropping of prices
for fifteen years was to continue, to the
enslavement of men, to the destruction of
enterprise and to the special destruction of
the debtor class-the greatest and most
numerous class IN this country, and in all
other countries.
WANTS MONEY IN PLENTY.
Mr.. Teller went on to say: "Give us
plenty of money, sound money, inter
national money; money that has discharged
the duty of money for all time. l do not
want to see gold leave the country. l want
to see it stay here, but if we are to have a
gold standard at the expense of the ruin of
the country and of the degradation of the
best elements of society, am willing to see
gold go, .and it cannot go too
quickly to suit .me; but gold will not go.
That is a bugaboo brought here to frighten
body majority Of men who believe that
there is righteous and just demand for
free coinage of silver. Some of them may
be retarded by fear from other quarters.
They may be retarded by fear that we will
not be able to enact a free coinage
bill into law. My duty is
done when exercise my judgment here as
God has given me power to see my duty,
and not as the executive or any body else
may see it. l propose to do my
duty, and believe that if every
senator will do the same we will have a
free coinage act which will relieve
suffering industry, increase opportunities
and bring prosperity, not to the farmer
alone, but to every class of men
deserving the good will of the legislative
mindn Mr.. Teller concluded his speech at
$40 o'clock, having occupied two hours
yesterday and three hours to-day. There
was some applause in the galleries as he re-
sumed his seat.
COKE FAvoRS FREE COINAGE.
Mr.. Coke next addressed the Senate in
IdVOT OL lT6S hI1 uulllulIell VI Sli-
ver The passage of the bill, he said, would
prove the severest blow to silver since It's
demonetization in 1873. There was
no provision in it for free
coinage of silver nor for any coinage of sill
yer at all, except by permission of the secre-
tary of the treasury. In word, the bill
from the finance committee effectually re-
pealed all laws providing for compulsory
coinage of a single dollar of silver. The
whole matter would rest within the discre-
ton of the secretary Of the treasury. and on
his affirmative positive action. He was not
willing to entrust such tremendous power
to the hands of any living man.
At the close Of Mr. Coke's speech the
silver bill went over till tomorrow.
After an executive session the Senate
adjourned.