The Portland daily press., 1890-05-16
ANOTHER CHAPTER ON SILVER.
Mr.. TelIer's Long Speech Finished In
the Senate.

WASHINGTON, May 15.-ln the Senate to-
day consideration of the silver bill was re-
sumed, Mr. Teller continuing his speech. He
did not deny that the passage of the bill would
put the price of silver up. Its very intro
duction had that effect. It was apparent to
the people abroad that If the United States
government consumed the entire silver pro-
duct of the country, there would be de-
mand for silver that could not be met and
might put the price up to par. He supposed
$1.S0 per ounce would be called par in the
Of one per cent above par, the purchase of
the government, under the bill, would cease,
and the great interests arrayed against sill
yer would obtain their ends. A party not in
world, that held the credits of the world,
took toll from all quarters and levied tribute
on all enterprises, was arrayed against silver
as money. For seventeen years that party
had held the whole civilized world. 1t had
its seat in Europe and had its influence here.
1t had added one-third to the national debt
OF the United States by legislation ana had
added an equal amount to state, municipal
and individual debts. Those people enriched
themselves at the expense CT the many. The
proposed bill afforded no relief whatever,
except In making special market for silver
In excess Of the present government demand
OF two millions month. If it was proposed
to restore silver it twould have to be given its
full money function.
Mr.. Hoar inquired whether, even without
| the demonetizatlon of silver in 1873, its price
would not have fallen.
Mr.. Teller replied that when silver was
demonetized the silver dollar was worth in
trinsically a dollar and three cents and
fraction. There was nothing at that time to
indicate that silver was going to fall. There
had been increased production in the world,
reaching to $S1 ,C00,0 900, but there was no sug-
gestlon in the public prints of any danger
from over-production of silver. If the
United States had remained on the double
standard; If demonetization of silver in Ger
many hads brought down the price of silver
apdsif the Latin Union had restricted silver
the market, the mints Of the United States
would have been: open Immediately to the
coinage of silver, and every silver owner
| could have taken his silver to the mint and
had 1t converted into legal tender money. Mr..
Teller quoted Allison, Hume and other his
torians for the assertion that the decline of
Rome was to be attributed to the lack of
money, and the Dark Ages resulted from the
same cause. No nation, he said, made pro-
gress which did not have sufficiency of
money. 1t was question whether the con-
tinual dropping of prices for 10 years was
to continue to the enslavement of men, to
the destruction of enterprises. and to the
special destruction of the debtor class.
stated that in connection with the fall of
prices in agricultural products, there had
been no relative Increase in quantity. Mr..
Teller added that the trouble was one of un-
der-production.
Mr. Allison asked him to state whether the
price the farmer obtained for his produce
now would pay for as much of the things he
bought as when the higher price obtained.
Mr.. Teller admitted that as to some things
which the farmer bought that was true, but
added that some things had not fallen 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 60 cents bushel was
not able to pay the interest on it now when
corn was worth very much less. Mr.. Teller
concluded his speech at $40.
Mr. Coke addressed the Senate in favor Of
Tree and unlimited coinage of silver. He
declared the persistent defiance of the popu-
lar VIII by the executive department of the
government for the past II years was one of
sne most remarkable facts in the history of
Ire LIS ana representative government. The
9i, 99iili, as reported from the finance committee,
SSlacIlnlnated S against silver in leaving to the
;, nG;raeIary OF the Treasury the right to deter
sha1d 1qW Nv nuch OF the silver to be purchased
9luuiu pe coined into money. As the Secre-
tary held that already too much silver was
colneu, ne was sure that, with that discre-
tlOn on tne part OF the Secretary not anoth
er dollar would be coined. That provision
| OF the Dill was provision to convert the
| treasury of the United States into ware
| house for silver to be held as a commoditv
| on which the government should advance
repeal the only bill on the statute book re. @
| quiring the coinage Of silver dollars The
| passage Of the bill would prove the seyerest
blow to silver since its demonetiZation in
| 1873 At the close of Mr.. Coke's speech. the
silver bill went over until tomorrow.