The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-06-11
SILVER STILL A THEME.
THE FIVE MINUTE RULE TO GO IN
FORCE FRIDAY.

M EanRIOT GhTIl5 00C0IG6
Of the Amendment of Senator
Plumb as to the Retention OF Funds
in the Treasury-5enetor Sherman
Fl Opposed to the Provision.
WASHINGTON. June 10-In the Senate
This morning, on motion of Mr.. Morrill,, the
House silver bill was referred to the finance
committee.
The Senate silver bill was then taken
up and unanimous consent given, at
.the request of Mr.. Jones of Nevada, that
after o'clock on Friday next the debate
snail be limited to five minutes by any
e senator on any question.
The question was on Mr.. Plumb's amend
. ment, that no funds available for the pay
n ment of the public debt Gncluding such as
n are kept for the redemption of United
y States bonds) shall be retained in the
X treasury in excess of S110, 200, 900.
n On motion of Mr.. Harris this
N amendment was amended by adding to it
the words: provided, thai the gold and
II silver coin and gold bullion in the treasury
X on which gold and silver certificates have
been issued, shall not be considered avail
Fl able for any purpose except the redemption
of such certificates"
SHERMAN OPPOSED TO 1T.
Mr.. Sherman expressed his opposition to
Fl Mr.. Plumb's amendment. as the effect of it
n would be really to leave only working bal
ance of $40, ,0O0, 900 in the treasury. Besides,
Fl he thought that the silver question was i'm
4 portant enough to be considered by itself
3 without Juggling in other complica-
n and like matters. He regarded the
4 amendment as very faulty; first, because it
A disturbed funds pledged by the public faith,
and, second, because it would require the
q Secretary of the Treasury to carry on the
Il operations of the government with a work
ing balance of $10,000,000. Sometimes, on
n quarter days, the secretary had to pay out
q S40,00O,000, and sometimes he had to pay
y $2O,O0O,O 600 day for pensions.
Il REAGAN WANTS IT LET LOOSE.
n Mr.. Reagan questioned the use of retain
f ing $l00,000,000 of gold in the treasury
while there was dearth of currency felt,
especially in the rural districts. Legal
h tender notes, he argued, would be Just as
valuable and as little liable to be presented
for redemption after that S100 000, 900 was
r paid out as before. His opinion was that a
reserve of S50,000,000 would be all-suf-
icient, and he intended to offer an amend
ment carrying out that idea. He thought
that the policy Of Furnishing the people for
h the benefit of monometalists and contrac-
tonlsts had been carried on long enough.
The retention of that 500, 600, 600 of gold
had already cost the government $40, COO 900
interest.
COST EVEN MORE.
Mr.. Teller said that the senator had not
put the figure high enough. 1t had cost
Si6,OO0,00O, calculating interest at per
cent. for eleven and half years. He ex-
pressed preference that Mr.. Plumb's amend
ment should be withdrawn and presented
as an independent measure. He again as
serted that If there could only be one money
metal, then the interests of the United
States and the interests of the world de-
manded that it should be silver. Mr.. Teller
Il went on to question and to deny the
accuracy of some of the statements in Mr..
Sherman's recent speech on the bill One
of Mr.. Sherman's points was that the gold
dollar had always been the unit Of value.
THE CLAIM ERRONEOUS.
That statement is not true. said Mr..
Teller, whether it comes from an ex-
Secretary of the Treasury or from anybody
else. There never was an hour previous to
4 1878 when the gold dollar was the unit of
value in this country. The silver dollar was
4 the unit of value up to the act of 1873. The
y senator himself, in 1868, introduced a bill
for the purpose of making the gold dollar
the unit OF value, which he did not succeed
In doing. And YET the people of the country
are told that the gold dollar had been the
unit OF value and that the old Democratic
party had made it the unit of value. That
is not true.
Another point in Mr.. Sherman's speech
which Mr.. Teller disputed and denied, was
that the increase of the circulation had kept
pace with the increase of population. Mr..
Teller argued that it would require an an
nual increase of S44. 600 of currency to
meet the annual increase of population.
THE CHEAP DOLLAR.
AS to the statement of Mr.. Sherman and
otners that the supporters of the bill wanted
cheap dollar, Mr.. Teller said that it was a
species of demagogy which was dis
grace to the Senate. They wanted the
honest dollar restored, the dollar that had
been stricken down without the will of the
people and without their knowledge. There
never had been demand from the public
ior cheap dollar, and it was demagogy for
any man to say before the Senate that the
friends OF silver wanted a cheap dollar.
OBJECT OF THE ASSERTION.
1t was said in order to frighten capitalists
and the uninformed, and to make them
thlnk that the friends of silver wanted to
repudlate the public debt and to repudiate
private debts There was nothing of the
hnd They were for paying the debt as it
was contracted that it should be paid, and
N"'U WAS all CnaG ANYBODY could ask. he
went on to. charge Mr.. Sherman and his
friends with having, by the law of 1873.
ADDED thousands of millions to the public
Gebt and 80 per cent. to the private debts.
Inc complaint of the people, Mr.. Teller
declared, must be needed. The sophistry
ana falsity of the senator from Ohio could
not keep the people in ignorance of that
economic crime and of its legitimate and
logical results. What did that senator pro-
pose nows To continue that outraged To
continue that wrong?
WHAT WOULD RESULT.
II the purpose could be accomplished for
which Mr.. Sherman and his associates at
nome and abroad were trying, if they could
complete the demonetization of silver
winch they would effectually if the Senate
should pass the House silver bilD they would
aud 81 per cent. more to every public and
private debt. 1t might be question
wnether free coinage could be proceeded to
promptly. Honest men might differ about
I1' out the man who stood before the Senate
arguing for a single standard was either
uIShonest or ignorant and had no right to
represent the interests of the American peo-
PIE. II the people could put in the white
n3uSe and in the treasury department men
y! !" ~ 40 wanted to conquer the single standard
influences they could be conquered but
never until then.
THE NATIONAL SILVER PLANK
Mr. Teller went on to speak of the silver
pIank In the reDublican national platforr1