Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-01-07
IN rzs snnArs.
Dsoats nssumsd BY Teller. Mo1ill
ard Vest On Financial Bill.

Sumed ard Teller addseeeed the Senate.
The utiefanees Of the Senator from Ohio,
be said, fell upon the country with srea.
weight. not because there vas ANYTHING in
bis statements or assertions. but because Of
the accidental positions be had heretofore
occupied and the reputation be had hereto
fore made. The prophecies Of the Senator
when the Bland bill vas under cJnsidera-
ton are unfulflled, yet the Senator said
row, ex ca,hedra, il the free silver coinage
vas adopted. gold would become the com.
modify and half the money in the United
States would be wiped out. How did he
show this save by simply = declaration?
The senator rod declared the country on Q
gold he's he senator had attempted to
pat the coastry on that basis bu; "a. unable
10 do 80. SPECIAL riTsdings. misrepresen-
iation and threats OF dire calamity are not
sufficient to frishten the representatives of
the people into putting the country on .
gold basis. The senator had wonderful
facility Of being on all sides of all financial
questions.
Teller reviewed the financial condition of
this country and the world. placing special
s:ress upon the fact of the old established
bank of Bsring Bros. being assisted by the
Bank of France. He quoted the London
Economist as authority for the s,stement
that hundred millions Of gold could not
todsy be aggregated in any country, in sd.
dition to its present stock Of gold, without
creating 1Dancix panic the world over. One
hundred millions was an Insignificant sum
less than had come to this country in .
single year from abroad in excess Of imports.
Yet il was asserted now that an aggregation
of hundred millions of gold in any coun-
Try would produce financial disaster, while
the senator from Ohio declared that the
United States was no. only on gold basis
with silver, but it ought to be on an abso-
Lutte gold basis. That had been the wish
and effort of the capitalist class and of the
creditor class in this country for many
years, and the most potent in this direction
had been the senator from Ohio.
Referring to the condition Of the American
farmers and showing it is less prosperous
than that Of the farmers OF France, Teller
said the farmers Of America made them
and the regret Of the senators on his side
of the chamber. They were found voting
almost unanlmously with the democratic
party. Why? They were not democrats
today. They had not changed their poli-
ties but wers dissatisfied with the republi-
can management of the financial Af-
fairs. For one be did not wonder at It.
He would give heed to what they said.
They hsd tried, last year, to have the senate
listen TO their voice He knew they wanted
free coinage of silver and they were not
afraid of the advent of one, two or three
hundred millions of silver, any more than
he. On proceeding to discuss the section
of still providing for the purchase Of twelve
millions of silver, the Tello. said he
had washed his hands of any responsibility
for that, and had no interest or sympathy
with men who speculated in silver. The
fourth section he is not willing TO
support, and did not believe that the
people of the United States would spprove
1t provided for the issue of two hundred
million two per cent bonds to be used for
The redemption of outstanding bonds which
would lot be due till 1907. The premium
on these bonds ranged within the last two
or three years between 20 and 80 per cent
would be the moment the bill passed 25 per
cent, go that for two hundred million new
bonds only one hundred and fifty million
outstanding bonds would be redeemed.
Thus the national debt instead of
being reduced would be increased.
Referring to the silver act of the last ses-
sion, Teller said he had never called it a
silver bill. He believed then. aud he be-
lieved now, that there is but one sure meth
cd, and tha. was the free coinage Of silver.
He believed then. and did now, that the
great majority of the people of the United
States were in favor of il; and il the Sen
ate had needed the demand of the people 1t
would have given them free coinage. Bnt
the friends of free coinage were met then
by the opposition of the administration
they bad been compelled to take what they
could get. They nov had an opportunity
to retrieve the mistake made last summer,
but he supposed they would be met by the
same obstscls.
Morrill, addressed the Senate. He was
one of those, he said, who never believed
that CON putstion in Inflated money would
add to riches, or iha. q cheap standard of
money by which to buy would not be
cheap standard by which to sell, In view
of the late financial panic in New York
ami Of the rather popular demand for some
increase of currency lie has been willing to
stretch the point in order to keep step with
the Senators from Colorado, and it hsd rot
been enough to assent without q wbimper
TO purchase Sl2, 10000 worth Of foreign
silver, supposed to be in the hands of spec
ulators, nor to assent to the provision for
the issue of treasury notes to the extent OF
$50 OoO 600 TO purchase silver bullion,
but it was proposed (whenever the market
price of silver bullion should be dollar or
over for 81 4 grains of pure silver)
that the purchase of silver should cease
and the free coinage of silver take place.
Yet all these propositions tipped with sill
yer promised (Morrili said) no finality, but
were to "stretch out to the crack of DOOM"
Vest argued in favor Of the free coinage
of silver.
At the close of Vests remarks the senate
went into executive session.
AT 420 the doors reopened and the SEN
ate adjourned.