New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-06-16
SILVER IN THE SENATE.
MR. MORGAN SPEAKS AGAIN FOR fhEH
COINAGE.

SENATOR PALMER GIVES HIS IDEAS AMI WV
POSES AN AMENDMENT TO THE ELL
Washington. June 15.-In the Senate today the Dill
IN proyde for the free coinage OF gold ana siI'er wa"
| taken up ,u, o,cent
A. es, section which fixes the standard OF god anu
ill., doI,ors makes those coins legal tender ana per
m,ts owners of silver gold bullion to havo IL ''"
| for their benefit and without charge. a.,
~ vor,on addressed the Senate In support Oh t''c
| ,u Tho silver plank In the Minneapolis Rcpuoh'''
n-otform was The said step 10 the front N the way
| =, restoration Of silver as q money metal. IL "''
9TH timd and rresOlutc AMI dcalt Ill cI""
pr,ss But It seemed to cnt loose forever iro'" inc
,oo sod standard OF the Senator from ohlo an" "
aorond the Use Of both gold and silver al Si''ds'"
money The people had the hight. however W ga
,cct that the Democracy you'd In Chicago. stcp 10 o
| front and demand not only stahdaTu siNe' N'
,rol with gold but that silver should have the ren'
% free COINAGE II such declaration "erc pup
nresscd mt any mans Bidding, that man wouiu oc' III
iurr suppressed mt the bidding of the people,
ptorr,rr 70 the proposition for an lnternht'o''i
uore,arv conference Mr. Morgan said that he anu ho'
attach much Importance to II. Ihcre h'u ~
already three such confercnces-ln loo'' lo'' anu
1ss1-and he was hopeless OF any good resu' '" ''
from a new effort In that direction. -.
Tho Senator from Ohio proposed now ci'as0 -.
ratio He suggested ScDCing silver w o"o l''o
ot tho rate OF 30 10 l. This would give to 'he so'
mon mora than S13OOOOO,OOO. 1t had taken
,oar,v fur centuries to raise the ratio OF silver i'o
10 "a 10 1476 but since the decentralization u
silver IN 1879, tho ratio had gone up I'LL ho" !. "'
o. 10 l. And that had resulted alone from the n'ran
and jnlmman law which demonctlzed silver anu Cav
IN tbc concentrated money power the advaiaSc WIN"
had made them the rulers over the toiiihs MISSES
That eyi, would not be cured by the change OF rato
raS rsl.-tblp a
~ silver only by a canon of international law. bu'
such a canon would never be- e'tablisheo' ~ WIS
impossible as IL was undesirable
ie expressed a fear that the political conventions
would dodge and twist and turn in order I" get 'he
idea before the country that they were In favor OF
rights OF the people
Mr. Palmer explained why he had offered inc
amendment which he had offered to-day. He had
heard from the Senators from Nevada and Alabama
(stewart and Morgan), that the free coinage OF SILVER
at the present ratio would OF Itself establish u'e
parity between the two metals. III that were So ne
felt surprised that the bill should contain nS''i'"s
else than the first section
Mr. stewart asked Mr.. Palmcr whether. IL his
amendment prevailed he would then vote for the BILL
Mr. Palmer declined To say whether he would or not
lie had definite opinion on the question lhVoiVca III
the fist section Of the bill. which opinion he w0ud cx
press with the utmost freedom. when that phrue~
lar question came before the Senate for consideration
IL was one thing 10 favor the free coinage OF si'cr
at the present ratio, and 1t another thing to com
mel tbo Government OF the United states 70 become
the holder of silver bullion and to buy all the bullion
thai might DC offered. lie could sec how, By mat
debt Of the most startling amount could be nccuinn
lated.
Mr.. stewart spoke 10 Mr.. Palmcrs amendment lie
declared that there was no provision In the Dill lot
the purchase Of silver bullion II silver wa not 70
be- a money metal, it Lad no business az aii IN IN?
currency Of the country. II 1t was 10 b" bouRnt anu
redeemed, the Government might 1lst rs wen Duy
pork or iron and redeem IT, II silver was 70 d!
bought and coined, and kept at par by promise Oh
redemption. II no money Mt all. 1t WAS rs mucn
credit money as paper money was. Ana tat was
the difficulty with the Treasury Delarlment To-Day.
/, had in circulation about Slloo OOo,oro In SILVER
and pa,r and had only about ~ l3,OOo.OOO OF sold
behind IT, The reputation OF silver as money would
bring the Government 10 Lanhrupicy. The INST Sec
ton OF the bill, Mr.. stewart sad, was the Only CO
.nr1.i 1.Aafi