The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1892-01-07

De equivalent TO acl0rlZOntal reduction of
the tariff Of 30 per cent, if not more, aud
an equal reduction of all pensions, that the
parties to first profit by free coinage would
| be the incorporate owners of silver mines
only and the parties to finally suffer the
largest losses by 1t would be the great mass
OF our people into whose hands the de-
prec1ated coin and treasury notes would
finally pass. We have paid off more than
three-fourths OF our great debt in gold
When our resources were far less than
now, and l am unwilling to forfeit our
well earned reputation and lose public con-
hdence and all the ancestral prestige of our
history by paying the sorry remnant of
this debt in a legal tender of much less
value.
At the close of Morrill's speech, viii Oh
occupied about an hour and half in it's de-
livery, Teller took the floor and called at
tentlon to the fact that the Senator from
Vermont, as well as the President of the
United States in his annual message,
treated the silver bill of July l, 1890, as the
work OF the bi-metallists in Con ress. He
| (IellerJ denied that assertion. The bill, he
said, was not the work or product of the
committee which had been known to be for
many years deadly hostile to bi-metalism.
He did not intend to quarrel with the act
of July l, 1890, but he did intend to show it
was not silver act 1t was a money act,
and as such it received the approval of los
Senators WHO had voted for free coinage
and received the condemnation of 25 Sen
ators who voted for free coinage.
After quoting sentence from the Presi-
dents message to the effect that the bill
had been expected to bring the price of sill
yer up to 129 per ounce,
TELLER CHALLENGED THE EXECUTIVE
for the ground of that statement, and
asserting only one Senator (alluding to
Jones, of Nevada had intimated the act of
1871 would bring silver up to par On the
other hand, more than twenty Senators
asserted it would not bring silver to par
Ii disaster came, as it would come if that
policy was persisted in, it would have to
be laid at the door of the men who for tif-
teen years steadily resisted the general
public demand for the use of silver on
equal terms with gold. But there was an
other proposition coming from the execu-
tive. What was it! II was that the
United States should accumulate all the
goid OF the world, and the money centers
OF Europe would say the United States,
having got all the gold, they would join the
United States in the work of using silver
Coming as it did from the executive of the
nation, he (Teller) was bound to speak of
1t with respect whatever he might think or
feel. How was the United States to aocu-
mulate the gold of the world? We even
when this country had
AN ABUNDANCE OF CROPS
and was enjoying great prosperity. gold
lett the country at the rate of a million dol
lars day. The United States was the
debtor nation, owing to Europe more than
81, OOO,O 600. How was the United States
to get Europe to unload her Golfers and send
gold here? Teller referred to the fact of
the President having sent a New York
han ker (SpliUmpnN m ParIiy IN,
with the silver question and said the Pres
ldent had not selected for that trip prom
lnent silver man. He (Teller) could name
twenty men in public life who could have
gone to Europe and made
A REPORT THAT WOULD HAVE BEEN OF VALUE
but no such report would be got from
bankers or monometallists He entered a
protest against the declaration of the
executive and the Senator from Vermont
that the silver men were responsible for
the legislation of 1890. Every American
statesman ought to direct his attention,
Teller said, to see how the two metals
could be tied together so they would never
be parted. That could not be done by hav-
ing silver put down TO so cents an ounce
Nor could it be done by accumulating gold
from Europe. 1t could only be done by
taxing heroic step and passing a free
coinage bill, in the hope it would
BRING THE WORLD TO THE AMERICAN POLICY
or else lead to an international agreement.
Dolph sent to the clerks desk and had
read an extract from the speech of Stewart
to the effect that the purchase by the gov
eminent OF 4, 5O0,0 600 ounces of silver per
month would use all the silver produced in
the United States and put up the price of
silver to par. Stewart admitted this proph-
coy had failed, but pleaded that the condi-
tons had been changed and it had been
proven nothing would do but free coinage.
No action was taken on the bill, and after
short executive session the Senate, out of
respect for the memory of the late Repre-
entative Gamble, adjourned.