The times. [volume] (Richmond, Va.) 1890-1903, 1892-05-22
rn0UGHrs ON sILYER.
Senator Teller's Speech Again-Wiil free
Coinage Put silver Bullion to PART"


For The Timesl
Senator Teller. the exponent of the Silver
itos. says many things open to question; says
some things apparently contradictory and
draws many unwarrantable deductions.
making such claims for silver rs 10 cOnstl-
tuie 1t the lire blood and soul 0f prosperity.
The great burden OF bis argument. however,
j. this. Free coinage Will make the bullion
out Of the silver dollar worth Just as mucn as
the bullion in the silver dollar with the Gov
eminent stamp" and in proof OF tns ne
alleges that the bullion value Of -. 3 grains or
gold is the same as It's coined value simply
because you could put your bullion without
expense into CON-" But a little further on
he speaks of the time when god fell IN
Europe with the great output OF husslan,
Australian and California gold"
In these last fifteen words Senator Teller
seems 10 undermine his whole argument and
10 leave it nothing 10 rest upon. Thus. why
should gold fall with every mint the world
over freely opened 10 its coinage And II
under certain circumstances gold. IN spite OF
Tree coinage declined. why would not silver
under similar circumstances also decline III
spite of free coinage. That 1t would decline
j. proved by the fact that lt has de-
c!ined. Senator Teller only admits a fall
of gold. notwithstanding free coinage. bat
he assigns cause Of the fall, namely. the
great output OF gold. And ifgold, notwith-
standing free coinage. fell under great out
put" or excessive supply. why will not silver
decline under great output" even though
its coinage he free as mir, Silver has already
experienced the effect OF the great output
Of the mines of Colorado and Its neighbOrs
and has declined from sl.3O to IS cents an
ounce: notwithstanding that since 1878 the
United States has been a tremendous bull IN
the silver market holding on May lst g3.2zs.G9O
ounces of silver bullion and probably 115O0O.-
O0O ounces ~ coined dollars.
Again: There is more silver than gold in
circulation in France. While the stock of
gold - greater. silver Is the money OF the peO-
PIE OF france. the great financial authority OF
France Mr.. Cernucnl. SAID IN the convention
o. 1881. III France must go TO one metal or
the other France must 90 10 silver Then he
went oil 10 say why II was better for France
- be on "a silver than gold basis"
Now although silver would appear 10 be
more important 10 France than gold. yet OBJ
serve how France treats the two metals. In
der the great output already referred 10.
France coined more than 800 900 600 il gold
within few years for the express purpose Of
keeping 1t at par with silver" Under the
great output since 1868 of the Colorado and
nelghJoring mines of about 900 900 900
ounces. France not only does not as in the
Case of gold coin $3.50 100000 silver for the
express purpose of keeping II al par with
years France has resOlutely shut her minis 10
the coinage % "a single dollar of silver. Why
this fGtherly treatment Of gold and this step
motherly treatment OF silver Partly. no
doubt because finding that in spite of al
that silver went ia the English markets 10 a
premium OF 2, 3 and IN one instance 10 per
cent above gold. France thought. and
st.u thinks, It unwlse, If not fruitless.
10 adopt the same course towards
silver, and partly because she believes that
the great output" Is SO excessive that all her
efforts 10 prevent or even materially 70 STAY its
decline will be hurtful and in vain But what
ever the reasons rance, though sOlOyal 10 the
Interest OF commerce and trade" as well as
OF humanity though not forgetting nor
falling 70 sell her dear money TO India yes
teIday and TO England to-day. has done
nothing 20 stay the fall Of the money of the
people OF France" OF that glorious money
which. brought out Of its hidine-place when
the Government OF France asked for loan
freed Ter soil from the thread Of hatred and
dreaded IeutOn but on the contrary has
sealed her minis hermeticaly 10 ii coinage.
Twas not from selfish or patriotic interest
IN the metal that restored France to the con
trol or her own children. but simply because
France. though welded 10 the birnetallic
system as 10 other nation IL the world per
ceiyed that she was utterly helpless 10 stay
tho rising tide of the great OUTPUT OF
the silver mines OF the United States
and Mexico. France. unlike certain
royal parsonage and unlike the great
and intelligent United States of America.
wishes 10 DO. did not take her stand upon the
shore of the silver sea and ATTEMPT 10 stay its
rising waves but recognizing facts and the
natural law that parity is impossible in the
face OF the great output" of either one or
the other metal she wisely withdrew from the
hopeless contest aud thus saved her honor,
dearer 10 her than her interest
Moreover. II tree coinage in the United
States, numbering 90 900 CO., will put silver
bullion TO par" how is it that free coinage
among more than l.20O. OOo. 900 of the hu-
man race using silver at ratio that makes it
worth tl.S0 al ounce or more in those couu.