New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-04-05
SENATORS TALK ON SILVER.
DISCUSSION on MR.. MoRGAN'> RESOLUTION
THE ALBANIAN CRITTCIsLS THE ACT OF JULY
a. 1s90-AN ABLE REPLY BY
MIR SHERMAN.
,sY TELEGRAPH TO THE TRIBUNE


Washington April 4.-To-day's free couage debate
in the though nfeleSs and desultory In the
main. showed thing clearly-that the friends OF
silver have abandoned their lat hope Of controlling
the action Of the senate and now both willing ana
anxious to oOnfne any further agitation Of tie silver
question 10 mere debate. Debate b. all that MI
Teller and Mr.. Morgan want. and the more general
and academic IL is and the further removed from any
definite proposal OF legislation. the better VIII the
free coinage leaders be satisfied They recognize. In
short that the combination which for years dictated
the sepates action on financial issues practically
uorbund now and that any further exploitation OF
their hobby IN the "denberave branch" Of Congress
must be by sufferance and courtesy and not Oy the
power OF a majority vote. 50 fearful are they OF o
direct test of strength that Mr. stewart has Withdrawn
indefinitely the motion 10 proceed to the considera
lion OF his free coinage BILL aud II Is not likely that
the Senate will be weaed with any further long drawn
silver speeches. except through the favor oil the ma
joHtv 10 individual Senators who ask TO be allowed 10
burden the pages Of The Congressional Record with
their views IL. MorGans resolutions which were 10
form the basis OF pretcntiOus silver debate went
sammarily on the calendar. by the rules OF the Senate
at . O'Clock this Afternoon. although the Alliance
senator was allowed TO and finish his speech AZ
leisure These resolutions can be taken mp again
onlv nv a majority vote. and similar resolutions. II
introduced anew can be kept before the body for only
one day duriTg the morning hour II Is said TO De
tba Intention OF the free-ooinage leaders 10 call up
Mr. Teller's iont resolution for an fnternahoh'h
,no,c4arv conference as u text further agitation.
but that resolution will either be disposed OF III e"
6ays' time or II VIII be promptly laid aside
Mr. sherman gave pretty broad intmauon Hh'
no Finance Committee and its friends knew they were
IN top again and disposed TO control the onse
Of the Senate by his notice that the silver qncS"o
wonld have to be dealt with practically or not at all
Still he has no objection TO debating inc iSso
it came sQuarcy before the senate snd he VIII aouoV
less give Mr. Teller the other silver men chahoe
yrha hey
~ Mr. Teller and Mr.. Morgan took hint from tooHs
proceedings and recognized gracefully th"' HeV oo"eo
is dead issue in the senate this year. ana l't any
funeral ceremonies that are necessary shouu DC "p
propriately brief
The ONLY noticeable feature of today's discussion
uas Mr. Norsan's criticism on the law of July H.
lsDe with the reply it brought from MI sherman
The Ohio Senator's defence of the law was strong ana
spIrted and his final speech of hfteen minutes was
listened to with marked attention and Interest
Mr. Morgan began bis speech by SAVING tha' l"e DC
hest OF party stood in the way OF free expression OF
opnlon In the senate OIL tile question of FREE coinage
lie proposed to strip the mask of the faces OF mos
marty men and TO make them look the matter DEAD III
The face He had written a letter 70 ule Dre'"i VI
the Mint last Saturday asking him some qnesu""s a'
70 the action Of Treasury under the SILVER builo
Purchase act Of 1890 aad had q letter In reply III
which the statement made III substance ua' 'e
coinage Of the silver bullion purchased under the %'
uxs discretionary with the Secretary OF the treasury
That act meant on lie face as construed ra'fN ah"
properly and as understood at Tie tine OF It's ptsssee'
that to provide for the redemption OF dolhr ho'e
,h.re must ne a silver dollar caused and MADE up
ready for redemption
n. s,errn,p-Ar,. YOU not entirely satisfied a
LAWYER that the discretion left With the Secretary
Mr. Morcan-No. sir, peittrr as q lawyer senator
an American citizen. as a man OF plain common
sense.
Mr. shsrinsn-Theie Is not the slightest doubt as TO
90 deplH 4
the Government Of the United states win maintain the
parity Of gold and silver coin.
Mr. etewart-Ob. gold and silver metals
Mr. shcrman-Well. gold and silver metals
Mr.. Teller-very different things
Mr. sher1nan-They different. The act also
provides that every dollar certificate ssued there
shall DO behind 1t a dollars worth Of silver and that
the Secretary tie Treasury shall not coin this silver
into dollars except as they are needed.
Mr. Morgan-T!at clause Is not In the law. By ex
preston or utendment inference. the guess Of
sny man. although II may have been understood by
Gle Senator from Ohio.
Mr. Sberman-I understood II.
Mr. Morgan-You may have understood II.
Mr. Morgan then went on 10 say that the Secretary
was purchasing "a 900 900 ounces Of silver bullion every
year. and the amount Of money that coud be coined
out Of that would probably be S65,00ooOo.
SIR Stewsrt-Seventy million dollars nj the standard
Sir. Morgan-In ten years that would be :7ooooo,-
900 and in twenty years 81 400 oOO,OO0. When does
the Senator from ONO propose to stop ths phng UP d
silver bullion IN tie Treasury
Mr. sherman-I suppose mt, II have 10 60 on
purchasing silver wouh make the same disposition
OF IL as We made OF tho three four hundred millions
of silver doas that lie in the Treasury and cannot be
forced into circulation with all The power Of the De
partment.
Mr.. MorgHn-Tiat remains 10 be proved. The Son
ator speaks Of three or fnIr HUNDRED millions Of silver
dollars in the Treasury but there are no silver collars
there that are represented by silver certificates
Mr.. SherIasn-So r the bullion rcprcsented-eVeTy
ounce Of It. and IL Is easier TO keep bullion than 10
keep silver dollars.
Mr. Morgan-Not at oil a oliver dollar las no more
power lift itself up and fly away than cubic bulk
OF bullion has.
Mr.. Hiscock-Do YOU favor repeal Of the law direct
ing the issue Of certificates OF either coin or bullion
Mr.. Morgan-Tlle senator from New-f0rk Is amusing
himself with maginngs.
Mr. Hsc0ck-I beg your pardon. - long as certln'
Gates are allowed to w issued coin and bullion, the
result viii be Pile mp either the coined silver or the
rconed silver. and IL seems 10 me that. to AVOID tMe
billing up which the senator complains Of II VIII be
necessary 10 repeal the law dccng the Issue OF GER
tfcates on silver dollars silver bullion.
nation Of Mr. Cleveland but Mr.. George nterposed the
remark that he had his doubts about that lie also
referred 70 Mr. sherman being in the lead u lnrgc
fraction OF re Democratic party Of the United states.
as we'll as Of the Republican party.
At O'Clock the presiding officer (Mr Platt laid
before the Senate the unfinished business. being the
bill in relation tho Courts ~ Appeals but Mr.. Dawes
moved that the bill be laid aside and that Mr. Morgan
permitted TO proceed with his speech This motion
agreed TO. and Mr. Morgan proceeded with his
speech In tie of 1t he referred 10 Mr.. Ceve-
land having come 10 the Presidency with sort OF
Wall Street cOngcstive chill upon him, beginning TO
prOphcsy and 10 prophecy evil and throwing the
whole weight Of his Administration against silver be
ginning with letter which he addressed TO members
Of Congress before bis Inauguration. in which he
begged them by AL the saint, In the calendar. 10 sup
press and destroy silver coinage. lie again brought up
the charge that Mr. sherman responsible for the
dcm0netzaton Of silver I'm 1873; but Mr.. sherman
was probably not ia the chamber al the time At all
events, lie paid attention to this often repeated
.nds oft denied