The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-01-07
IN THE SENATE.
Morriil Speaks Against and Mine Owner
Teller for Free Silver

WASHINGTON CITY, Jan. 6-In the Senate
large number of papers were presented and re-
ferred. One was from the Chamber of Com
merce, of Seattle, Wash. praying congress to be
more liberal in appropriations to enable the war
ana navy departments to place the country in
thorough condition of defense, so as to be pre-
pared to maintain its national dignity and pro-
tect It's humblest citizens in any part.
The vice president laid before the Senate a
message from the president, transmitting an
agreement by the commissioners with the In
disns of the Colville reservation Washington.
Among the bills introduced and referred was
one granting pensions TO the soldiers of the
Seminole and other Indian wars
Morgan offered q resolution directing the COM
mittee on foreign relations to inquire into the
progress made on the work of the Nicaragua
canal. The resolution was laid on the table
Morgan stating that he would call it up tomor-
row.
The Senate bill introduced by Senator Stewart
to provide for the free coinage of gold and silver
bullion was taken up, and Morrill, proceeded to
address the Senate. Morrill, criticised the speech
heretofore made by Stewart on the same subject,
and spoke in opposition to the bill for free and
unlimited coinage of silver:
He was now and had ever been in favor of
maintaining gold and silver in circulation and
silver to the EXTREMIST boundary that could
maintain 1t on parity with gold. He had not
voted for the silver act of 1850 for the reason that
silver bullion was neither to be paid in nor psid
out, in accordance with the safer proposal of
Secretary Windom, and that the price of the
peared to him, at too magnificent
amount, and also that the full price
was to be paid for a com
nor part from to any considerable extent with
out financial revolution and serious loss
Morrili went on TO say that national bank notes
are rapidly being made TO step down and out to
give room for silver paper. The original United
States notes or greenbacks are likely to be the
next sacrifice demanded and stoned in order to
give the whole field TO silver paper.
No eXpedients had been left untried and no
cost withheld to push or carry silver dollars
into circulation, but it demonstrated that no
coined could be coaXed or kicked outside of the
treasury. The weight was objected to as too
heavy, and the value too light. In the treasury
today there We're over 1900 tons OF silver and
more is coming in monthly When and
where was this silver deluge to end?
Ia ten years more, under The existing
statutes, the government might have locked
up III It's sub-reasury vaults silver 10 the aggre-
gate amount of perhaps more than 81. l.0O1 100000
Tor all OF which Its Obligations payable III coin
would DC Outstanding; and should this inunda-
uon be further aggravated by limited free
coinage, no silver certificates or sub-treasury
notes Issued for silver bullion would be pre-
sented for payment in silver, but they would
have to be paid in gold when so demanded
How long they could be ;hu, kept on a parity
with gold il "a ready matter OF public and pro-
found concern aud largely dependent up1n an
honest anu proper interple citation of the law
and the courage and skill of the secretary of the
treasury. Whenever the gold in the treasury
should vanish, these certificates aud notes
could then be paid only III silver dollars.
ana these as money were known 10
be not worth their face value
or treasury notes. which are to circulate al par
with gold. they are notoriously inadequate AS
4I1i2 grA nS Of silver, Dine-tentus line, would
ieIch no more than "a cents, it would be hardly
e>s safe, and certainly equally as honest, to
base such certificates and notes, and circulate
them as good money, upon lroa copper, or
upon wheat or tobacco purchased ana aecumu-
lated IN ike manner at S3l3 per cent above
the market value, as 10 base such circulation
upon the sO-cRlled stan ard silver dollars
Under free coinage, whatever advantage
from unlimited Tree coinage OF silver might
accrue 10 the corporate owners OF silver mines
when gold Is at premium, would be brief and
not permanent, ne then no secretary OF the treas
ury would be ling TO se.t nlted States bonds
IL order 10 obtain gold TO keep any paper cur
rency paid out for silver on parity vita gold
These corporations, at no remote period would
have their own drug returned 10 piazue the
inventors and find that silver certificates or
treasury notes received Tor silver bullion. when
unsupported by gold, would be OF no greater
value than that OF silver contained in the free
coined silver dollar. The experiments which
are now being made 10 have the government
purchase On compuision, a Fixed monthly
amount of silver. had, he feared, compl Gated
aud more or less retarded any international
compact relative 70 silver, AM perhaps con
trIouieI 70 the degradation of IL value by
=
slone, and by The practical exclusion OF the
popular demand from any menace OF uaaimited
coinage.
Nth the swelling accUmulations Of coined
and Rncoiue1 silver in the treasury which
might, in some financial contingency be thrust
upon say or all other markets. not only tended
70 perPetuste is present uncertainty OF value
bat might further tend TO sink II 20 a
q lower depth. Certainly unlimited coinage
would indefinitely p9stpone al hope OF
International compact The depreciation Of sil-
ycr has besn acce Grated Dot only - it. greatly
increased abundance, bat also by Is dirnir-
ls1ed use a, money by leading commercial na-
tI0Gs. The silver "A ners had no promise OF an
increase OF wages n the case ot trse co mage OF
silver. and silver as 4 standard money nut for
81 the world stand or fll upon is intrinsic
merits, &nd not up the merits Of the place
whence Il came. The silver p-0psgandisis de-
e.ared that they only sought 70 hare silver
placed on az equality with gold, knowing g.
they did thst their inequality lad been dis
played from age 10 age.
/ attempted 20 demonstrate that reciprocatfor,
OF silver was both 80 great and univeEsa! that
unlimited coinage I'D not be maintained on
the present standard with gold. bat would sud
denly wEsck tie country BY 8 silver revolution;