The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1892-06-24
MORRILL'S ABLE SPEECH ON he
SILVER QUESTION.

1noL Shioi MaSISGhVo WlInOuG Ing
advice.
MORRILL'S AISLE SPEECH ON HE
SILVER QUESTION.
Mr.. Morrill, addressed the Senat in
opposition to the bill to provide fofthe
free coinage of gold and silver.
He began by promising that he wuld
fill the ears of the Senate as little as ps-
sible with what Shakespeare caed
''damnable iteration" Morgan's rec
coinage resolution had evidently, he sid,
been pushed by that Senator with SINE
comic hopefulness that the senatgial
Democratic candidates for the presidncy
would remain in the chamber to hive
their votes counted and not seek by Eht
outside into the bomb-proof smoing
room to escape from all harm. But thekil-
led marksman from Alabama had nohit
single presidential bird. No frienl of
sound money had ceased to be appreen-
sive about the most extended discussion,
OF about the final result
When he was told by men sane Don
all other subjects that the United Sites
alone could safely assume, notwithstad-
ing its present impaired digestive orgAs,
the risk of unlimited silver coinage of
the bullion of all mankind, he was fored
to admit as much, as he was wont to ID
mire glittering Fourth of July jaurty
jingoism; that he believed that tie
United States would suffer an ingloriols
surfeit, and it would turn out that We
had been only used like the cat in the
fable, to pull the chestnuts out of th
fire merely to save the paws of monkeys
abroad from being burned, while depre
ciated silver here would still be deprecia-
ted silver. 1t has been supposed That
there was one point on which all Senator'S
were agreed-the necessity of an Inte;-
national bi-metallic agreement-and he
confessed that he was his strongest hope
of deliverance from monometallism
But now the conspicuous leader of FREE
coinage from Nevada (Stewart had dis
closed the fact that such an agreement
was no longer to be sought after, or even
tolerated, but to be dismissed with con
tumely. The rabbis of the recent pro
silver convention at Washington did no.
want it, and this showed conclusively
that their design was to thrust upon the
country at once, if possible, the silver
standard of all legal tender money.
There had never been time more aus
picious for the solution of the silver
problem than the present. All the lead
ing European powers had accepted the
invitation for an International monetary
conference, With president beyond all
question earnestly in favor of bi-me-
tallism, there was ample guaranty that
persons would be selected on the part of
the United States to conduct the Inter
national agreement with efficiency and
with fidelity to every interest of the
country, and yet if free coinage of silver
were to be established here precedent
to any international agreement there was
not single nation in Europe but would
give the subject further consideration.
They would all gladly leave to the United
States and India the possession of the
great white elephant.
When the partisans of free coinage of
silver talked about bi-metallism they
meant goodbye to all but silver. All
else would have to get out of the way.
The contention that the United Stated
could add 80 per cent to the value of sill
yer throughout the world by the free
coinage of silver dollars containg Bib
grains of pure silver, to the full extent of
whatever silver bullion may be attracted
to the United States mints or be presen-
ted from all quarters of the world, to be
coined and held forever imprisoned in
the tombs of the United States treasury
and there to sustain legal tender paper
with the full value OF any
other dollar, was a feat of hardly less
extravaganza than would be a patent
project to warm the moon by setting fire
to wood pile on Pixies peak. The gov
eminent now purchased silver and paid
for it all that it was worth, but the sill
yer corporations insisted that it should
be purchased in wholly unlimited
and at price fixed by law so
per cent above what any other purchaser
would offer. He meant that by free
coinage of silver the owners of silver
bullion would receive dollar for that
which could now be bought at 81 cents.
Never in American history had loanable
money been cheaper than to-day, so that
the complaint about the dearness of
money was manifestly unfounded. The
business of the country would not be in
creased by increasing the plethora of
money especially of decreciable money
that would require three dollars to cover
the present power of two. The bane of
all commerce, as we'll as of all domestic
business, was as unsound, vacillating and
currency. The soundness of
the transferable mortgage bonds authori-
zed to be issued with guaranty of the
Republic was the primary
cause OF the failnre of the great banking
house of the Earrings of London, which
proved to be a financial thunderbolt.
And Just now came another big clash in
London of the new Oriental bank failure
for $36, 900, 900 due to the depreciation of
silver, and the increasing distrust of in
vestments IN silver countries and the
of capital therefrom. That
he regretted to say, had already
reached the United States. The attempt
to lift and build up the valus of silver by
free coinage, and that by the United
States alone, excited the amazement, if
not the derision, of all Europe. The
latitudenarian proposition to open the
United States minis to all the silver Of
fered at the price of 81 for 374 grains
when a dollar should purchase in any
market IS grains with the same sense of
for the public welfare
that might have prevailed 80 years
ago or prior to silver deprecia-
ton was now impossible on &C
count of the unforeseen and universal de-
clension in the value of silver, arising
from its recent boundless increased pro-
duction. This pivotal act was not pro-
claimed even in whispers to the happy
go-lucky silver orators, but it was de-
cisive proof of the reckless character of
the proposition. There was no remedy
for large and persistent over-production
save that of largely increased consump-
ton, and that, unfortunately, was not