The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-01-07

Committee 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 1t up tomorrow.
The bill introduced by Stewart to provide
for the free coinage of gold and silver bull
ION was taken up and Morrill, proceeded to
address the Senate. Morrill, criticized the
speech heretofore made by Stewart on the
same subject and spoke IN opposition TO the
Dlll for the free and unlimited coinage OF
SILVER. lie now and ever was in favor OF
maintaining both gold and silver in circula-
ton and silver TO the EXTREMIST boundary
mat could maintain ii on parity with gold.
AT the close of the speech, which occu-
pled about an hour and a half in its de-
livery, Teller took the floor and called at
tentl0n 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, 1890, as the work of
blmetallists in Congress. He CTellerl de-
MED that assertion. The bill, he said, was
not the work or product Of bimetallists.
Ihe committee was known TO be for many
years deadly hostile to bmeialsm. He did
not intend to quarrel with the act OF July.
1880, but he did intend to show it was not
silver act, 1t was money act, and as such
it received the approval of the Senators
who had voted for free coinage.
Alter quoting the sentence from the
bill had been expected to bring the price of
silver up to 81 % per ounce, Teller cha-
lenged the Executive for proof of that
statement, and asserted that only one Sena-
tor (allUding to Jones Of Nevada had in
tImated that the act OF 1899 would bring
silver up to par. On the other hand, more
than twenty Senators asserted that it would
not bring silver 10 par. Ii disaster came, as
1t would come ii that policy was persisted
in, it would have to be laid at the door of
the men VINO, for fifteen years, had steadily
resisted the general public demand for the
use of silver Oh equal terms with gold.
But there was another proposition
coming from tho Executive. What was
it? IL was that the United States
should accumulate all the gold OF the
world and the money centers OI. 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, lie CTel-
ler) was bound to speak Of it with respect
whatever he might think or feel. How was
the United States to accumulate the gold of
tie world? Even, when this country had
all abundance of croDs and was enjoying
great prosperity, gold left the country at the
rate Of 81 ,0O00 day The United States
was debtor nation, owing TO Europe more
than 81, 000, ,000, 000 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 New
York banker (Seligman) to Berlin in con-
nectiOn with the silver question, and said:
''Ihe President had not selected for that
trip prominent silver man. lie CIelIer)
could name twenty men in public life who
could have gone TO Europe and made Il re-
port that would have been Of value, but no
such report would be got from bankers or
mOnOmetalliSts" He entered 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
tie two metals could be tied to.
gether so they never could be parted.
That could not be done by having
silver put down to 80 cents an ounce.
nor could it be done by accumulating gold
from Europe. 1t could only be done by
tax ng an heroic step and passing tree-
coinage BILL In the hope that it would bring
the world to the American policy OF else
lead to an international agreement
DolDh sent to the clerks desk and had
read all extract from a speech of Stewards
to the effect that the purchase by the Gov
ernment Of 4,500, 900 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 that this prophecy had
failed, but pleaded that the conditions had
been changed and it has been proven that
nothing would do but free coinage
No action was taken on the bill, ana after
a short executive session the Senate, out OF
respect TO the memory Of the late Repre-
sentative Gamble, adjourned.