The times. [volume] (Richmond, Va.) 1890-1903, 1892-06-17
FREE COINAGE AGAIN.
MoRRrL1 ADDRESSES THE SENATE
On the Stewart Bni-The Anti-Option Bill.
The Tin Plate Bill Discussed in the
House-WashIngton News.


adjourn to-day it should not meet again until
next Monday.
| Mr. Morrill, (Rep. Vt.), the venerable chair
man Of the Finance Committee. after Obtain
( ing indefinite leave of absence from Tuesday
next, called up the Free Coinage bill and
addressed the Senate on it.
bir. Morrill, said the free coinage resolution,
which opened the debate. was evidently
pushed by the distinguished Senator from
Alabama Mr. Morgan) with some comic hope
| fulness that the senatorial Democratic candi-
dates for the presidency would remain in the
Senate 20 have their votes counted and not
seek, by fight outside into the bomb-proof
smOking-room TO escape from all harm. But
the skilled marksman from Alabama. said bir.
Morrill,, must have been sadly disappointed.
as l was. that he did not wing a single presi-
DENTAL bird, and he was apparently not un-
willing that the brave Senator from Nevada
should jump on board Of the rudderess free
coinage craft as the pilot to steer it on its per-
ilous voyage.
Mr. Morrill, scored the silver advocates for
not wanting a monetary conference after they
had seemingly desired II. He contended that
there never was time more auspicious FOR
the solution of the silver problem than the
present. When the partisans of free coinage
I
Morrill, they mean goodbye TO all but sill
yer All else must get out Of the way. No
provision is ever suggested in behalf Of an
increase or retention of gold; but
we are asked to believe that when
the Government purchases silver at
the coming price the owners ask tor It. ana
declare that the public shall take IL at that
price. that then its value will mlraculously
mount up to parity with gold. Mr. Presl-
dent. that declaration would not 90 un-
challenged by the freshman class OF wo-
mans viilege school in Waybaok. The con-
tsntlon that we can add 90 per cent.
| 10 the value of silver throughout the
world by the free coinage Of silver
dollars containing 37lA grains Of pure
/ silver. 10 the full. extent Of whatever
silver bullion may be attracted to the United
States mints or be presented from all quarters
of the world, 70 be coined and held forever
imprisoned in the tombs Of the United States
Treasury. and there 10 sustain legal tender
paper circulation with the full value of any
other dollar is a feat of hardly less eXtraya-
gance than would be patent project 10 warm
the moon by setting fire to wood-pile on
Pixies Peak"
Mr. Morrill, contended that the silver law of
1850 was constantly increasing our paper cur
rencY at the rate of $4,000, 900 yearly. With
more money in circulation than ever before
that silver orators stretched their oonsciences
By persuading themselves that there WAS an
alarming deficiency.
After reference TO Senator PETERS idea that
Congress could coin money ont of anything
so that Congress regulates the value. and the
comment on it that we might as well go ages
backward and pin our faith 20 witchcraft. or
to the touch Of the king for the disease. as TO
rely on such examples TO show that any
modern enlightened nation can wisely and
safely coin money out OF anything
though destitute Of all intrinsic value.
MIR. Morrill, said Some silver partisans insist
that the free coinage of silver, when made
legal tender by the fat Of the Government.
would bring 1t ~ parity with gold on the
old ratio and declare there is no proof e. the
contrary. They well know that not for
twenty years, not since the sudden
and growing depreciation Of silver.
has any nation, enlightened or
unenlightened been so foolhardy as 10
attempt the rash experiment. and yet they
appear TO insist that the United States shall
alone accept it without trial, take the leap IN
the dark and cut off all chance Of retreat.
If. however. the fat of the Government
should exhibit magical power 20 give sixty
seyen-cent silver dollar by coming II and
making il legal tender as much currency
value year after year as hundred-cent
dollar. how long would It be before some
greenback party or before the honorable
senator from Kansas Or. Peder) in behalf
of the Farmers Alliance. would be pushing
some measure t. drive all silver out OF the
field by declaring with irresistible logic that
if the fiat of the Government saves one-third
of the cost Of money by the use Of silver,
why not save it all by the use of paper The
silver men will find in the belly of their
argument a half-grown. lusty greenoack
party that it will not be possible - underbid
rhe,attempt made here" said Mr.. Morrill,. to
lift and build up the values Of silver by free
coinage. and that by the United States alone:
excited the amszement Il not the derislon OF
oil - eli tufrl ah Ia
from abroad could be or would be brought
here. What could hinder the hundreds OF
millions of stale silver no longer IN actual cir
culatiOn from coming heref Obviously by |
no possibility would any gain accrue |
from a silver standard 70 ,a ths
gold or silver. and il might involve a serious |
loss Cotton was now paid for on gold |
standard and a change TO greatly depIeciate |
silver could hardly fail 10 give some suostan- |
tial advantages 10 buyers OF cotton in the |
American market. IL would have TO compete |
with the cotton OF India. Egypt ana other
countries. The very excess OF American pro- |
duct must make il an uncrowned king in |
European markets"
Mr. Stewart (Rep., New argued against |
the contentious of the Senator from Vermont. |
Tie pointed out that free coinage had built up |
India Why should ii not benefit the United /
Statesy There was less progress. less pros |
there was not enough gold 10 go around
Dir. Frye Rep, Me-. chairman OF the con-
ference committee on the River and Harbor |
bill. reported TO the Senate the failure OF the |
conference on the bill to reach an agreement. |
He explained that the committee OF con-
ference had been exceedingly diligent during |
the last four or five days and had practically /
agreed on all but two projects. These were |
the Dales Boat Railway project and the |
Washington canal 10 connect Lake Washing |
ton with Puget sound. In his judgment as /
member OF the conference committee, the /
House conferrees would.never agree TO sane
ton the two items referred TO.
Mr.. Frye gave way temporarily TO Mr. Wash
burn Rep. Nina J. who made reference TO
the fact that the Anti-Opton bill lpasssd by |
the House) was on the table. He had first /
believed that the bill should go 10 the Agri-
cultural Committee. but he now believed 1t i
should co to the Committee on the Judiciary,
which had taken a large amount OF tes-
tmOny concerning It's provisions. He there
fore moved that the bill be taken from
the table and referred 10 the Committee on
tbs Judiciary. lie had assurances that the
bill would be reported promptly from tins
committee and the Senate given a chance TO
vote on it this session. II was bill in which
ali the country was interested in passing,
with the exception of few gambling institu-
tions in Chicago and New York. 1t was 30
referred
Mr. Dolph (Rep., Ore.) moved that the
Senate insist on its amendments 20 the bill
a Il IL. -. .tax r.f