Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1892-01-14
senatnr nInrrilI,s sneech

WASHINGTON, D. c., January SIN Sena-
tor Morrill's speech on silver legislation ap-
pears the following:
There was in the treasury to-day in silver
dollars and silver bullion over 1900 tons,
which even burglars had almost ceased TO
covet, and only express companies appre-
ciated its value when they lugged it across
the continent: but the government Is requir-
ed to hold and guard 1t night and day, to
gether with all forthcoming monthly addi-
tons When and where was this silver de
luge TO end. In ten years more, under the
existing statutes, the government might have
locked up in its subteTanean vaults silver TO
the aggregate of perhaps more than 81 ,OOO,-
100000 for all of which its obligations paya-
bic in coin would be outstanding, and should
this humiliation be further aggravated by un-
limited free coinage? No silver certificate
and treasury notes issued for silver bullion
had been presented for payment IN silver,
but they were paid IN gold when so demand
ed. How long they could be thus kept on
parity with gold was already a matter of pub
lie and profound concern and largely de
pendent upon an honest and proper inter
probation of law and the courage and skill
of the secretary. Whenever the gold in the
treasury should vanish, and it might vanish
under cloud OF silver well as under a
cloud OF adverse exchanges, these certificates
and notes could then be paid only in stand
ard silver dollars, which were known to be
not worth their face value. As security for
silver certificates or treasury notes which
were to circulate at par with gold, they were
VIGOROUSLY inadequate, as 4121S grains of
silver, ninetenths fine, would fetch no more
than "A cents. 1t would be hardly less safe
and certainly equally honest TO base such GER
tfcates and notes and circulate them as good
money upon iron OF copper or upon wheat or
tobacco, purchased and accumulated in like
manner at 1915 per cent above the market
value, as 10 base such circulation upon the
so-called standard silver dollars under free
coinage. The, experiment which was now
being made to have government purchase on
compulsion fixed monthly amount of silver
| had, he feared, complicated and more or less
retarded any international compact relative
! to silver, and perhaps contributed to the deg
| radaticn OF its value by largely restricting
/ the demand to one country alone and by the
| practical exclusion of any popular demand
| from any other. The menace of unlimited
| coinage, with the swelling accumulation of
coined and uncOinsd silver IN the treasury,
! which might in some financial contingency
4 be thrust upon any or all other markets, not
1 only tended to perpetuate its present uncer-
/ tainty of value, but might further tend 10
| sink it to a lower depth. Certainly, unlimit-
| ed coinage would indefinitely postpone all
hope of am international compact. The de
/ probation of silver has been accelerated not
| only by its greatly increased abundance, but
/ also by its diminished use as money by the
/ leading commercial notions. Silver tongued
orators promised to give silver as a cheap
/ money, and IN the next breath promised 10
| bring 1t up to the par of gold. Somebody
was 10 be cheated. Who was it? Ono prom
| Use or the other must DrOYe false