Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1892-01-07

Against Free CoinaE" -No Govsrn-
meut AID for Russian Sufferers.

Against Free Coinage -No Gsyrrn-
meut Aid for Russian Sufferers.
wAsniEoToE, Jan. G.-Continulng
his address Ola Senator Stewards bill
for tho free coinage OF gold aud silver,
Senator Morrill, said, In ten years
more, under existing statutes, the gov
cTumont might have locked up Ia It's
suhttrraneau vaults silver to the aggre.
gate amount Of perhaps moro than
81 ,00J. 900, 900, for nil OF which It's obli-
cations payable In coin would he out
standing, anu should thi, inunlati0n
hu further aggravated by Tres coinage.
No silver certificates or treasury notes
issued for silver bullion had been pre-
scuted for pay mcut IN silver but they
were paid In gold when 20 demanded.
How long they could be thus kept on "A
parity with gold was already matter
81 public aud profound concern aud
largely dependent upon the honest and
proper Interpretation OF the law and
the coinage aud skill VI the secretary Of
the treasury. Whenever the gold
Of the treasury should vanish
ihose certificates and notes could
then be paid only In silver tollsrs AMI
those a. money were known 20 be not
wOr.a their face value. As security
Tor the silver certificates OF treasury
notes which were 10 circulate Mt par
with gold, they were VIGOROUSLY made.
quate Us Az! grains OF silver, nine
tentbs line, would fetch no more than
~ cents. IL would be hardly lees safe
aud certainly equally honest 70 base
such certificates and notes and cifcu-
late thcin ~ good money upon iron or
copper or upon wheat or tobacco pur.
chased and accumulated In like man-
ner at S8 les per cent. above the mar.
ket value, ~ 10 bass such Of the cir.
culatiOn upou the sO.calie1 standard
silver dollars.
Under flee coinage whatever Gdvan.
tage from the unlimited FREQ coinage
of silver might accrue % the corporate
owners OF silver mines when gold
advanced % premium would
Ice briof and not permanent, aG
then no secretary III the treasury
would be- willing 20 sell United States
bonds In order 10 obtain gold To keep
any paper currency paid out for silver
on parity with gold. These corpora.
lions, therefore, ut no remote period
would have their own drug return TO
plague the inventors and mud the silver
certificates or treasury notes received
for silver bullion, when unsupported
by gold, Of no greater value than that
OF tho silver contained in the FREQ
coined silver dollar.
TIlE EXrERIAlEST
which was now being made TO have
tho government purchase on compul q.
sion fixed monthly amount OF silver
had, he feared, complicated and more
or less retarded any international
compact relative to oliver, and
perhaps contributed TO the degrade.
ton OF it, value by largely restrict.
ing tho demand 10 one country
alone, and by the practical exclusion
OF any popular demand rom any other.
The menace Of unlimited coinage,
with the swelling Accommodations OF
coined and uncOlned silver In tho
treasury, which might Ia some iinan.
cinl contingency be thrust upon any or
all other markets, not only tended to
perpstuate Ito present uncertainty OF
value, hut might further tend TO sink IL
10 a lower depth. Certainly unlimited
coinage would indefinitely postpone ali
hope Of an international c0mNct. The
depreciation OF silver had been nccel.
Grated not only Ivy ita greatly increased
abundance, hut also by it, diminished
uso Az money by the leading CONNER.
cinl nations. The silver miners had no
promise OF increase Of wages In case Of
the free coinage u silver, and silver a.
standard money must for all tho world
stand or fall upon Its intrinsic merits
and not upon the merits Of the place
whence II came.
The silver propagsndiHts declared
they only sought 20 have silver placed
on an equality with gold, knowing as
they lid that their inequality had been
displayed from age TO age.
IL CONCLUSION MORRILL, SAID.
81 attempted to demonstrats the lie.
probation OF silver WAS both 70 great
aud universal that unlimited coinage
could not hu maintained on the present
standard with gold, but would sudden.
~ wreck the country 10y "a silver ravo-
luton, That unlimited coinage would
interdict oil international silyer com.
pacts; that there was no scarcity Of
money In circulation, that the silver
standard would be equivalent 10 a
horizontal reduction OF the tariff Of IS
per cent, n not more, and an
equal reduc elton " all pensions, thatthe
parties to Hrst profit by free coinage