Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1892-04-05
ROCK ISLAND, TUESDAY, APRIL 5, 1892
AN OPTION ON COIN.
What Senator Morgan Wants
the Citizen to Have.
BRISK DEBATEIN THE UPPER HOUSE

OhlSh DbDAlh1 LIN Idh UPPER HUUSE
The Alabama Orator and the Ohio Finan-
cier Don't Agree on the Meaning of the
Silver Law-Sherman Declares That 1t
frovides for Gold Standard in Express
Terms, While Morgan Can't See It
Springer in the House-His Remarks
on Free Wool Read by Bryan.
WASHINGTON, April 5.-Morgan spoke
three hours on the silver question in the
senate yesterday; in fact, he occupied
nearly the whole session. Sherman indi-
Gated at the opening of the session that he
intended to allow no senatorial courtesy to
stand in the way of shutting off a long debate
on the question, and seemed to be tired of the
whole subject. Stewart, Teller. Wolcott and
other free coinage men, however were de-
hghted and moved up close to the talking
senator from Alabama. After some preli;gle-
nary remarks in which he said the law of 1890
rad some good points, he read letter from
tho dir, ctor OF the mints in which he learned
that the coinage of silver dollars as provided
for in the bili was held by the treasury de-
partment to be discretionary.
Morgan Wants to Know.
Morgan commented severely upon this reply
as indicating a virtual reputation by the treas
ury department of the act of 1899 He wanted
to know from the senator from Kentucky in
hls rear Carlisle and from the senator from
Ohio (Sherman), who as he understood it. acted
together in this matter, what they were going
To do when the silver bullion piled up in the
treasury TO the extent of hundreds of mil ions.
IarlISe and Sherman rose together, but Sher-
man was recognized. He said he was about to
ask the senator from Alabama whether he was
not satisfied as a LAWYER that the secretary of
the treasury had this discretionary
Morgan replied that he was not. Sherman
stated that the conference committee had been
SO satisfied.
Naturally They Don't Agree.
Sherman said that the language of the law
was very plain. 1t required the government to
maintain the parity of gold and silver coin.
Teller-Ilnterruptingl--N it does not.
Sherman-Well of gold and silver metals
the same thing.
Teller-No, quite difference.
Morgan asserted that the last clause Of the
law could not be interpreted by any rule of
construction or inference, or any process of rea-
soning, except by the knowledge of what was
in the heart of the senator from Ohio [Sher-
mani.
Morgan Asks Another Question.
Morgan asked where did the senator from
Ohio propose to stop this piling up of silver
bullion in the vaults of the treasury. When
there were two hundred millions of ounces, or
i've millions Oh ounces III Ine treasury
what disposition was the senator going to
make of it?
Sherman-I suppose we VIII make the same
disposition of it we do of these three or four
hundred millions of silver dollars which lie in
the treasury and cannot be forced out into
circulation.
Morgan asserted that there was not a silver
dollar in the treasury today unless collected
for taxes or received in some such way that
was not represented by silver certificates in
circulation.
IAN Samee" silver BULLION.
Sherman-So is the silver bullion.
Morgan understand that.
Sherman-It is easier to keep bullion than
silver dollars.
Morgan disputed the statement The silver
dollar had no more power to take to itself
wings and fly away than had the silver bullion.
He would give the owner of silver bullion the
option to have it coined into currency and
made part of the circulation of the country, or
to take silver certificates for it. He would con-
meet this option with it, but the senator from
Ohio (Sherman) would refuse it. because in
that case silver would force its way into act
ual circulation and become the competitor of
gold.
Sherman Willing to Please the Senator.
Sherman-An l wish to say is that this op-
tion is now given every man who holds one of
these silver certificates; he can 60 and demand
a silver dollar for it, and if more dollars are
demanded than we have coined, of course
more will have to be coined. If the senator
desires to have this option in any other way,
shall be glad to give il to him, although he has
it now
Morgan in the course of further remarks
quoted from a speech of Sherman Cwho, he
regretted to see had row left the senate), and
referred to the Ohio senator as that great man
who now leads a considerable faction of the
Democratic party on the silver question and
perhaps two-thirds of the Republicans.
Manderson Wanted to Go.
1t seemed that Sherman was not the only
senator who was impatient, for when2 p. m
came, and by the rules Morgan's time was up,
Dawes asked unanimous consent to let Morgan
go on and finish. 1t was given, but Manderson
asked whether the senator would conclude so
to leave time for the Indian appropriation
bill to come up, because if not he desired to
leave the chamber-''Not out of disrespect to
the senator" but because he had business to at
tend to. Morgan could not undertake to meas.
ure time when delivering speech, of course;
so Manderson left the chamber.
The Morgan Silver Idea.
At the conclusion of his speech the senator
indicated what would suit him in the line of q
silver bill. The legislation set on foot by the
senator from Ohio in 1873, had the effect of
putting gold out of its proper level of baromet-
ric pressure; gold was 40 per cent. above its
fair price and we ought to use silver with it to
press it down. He CMorgan) would let the act
of 1890 stand, but would make compulsory on
the secretary of the treasury to coin the bull
ion. In addition to that he would bring again
into operation the provisions of the act of 1887
for the free coinage of both gold and silver
and issue gold and silver certificates against
them. If the people had the manhood to carry
out this policy they would make New York the
clearing house of the commerce of the world.
SHERMAN GROWS RATHER WARM.
The Ohio Senator Goes Into the Debate