The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-01-07
Mr.. Teller, However, Says the Present
Coinage Law Doesn't Go Far Enough,
And Thinks 1t Would Be Better for the Coun-
try to Do Business on Silver Basis Than
on Gold One-The President Attacked.
MORRILL, ON SILVER

Morrill, chairman of the committee on
finance. proceeded to speak in opposition
to it He said that ne feared his remarks
might be as much of q drug as silver itself;
but he could not afford to shirk the Ques-
ton. The financial instrumentalities and
monetary affairs of the country were of
such transcendent Importance. touching
not only the pocket of every citizen, but
the honor and general welfare or the whole
people, that it must be conceded that they
deserved to be discussed as questions Of
national gravity and not merely as parti-
san or campaign topics of local or ephemeral
interest. At his time of life he could have
no other impulse than desire to be right
and to speak the truth as he had learned
it, but this might compel him In plainest
words to criticise erroneous and mischiev-
Gus theories. and to present such facts and
arguments as appear to be conclusive in
support of the public credit and that
sound standard of money which would
abide forever and in harmony with the
money of the most enlightened Christian
nations. He was now and ever had been in
favor of maintaining both gold and silver
in circulation. and silver to the EXTREMIST
boundary that could maintain 1t OF q
parity with gold. 1t would be q real JOY
for him to have silver greatly increase in
actual value.
He had not voted for the silver act of
1890, for the reason that silver bullion was
neither to be paid for nor paid out In ac-
cordance with the safer proposal of Secre-
tary Window, and that the silver to be pur-
chased was fixed. as it appeared to him. at
full price would be paid for commodity
which the government could neither sell or
part from to any considerable extent with
out.a financial revolution and serious loss.
For the first time in his life no lodged the
question and did not vote against the bill.
not only because his vote would have not
changed the result or secured anything
better, but because his distinguished friend,
the senior Senator from Nevada Mr..
Jones begged him not to.
Mr.. Morrill, went on to say that the ma
tional bank notes were rapidly being made
to step down and out to give room to sill
YER paper. Like Naboth. they had vine
yard, which Ahsb wanted, and. therefore,
were stoned and killed. The original
United States notes. or greenbacks, were
likely to be the next sacrifice demanded
and stoned, in order TO give the whole field
to silver paper. No expedients have been
untried. and no cost withheld. to push or
carry silver dollars into circulation: but it
has been demonstrated that no moro than
about $50. OOO. 900 of over s4OO. 100000 coined
could be coaxed or kicked outside the
treasury. The weight was objected to as
too heavy, and the value too light. There
was in the treasury to-day, In silver dol
lars and silver bullion, over twelve thou
sand tons. which even burglars had almost
ceased 10 covet. and only express COM
paniee appreciated Its value when they
1ugged 1t across the continent, but the
government was required to hold and
guard it night and day. together with all
forthcoming monthly additions.
WHERE WOULD 1T ENDf
When and where was this silver deluge
to endf In ten years more under existing
statutes the government might have locked
up in Its subterranean vaults silver to the
aggregate of perhaps more than one
Thousand million dollars for all of which
it's obligations, pay liable in coin, would be
outstanding, and, should this inundation
be further aggravated Dy unlimited free
coinagei No silver certificates or treasury
notes issued for silver bullion had been
presented for payment in silver, but they
were paid in gold when so demanded. How
long they could be thus kept on 2 parity
and profound concern and largely depend
ent upon an honest and proper interpreta-
ton of law, and courage. and skill of the
Secretary. Whenever the gold in the
vanish under cloud of silver ss well as
under cloud of adverse exchanges-these
certificates snd notes could then be paid
only In standard silver dollars and these
as ort money SSa;r were ere. known Know, to be mot
for silver certificates or treasury notes
which were to circulate at par with gold
they were VIGOROUSLY inadequate, as
1922 grains Of silver, nine-tenths line.
would fetch no more than "a cents. IL would
be hardly less safe. and certainly equally
honest TO issue as certificates and notes.
and circulate them as good money upon
iron or copper. or upon wheat or tobacco,
purchased and accumulated in like man
ner at IS lI3 per cent. above the market
value, as to base such circulation upon the
so-called standard silver dollars under free
coinage.
Whatever advantage from unlimited free
coinage of silver might accrue to corporate
owners OF silver mines. when gold adj
vanced to o premium, VIII be brief and not
permanent. as then no Secretary of the
Treasury would be willing to sell us bonds
currency paid out for silver on O party
with gold. These corporations, therefore,
at no remote period. would have their own
drug return TO plague the inventors. and
lind silver certificates or treasury notes re-
ceived for silver bullion, when unsup-
ported by gold. of no greater value than
that of the silver contained in the free
coined silver dollar.
lie cApeIlucut WHICH was now DeluR
made to have the government purchase, on
compulsion, fixed monthly amount Of
silver had. he feared, complicated and more
or less retarded any international compact
relative to silver aud perhaps contributed
to the degradation of Its value by largely
restricting the demand to one country
alone and by practical exclusion of any
popular demand from any other. The
menace of unlimited coinage. with the
swelling accumulation of coined and un-
coined silver in the treasury. which might,
In some financial contingency. be thrust
upon any or all other markets, not only
tended to perpetuate its present uncer-
tainty of value. but might further tend TO
sink 1t to a lower depth Certainly I'M
limited coinage would indefinitely post
pone all hope of an international compact.
MUST STAND ON ITS OWN MERITS.
The depreciation of silver has been ac-
CELEBRATED. not only by its greatly increased
abundance. but also by its diminished use
as money by leading commercial nations.
SILVER miners had no promise of an in
crease of wages in case of the free coinage
OF silver. and silver. az standard OF
money, must. for all the world, stand or
fall upon its intrinsic merits and not upon
the merits of the place whence it CANA.
The silver propagandists declared tina.
they Only sought to have silver placed on
IN equality with gold. knowing, as they
did, that their inequality had been dis
played from age 10 age. The transparent
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