The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-01-07
The First Parties to Profit by the
Free Coinage Of the
Metal.
Which, In the opinion OF Senator
Morrill,, In Not a Desirable
Result.
He Also ThiAk FREQ Coinage Equivalent
10 : REDUCTION of the Tariff K
Capital News.

BY Stewart. to provide for tho FREQ coinage
Of gold and silver bullion, was taken up
aud Morrill, proceeded to address the SEN
ate, He criticised tho speech heretofore
made BY Stewart on the same subject and
spoke in opposition to the bill for the FREQ
and unlimited coinage of silver. Hais now
and aver will DO in favor of maintaining a
gold and silver circulation and silver to the
most extreme boundary that could main
tain it on 4 parity with gold. Morrill, went
on to say that national bank notes were
rapidly being made TO step down and out
to give room TO silver paper. The original
United States notes or greenbacks were
likely to be the next ~sacrifies demanded
And stored in order to give the whole held
to silver paper. No expedicr,ts had been
untried and no cost withheld to push or
carry silver dollars into circulation. but
it has been demonstrated that no
more than about 100000 out of over
four hundred million coined could be
coaxed or kicked outside of the treasury.
The weight was objected to rs too heavy
and value too light. In the treasury to-day
there are over 12,GD0 tons of silver, and
more coming in monthly. When and
where was this silver deluge to end? In
ten years moe. under the existing statutes,
the government might have, locked up in
its snbtarraneap vaults. silver to the 49,
gregate amount Of perhaps more than one
thousand million dollars, for all of which
its obligations, payable IN coin. would be
outstanding, ind should this %inundation be
further aggravated by the unlimited free
coinage, no silver certificates or treasury
notes would be- issued for silver bullion
where they had been presented for payment
in silver, but they were paid in gold when
SO demanded. How long they could be
kept on q parity with gold is
already a matter of public and profound
concern, and il largely dependent
upon the honest and proper IN
and skill of thss secretary Of the treasury.
Whenever tho gold in the treasury should
vanish these certificates and notes could
then hs paid only IL silver dollars, and
those that, as money, were known to be not
worth their face value. As security for
ars to circulate Mt a par with gold, they are
notorionsly inadequate, as 4l21h grains OF
silver, nine-tenths fine, would fetch no
more than "a cents, and it would be hardly
less safe, and certainly equally honest, to
base such certificates and notes and c1rcu-
lAls bEeM as goOQ money upon IToH OF Cop
per, or upon wheat or tobacco purchased
and accumulated in like manner at 1875
per cent above the market value as to base
such circulation upon the so-called stan
dard of the silver dollar under free coinage.
Whatever advantage from unlimited free
coinage Of silver might accrue to corporate
owners OF silver mines, when gold advanced
to d premium, would be brisf and not per
manent, as then no secretary of the treas
ury would be willing to sell United States
bonds in order to obtain gold to keep any
paper currency, paid out for silver, ON n
parity with gold. These corporations,
therefore, at no remote period, would have
their own drug return to plague the inven-
tors, and would find that silver certificates
or treasury notes issued for silver bullion,
when unsupported by gold, of no greater
value than that OF the silver contained in
the free coined silver dollar.
The depreciation of silver has been ac-
tolerated not only by its greatly increased
abundance but also by its diminished use
as money by leading commercial nations.
Silver miners have no promise of increased
wage in oass of the free coinage of silver.
and silver as standard money must, for all
the world, stand or fall upon its intrinsic
merits. and not upon the merits of the place
whence it came.
In conclusion, Morrill, said: IT have at
tempted to demonstrate that the unlimited
coinage of silver would be equivalent to q
horizontal reduction of the tariff of 25 per
cent, if not more; and an equal reduction
of all PENSIONS; that the parties to first
profit by free coinage would be the incor-
porated owners Of silver mines only, and
the parties to finally suffer the largest
losses by it would be the great mass of our
people into whose hands the deprecated
coin and treasury note would finally pass
At the conolusion Of Mr.. Morrilps speech
Mr.. Teller rose to reply. He referred to
the fact OF tho president having sent q Now
York banker (SslieEaan) to Berlin in con-
nectlon with this silver question, and said
the president had not selected for that triI
q prominsnt silver man. He (Teller) could
name twenty men in public life who could
have gone to Europs and made a report
that would have boon of value, but no suct
report would be got from bankers or mono
metallSts. he entered q protest against
the declaration of the executive and senn-
tor from Vermont that silver men we're re-
sponsible TO: the legislation Of 1899. Ever,
American statesman ought to direct his at
f%ention, Taller SAID, to see how the tive
metals could bs tied together 80 they never
could be partial. That could not be done
by haVlag silver put down to SO cent? al
ounce, nor could it be done By accumulat-
ing gold from Europe; it could only b,
done by taking n heroic stop and passing
freq coinage bill in the hope that is woult
bring the world to an American policy, 0
else lead TO IN international agreement.
UNDER AN L LAW.