New-York tribune., 1892-01-07
MR.. MORRILL, ADDRESSES The SENATE
DISCUSSION OF MR. STEWARDS BILL FOR Till
FREE. COINAGE OF SILVER.

DISCUSSION OF MIR. STEWARDS BILL FOR TIE
FREE COINAGE OF SILVER.
Washington, JAM 6.-The Senate bill introduced by
Mr. stewart to provide for the free coinage OF gold and
silver bullion taken up, and Mr. Morrill, proceeded
to address the Senate.
Mr. Morrill, feared that his remarks might bs
as much Of drug AS silver itself; but he could
not afford to shrh the question. The fnan-
clal instrumentates and monetary affairs OF the
country, he said, were Of such tranocenden Importance
touching not only tie pocket of every citizen, but the
honor and general welfare Of the whole people thas
be conceded they deserved to be discussed az
questions of National gravity, and not merely as
partisan or campaign topics OF local ephemeral
interest At his time OF life, he could have other
impulse than desire to be right and to speak the
truth he had learned ii, but this might compel him
in planest words to cri.icise erroneous and mis-
cheyous theories and to present such facts and arg
ments as appear be conclusive in support Of the
public credit that sound standard OF money which
would abide forever and in harmony with the money
OF the most lghtened Christian nations.
lie was now. and ever had been, In favor OF MAIN
tanning both gold and silver in circulation. and silver
TO the EXTREMIST boundary that could Dantain 1t IN
parity with gold. 1t would be real JOY for him TO
have silver greatly increase in actual value.
lie had not voted for the silver act OF 1880, for ts
reason that silver bullion neither 10 be paid a
nor paid out in accordance with the safer proposal
OF secretary Window, and that the silver TO be pur-
chas ed fixed rs 1t appeared To MN, nj n ~"
magnificent amount and also that full price wouid
be paid for a commodity which the Government could
neither sell part FROM to any considerable eAtent
without II financial revolution and 'serous loss lie
was not unwilling to strain point in order to satisfy
his silver friends, but they appeared to demand too
much. and seemed unlikely To be long restrained
from demanding the whole earth. FOR tho
first time in his life lie lodged the question, and did
not against the bill, not only because his vote
would not have changed the result or secured any,
thing better but because his distinguished friend the
senior Senator from Nevada llr. Dones begged him
not TO- and all the Senators knew how Irresistible the
senator from Nevada could be when he chose. lie
hoped now that Mr. Jones would be ready to recipro
cate II the occasion arose, and not vote for free
coinage.
NATIONAL BANK NOTES MADE TO STEP OFT.
Mr. Morrill, went on to say that National bank noteA
we're rapidly being made to step down and ont. to give
room to silver paper. Like Naboth they had vine
ward which Ahab wanted ard therefore were stoned
and killed Tie original United States notes or green.
backs were likely to be the next sacrifice demanded
and stoned in order TO give the whole field to silver
paper.
No expedients had been untrled. and no cost with
held TO push or carry silver dollars into circulation;
but il has been demonstrated that no more than abous
$50 600 600 Of over 800 900 coined could be cOaxed
outside the Treasury. Even had it been possible 10
apply hydrostatc pressure no greater sum coud nave
heen forced into the congesed channels Of circulation
ar into the reluctant pockets Of the people The weight
was objected 10 as too heavy and the value too light.
There was In the Treasury to-day In silver dollars and
silver bullon over 1900 tons, which even burglars
had almost ceased T. covet and only express companies
appreciated its value when they lugeed II across the
continent but the Government was required To hold
and puard Il night ard day. together with all forth
coming monthly additions. When ard where was this
silver deluge to end In ten years more under exist
ing statutes the Government might have locked up in
M suberranean vaults silver to the aggregate amount
NJ peraps more than 81 900 900 0O0 for all Of which
its obligations payable in coin would be outstanding.
Was this like the river OF the poet to run on foreverf
And shoud thi, inundaton he further aggravated BY
unlimited free coinage No silver certificates Treas
ury notes issued silver bullion had been presented
for payment In silver, but they paid in gold when
demanded.
WHEN TILE GOLD IN THE TREASURY VANISHEs.
How long TREY could be thus kept on parity
with gold was already q matter OF public and pro
found concern and largely dependent upon an honest
and proper Interpretation Of the law and the courage
and skill OF the Secretary OF the Treasury When-
ever the gold In the Treasury should vanish land ID
might vanish under cloud Of silver well rs under
a cloud OF adverse exchanges) these certificates and
note, could then be paid only in standard silver dol
lar aud these, as money, were known To be nos
worth their face value AS security for silver cerue-
cates or Treasury notes. which were To circulate n