New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-26
CIVIL bill disposed Of and to endeavor get test
vote the question Of consideration.
SILVER IN THE SENATE.
DEBATE ON Mr.. MoRGAN'S RESOLUTION
1890. AND SHOWS WHAT THE EVIL EFFECTS
OF FREE COINAGE WOULD re.
tBr TELEGRAPH TO THE ILIsCsE..


IBY TELEGRAPH TO THE ILi6CsE..
- Washington. May 25.-There something OF a
sputter again to-day in the Senate over the silver
question. rather over incidental phase OF 'ha'
question. Nothing but the vague Technology OF
M. Morgans financial resolution was at stake. nov"
ever; and. there number OF senators ""o'
though they would oppose free coinage on an o"V
and out test, rather disposed to humor the Iree
coinage leaders when 1t comes TO a mere matter VI
resolutions. they voted solldly to-day 10 deea' Mt
Morrilrs motion 20 refer Mr. Morgans resolution 10
the Finance Committee-a gentle means OF smother
ing i-just a. several weeks they voted against
allowing Territory OF Arizona 10 hoat itS dep' 10y
the promise Of interest payments In eod' Mr. 'io''
Gan has drawn up a resolution III which his own
financial views are commended 10 the atoehuon Vi
the senate. and the Committee on FINANCE
f. instructed after inquiry TO prepare Dill
10 put these views into sort OF practical opera
ton. Hitherto this resolution has served simply as
a text for academic free coinage speeches To-Day
however 1t reached In order on the calendar ana
had TO be disposed of in wav. Mr.. Merrill
thought it might be "put 10 sleep" bv a reference
to the committee Of which he is chairman but Tor the
reasons above given this suggestion was rejected
warm debate on the silver question followed ana
when o'clock came the resolution went over vi
tomorrow. Whether 1t is ever passed or not IS OF
The slightest practical consequence. Tor even II the
instruction the Finance Committee is authorized 1t
will be construed In Pickwckan sense. and no
actual frceccage legislation Will be put in form or
reported
When the resolution was reached Mr.. Morgan called
for the yeas and nays. and declined TO adopt Mr..
Moalls suggestion that II be referred to the Finance
Committee. If it got into the committee no more
would be heard Of it until after the Democratic Con-
vention In Chicago: and he afraid that then his
Democratic brethren would not feel so much Interested
In IT, He wanted the resolution aNed upon.
Mr. Morrill, sal dthat he had not the slightest OBJ
lection to having the silver question debated. lie
hardly thought that the senator from Alabama would
assume to know more about the subject than some
other Senators. He thought, therefore. that the reso
luton should be referred that ii might be properly
amended, and he made that motion. The mouon was
defeated-yeas II, nays 2o.
The Democratic senators who voted yea were Messrs
Gray Palmer and Villas. The Republican senators
who voted nav were Messrs. Allen Mitchell. Paddock
Pettigrew, Power, sanders, shoup Squire, stanford
Stewart Teller and Wooott.
Mr. Hin entered the Chamber while the vote was
being taken, but did not vote.
Mr. Villas called for a division Of the question 1.-THE
resolution containing several distinct propositions and
Mr.. Morgan modified the resolution by adding new
paragraph nstructng the Finance Committee 10 report
a supplementary act providing for the coinage OF
gold and silver bullion on equal terms as 70 each metal
and authorizing depOsitorS of gold and silver bullion
TO receive coin certificates for II at It's mint value
Mr.. sherman said that so far as the original resou-
why every senator should not vote for IT, in fact,
the Finance Committee could, Of Its own act make the
inquiry directed
But as to the additional proposition. insrucng the
committee report bill. he thought that the pro-
visions Of that bill could be better drawn up by the
senator from Alabama than by the Committee of FL
punoe. That Senator seemed 10 know the panacea
which would cure all the Ills of life But that sen
ator required the Finance Committee to do more than
mortal could do. Only tie wisdom OF the Al
mighty could frame such bill would cure all the
ills Of life. But It seemed to him (Mr. sherman) that
the approaching political conventions had more TO do
with the resolution than the Senate had.
This, he thought was not the proper time to
debate the subject, especially when the Executive
authorities were engagd In a movement for an Inter-
national conference to establish the parity Of gold and
silver ON a certain basis The additional proposition
made by Mr.. Morgan meant orr. sherman said the free
coinage gold aud silver lie Mr sherman had assened
To the act of 1890, II in the nature OF a
compromise and II was believed that 1t
would be measure OF relief for silver
Al the time be had expressed most strongly his de-
sire to briug silver up TO the standard Of gold. II he
had the fat power Of the Almighty or the control OF
the legislation Of the great commercial countries OF
the world. the first thing that he would do would be 10
agree, nearly as possible. on some ratio between
gold and silver. lie had yielded two years ago. to
the proposition to buy the entire silver product Of
the United states as II then Stood. 800 900
u
predicted by the senator from Nevada Orr. stewart
that within six months after tie passage
OF that act, silver would rise up the
old parity Of gold the basis Of IL TO l.
lie had himself thought that the tendency Of tie act
would be to advance silver and movement TO nd
II had been made in Newlo and other places;
but that powerful factor-market pdce-had proved too
powerful for all puny efforts to put silver and gold
at the parity Of 10 to L. The market price Of silver
had begun 10 decline rapidly and was now (notwith-
standing the Of 1590) lower than IL had been for
ages.
still there this about it: There was behind
every dollar Of Treasury notes issued under the act OF
July 1880, a dollars worth Of silver measured by the
gold standard, that the Government of the United
states could lose very largely in the purchase Of
silver under that law. II there any power in the
Government Of the United states prevent the decline
OF silver the senate should exercise that power bus
the proposition Of the Senator from Alabama would
not do it, Nothing could do 1t except the stopping
Of silver mining. An honorable Senator had told
him that II silver sold ut al 20 an ounce the
Quantity OF silver produced in this country would
be quintupled. There would be five times much
silver produced In this country produced
now. In view of all these facts. which were
palpabe and known b. ali Senators 1.-THE rapid d.
va3ppment Of silver mines and the increased supply
Of silver, II was impossible 10 maintain the parity
Of those two metals Therefore the free coinage Of
silver would simply reduce the country 10 q
single standard. IT would demonetize gold
gold going up instead OF silver going
down. We're Senators, he asked, ready 10
commit themselves that doctrine while ncgotia
lions were going with foreign nations to bring
about proper parity between the two meiasl 1t
Was for the Senate to decide. II the purchase Of
100000 ounces Of silver by the Government each
month had not kept up the price of silver how would
the free coinage Of silver keep IL upl On the con
tary, the inevitable effect Of the free coinage Of
silver would be to lower the standard of silver, 10
cheaper the wages of labor. to despo the pcnsoner
30 injure every deposior In a savings bank. well
as to assa the accumuations Of the rich. and 70 dis
turb all the business of life. And all for what Simply
70 substitute silver instead of gold for coinage lie