Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-01-06
Senator Morrill, Criticises the Speech
Of Senator Stewart.
TEACHINGS OF EXPERIENCE
He Says Miners Are Not Benefited
by Free Coinage.
THE RELIEF FOR RUSSIA
The Resolution Meets With Considerable OPP
position in the House and a Long Debste ii
the notwithstanding Mostly Against 1t.


SENATE.
Among the papers presented and referred
were the following:
From Miss Clara Barton, president Of the
American National Red Cross Association, call
ing attention to the starving condition Of mill
lions Of the pessantry Of Russia, and urging the
government Of the United States TO take steps
| Tor an expeditions transport Of donations OF
grain.
From the national grange Of husbsndry; in
relation to lands claimed by the Northern Pa
cifc railroad.
From the Florida legislature, asking for pen
sfons to the surviving soldiers of the Seminole
indian wars and to the widows Of the deceased
soldiers
COAST DEfENsEs WANTED.
From the chamber Of commerce of Seattle,
WASH. praying that Congress, by more liberal
appropriations, enable the War and Navy De-
partments TO place the country in thorough
CONDITION OF defense, 80 as to be prepared to
maintain its national dignity and to protect its
numpiest citizens in any part Of the world.
THE NICARAGUA CANAL.
Mr.. Morgan offered q resolution directing
the committee on foreign relations to inquire
into the progress that has been made in the
work of the Maritime canal of Nicaragua and
what are the present conditions and prospects
OF that enterprise, including in that inquiry
any additional explorations or surveys Of
the canal that have been made since
the last report of the committee. also
what stocks Of any have been disposed
OF and bonds issued by the Maritime
Canal Company OF Nicaragua, chartered and
organized under the act of February 20. 1889
The committee is to have authority to send for
personsand papers and is directed to consider
and report what the interests of the United
States may require In the matter of inter-
oceanic communication.
The resolution was laid on the table. Mr.
Morgan stating that he would call it up tomor-
row.
The Senate bill introduced by Mr.. Stewart to
provide for the free coinage OF gold and silver
bullion was taken up and Mr.. Morrill, proceeded
to address the Senate.
SENATOR MORRILL, ON SILVER.
MIR. Morrill, spoke in criticism of the speech
heretofore made by Mr.. Stewart, and in oppo-
ton to the bill for the free and unlimited COIN
age Of silver. He feared that his remarks
might be as much of drug as silver itself, but
he could not afford to shirk the question.
The financial intrumentalities and monetary
affairs OF the country were of such transceudent
Importance, touching not only the pocket Of
every citizen, but the honor and general
welfare Of the whole people, that il must
be conceded they deserved to be dis
cussed az questions of national gravity and not
merely as partisan or campaign topics of local
or ephemeral interest. At his time OF life he
| could have no other impulse than a desire to be
right and to speak the truth as he
had learned it, but this might COM
pei him in plainest words to criti-
else mischieyous theories and to present
| such facts and arguments as appeared to be
in Of ha nd
that sound standard of money which would
abide forever and In harmony with <he money
Of the most enlightened Christian nations.
IN FAVOR OF BOTH INITIALS.
He was now and ever had been in favor Of
maintaining of both gold and silver in ciroula-
ton, and silver to the EXTREMIST boundary that
could maintain it on a 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
proposal of Secretary Window. and that the
silver to be purchased was fixed, as it appeared
| to him, at a too magnificent amount; and also
that full price would be paid for COM
modify which the government could neither
| sell nor part from, to any considerable ex-
| tent, without financial revolution and serious
| loss. He was not unwilling to strain paint
| in order to satisfy his silver friends but they
appeared to demand too much, and some
seemed unlikely to be long restrained from
demanding more or the whole earth.
/ For the first time in his life he lodged the
| question and did not vote against the bill, not
! only because his vote would not have changed
the result or secured anything better, but be-
cause his distinguished friend, the senior
Senator from Nevada (Mr. Jones). begged him
not to, and all Senators know how irresistible
the Senator from Nevada could be when he
| chose. He hoped now that MIR. Jones would
be ready to reciprocate il the occasion arose
and not vote for free coinage.
SILVER CERTIFICATES REPLACING NATIONAL
BANK NOTES.
Mr.. Morrill, went on to say that national bank
notes were rapidly being made to step down
and out to give room to silver paper. Like
Naboth, they had O vineyard which Ahab
| wanted, and therefore we're stoned and killed.
The original United States notes were likely to
be the next sacrifice demanded and stoned in
| order to give the whole field osilver paper.
No expedients had been untried and no cost
| withheld to push carry silver dollars into
| circulation, but it had been demonstrated that
| no more than about SCI. 600 900 of over $780,
| 0O0. 900 coined could be coaxed or kicked out
side the treasury. Even had it been possible
| to apply hydrostatic pressure no greater sum
could be forced into the congested channels
| of circulation or into the reluctant pockets Of
| the people. The weight was objected to as too
/ heavy and the value too light
! There was in the treasury today in silver
| dollars and silver bullion over l2OO0 tons,
! which even burglars had almost ceased TO
covet, and only express companies appreciated
its value when they lugged it
across the continent, but the government
was required to hold and guard it night and
day, together with all forthcoming monthly
additions When and where was this silver
deluge to END? In ten years more under
existing statutes, the government might have
locked up in its subterranean vaults silver
| to the aggregate amount of, perhaps more
than 81 600, 90 000 for all of which its obliga-
| tions, payable in coin, would be outstanding.
Was this, like the river OF the poet, to run on
| forever? And should this inundation be further
| aggravated by unlimited free coinageY
| No silver certificates or treasury notes issued
| for silver bullion had been presented for nav
ment in silver. but they were paid in goEd when
20 demanded.
| THE DEPRECATED SILVER DOLLAR.
How long they could be thus kept on parity
with gold was already a matter Of public and
profound concern. and largely dependent upon
an honest and proper Interpretation of the Law
and the courage and skill Of the Secretary OF
| the Treasury. Whenever the gold in the
treasury should vanish (and il might van
| ish under cloud of silver as well az
under q cloud Of adverse exchanged these cor
| tifcates and notes could then be paid only in
standard silver dollars, and these, as money
we're to be not worth their face value As &C.
curity for silver certificates or treasury notes,