Los Angeles herald., 1892-01-07
they did, that their inequality has been
displayed from age to age.

displayed from age to age.
In conclusion, Morrill, said: II have
attempted to demonstrate that the de-
probation of silver is both so great and
so universal that unlimited coinage
could not be maintained on the present
standard with gold, but would suddenly
wreck the country by silver reyolu-
tion; that unlimited coinage would in
terdict all international silver compacts /;
that there is no scarcity of money in
circulation; that a silver standard
would be equivalent to horizontal re-
duction of the tariff Of % per cent if not
more, and an equal reduction of all PEN
sions; that the parties to first profit by
free coinage would be the incorporated
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 notes would finally
pass We have paid off more than
three-fourths OF our great war debt in
gold, when our resources were far less
than now, and am unwilling to forfeit
our reputation and lose public conf
dence, as we'll as all the ancestral pres
tige of our history, by paying the sorry
remnant OF this debt in legal tender OF
much less value"
TELLER's REPLY.
At the close of Morrill's speech, which
occupied about an hour and a half in its
delivery, Teller took the floor and
called attention to the fact that the sen-
ator from Vermont, as we'll as the presi-
dent of the United States, in his annual
message, treated the silver bill OF July
IA, 1880, as the work of the bmetallists
in congress. He (Teller) denied that
assertion. The bill, he said, was not
the work or product of committee
known to be for many years bitterly
hostile to bimetallism. He did not in
tend to quarrel with the act OF July,
1890, but he did intend to show that it
was not silver act. 1t was money
act as such it received the approval of
eighteen senators who had voted for free
coinage, and received the condemnation
OF twenty-five senators who voted for
free coinage.
After quoting a sentence from the
presidents message to the effect that
the bill had been expected to bring the
price OF silver up to $1.29 per ounce,
Teller challenged the executive for proof
of that statement, and asserted that only
one senator (alluding to Jones of Ne
vada) had intimated that the act of
1890 would bring silver up to par. On
the other hand more than twenty sena-
tors had asserted that it would not
bring silver to par. If disaster came,
as it would come if that policy was per-
sisted in, it would have to be laid at
the door of the men who for fifteen
years steadily resisted the general pub
lie demand for the use of silver on equal
terms with gold.
"But there was another proposition
coming from the executive. What was
it? 1t was that the United States
should accumulate all the gold of the
world and the money centers of Europe
would say, the United States having all
the gold, they would join tine United
States in the work of using silver. Com
ing from the executive of the nation, he
(Teller) was bound to speak of it with
respect, whatever he might think or
feel How was the United States to
accumulate the gold of the world?
Even when this country had an abun-
dance of crops and was enjoying great
prosperity, gold left the country at the
rate of $1,000,000 day. The United
States was a debtor nation, owing to
Europe more than $4,000, 100000. How
was the United States to get Europe to
unload her Golfers and send gold here ?"
Teller referred to the fact that the
president having sent New York
banker (Seligman) to Berlin, in connec-
ton with the silver question, and said
the president had not selected for that
trip a prominent silver man. He (Tel-
ler) could name twenty men in public
life who could have gone to Europe and
made report that would have been of
value, but no such report would be got
from bankers or monometallists.
Every American statesman ought to
direct his attention, Teller said, to see
how the two metals could be tied to-
gether 80 they would never be parted.
That could not be done by having silver
put down to 80 cents an ounce, nor
could it be done by accommodating gold
from Europe. 1t could only be done by
taking an heroic step and passing free
coinage bill in the hope that it would
bring the world to the American policy,
or else lead to an international agree
ment.
STEWARDS PROPHECY FAILED.
Dolph sent to the clerks desk and
had read an extract from speech of
Stewards to the effect that the purchase
by the government of 100000 ounces
OF silver per month would use all the
silver produced in the United States
and put up the price of silver to par.
Stewart admitted that this prophecy
had failed, but pleaded that the condi-
tions had been changed. and it had
been proven that nothing would do but
free coinage.
No action was taken on the bill, and
after short executive session the SEN
ate, out of respect to the memory of the
late Representative Gamble, adjourned.