Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1892-04-05
SD CONGRESS-.
MoFeln's Silver Resolution
Comes Up In Senate,
And Iofsan' Proceeds 10 Give His Ylegs
on The Subject.
Senator Sherman Also Takes a Hand In
the Discussion.

l tlce-freei0ent 08VluR ikid OeI0fe {ne SEN
| ate Morgsn's silver resolutions, that senator
said he had letter from the director Of the
min, stating that the coinsge Of silver bull
| lion purchased under the act of 1890 WAS
Discretionary with the secretary Of the
treasury. The coinage of silver dollars
hsd in fact Morgan said stopped. and the
idea was repudiAted in the treasury that
Congress, in the &C. Of 1880, did anything
| more than merely grant Discretionary per-
mission TO the secretary Of the treasury to
coin as much Of the bullion purchased un-
der that act - he might consider = neces-
ssry provision for the redemption Of the
certificates being used in the purchase.
The object Of the act Of 1890 had been
expressed IN these words, "it being the es-
"a blished policy Of the United States to
maintain two metals on . parity with each
ether in the present legal ratio" What
did Congress mean, he asked, by putting
that lsns uage in the act:
Butler-Is it true thst the monthly
purchase Of silver is still going on and bu!-
lion being piled up in the treasury?
Morgan-Yes; s56 200, 900 worth year
and want to know what We are going to
do with the bullion when it gets to be ST.
900 0C0 worth in the treasury.
gou hOt cutlEciS totleAcu,
Is lawyer, that discretion is left with the
secretary.
Morgan-No sir; neither Sc lawyer.
senator, American citizen, nor q man of
plain common sense.
Shermsn-There is not the slie h.est
doubt as to what was meant by The act of
1890.
Morgan--I know that when the confer
anna opp,ittoa IN 40 . yanavt I
wanted to know what we we're doing, and
vas told must not inquire into the secret
performances Of the committee. There is
not man Of ordinary common sence in the
United States who would not believe it the
purpose Of Congress that the two metals be
kept in parity in their circulating form.
Sherman-The language Of the law is so
plain that l don't see how anybody can
doubt it. 1t declares that the United
States will maintain the parity Of gold aud
silver coin.
S,ewsrt-Oh no, gold and silver metals.
Shermsn-Well, gold aud silver metals.
Teller-Very different things.
Sherman-They are not different. The
act also provides that for every dollar
certificate issued there shsll be behind it q
dollars worth of silver, and that the secre
tary Of the treasury shall not coin this sill
yer into dollars except as they are needed.
Morgsn-Thst clause is not in the law, by
expression, intendment, inference or guess
Of any man, although it may have been
ur d erstood by the senator from Ohio.
Sherman-I so understood it.
Carlisle, to whom reference was made by
Morgan as one Of the senator's who made
The conference report, said, he did not sup
port the act of July IA, 1890, either in
committee or in the Senate.
Morgan-I know the senator from Ken.
lucky did not support it but have letter
Of the senator's in which he supported
something worse. In this letter the senator
says the law Of 1890 will hoard up enor-
nous masses Of metal in the treasury, that
there is now IL, 900 tons Of metal there
boarded up under the act of the senator
from Ohio and the senator from Kentucky,
and the senator from Ohio both agreed that
there shail not be any Of this coined unless
the secretary Of the treasury, in bis discre
ton, shall find some opportunity to do so.
The secretary is purchasing 81 100000
ounces Of silver bullion every year and the
amount of money that could be coined out
Of that would probably be S65 100000.
Stewart-Seventy million dollars at the
standard.
Morgan-In ten years thst would be
800, 900 600 and in 20 years 81, 400 000,-
900. When does the senator from Ohio
propose to stop this piling up Of silver
bullion in the treasury! What disposition
will he make Of i,?.
Sherman suppose if we have to 90 on
purchasing silver we would make the same
disposition Of 1t as we made Of the three or
four hundred millions Of silver dollars that
lie in the treasury and cannot be forced
into circulation with all the power Of the
department.
Morgsn-Thst remains to be proved.
The senator speaks Of three or four hur-
dred millions of silver dollars in the tress-
ury here are no silver dollars there that
are repre- ssnted by silver certificates.
Shermsn-So is bullion represented,
every ounce of it; it is easier to keep bull
lion than to keep silver dollars.
Morgsn-Not at all.
Hiscock-So long 40 certificates are al
lowed to be issued on coin and bullion the
resul, will be to pile dp either the coined
silver or The uncoined silver and it seems
to ma to avoid this piling up which the
senator complains Of, il will be necessary
to repeal the law directing the issue OF cer-
tiflcates on silver dollars or silver bullion.
Morgan--I believe there has been no
such institution Of paper money IS coin
certificates. II has 3 value beyond the
dollar Of the silver dollar or gold that
power can be brought TO do that which is
pledged in the act of 1890, the maintenance
Of parity between the metals. 1t is the
salvation Of the land at this moment.
At O'Clock the presiding officer, (Mr
PIstt) laid before the Senate the unfinis 1ed
business, being the bill in relation to the
courts Of appesls. Dawes moved that the
bill be laid aside, and Morgan be permitted
to proceed with his speech.