The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-27
WINDING UP THE DEBATE.
Teller Starts a General Debate on the
Value Of Commodities.

Their Worth as Affected by Financial
Legislation in the Past Set Forth.
Senator Squire Makes a Strong
Plea for an Issue of Bonds-He Ex-
plains His Idea of the Only Basis
on Which Bimetallism Can Rest.
Washington, Oct 26-When the Senate
resumed its session this morning the re-
peal bill was taken up and the Vice Presi-
dent stated the question to be on the
amendment offered by Mr.. PETER, of Kan
sas, revising the coinage law of 1873.
Mr.. Teller was recognized, and re-
sumed his speech against the bill. He be-
gan this morning with discussion based
upon the propositions which he regard ed
as incontrovertihle, that the supply and
demand Of money determined its value
and that the amount of money in eircula-
tion determined the price of a commodity.
MIR. Teller contended that there had been
a general fall of prices for twenty wears,
beginning with the demonetization of sill
yer in 1873, and question by Mr.. Hig-
gins, rep, of Delaware, as to how ne
reconciled with his statement the fact
that corn and pork products had not
fallen, and have remained proportion
ately high, resulted in general discus
sion on the subject, which was partici-
pated in by Messrs. Teller, Higgins, Man
derson, Allen and WashbuFn Mr..
Teller said the price of corn
and of pork had been affected
in large degree by optional
trading and a discussion followed as
to the extent and effect of options upon
the commodities dealt IN. Wheat was
selling in London, Paris and New York
to-day at lower price than ever before,
Mr.. Teller said. Within ten days wheat
had sold in New York at 66 cents, and the
best wheat from Minnesota and Dakota
had been put aboard vessels in New York
within the last seven days for 20 cents
MIR, Teller denied that it was a blessing
to the country or to the man who buys it
TO have cheap wheat.
TELLER IN A QUAEDART.
Mr.. Higgins inquired whether MIR. Tell
er agreed with those on the democratic
SIDE Of the chamber who favored cheap
prices for everything
81 am sure" replied Mr.. Teller, "that
do not know what the democratic ma
Jority wants, or what it proposes to do,
but [ know about as much of what it
wants as know of what the majority of
this side wants, just about the same.
The difference between the majority of
this side and the majority of the other
side is so trifiing, so far as this session is
concerned, tkat I do not know where the
difference begins or where it ends, and l
do not know anybody who does.
They all seem to be in accord about
producing cheapness. Every effort that
has been made on both sides so far has
been in favor of the reduction of the
volume of the money of the country. 1t
has been in favor of contraction, which
they ALL know Iof
Is the democratic doctrine, and if cheap
ness is what the democrats want, it tseems
that that doctrine and that desire have
pervaded this side of the chamber quite as
much, and l think little more vigorously
than the other"
SILVER DEAD IN THE PIT.
Mr. Teller did not believe that any leg
islation to increase the volume OF money
by legislation favorable to silver would
be had in the next four years. There
would be no effective legislation in that
direction until the great American popu-
lation was heard from
Referring to the recent proposed COM
promise, Mr.. Teller said it was rumored
that a very large and respectable portion
OF the Senate had agreed to formal ad-
justment OF the difficulty. 1t has been
said, in way that justified him in peak
ing OF il, that he who had no right to
speak TO the Senate had declared that no
compromise should take place; that
there should be unconditional repeal
or nothing.
IL was said that prosperity would fol-
low the repeal Of the Sherman law. This
country was not to see prosperity imme-
dlaJely. The world was disiointed and
out OF shape on account of monetary con-
dltlOns, and there would be distress,
stagnation, paralysis of business wher-
ever the gold standard prevailed and no
where else,
SQUIRE FAvoRs A BOND ISSUE.
AT 245 p. m. Mr. Teller, without finish
ing his speech, yielded the floor to Mr..
Squire, who addressed the Senate IN ad-
Vocacy of mis- amendment TO the repeal
PHI, OF which he gave notice on Oct. TO-
Mr Squire said that in offering his
amendment he had sought to find that
middle path which is the path of safety.
originally he had been for repeal, and
there he stood now. There had been a
tlmldity about acting on the subject of
pond issue, the authority for which he
had no doubt existed, when, If action had
Deen taken he believed the present panic
would have been averted. ANY party and
any administration ought TO be brave
enough to face any issue and to act ener-
EeOlcally and promptly. 1t was to him
s~ANNeAJ aotUunulllR bldJ Jlle
Ilon sat supinely by and saw the public
credit go to ruin without taking steps to
prevent 1t. The senators were not here
as republicans, democrats or popuiists,
Dut 10 maintain the credit and glory of
lhe country. Why should the country be
crippled by lack of foresight and lack of
nerve! Who feared an electioneering cry
HMnen danger to his country confronted
rl NM The danger Of a great nation in
,,;5 v3;iyed that Of every institution and indi-
vldual in it.
LOAN WOULD BENEFIT ALL.
q, Why, asked Mr.. Squires should not
S sue United States obtain two or three
nuuured million dollars, mostly from
ILosoaa at low rate of INTEREST," The
ing OF SO much more money to the
oTa au'Ty would benefit Indirectly every
le, ~ lie favored giving the Secre-
- Vi Jhe Treasury authority TO pay
ra'e} ea.l. er rate of interest might be neces-
~ up TO per cent. and he would trust
io,c ue secretary to place the bonds at as
80. 'cl rate as possible. The very authori-
iJou 70 issue bonds might be sufficient
v.stloue ever issuing a bond. What in
~ tb5'ola wanted TO know was what were
tsinil.h i.l.eh /. lions Of the government in main
a oNLf WAY TO HAVE BI-METALLIsM.
M. United States was committed 20
trn5ls.e 5use OF gold and silver as full legal
pci5t.l oney. said Mr. Squire. and an
Co.. parties had declared for IT, The