The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-22
IN THE SENATE.
Mr.. Morrill, Makes Repeal speech-Th
Eject of Such Repeal.

Mr.. Morrill, Makes u Repeal speech-ThC
Eject OF Such Repeal.
WASHINGTON, D. O., August 2l.-Aftel
the introduction OF some bills Mr.
Morrill, (Rep., of Vermont), asked and
obtained indefinite leave Of absence
after to-day on account Of ill.health
He then addressed the senate in favo,
OF the bill reported from the finance
committee last Friday TO discontinue
the purchase Of silver bullion.
Mr.. Morrill, said he did not yet aband-
on all hope OF bi.metallism and that
therefore he should gladly vote for the
repeal Of SO much OF the act OF 1890 as
required the purchase OF silver. II had
not originally received any favor from
him and the wide distrust which II had
excited should be speedily removed.
After Its repeal the country would mol
be dependent upon gold alone for cur.
rency as there would be much more ol
silver than Of gold, and more OF paper
currency than ever before, and as the
silver dollar would not be demonetized,
whenever more silver could be coined
and utilized without crowding gold to q
premium, it would be done by universal
consent, but the treasury should be re-
lieved from Its embarrassment Of furn-
ishing gold to pay for silver bullion tr
maintain silver within the existing
standard on parity with the gold
standard.
As to the declaration OF the silver
auVaana khak shaw xsyo1lI Yaak nm.
sent to the repeal OF the act Of 1890
without a satisfactory substitute, he
said the only satisfactory substitute de-
manded by them-free coinage, was the
very measure worst feared by the coun'
try, as it would bring with It the single
silver standard. No man, said the
speaker outside the insane asylum
would receive the silver coins Of Mex
leo or Peru for more than their weight
value. After quoting statements OF the
great diminution in the cost OF pro
ducing silver OF late years, Mr.. Morrill,
said, that beyond doubt that cheaper
cost had the natural effect OF reducing
the value OF silver; and that If by any
means the product were now to be con
siderably increased an equal or greater
reduction in value would follow.
He could not, however, favor bi'
metallism without an increase OF silvel
in silver coinage, as without au increase
II would be impossible to maintain any
parity between gold and silver ever
with the cooperation OF many nations
Nor could he favor the free coinage O.
silver by the United States alone werl
the ratio between the two metals to bt
advanced from 10 10 25 to !, or even K
2S to / for the reason that the preSen
colossal output Of silver could not bC
absorbed BY any single nation and {
preposterous attempt to absorb it OF
our part might win q smile from TIN
governor OF Colorado but would pro
yoke the ridicule Of the Commercial
world, and inexorably cause Its furthe
depreciation.
With sound currency gold capita
would flow into our country by millionI
for Investment, but with q cheap stand
ard Of money panlcs would be OF every
day occurrence, and foreign capita
would stand aloot.
At the close OF Mr.. MorrllPs speech
which occupied little over an hour II
its delivery, Mr.. Voorhees, presented
the letter addressed to him by the sec
rotary OF the treasury showing th
probable cost Of coinage OF Biver OF
changed ratio and had IL read by tn
clerk, saying that ho deemed It his dut
to lay II before the senate and tho coun
try.
The letter appeared in yesterday
dispatches