Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1893-08-22
SENATOR MORRILL, SPEAKS.
He Could Not Favor Bimetallisn
without an Increase of silver In
silver Co5uape

He Could Not Favor BimetalIism
Without an Increase of silver In
Silver Coinage.
WASHINGTON, Aug. 21.-In accordance
with notice given by him last week, Mr..
Morrill, today addressed the senate on the
silver question. In the course of his re-
marks he said he could not favor bimetal-
lism without an increase of silver in silver
coinage, as without an increase in would
be impossible to maintain any parity be-
tween gold and silver, even with the CO.
operation of many nations. Nor could he
favor the free coinage of silver by the
United States alone were the ratio between
the two metals to be advanced from IS to
25 to /, Or even to % to /, for the reason
that the present colossal output Of silver
could not be annually absorbed by any sin
gle nation, and a preposterous attempt by
us to absorb It might win smile from
the governor of Colorado, but would pro-
woke the rsdicule of the commercial
depreciation. No remedy would have a
prosperous eoding which did not squsrely
and fully recognize the existing eNtraordi-
nary magnitude of the amount of silver
which must he furnished with a new mar
ket. If the United States should tameiy
| assume the burden of a monopoly of sill
| YER, that feet might induce France and
| other nations also to join the gold mono
| mstallists of Europe.
81 well understand," Mr.. Morrill, con-
| tinued, "that 1t will be necessary to enlist
| in any international agreement a consid-
| cradle number of nations that will each
take their just proportion of the present
| enormous annual production of sill
yer, or 1t must necessarily be
a failure. Nevertheless an International
| agreement is the best hope of permanent
| reconciliation of silver and after proper ma
tional action here on our part, the chances
| of reconciliation will be greatly multiplied
Other nations will have an equal, If not a
greater, responsibility. 1t may be called
bitter remedy to atop purchasing silver,
but without it the case is hopeless. If In
oil the world We are now the only purchas-
| er of silver, to cease from 1t might tempo
rsrily cheaper its price, but to open our
mints to its free coinage would permanent
ly cheaper its value, as its solitary sccumu-
lation in our hands has already sufficiently
demonstrated.
The crucial test ia whether We are or no,
to drop from the bimetallic standard OF
gold and silver, m sintained on ps,ity, tc
| the dangerously crippled standard Oh Ell
yer only, and thereby limit to sn inferior
currency the foremost business nation Of
the world. The grave responsibility rests
| upon democratic administration, now IL
full control of both branches of congress
as we'll as of the executive department. NJ
government can be sustained which does no
'. fulfill its pledges IN good faith. The publ
debt, national and state, and all other con
tracts, by our recorded pledges, are psys
BILE in legal tender on q parity with gold
The honor of the country may be In peril
i, | Whatever policy will relieve the publt
1 distress will be my policy. Whatever part
: favers the public credit will have my fa
y vor. Whatever measures support publ
honor will have my support"
At the Gloss of Mr.. Morrill's speech MI
Voorhees, presented the letter given OF
f last night addressed to him by the sec1,
A tary of the treasury showing the probabl
cost of coinage of silver at change {
q ratio and had it read.
9 The vote on the Lee-Mantle case, invol'
ing the right of a governor of state I
appoint a senator in case the legislator
had failed to elect one was to have bee
Q taken at O'Clock to day. but the sena
j. decided to postpone 1t until o'clock WEE
nesdsy.
"a The case was taken up and Mr.. Van,
- and Mr.. George argued against the rigl
~ of appointment in such cases.
10 After an executive session the sena
If | adjourned.