Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-10-26
STILL TALKING on SILVER.
Mr.. Teller Continues His Speech in the
Senate
And Gets Into q Lively Discussion
With Mr.. Higgins and Others
Over Prices.

After the presentation Of few belated
| petitions in favor of the free and unre-
stricted coinage of silver Mr.. Teller tCoi)
| suggested the absence Of a quorum. The
| roll was called and only thirty-six Senators
(seven less than a quorum) answered. At
Ills forty-fve Senators had responded to
| their names and business was proceeded
with.
House bill to transfer the Morris Island
life saving station. near Charleston. SC, to
Sullivan Island was reported back from the
| committee on commerce and placed on the
calendar.
The silver purchase repeal bill was taken
up and the Vice President stated the q,Ies-
ton to be on the amendment to It offered by
MIR. PETER CKan.), revising the free coinage
act of 1887.
Mr.. Teller Continues His Speech.
Mr.. Teller (Col) addressed the Senate In
continuation Of his speech begun some time
ago. He laid down some general PROPOSE
lions of monetary law applicable to the fall
in prices of commodities The entire world
was suffering. he said, from financial de-
preston which began in 1878 and which had
continued ever since. 1t was pertinent to
the pending bill to determine the cause of
that financial disturbance the burden of
which was unusual and abnormal After
quoting extensively from the speeches OF
the two English delegates to the Brussels
monetary conference - Houldsworth and
Rothschild-and of the French delegate, Mr.
Aiiard, and from the writings Of Ernest
Seyd. Mr.. Teller said that every excuse ex-
cept the right one had been made for the
present financial condition. Overproduction
overtrading and a variety OF other excuses
had been made, while the real cause was
plainly in sight. That cause was the broken
link between gold and silver. The fall in
prices was the result of the rise in gold
LOnW DiScussfon.
A long discussion grew out of a question
put by Mr.. Higgins Del.) as to how Mr.
Teller could reconcile his argument that the
demonstration of silver had tended to
| establish a lower range of prices with the
| fact that the prices Of corn and pork have
| not fallen. but have remained proportion
ately high. Mr.. Teller accounted for the
occasionally high price of pork by the fact
that that price was largely artifcial-stim-
| ulated by speculation in the Chicago board
OF trade, where the price had gone up in
one day as much as 81 a barrel. The price
of corn had been governed by that of pork
which was one OF its products, as farmers,
| instead of sending their corn to market
fed 1t to their hogs. Those two products
therefore. had been to some extent with
drawn from the ordinary law Of supply and
demand. This view Of the case was also
| taken by Mr.. Washburn CMinn.), who,
with several other Senators, took part in
the discussion.
Wheat" Mr.. Teller said. sis cheaper to-
day in the United States. in England
! before. 1t has never sold in New York city
| so low as 1t has sold in the last ten days
from 6s to 70 cents bushel-the best wheat
from Minnesota and the Dakotas'
What we complain Of Is the monetary
condition that produces low prices. The
American farmer produces wheat and other
products at the same cost ard subject to
the same taxes as he ever did. but he gets
less for it,
Mr. Higgins asked II Mr. Teller was in ac-
cord with the democratic side OF the cham
Der in its position favoring cheap prices Of
| everything.
But Little Difference.
81 am sure" Mr.. Teller answered, that
! do not know what the democratic major
ity wants or what it proposes to do. But
| I know about as much Of what 1t wants rs
I know Of what the majority on this side
of the chamber wants. Just about the
same. The distinction between the major
| ity on this side and the minority on the
other side is so trifiing $50 far as this ses-
sion is concerned) that do not now where
the difference begins or where it
ceases. and I do not know any
body who does. They all seem to be in
| effort that has been made on both sides so
far has been in favor Of the reduction of
the money Of the country. 1t has been in
mesns OF o nrcss Which they all
doctrine and II cheapness Is what demo-
Gratis want 1t seems that that doctrine and
that desire have pervaded this side Of the
chamber quite as much as and think a
little more vigorously than the other.
Mr.. Teller's Disbelief.
As to promised financial legislation after
! the passage of the repeal bill Mr. Teller
| said that he did not believe there would be
any such legislation in the next four years.
| There would be no effective legislation in
| that direction until the people were heard
| from. AS to the proposed compromise to
which, 1t was said. large and respectable
| portion Of the Senate had agreed one who
had no right to speak to the Senate had, 1t
| was rumored. declared that no compromise
| should take place-that 1t should be uncon-
dftional repeal or nothing.
This coinage Is not to exceed g ono 900 per
month. and is to stop when the aggregate
amounts to 800, 900. Co., The silver dollars
| are to be full legal tender and no certlfi-
| Gates are to be issued to represent them.
The World Out of shape.
| The New York papers, he said, were now
| cautionins the people not to expect too
| much from the repeal Of the Sherman act.
| In his opinion the signs of the times did
not indicate prosperity. The country would
not see prosperity Immediately. The world
was disjointed and out of shape on account
| of the monetary conditions and there would
| be distress. stagnation and paralysis Of
business wherever the gold standard pre-
| vailed-there and nowhere else
Mr.. Teller occupied the floor until 2:4O,
when( without finishing his speech) he yield
| ed the floor to Mr.. Squire
Mr.. Squire (Wash) addressed the Senate
in advocacy of the amendment of which ne
| gave notice on October TO-
MIR. Squire's Amendment.
This amendment proposes to allow the
| owners Of silver bullion to have 1t coined
| into standard silver dollars at the present
| ratio of 16 to 1; receiving standard silver
dollars for 1t to the amount Of the CONNER
cial value of the bullon-the difference to
be retained as a reserve fund by the treas
ury.
The purchase clause Of the Sherman act
is to be repealed. The Secretary of the
Treasury is to be authorized to issue binds
| payable after five years, and bearing in
terest not to exceed per cent, TO the
amount of 500. 900 900 for the purpose of
maintaining all the money Of the United
States at par with the gold dollar. He en-
deavored, he said, in Offering his amend
| ment to find that middle path which is the
path of safety.
About Cigarettes.
From the Troy Times.
The details Of the manufacture of cigar
cites are kept to a greater or fesa doureo q