The Helena independent., 1893-08-22
Hasn't Lost Hope Of BimetaIllsm,
Soonest Secured Through
Monometallism
Thinks We Must Dance Attend
ance Upon the Nations
of Europe.
Vote ON Mantle's Case Postponed and No
Time aat-Other News Of
the Capital.


not formally taken up in the senate to-day.
the general sub5sot was discussed BY Ssna-
tor Morrill, OF Vermont. who spoke In favor
OF the repeal Of the purchase clause Of the
sherman act. He snid he had not yet
abandoned all hope of bimetallism and for
that reason would gladly vote for the re-
peal of so much of The act of 1890 az re-
quirsd the purchase OF silver. in oder to
remove the vide distrust which It has
caused. The country would continue TO
be dependent ON paper as we'll - silver
and gold, and as tho silver dollar
would net be dsmonetized thsre-
by. whenever more silver could be coined
and utilized without crovding gold to
Il premium ii would be done by universal
consent But the treasury should DO re-
ing gold to pay for silver bullion. The
substitute which the silver mine owners
demanded for tho repeal Of the purchase
clause. he said. was ths very measure most
feared by the country, as II would bring
with il . single silver standard.
There had been. he said, from 1878 TO
1893 some 42O. 600 600 silver dollars coined
with q difference between the face value
and the present market value of $176,OO0.-
O0O n prsciati tion OF over 40 per cent.
The stock Of bullion and silver dollars now
on hand. il placed In the hands of a re-
ceivsr. would exhibit . melancholy loss.
7 he delusive efforts made BY all tho power
and the prestige Of national government TO
enhance the value OF silver show that
the universal LAY, laT Of t;pT supply and and
demand was s.ill inv'nelols r .sa snd
Of legal tender laws. Every milestone
along the dreary track of unsuccessful
experiment married. a step downward in the
depreciation of silver. Foreign nations
would not be pc suadsd to adopt any meas.
ure of relief in favor Of silver by the fact
that IL might afford some relief to the
United States. .......
The repeal of the silver purchasing
clause In tho act of 1890 would give US q
practical force, 80 long manifestlv disre-
aarded, in the hnal determination of the
silver problem. and Europe. after all. to
provide for its coming financial necessities.
was most likely to reach the conclusion
that silver should not remains obsolsts and
useless only az q commodity.
He did not favor bimstallism without an
increase of silver in silver coinage. az with
out an increase II would be impossible to
maintain . parity between gold and silver.
tions. no would he favor the free coinage
of silver by the United States alone were
| the ratio between the two metals TO be ad-
| vanced from sixteen 10 twenty-five to one.
| or oven to twenty-eight to one. for tho rea-
son that the present colossal output of silver
could not annually be absorbed by any
single nation. and the preposterous attempt
| to absorb II on our part might win smile
| from the governor of Colorado, but would
provoke the ridicule of the commercial
world. and inexorably cause ito further de-
pTeoiation.
No remedy would have prosperous end-
ing which did not souarely and fully reeogS-
of the amount of silver which must be
furnished with q new market. II the
United States should tanely assume the
burden Of the monopoly of silver
that fact might induce France and
n:.'es Of Hssop. to f4s1. ns 1..
little Of the necessaries Of lifo for which
the United States was depend dent ON other
countries, while cotton. petroleum and pro-
visions could not be so readily or satisfsc-
torily obtained elsewhere a. in the United
States. There 10. thes efors no possibility
country of It's large and natural portion OF
the worlds gold, unless by coinage 1t went
directly to q silver standard. unless the
revenue laws we're 40 framed az TO make
imports exceed exports permanently, and
that WAS a thing which no political party
| WOulQ uuOsfthke. WIN bOuNO CuITeuoys
foreign gold capital would flow into our
country by The millions for investment.
but with any cheap or uncertain standard
money panies would be an every day oocur-
renee, foreign capital would stand alooi
and foreign creditors would demand the
prompt return of all Investments.
Chandler otfe ed q resolution which was
referred to the committee on privileges and
elections. declaring John Martin not on.
titled TO a sent as senator from Kansas AZ
no legal election was held. Stewart Offer cd
a ,esolution. agreed to. ca ling on the score
tary of the treasury TO, stat ment as sr
silver bullion purchased in July, with
prices. and a. to silver bullion offered fol
sale in tho same month, with prices asked.