The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-08-22
IN rBE SENATE


Morrui spsaks f1r sound Money-vots
on senators w Wednesday.
WASHINGTON CrTy, Aug. 2l.-The pro-
eeedings of the senate today did not excite
| any unusual interest. PETER offered n sub
| stiiute FOR the bill to increase the national
| bank circulation.
| Chandler offered q resolution. which was
referred to the committee on privileges
and elections. declaring John Martin not
entitled to seat rs senator from Kansas.
| as no legal election was held.
Stewart offered resolution, which was
| agreed 10. calling on the secretary Of the
| treasury for q statement as 10 the silver
bullion purchased in July, with prices. and
| rs to the silver bullion for sale in the same
month. with the prices asked.
The finance committee bill. reported last
| Friday, disseminating the purchase of sill
YER bullion, was then taken up so rs to af-
| ford Morrill, an opportunity of addressing
| the senate in favor of the bill. He first.
however. asked and obtained indefinite
leave of absence, remarking that he was in
the senate chamber today against the ad-
vice of his physician. He then proceeded
to read a speech bearing the motto, Sound
| money cheats nobody"
Morrill, said he had not yet abandoned
| all hope for bi-metallism, and for that rea-
con he would gladly vote for the repeal of
so much Of the act of 1890 as required the
| purchase of silver. in order to remove the
| wide distrust which il has caused. The
| country would continue to be dependent
on paper as well as silver and gold. and as
| the silver dollar would not be demonetized
| thereby, whenever more silver could be
| coined and utilized without crowding gold
| to q premium IL would be done by uni
versal consent, but the treasury should be
| relieved from the embarrassment OF fur
nishing gold to pay for silver bullion.
| The substitute which the silver mine
| owners demanded for the repeal OF the
| purchase clause, he said, was the very
| measure most feared by the country. as 1t
would bring with 1t q single silver stan
dard. There had been from 1875 to 1893
some $50 000, 900 silver dollars coined
with a difference between face value
! ana present market value Of $fT6, 600. 0oo.
depreciation Of over 40 per cent The
| stock of bullion and the silver dollars now
/ on hand. II placed in the hands Of
a receiver. would exhibit melancholy
| loss. The deiusive efforts made by
all the power and prestige of the national
| government to enhance the value OF silver
| shows that the universal law Of supply
and demand was still invincible and
| could not be set aside even by the dy-
manic Of legal tender laws Every mile
stone along the dreary track of unsuccess-
full experiment marked a step downward
| IN the depreciation of silver. Foreign ma
| tions would not be persuaded to adopt any
measure OF relief in favor of silver by the
| fact that IL might afford some relief to the
/ United States, but they would do much
| for their relief The repeal of the silver
| purchasing clause in the act of 1890 would
| give us o practical force, 40 long mani
! testify disregarded. In the final determine
/ ton Of the silver problem. and Europe,
| after all, to provide for its coming finan-
ciai necessities. was almost likely TO reach
| the conclusion that silver should not re-
| main obsolete and useless only as a COM
modify. He did not favor bi-me,allism
without an increase OF silver in silver COIN
/ age, as without an increase It
/ would be impossible to maintain par
| ity between gold and silver, even with the
cooperation of many nations: nor would
| he favor the free coinage OF silver by the
United States alone were the ratio be-
/ tween the two metals TO be advanced from
| rs to 25 to 1. or even % to 1. for the
| reason that the present colossal output
| OF silver could not annually be absorbed
| by any single nation. and il Is prepos-
ferrous to attempt TO absorb IL on our part.
| 1t might win q smile from the governor
| of Colorado, but it would provoke ridiculs
| IN the commercial world and inexorably
| cause its further depreciation. Noremedy
| would have a prosperous ending which
did not squarely and fully recognize the
| existing extraordinary magnitude OF the
! amount of silver which must be furnished
with q new market. IL the United States
| should tameiy assume the burden OF q
| monopoly of silver that fact might induce
| France and other nations also to Join
! the gold monopolists of Europe There
was now little OF the necessaries Of
| life for which the United States
| was dependent on other countries.
| while cotton, petroleum and provisions
| could not be so readily or satisfactorily
| obtained else " here as in the United States
/ There Is, therefore, no possibility Of cir
/ cumstances arriving that could deprive
| this country OF its large and natural share
| of the worlds gold unless by coinage IL
| went directly 10 silver standard, or I'M
/ less revenue laws were so framed as to
| make i'm ports exceed exports permanently.
/ and that was the thing which no political
| party would take with q sound currency.
| Foreign gold capital would fow into our
country by millions for investment, but
/ with any cheap or uncertain standard of
1 money panics would be an every day oc-
| cnrrence, foreign capital would stand aloof
/ and foreign creditors would demand
| prompt returns on all investments. Inter
| national agreement 10 the best hope OF
| permanent restoration, Other nations
| will have an equal II not greater RESPONSE
| bility IL may be called . bitter rem
edy TO stop purchasing silver, but
| without IL the case IL hopeless.
| II In all the world We are nov the only
| purchasers OF silver. 70 cease from 1t might
temporarily cheaper It's price. but 10 open
| our minis 10 its free coinage would per-
! rnanentiy cheaper its value. as its solitary
accumulation in our hands has already
| sufficiently demonstrated. In the Ian.
guage Of Burke. "a wise and sslutary neg.
| lect'' is the highest service we can now
| render 20 silver. The cruicaI test ID
| whether we are or are not 20 drop the bi