The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-22

9enator Morrill, Takes His Text "Sound
Money Cheats Nobody"

| eenator Morrill, Take. as His Text Sound
Money Cheats Nobody"
WARRINGTON. Aug 21.-In the Senate to-day
| Mr. PETER Pop. Kan.) offered q substitute for
the bill to increase national bank circulation.
| NJ. Stewart rep. New offered resolution.
which was agreed to. calling on the Secretary
OF the Treasury for q statement as to the sill
YER bullion purchased in July. 1893. with
prices. and as to the silver bullion offered for
sale In the month. with the prices asked.
The Finance Committee bill reported last
Friday disseminating the purchase OF silver
| bullion was then taken VI. to afford Mr.. Nor
| rll rep. ILL an opportunity OF addressin G
the Senate in favor Of the bill. He first. how
| ever. asked and obtained indefinite leave OF
absence. remarkng that he was in the Senate
cham Der to- day against the advice Of his ply
sician. He then read from slips his speech.
bearing the motto. Sound money cheats no.
body"
Mr. Morrill, raid that he did not yet abandon
all hope OF bimetallism. and that therefore.
he should gladly vote for the repeal Of so much
OF the act OF 1890 as required the purchase of
silver. 1t had not originally received any IA
vor from him. and the wide distrust which it
had excited should be speedily removed After
it's repeal the country would not be dependent
upon gold alone for currency, as there would
be much more Of silver than OF gold and more
OF paper currency than ever before. and as the
silver dollar would not be demonetized. when
ever more silver could be coined and utilized
without crowding gold to premium, 1t would
be done by universal consent: but tho Treas
ury should be relieved from its EN- barrass-
ment OF furnishing gold to pay for silver bull
lion. To maintain silver. with the existing
standard. on parity with gold. while increas-
ing the public debt by the daily purchase OF
over five tons OF silver bullion. the Treasury
notes for the payment Of which were practically
redeemable in gold. was too heavy task and
pealng to Congress. AS to the declaration OF
the silver mine owners that they would not
consent to the repeal OF tho act of 1890 with
out Il satisfactory substitute. he said that the
only satisfactory substitute indicated by them
--iree conage-was the very measure most
it the single silver standard. The coin would
then be legal tender. but would be by no
an insane asylum would, receive the silver
coins of Mexico. India, or Peru for more than
their weight value nuLi"h AitSr IqGGng
said: ''N ''''' % ~ ' 80
Of reducing no value Of silver ard 4 ny any means
the product we're now TO be ineLeassa an
las been rom 1915 10 1898. some 42O.oooooo silver
Sa. .SS hs or
Ia 20 Cd pr s?Ss the ana.
OF receiver would exhbiI = meIanenoy loss The de-
IKE '" the n"ous Goves"mtns snh"nss
tic value OF silver showed that the universal
law OF supply and demand was stu invincibe and
could not be set aside even by the dynamlCs OF legal
tender Jaws Every milestone along the dTeAry track
of those unsuccessful experiments marked sep
downward IN The depreciation OF silver repeal "f
NV. us u practical force. 50 lonR mhniestly disre'
yarled in The nnaI determination OF the silver prob
sa n.acssses Viii s most likely to reach the
thai sil, snnuId not remain obsolete and
useless only AS commodity, ~. ,.,.... -. =.
cannot how ever favor bimetallism without an In
In silver coinage as without an increase
in SILVER coinage II viii be Impossible to MAINTAIN any
parity between gold ana silver even WIN tne co3pern
by the United States alone II the ratIo Detweth
the two metals TO be advanced from ~ TO 70 10 ]. or
output OF silver could NOT be annually absorbed by any
sin2. nation. and rrepcSterOus attempt 10 absorb II
our part might win a smile IRON the Governor or
UluraiO but would provoke mo rIdirnle OF Inc com
crcal OTl and inexOrnby Cause It's further depre'
clatlon. No remedy would have IFosperont ending
winch did not Sqnarely and AMY Fee"pnMe me exist
in. extraordinary magnitude OF "a" amount OF shNer
MGIch must be furnsned with u new market If tho
Ited Statrr should thmey assume The Dnrhch "i q
other nntVns also TO Join tho gold monomelalihls or
T.re is now little OF the necesSaries Of life for which
the United states dependent on other countries
while cotton petroleum. and pnNsloDs cannot De 50
rradF satisfactorily obtained elsewhere as ~ the
ned states There ~ 'h-retHrr no p"SS'o2 i OF
large rational share of the world go d. unless ny
Tree coinage II went directly ~ thc.Su,er standard
IN" IMPORTS exceed the exports nAnen aka thht
II risk which no political party "onld rage Win a
sound u'rrncy Inretgn 30 Il calllhl Woula mnm ato
our country by millions for investment Out WIN any
cap uncertain standard ni m0ney Ihhlcs woull
be mn e'erS.day occurrence and foreign chpta wOnu
stand Aloor and foreign creditors would demand
pTutnpt return OF NIL tnvrhtments
We'll understand that II Will BIO necessary 10 enlet
In any International agreements conIiaerAo!s numpss