The morning call., 1893-08-22
Morrill, of Vermont on
Honest Money.
HE is A FRIEND OF SILVER.
But He Believes That the Time Has
Come Now to Apply Drastic
Measures.
Special TO THE MORNING CALL.

bank circulation.
Chandler offered resolution. which was
referred 10 the Committee on Privileges
and Elections, declaring that John Martin
was not entitled to a seat as Senator from
Kansas as no legal election had been held.
Stewart offered resolution, which was
agreed to, calling on the Secretary of the
Treasury for statement as 20 the silver
bullion purchased in July, with the prices,
and as to the silver bullion offered for sale
in the same month, with the prices asked.
The Finance Committees bill, reported
on last Friday, discontinuing the purchase
of silver bullion, was then taken up so as
to afford Morrill, an opportunity of ad-
dressing the Senate in favor Of the bill.
He first. however. asked and obtained an
indefinite leave Of absence. remarking that
he was In the Senate chamber to-day
against the advice of his physician. He
then proceeded to read his speech, bear
ing the title, Sound Monsy Cheats No
body"
The Senator said he had not vet aban-
doned all hope for bimetallism, and for that
reason 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 it had caused. The
country would continue to be dependent
on paper as we'll as silver and gold, and
as the silver dollar would not be demone-
tized thereby whenever more silver could
be coined and utilized without crowding
gold to a premium it would be done by
universal consent But the treasury
should be relieved from the embarrassment
of furnishing 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 it
would bring with it single silver stan
dard.
There had been, from 1878 to 1898. some
42O. .000, 600 silver dollars coined, with a
difference between their face value and
the present market value of SIG. 000.0 600, a
depreciation of over 40 per cent The
stock of bullion and silver dollars now on
hand. if placed in the hands of a receiver,
would exhibit melancholy loss. The
delusive efforts made by all the power and
prestige Of the National Government to
enhance the value OF silver showed that
the universal law of supply and demand
was still iuvincible and could not be set
aside even by the dynamics of legal-tender
laws. Every milestone along the dreary
track of the unsuccessful experiment
marked ste D downward in the depree-
alton of silver.
Foreign nations would not he persuaded
to adopt any measure of relief in favor of
silver by the fact that it might afford some
relief to the United States; but they would
do much for their own relief,
"The repeal of the silver-purchasing
clause In the act of 1890 would give US prac-
tical force. so long nanifestIy disregarded
in the final determination of the silver prob
lem, and Europe. after all. to provide for
its coming financial necessities, was most
likely to reach the conclusion that silver
should not remain obsolete and useless ex-
cept as commodity.
He did not favor bimetalIsm without an
increase of silver in the silver coinage, as
without such increase 1t would be imp posi-
BILE 10 maintain the parity between gold
and silver. even with the cooperation of
many nations, nor could he favor the free
coinage of silver by the United States
alone. were the ratios between the TWO
metals to be advanced from 16 to 25 to !,
or even % to l, for the reason that the
present colossal output of silver could not
be absorbed by any single nation. and the
preposterous attempt to absorb 1t on our
part might win a smile from the Governor
of Colorado, but it would provoke the ridi-
cue of the commercial world, and inexora-
bly, cause the further depreciation OF
silver. No remedy would nave a prosper
Gus ending which did not squarely and
fully recognize the existing eXtraordinory
magnitude of the amount of silver which
must be furnished with new market. 1t
the United States should tamely assume
the burden OF a MONOPOLY of silver, that
fact might induce France and other
nations also to join the gold monometal-
lists of Europe.
There were now few of the necessarles
of life for which the United States was
dependent on other countries, while co.,
ton. petroleum and provisions could not
be so readily or satisfactorily obtained as
in the United States. There was, there
fore, 10 possible combination OF circum-
stances that could deprive this country Of
its large aud natural share of the worlds
gold unless. by free coinage, it went
directly to the silver standard. unless the
revenue laws were so framed as to make
the imports exceed the exports perma-
nently land that was risk which no polit-
cal party would take). With sound cur
rency foreign gold would flow into our
country by millions for investment; but
with any cheap or uncertain standard of
money pancs would be an everyday oc-
currence, foreign capital would stand
aloof and foreign creditors would demand
the prompt return OF all investments.
An international agreement was the
best hope for the permanent resuscitation
of silver, and after proper national action
here on our part the chances for resuscita-
ton will be greatly multiplied. Other
nations will have an equal IL not greater
responsibility. 1t may be called bitter
remedy to stop purchasing silver. but
without it.the caseiis hopeless. In all the
world we are now the only purchaser of
silver. To cease from it might Temporal
rly cheaper the price, but to open our
mints to free coinage would permanently
cheaper the value. as the accumulation of
silver in our hands has already sufficiently
demonstrated. In the language of Burke,
"a wise and salutary neglect" is
the highest service we can now render
TO silver. The crucial test is whether we