The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1895-01-13

Of The aseheme Of banking coming HOE Ine
treasury Department He EeIeffel 70 s1s
current reports thai The biii Dao os~H !''Ae4 u
IN snirsy minutes 10 sseaograboee.
mT wtsh IN show ali due respect 10 HIS Dill
80 7-atf.r looming as l. does from suen higa
x0nrees- but il such measure came HON ehJ
sagator or member. Il Il came from any foPo.
nxr II would ee braided az the nclkI- VI
luGaey-7 -, 80
teller declared that the currency OH pro
uosed 70 iaauzuFaEe the Old era O "i11
paUer. Il violated every prI1eiple o. EoADSe =
ms country or any oIher- he ridIeuieo tn7
- ahour .s..srtcsI aud "Eextble' eETTsSeS'
when banking corporations had c1aIEs q TIC
elasticity $50.
ssThere Es about SIX WeeEs remaining IN IBIS
coarressn said Teller. Nov, does any per
son seriously believe revision OF the F2sl GU
rssey system can be accomplished Ii maj
time ?s The Senator argued il was TINE ne
executive authorities stopped Ehaf Ne enzse1
tertzed 2. frantic cemonssrztioas Oh iFlg1t-
Teller examined IN detail the bin1eiailIc s1s-
tar. ~ Prsnee uuoer which that country now
60 loved absolute tranquility. ana az This poia1
senator 6zEfey OF Connecticut tHtsF1scseo
narrative Of his personal experience IL F&fIs
on the night before France raised the VAST sum
10 pay It's war Indemnify 20 Germany
Teller argued al length 10 prove IhzS me 10"
prices Of agricultural products today was thS
direct result Of the 6elonetiZstto1 Oh SILVER.
first By Germany, then By the United states aaa
lastly By the Latin Union. In every country
which had kept It's uinIs open TO silver. prices
OF STAPLE products had remained ABSOLUTELY
stzple during the last twenty-five years he
eiled a. illustrations Of that f2eS, India Mex
leo. China and j pan. Il has been charged ne
said, that those who were in favor OF plmet2l-
lfsn were not in favor Of sound money. But II
sound money was 10 BE- preserved ne warned
the Senate il would be preserved through shs
efforts Of tue so-eaIIed silver men.
Ii the gold basis was insisted upon II would
be found TOO narrow, and the tine would come
when al overIssua OF paper money could not
be resisted. He described the growth OF social
ism and anarchy Ia this country since the
Decentralization Of silver and the bitterness that
had grown up between classes. This condition
had been produced by legislation. Are We
now" be asked, 80 admit We have neither the
wits 0OT wisdom TO undo what We have done p
Although bis side was not charged viii the
responsibility for tie present situation, ne, Tor
one, would Jcia with his political adversaries In
any scheme OF relief that appealed 10 bis 1uog-
menl. But he had little hope when be saw the
/ Senate Of the United States confronted with
such a situation s0pin=Iy waiting 10 see what
I Europe would DO. Ii was depiorabie ana dis
/ graceful 4 change Of administration might
| aid matters, but ne doubted it. The last Re-
publican administration was voted ont OF power,
and he believed Is deserved defeat
/ Last fall the people had oTerthrown the
/ Democratic majority in the House because the
Democratic party has shown itself incapable
I OF dealing with The problem before H. As Tor
/ the Popullst party ne did not believe X ever
/ would be a party Of power, and therefore ne
/ believed il would de7olFe OF either the Repuo-
/ liean or Democratic parry TO solve the problem
eventually when The pressure OF tue people
would al last force logical action on this
/ monetary problem. Any scheme, 10 secure his
/ vote, must be in line with what he believed 10
/ be its solution.
/ Teller closed with an eloquent appeal 10 those
/ on the other side of the chamber 20 pre-
| sent a solution 70 the existing problem
/ which would not surrender silver Ii should
/ be no makeshifT, no temporary expedlenf. but
/ il should be ample 10 avert crisis more Ian
| gerous TO the American people than even war.
/ Lodge (R-) Of Massachusetts spoke OF the
| danger Of arrestng appropriations and thus
| killing law By sIagnaIion- He did not. there
| fore, approve of refusing the appropriation
/ necessary 70 execute the income tax The i'm
position OF direct income tax was the Beees-
| sary result OF abandoning the protective policy
| Of indirect taxes. he referred 10 the present
cry for currency legislation as move intended
/ TO cover up the most dismal failure in tariff
legislation the country had ever seen. The
first step 10 take 10 overcome the distress OF
the treasury was TO raise more revenue.
! None Of these schemes could pass. But II the
one essential thing was done and moLe revenue
! secured for the treasury he and his associates
| would gladly assist IN passing a measure TO
| accomplish that end Such measure was i'm
! perative instead Of any more such bills as the
one lust kicked 10 death" IN the House OF
Representatives.
Stewart Of Nevada followed with a speech
urging the restoration Of silver as the only
means OF remedyinz the present distress in the
condition OF the Government.
At4.2O O'Clock Stewart yielded the floor to
resume Monday and the Senate at AS P. II.
! adiourned