The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-01-13
TELLER TALKS ABOUT FINANCE,
More Money Schemes Engage
the Senate.
Seeking Solutions to Remedy Pres ent
Conditions.
House Members Talk About Olso-
margarine and Liquor.

kuttofton WCAo iHtAAy WCh a&tG0 bOaoI III
anticipation OF speech by Senator
German on the currency question. in
which it was thought he would propose
some solution to the problem from q
senate standpoint. Quay spread before
him on the desk . roll of manuscript
which looked like one OF the formidable
and carefully prepared speeches for
which he is noted.
Teller spoke Of the vain and fruitless
efforts Of the executive branch Of the
govern ment to relieve the present dis
trees Of the government aud the people.
Teller spoke causticAlly of q scheme oil
banking coming from the treasury de-
partment. He referred to current re.
port that the bill had been josted of in
80 minutes to stsnogrspher. II wish
to show all due respect to this BILL"
said Teller, coming % it does from
such high sources, but ii su0h meas
ure came from any senator or mem er,
if it came from any Populint, 1t would
be branded as the height OF lunncy."
Teller declared that the currency bill
proposed to inaugurste an old era OF
wildcat paper, and it violated every
principle of finance in this country or
any other.
ONLY SIX WEEKS.
He ridIculed talk about elastic and
flexible currency when banking corpo-
rations had charge OF the elasticity.
''There 10 about six weeks remaining in
this congress-" said Teller. "Now does
any person seriously believe a rsvieion
OF the vast currency system can be ac-
complshed in that time?" The senator
argued it was time the executive au~
thoritiss stopped what he characterized
ss frantic denominations of fright"
Mr.. Teller examined in detail the BIZ
metallic system OF France, under which
that country now enjoyed absolute tran
quillity.
Senator Hawley. Republican Of Con.
necticut, at this point interjected q
narrative of his personal experience in
Paris on the night before France raised
the vast Gum to pay its war indemnity to
| Germany.
Teller argued at length to prove the
low prices of agricultural products today
was the direct result OF the demonetiza-
tion of silver, fret by Germany, then by
tu6 ~ ulbcu Obhtoo huu lhutly ny tno
Latin union. In every country which
had kept its minis open to silver, prices
Of staple products had remained abs0.
lutsly stable during the last two years.
He cited as illustrations of that fact In
dia, Mexico, China and Japan. 1t has
been charged, he said, that those who
were in favor of bimetallism we're not in
favor of sound money. But If sound
| nm ~ WI N ka nPnaarwaA ha ~ ID
the senate it would be preserved through
the efforts OF the so-cRlled silver men.
If the gold basis insisted upon, it would
be found too marrow and the time would
come when an over-issue OF paper money
could NOT be resisted. He described the
| growth of socialism and anarchy in this
country since the decentralization OF
silver; the bitterness that had grown up
between classes. This condition had
been produced by legislation.
DEPLoRABLE STATE OF AFFAIRS.
Are we now." he asked, "to admit
we have neither the wit nor wisdom to
undo what We have done?" Although
his side was not charged with the re-
sponsibility for the present situation,
he, for one, would join with his political
adversaries in any scheme for relief
that appealed to his judgment. But he
had little hope when he saw the senate
of the United States, confronted by such
q situation, supinsly awaiting to see
what Europe would do. 1t was deplor-
able and disgrsceful. A change OF ad-
ministration might aid matters, but be
doubted it. The Last Republican adj
ministrstion was voted out of power,
and he believed it deserved defeat.
Last fall the people had ovorthrown the
| Democratic party in the house because
the Democratic party had shown itself
incapable Of dealing with the problems
before it. As for the Populist party, he
did not believe it ever would be party
OF power, and therefore he believed it
would devolve on either the Republican
or the Democratic party to solve the
problem eventually, when the pressure
| of the people would at last force the
| logical action on this monetary problem.
| Any scheme to secure his vote must be
in line with what he believed to be its
solution.
Teller closed with an eloquent appeal
| to those on the other side of the cham
| Der to present solution OF the existing
| problem which would not surrender all
YER. 1t should be no makeshift, ne tom
! porary expedient. but it should be am.
pie TO avert crsia more dangerous to
the American people than even war.
Lodge Of Massachusetts spoke OF the
danger of srresting appropriations and
thus killing law by stagnstion. He did
not, therefore, approve Of refusing the
| appropriation necessary to execute the
income tax law. The imposition Of q
direct income tax was the necessary re-
suit of abandoning the protective policy
| of indirect taxes. He refevred to the
present cry for currency legislation "a
move intended to cover up the most dis
NAL failure in tariff legislation the
| country has ever seen. The first step to
take to overcome the distress OF the
treasury was to raise more revenue.
None Of these schemes could pass. But
if the one essential thing was done, more
revenue secured for the treasury he and
his associates would gladly assist in
passing measure to accomplish that
end. Such q measure was imperative
instead of any more such bills as the one
''just kicked to death" in the house OF
represent atives.
Stewart OF Nevada followed with 4
speech urging the restoration OF oliver
% the only means OF remedying the
present distressed condition OF the gov
eminent.
At APO p. m. Stewart yielded the
floor to resume Monday and the senate
at 4 :45 adjourned.
OLEOMARGARINE AND LIQUOR.