Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1896-02-06
FREE SILVER SUBSTITUTE
PASSED THE SENATE BY A VOTE OF
AZ TO 35.
Senator Morrill, Gives the Friends of the
white Metal Some Important Facts
Saturdays We Has no Significance
in Business Circles.

Washington, Feb. unfortunately, as
has been repeatedly shown by speeches
In the Senate during the past week. the
passage of the free silver substitute has
no significance whatever 1t will not
affect the financial world abroad or at
nome In any way. 1t is known in advance
that the substitute will be rejected by the
House and Ii Is equally we'll understood
by the friends of sound money that even
could II leap over the barrier of the
House, 1t would meet prompt veto by
the president.
The most interesting feature of the de-
bate was the speech delivered by
the venerable father of the Senate,
Mr.. Morrill, Of Vermont. Despite his IS
years, Mr. Morrill, read with great vgor
and earnestness speech from manu-
script, In tones which could be heard In
all parts of the chamber, and such was
his enthusiasm In his subject that lie FREE
quently left his manuscript and delivered
passages of his speech extemporaneously
The Senate listened with marked atten-
ton, for there is no other senator whose
utterances inspire greater respect
The free coinage bill which has thus
been forced through the Senate will be re-
turned to the House next week and at
once referred to the ways and means COM
mittee, where the bond bill for which it is
the substitute, originated. 1t may be the
Senate's substitute will never escape from
Mr. Dingley's committee. Such Is the dis
approval with which it is regarded by the
republican majority of the House that 1t
is doubtful whether the action of the Sem
ate will receive even the honor of
"a formal consideration by a conference
committee.
Many reports have been made, shroud-
ed in more or less privacy, during the
past month to bring together the di-
vided factions of the democratic party as
represented in the Senate upon some
compromise plan of financial legislation
All these efforts have failed. The result
of these failures and of the vote in the
Senate may have far-reaching influence
In the next presidential campaign.
SENATOR MORRILL'S SPEECH.
Mr.. President. it is proper for me to say
that did not agree with the majority of
the committee on finance in the report
of the substitute for the bill of the House
of Representatives, now under considera-
ton, but hope to be pardoned for occupy
ing the time of the Senate, even briefly on
a topic to which 1t no longer delights to
listen. i know that, as chairman of the
committee referred to, it was never ex-
pected that my views could any more be
twisted into harmony with those of the
majority of the committee than that the
views of the majority could be stralghten-
ed out so as to be in tune with mine.
the terms of the law under which he is
authorized to sell bonds and to procure
gold, to preserve the equal value of the va
rious kinds of money now in the hands of
our people, SO that the bonds would bear
lower rate of interest, and mature at an
earlier date. Was that not q fair request?
The House of Representatives promptly
responded to the presidents demand, and
supplemented 1t with an emergency tariff
revenue bill, as more permanent remedy
against the export of gold But the Sem
ate committee on finance have proposed,
as substitute for the bond bill, a bill for
the free coinage OF silver, something too
much of which is our present embarrass-
ment. This may not be the first time when
bread has been asked for that a stone has
been presented, but 1t is the first time that
q committee of the Senate seems to have
perpetrated a practical joke almost good
enough for the clown of Barnum's menag-
erie.
When any circumstances, or any politi-
cal administration, as for two years past
compels our people to practice extreme
care lest their daily expenditures exceed
their income 1t will be expected that Con-
gress Will show sympathy with the eco
nomical virtues, and at once cut down any
excess of revenue or of expenditure, but
a deficient national income should be not
less swiftly remeded than an excess. The
present administration, however, exhibits
a bashful difidence about acknowledging
any deficiency of revenue derived from a
tariff bereaved of its parents in early in
fancy, but with their hands behind them
they may quietly take whatever money
Congress may place in their hands for the
treasury, where the outflow of gold has
been so swift as to make even the heads
of the keepers dizzy. Certainly there is
no mathematical equation between the
monthly receipts and monthly expend-
lures, and the public debt vlsbly expands
more rapidly than the public credit.
Changes of revenue laws, or of duties
on imports of foreign merchandise are al
ways troublesome to administer, as well
both to home as to foreign trade and are
only advisable when demanded by poten-
tial reasons or when substantial improve
ments will justify the changes made. The
reasons now for change are abundant, but
81 may be unnecessary to mention more
than one, and that Is deficit of revenue
If this Is disputed, IT will only be neces-
sary to remember that in 1898 there was a
surplus of only $2,i16OO0. and that there
has been deficit each year since.
In December, 1898, the secretary of the
treasury estimated deficit of revenue for
1894 at $2S,00O,OOO, and a surplus for 1895 of
$6,12O,95S.
The report of the secretary. December 3.
1894, however, showed a deficit of 500 $685.
2GO and instead of a surplus in 1895 there
was an estimated deficit of $50, 900 900 and
an estimated surplus for 1896 Of S2S S14, 92O
The report of the secretary December TO-
1885, showed deficit of $i2, S05, 223 and es-
timated deficit for 1886 of sl7. 900 900 and
surplus in 1897 of $6.9Os, SO.
III further evidence of lack OF revenue
should be asked, it may be found in the
INCREASE OF OUR PUBLIC DEBT
From 1889 to 1898 there was large amount
of the public debt paid. The present adj
ministration has already obtained s1G2,-
100000 Of gold for which bonds have been
issued and proposals for one hundred
millions more are outstanding. This has
not been for ordinary expenditures, al
though more than half OF the amount
has been so used but for a purpose not
less necessary-the preservation of the
public faith and the maintenance of a
sound currency. The deficit of revenue
should be remedied. and as early as pos
sible
The financial condition and policy of
France Is more frequently commended by
silver orators as an example of worthy
imitation than the condition and policy
of any other people; and yet France ADAM
doned the free coinage of silver moro
than 20 years ago. and never coined silver
without exacting a sufficient seigniorage
to pay the risk as well as for the expense
OF coinage. France has not recently fur
nished any market for silver, and has only
kept her old and usual stock in circula-
ton. Nor is paper money there redeem
ed In anything better than silver, save
at the pleasure OF the Bank of France.
which often chooses to pay only small
percentage OF gold and the remainder in