The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1896-02-05

| age OF silver. Inls report tn0 o'""'o
had under consideration last week. ana
the substitute measure was passed by
vote of forty. three to thirty four
In the course of the debate Senator
Morrill,, chairman of the finance COM
mittee, made speech against the
measure that was strong not only in
the restatemeut of the argument
against free coinage, but in the employ
ment of vivid and cutting characterize
ton of the folly and absurdity of the
proposed measure The substitute bill
not only presented stone when bread
was asked, said the senator, but the
senate's finance committee had perpe-
trated practical joke worthy of a cir
Gus clown.
Changes in revenue laws are trouble
some. The reasons for change now
are abundant, but the senator found it
necessary to mention only this one:
ut will only be necessary to remember
| that in 1893 there was surplus OF only 81
416, 600, and that there has been a deficit
each year since. In December, 1893.
the secretary of the treasury estimated
deficit Of revenue for 1894 of S2S0OO,0OO,
and surplus for 1895 OF So 120,95S. The
| report of the secretary, December 3,
1894, however, showed deficit of S69,SO3,
| 260 and instead Of a surplus In 1895 there
| was an estimated deficit of 800 900, 600, and
an estimated surplus for 1895 of S2S,-
| 8l4, 800. The report of the secretary, d.
cember 10, 1895, showed a deficit OF $42,-
| i'm or 1 q 1afinit for 1SnH NJ
$17 900 900 and surplus in 1897 OF S6,-
| 908, 926. 49,"
Further evidence of lack of revenue
was found in the increase of the ma
tional debt by 1852, 100000 aud the
proposition to add 800 900 900 to this
| increase.
The argument for free coinage drawn
from the example of France was pune
tured with this ncsive statement:
"But silver in France is maintained at
par with gold because the government long
ago suspen ded its coinage and because
there is no clustering silver party, and no
silver plated democratic party there daily
striving to pull down their money standard
to that of deprecated silver; but they keep
silver TO the amount of 1886, 100000, with
$772, 0O0,O 900 of gold, ON the ra 10 of 10y to L."
The injury resulting from this gov
ernment's investment of 100000, 900
in silver would appear as drop in
the bucket" compared with the disas-
tiers that must flow from he enormity
OF the present Jroposal":
1.-THE vast product, whether in silver
II To- Nl..
sion of the government, must stay there
| forever, defunct as an Egyptian mummy, as
the public long ago refused to aid in its
larger practical circulation. III an individ-
| ual spendthrift were to make like exhibit
ton of incapacity to manage his financial
| affairs, there is not a court of any state hav-
| ing Jurisdiction of the subject that would
refuse, if asked, the appointment Of guar
dian"
The Old arguments relating to the eff
feet of free silver upon wages and the
prices of products were forcibly restated:
1.-THE feeble pretense that free coinage at
| the ratio Of 16 to would not deprive silver
money of its parity with gold never became
respectable by its repetition, and is no
| longer serviceable even in support of a wild
and ponderous experiment. Seven hum
| dred grains of pure silver may be had in
any market for 81, and when we are fanat.
ically urged to coin silver legal-tender dol
lars containing only BIT grains OF pure sill
yer, obviously it must be- expected that
some people are to find pleasure in being
cheated, as well as those who cheat"
"The bimetalism of free coinage ad-
vocates," of both gold and silver, under
the existing ratio, the senator charac-
terized as IAN organized hypocrisy"
Respecting the annual gold product and
gold itself the senator said:
"The tired out accusation that dimiu-
ished product of gold had greatly aug
mented its value has been refuted by the
high authority of Mulhall, according to
| whom the worlds total stock of gold in 1850
/ was 50 ,535 10000 and in 1890 it had in
creased to S5,175 900 900, and has been in
creasiug annually ever since. Gold is
wholly democratic in its character, a good
neighbor and never pushes silver from its
company. 50 long as just ratio is main
tanned, gold willingly does the heaviest part
of the work. Deprecated legal-tender
money, whether silver or paper, tolerates
no gold"
OF the republican party's position
with reference to the money metals, the
senator said:
There are some gentlemen who conf
IDENTIFY predict the overthrow of the gold
standard party, as though that would in
sure the enthronement of the single silver
standard party. / am not aware OF single
gold standard party in America but there
is large party-the national republican
party-now in excellent health, which pro
poses to main tain both gold and silver in
circulation, and to keep both metals in
good health The recent elections appeal
to show that the people have great conf
dence in the republican party, and thu
nations financial. affairs will be intruseC
to that party and to no other The election
OF republican governors in such states al
New Jersey, Maryland. and Kentucky indi
Gates that the old wing states of the Soutf
are wheeling into line with their former
brethren on questions which concerns theil
industrial prosperity. The solid republican
representative delegations in congress can
not be much of an encouraging sign to thu
new and nameless silver party; but there
they stand, look at them Michigan, will
its twelve members; Wisconsin, with ten
Indiana, with thirteen; Iowa, with eleven
Minnesota, with seven, and many othe
, | ama1lar atataa N which NAV "a ad1a1 an ri