New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-02
DANGERS OF FREE COINAGE
SENATOR MORRILLS FARMING
THE VETERAN STATESMAN SPEAKS
AGAINST THE JONES BILL
FoRCIBLE PRESENTATION OF TIE DISASTROUS
POLICY PROPOSED by THE SILVER MEN
FACTS AND FIGURES TO SUPPORT
TIE sorND-MoHEY POSITION

THE SOUND MONEY POSITION
Washington Feb 1-senator Morrill,. Of Yer
mont, the chairman of the Finance Committee.
closed the debate in the Senate to-day on the
Jones free-coinage substitute for the House bond
biD in opposition to the measure He spoke as
follows:
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 con-
sideration, but / hope be parloned for occupying
the time Of the Senate briefly on a top.c to
which 1t no Longer delights to listen ! know that.
as chairman Of the committee referred to- II was
never expected that my views could any be
twisted into harmony with those Of the majority OF
the committee than that the views OF the majority
could be Strengthened out so as to be in tuae with
mine.
The President asked Congress to amend the terms
OF the law under which he is authorized - sell
bonds and to procure gold. 20 preserve the equal
value OF the various kinds Of money now IN the
hands OF our people. that the bonds would
bear lower rate OF Interest. and mature at an -
lier date. Was that not a fair request The ii p
81 Representatives, promptly responded to the Prrsi-
dents demand and supplemented ii with an emer-
gency tariff revenue bill. a permanent RENE
dy against the export OF gold But the Senate Com
mittee on Finance has proposed. as a substitute
for the bond BILL bill for the free coinage Of s!l-
YER something much OF whch IL our present en-
barrassment. This may not be the first time when
bread has been asked for that stone has been pre-
scented but IT is the first time that a committee Of
the Senate seems 10 have perpetrated practical
joke almost good enough for the clown OF Barnums
menager.e
When any circumstances any political admin
istration. for TWO years past comIcls our people
TO practice extreme lest their daily expenditures
exceed their income it will he expected that CON
gress Will show some sympathy with the economical
virtues. and at once cut down any excess Of
or Of expenditure, but a deficient National income
should be not less swiftly remedied than excess.
The present Administration. however. exhibits
bashfu dfidence about acknowledging any def
cheney OF revenue derived from tariff bereayed 81
It's parents in carly infancy. 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 swift a. %
make even the heads Of the keepers dizzy Certain
~ there Is no mathematical equation between The
monthly receipts and monthly expenditures aal the
public debt visbly expands more rapidly than the
public credit.
Changes Of revenue laws OF duties on imports
OF foreign merchandise are always troublesome 10
administer. well both 10 HON" 70 foreign trade.
and are only advisable when demanded by potential
reasons or when substantial improvements VIII just.
fy the changes made. Tho reasons row for change
are abundant but IT may be unnecessary TO mention
more than one. and that IS deficit OF revenue.
REASONS ENOUGH FOR \ CHANGE.
II this Is disputed # Will only be necessary
member that in 1893 there a surplus OF only
s24soco and that there has been a deficit each year
since.
In December 1879. the Secretary Of tho Treasury
estimated a deficit 81 for 1874 o. IS e9oo
and a surplua for 1895 OF t6.i2osas.
The report Of tho Secretary December p 1884,
however showed deficit Of ie9Sl2.2fo and instead
OF n surplus IN 1896 there estimated deficit ~
$50 10000 and an estimated surplus FOR i.; ~ g.
$500
The report Of tho Secretary December 10 lSi.
showed deficit OF so sJ.123 and estimated deficit
for ls9 OF 81 Op0O ana a surplus In ls97 Of g N3 y
II further evidence OF lack OF revenue should be
asked il may Toe found In tho increase Of our pub
lie debt From 1859 to 1893 there was large amount
OF the public debt paid. The present Administration
has already obtained SIC. 90 OF gold for which
bonds have been issued and proposals for one hun
drcd millions more outstanding. This has not
hcen for ordinary expenditures although more than
half OF the amount has been used. but for pur-
pose not less neccssary-thc preservation Of the
public faith and the maintenance Of sound cur
rency The deficit Of revenue should be remcdied.
and early as possible
The financial condition and policy OF France IS
more frequently commended 10y silver orators as an
eyamplo worthy of imitation than the condition and
policy OF any other people; and yet France ahan-
doncd the free coinage Of silver more than twenty
years ago. and never coined silver without cXactng
a sufficient scigniorage to pay for the risk well
as for the expense Of coinage. France has not
Gently furnished any market for silver and has
only kept her old and usual stock In circulation.
Nor Is paper money there redeemed in anything
better than silver. at the pleasure OF the Bank
OF France which often chooses to pay only small
percentage Of gold and the remainder IN silver.
But silver In France Is maintained at par with gold
because the Government long ago suspended its
coinage and because there IS no clustering silver
party and no slver-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 SGs6 $4,000 with SIP OOOCOO Of gold
on the ratio Of 15l2 70 l.
The United States has been the friend and patron
of silver to its own hurt and made large market
for the white metal while many other markets were