Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-10-04
Senator Morgan'S
/.
] Great Speech
At Troy.

The following is the full and authentic
text of the. speech delivered by Senator
Morgan at Troy Saturday. September IS:
To one who has listened for twenty
years in the senate to the debate that
has now come on to engage the thoughts
of every reasoning mind in our country,
and great numbers of great thinkers
throughout Christendom, it seems Won
derful that field of discussion is yet so
broad, while the real question now being
passed upon by the people, is so simple
and plain.
Twill state it, in two words, which cover
all its length and breadth and depth.
Those two words are sought to be en-
bodied in our present statute law. They
are the words "or silver" The law now
in force, (which is thus sought to be
amended, was enacted by congress on the
18th of February, 1873, in these words:
Section 1913. Any owner of gold bullion
may deposit the same and at any mint,
to be formed into coin or bars for his
benefit.
If this great controversy and commo-
ton is settled by the vote of the people
in favor of the platform of the Chicago
convention, congress, with the approval
of the president, will insert those words,
''or silver" into this law, and that will
end this controversy. The law will then
read as follows: ANY owner of gold or
silver bullion may deposit the same at
any mint to be formed into coin or bars
for his benefit"
Three great precedents exist in our ma
tional legislation in direct support of this
amendment, and not a single act of con-
gress except the black act of 1873, is
against it, and that act is against it, only
as to the standard silver dollar. The
fourteenth section of the act of April 2,
1892, approved by George Washington,
president, is as follows: THAT it shall
be lawful for any person to bring to the
said mint gold and silver bullion, in order
to their being coined: and
that free of expense to the person or per-
sons by whom the same shall have been
brought"
This was the first coinage law after the
government was oragnized, and 1t is from
this law that we get the idea and express
sion, "the free coinage of gold and sill
ver."
The law stood in this shape until 1887
period of forty-fve years, when our
population had grown from 100000 to
14000 000-when it was again enacted by
congress in an amended coinage law, ap-
proved by Andrew Jackson, president on
the 18th of January in the following
words THAT gold and silver bullion,
brought to the mint for coinage, shall be
received and coined by the proper Off
GERS for the benefit of the depostor"
In 1858, twelve years later, when our
population had increased to 25.00OO0O Mr..
Fillmore, president. approved a bill
passed on the Sd of March establishing an
assay Office at New York. That bill pro-
vided That the owner, or owners of any
gold or silver bullion, in dust or other
wise, or of any foreign coin, shall be en-
titled to deposit the same in the said Of
flee, and the treasurer thereof shall give
a receipt stating the weight and descrip-
ton thereof. And such bull
lion shall be melted, parted, assayed and
refined and the net value thereof and of
all foreign coins shall be ascertained, and
the treasurer thereof shall forthwith is
sue his certificate of the net value there
of, payable in coins of the same metal as
that deposited to be ex-
pressed in the certificate, which certif-
Gates shall be receivable at any time
within sixty days from the date thereof
in payment of all debts due to the United
States at the port of New York for the
full sum therein certified"
This law again re-enacted the free coin
age of silver and gold as the right of the
owner of the bullion, or foreign coins,
and extended it to every form of silver
and gold, In dust or otherwise. Old Jew
elry, plate and base metal, either of sill
Nsr or gold. were invited to the minis for
coinage. The United States was then
producing $60,000,000 in gold and $4,000
in silver; in both metals 60050OO0
In the next period of twenty years,
from 1853 to 1878, the United States in
creased its production of silver annually
until, in 1878, we produced $685. 900 in
gold and $S5,750,00O in silver; in all ST.
10000.
This increase of silver production is a
very important fact, as will be presently
shown, in ascertaining the reasons that
lay at the bottom of the black act of 1873.
Silver had then come within $250,000 of
parity of production with gold in the
United States, and was worth more than
per cent premium over gold
1t was then Gin 1879 full legal tender
L.
debts were, by statute and on their face,
payable in coin.
Now we see, by simply reading these
rows, that for eighty-one years (from
1872 to 1879 gold and silver had equal
privileges of free coinage at our minis.
We know that during all that time
there was no friction between gold and
silver; and no legislature, convention,
statesman or citizen had any fault to find
with silver as full legal tender money.
From 1892 to 1898 200 years.
we coined in gold. 81, III, $50, 2SS
And in silver. ............... 675,954, 22l
Excess of gold. 81, 035, 1926, 067
In the same period we pro-
duced in gold. .............. 81. 973, 1856, 1853
And in silver. .233, S49. 900
Excess of gold. $739, 1897, 769
We coined all our gold ex-
cept...... ............@ zol,950.fol
And all our silver except. 557, S94,779
5 81S, $50, 260
Since 1892 we have produced
(goId and silver. ........ SO, POI, 6S5. 769
We have coined. ............. 1857, $40
Leaving for arts and export
in bullion. |ol5,Jll,o1J
We are said to have now in the United
States in gold of coin and in bars from
our minis and in foreign gold coin and
bars, all of which is called circulation"
but is not so in fact, $3.50, 275, 057. a loss in
gold coin of $1.231 605,231 to the ctrcula--
ton; and we have, say 10000, 600, locked
up in the gold reserve; total loss of gold
coin to the country in 100 years of 81 49,
Coz, 231.
United States $500,011. 1872 a loss OF silver
coin In 100 years of SITS, 1881, 43S, and loss
of silver bullion of $723,838,218.
The total of silver coin and bullion In
the United States November 1. 1885, as
given in the mint report, was $625, 627, 097.
Tt is this fund that supplies the govern
Inent with the means of existence, as 1t