The Providence news. (Providence [R.I.]) 1891-1906, 1896-02-01
THIRDEDITI0N
3:l5 O'CLOCK.
FROM MORRILL,.
Senate Speech on Finan-
cial Situation.
The Venerable Senator Com
manded Attention.
When Bread Was Asked for and a
Stone Was Presented.
When Bread Was Asked for and a
Stone Was Presented.


o'clock this morning, when the Senat.
chamber is usually given over TO the
pages, Senator Jones of Arkansas, the
commandments of the silver forces,
was at his desk. AT IL O'Clock the SEES
sion was resumed. Under the parlia
mentary fiction it was still the session o.
Thursday, as no adjournment had been
taken until then.
There was but scanty attendance on
the floor and In the galleries, but the
chamber gradually filed as the session
proceeded. There was no prayer or rou-
tine owing to the parliamentary statute,
and Mr.. Morrill,, chairman of the finance
com mittee, took the floor for his speech,
which had been announced as the last OF
the long speeches OF the debate. Greai
interest attached to Mr.. Nor lips remarks,
owing TO his continued vlgor at tne az
vanced age of So and his long participa-
ton In the great financial struggles OF
Congress. lie spoke from manuscript
with a clear voice readily heard in every
part OF the chamber.
Occasionally he put aside his notes and
emphasized his remarks with emphatic
gestures.
At the beginning, Mr.. Morrill, stated
what the President has asked Congress to
do in regard TO the anences and he said
"Was that not a fair request?'
The House had promptly responded to
l5e Presidents demand and supplemented
it with an emergency tariff revenue bill.
The Senate finance committee proposed as
a substitute for the bon bill a measure
for the free coinage OF silver.
This, he said, "may not be the first
time when bread has been asked for that
a stone mas been presented. but it IL the
FIRST time that a committee OF the senate
seems TO have perpetrated a practical Joke
almost good enough for the clown oil
Barnum's management"
The Senator thought that a deficient
national income should not be less sai ftly
.emedied than an excess and In this con-
nection he said: "The present admins
~tration. however, exhibits a bashful uiffi-
dence about acknowledging any de-
t~iciency Of revenue derived from a tariff
bereaved of it's paEents+R-esFy- infancy,
but with their hands behind them they
may quietly take whatever money Con.
gress maY place in their HANDS for the
treasury whore tue outflow of gold has
been so swiA as to make even the heads
OF keepers dizzy. Changes of revenua
laws, or Of duties on imports of foreign
merchandise are always troublesome TO
administer as well both TO home as to
foreign trade, aud'are only advised when
demanded by potential reasons or when
substantial improvements will justify the
changes made The reasons now for
change ere abundant
Quotations were then made from re-
ports OF Secretary Of the Treasury, show
ing the deficiencies In revenue for 1854
ana 1895 and TIE Senator said that il fur
ther evidence OF a lack OF revenue should
b. asked, 1t must be found in the in
crease In our public debt. The deficit OF
the revenue should be remedied rs early
as possible.
Reference being made to the financial
policy and ccnditio lou of France, it was
asserted that silver, in that unit Is
maintained at par with gold because the
government long & suspended its coin
age.
because there is no clustering silver
party sffd Mt silver ptutet Democratic
party there daily striving TO pull down
their money standard 10 that OF depreci-
ated silver, but they keep silver to the
amount of 1880, 000, OG0 with s772, 900, GOO
OF gold on the ratio 15lo 10 /.
"The United States has been the friend
and patron Of silver to its own hurt and
made a large market for the white metal
while many other markets were closed.
1t has coined silver by the million and
kept. it with all of our currency at an equsl
value with the best money OF the world. +"
Under the free coinage substitute for
the House bond bill, It was conteaGed
that the governdent will be required
TO run In debt for what il does not want.
"If our late investments of nearly 5000, :
600, 900 in silver bave been VIGOROUSLY
improvident and Improbable, the dis
astrous results will appear as a drop in
the bucket when compared with what
must follow from the enormity of the
present proposal, which is TO open all Of
our minis to the free coinage not only
OF our own silver product, but, that also
nj Ill Tho NpnrlA axnIpAfnn NAlnIu frnV,
Dan 10 Beershebs, and to tempt a great
increase OF the annual product botn at
home and abroad by Offering United
States obligations for 1t ut double the
sum IL now commands in any other
market. "The vast product. whether in
silver bullion or silver dollars, once in
the possession OF the government, must
mummy, as the public long ago refused
to aid In lis larger practical circulation. +"
In concluding, he said in part:
There are some gentlemen who contf-
IDENTIFY predict the overthrow of the gold
party, as though that Will en-.
sure the enforcement Of the single sill
yer standard party. 1 an not aware OF a
single gold standard party in America,
but there Is a large rarty-the National
Republican pafty-now in excellent
health, which proposes TO meinlain 10th
gold and silver In circulation, and TO Keep
both metals I'm coed teslth. The recent
elections appear 10 show hatIhe -rroT II
have great coDiderce in tbs Republican
party, and the nations financial affairs
will be intrusted TO that tafty and to
no other. Ths election OF Republican
Governors In such ststev as New Jersey,
Maryland and Kentucky iudicatts that
the old Whig states Of ihe south are
wheeling into lire with eeir former
brethren on questions which concern thei
LI..AN..l -.--A-I. IL III b.--Als