Middlebury register. (Middlebury, Vt.) 1886-1937, 1896-03-20
SENATORIAL MEASUREMENTS.
MR.. MORRILL, AND MR.. HoAa CRITICIZED.

=
nance committees iree-coinage substitute
for the house bond bill. We might crti-
else much in this speech, hut at this time
we only wish to call attention to the fol-
lowing statement of MIR. Morrill,, that IS
certainly calculated to deceive all hearers
or readers, ignorant OF the facts, and
which would appear 10 have been spoken
Intentionally for the sake of deceving
them. In discussing the monetary
question, Mr.. Morrill, says:
Heretofore the government has been
required to buy only liked quantity OF
silver, that it did not want, and to pay
no more for it than the existing CONNER
cial value. But under the free coinage
substitute. proposed for the bond blii OF
the house of representatives, the govern
ment will be required to run in debt, for
what it does not want, and to give us
notes for an indcliut" amount Of silver.
limited only by the annual product of
the whole world, aud at fixed cost of
twice its commercial value, or at the
rate of 81 20 per ounce, instead OF It's
present value of 81 cents per ounce.
If our late investments OF nearly five
hundred millions in silver have been
VIGOROUSLY imprOvident and unprOhta-
BILE. the disastrous results will appear a
drop in the bucket when compared
with what must flow from the cnOrmity
of the present proposal. which is to open
all of our mints to the free coinage not
only of all our own silver product. but
that also of all the world, excluding no
body from Dan to Beersheba. and to
tempt a great increase of the annual
.hp nd l1x
Offering United States obligations for it
at double the sum it now commands in
any other market.
There can he but one Interpretation of
the words Of Mr.. Morrill,, and that is
that by this free-coinage substitute of
house bond bill the government under
takes to Guy silver, in Il manner similar
TO its purchase of silver bullion under
the Bland and sherman acts. This
statement or insinuatiOn is absolutely
false, as under the substitute referred to
the government does not undertake to
buy silver at all, or to assume any Obli-
cations whatever in The nature of debt,
but simply takes whatever silver is
brought to its minis, coins 1t. and gives the
silver thus coined back to the party that
brought it; or, for the sake of a supposed
accommodation to its citizens, retains
this silver coin and gives to its owner a
certificate of its deposit, which will cir
culate as money throughout the country
the same as bank bill does that is
redeemable in coin supposed to be
kept in the bank for the purpose of
redeeming it. The principal difference
In these two instances being that the
coin to redeem the silver certificate was
deposited and is retained in the nitcd
States vaults, while the coin to redeem
the bank bill is always largely mythical.
We are sorry that Mr. Morrill,, in
undertaking to instruct the people Of the
United States on this point was unable
to do it, not only failing, but also making
a misleading speech. He has, however,
the excuse of extreme age.
The other instance of quibbling is by
Mr.. Hoar, and appears interpolated in the
speech of MI. Tillman of South Carolina.
as follows:
Mr.. TILLMAN. But, alas the old breed
of Southern statesmen like Calhoun, who,
after life spent in the public service, had
. 10 be buried at public expense and his
debts paid by the State of South Carolina
appear to be passing away. No wonder
the senator from Massachusetts feels
warranted in twitting US with the decay
of southern craftsmanship and charging
us with dishonesty.
Mr.. HOAR. Mr.. President, the sena
tor will pardon me. Does he allude t.
what | said the other day:
Mr.. Tn.LMAN. Yes, sir.
Mr.. lIOAR. made no such intima
ton. Another southern senator seemed
TO have understood me the same way.
Mr.. TILLMAN. | wish had the sena
tors words here. ! did have them. bu
] did not imagine that anybody coulC
misunderstood their plain and palpabl
meaning. If you will let me get through
perhaps you will be satisfied with Wha
am going to say.
Mr.. HOAR. should like to put my
self right IN this matter, because
said
The PRESIDING OFFICER. Does tn
senator from South Carolina yield to tn
senator from Massachusetts:
Mr. TILLMAN. Certainly; | do no
want to do any senator injustice.
Mr.. HOAR. have not before me tn
exact language used, but said in sub
stance, speaking wholly of the chang
of opinion, "What has become of the Ole
southern statesmen who were the es
pecial champions of hard money!
Mr.. TILLMAN. Wait minute.
Mr.. IIOAR. Very we'll
Mr.. TILLMAN. Which is the harder 0
the two, silver or gold:
Mr. llOAR. That Is another proposi
ton wish to state what said. ha
not the remOtest idea of intimating tina
there was any degeneracy or inferorit
in the present southern statesmen a
compared with the past. | referred onl
TO the change of opinion.
Mr.. TILLNIAN. If any senator has tn
RccoH of January 3, will he please tur