Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-02-04
& OPPOSES 1T.
Senator Morrill, Speaks Against
Free Coinage Substitute.
Looks at 1t in the Light Of Prac.
tical Joke-Bond Bill Put
Through.

ate met at IL o'clock Saturday morn
ing after taking recess from ten
O'clock Friday evening the attendance
Of senators was rather slim, there be-
Ing perhaps 20 in attendance.
The vice president laid before the
senate deficiency estimate of $4,000
by the secretary of the navy for com
pleting the equipments outfit of YES
sells Of the navy already authorized.
Senator Allen (pop., Neb.) introduced
bill to reduce public expenditures and
tor other purposes, which was referred
TO the finance committee.
Senator hIorrill's Anti-Silver Speech.
Senator Morrill, (rep., vt.) chairman
OF the finance committee, then adj
dressed the senate in opposition to the
free coinage substitute reported by
that committee for the house bond bill.
He said:
Senator Morrill,, in the beginning of his
speech. remarked that it was proper for
him to say that he did not agree with the
majority of the committee on finance T.,
me report of the substitute for the house
Dill but he hoped to be pardoned for Occur
plying the time of the senate on tonic
8. .,1,, winch It no longer delighted to listen
The president" he said. "asked congress
TO amend the terms of the law under
Wnlch ne Is authorized to sell bonds and
procure gold to preserve the equal value
OF the various kinds of money now in tile
hands of the people so that the bonds
would bear a lower rate of interest and
mature at an earlier date. Was that not
Ialr requestF he asked THE house OF
representatives promptly responded to the
PRESIDENTS demand. and supplemented Il
with on emergency tariff revenue bill.
as a more permanent remedy against the
export OF gold. But the senate committee
on finance have proposed as substitute
for the bond bill bill FOR the free COINAGE
OF silver, something, too much of which
as the cause of the present embarrassment
ms, said the senator, may not be the
nrst TINA when bread has been asked
kof ana stone presented but 1t was the
nrst time that a senate committee seems
70 have perpetrated practical joke al
most good enough for the clown of Bar
NUNS mena gerie."
A Worse Calamity.
The United States. said Senator Morrill,.
Fad been the friend of silver to its own
hurt, and he continued: "If our late In
vestments Of nearly $500 900, 900 in silver have
peen VIGOROUSLY improvident and I'M
profitable, the disastrous results will ap-
pear as drop in bucket when compared
with what must flow from the enormity of
tne present proposal which is to open all
our minis to the free coinage, not only OF
our own silver product, but that also of all
Sne world. excluding nobody from Dan to
Beersheba, and to tempt great Increase
OF the annual product both at home and
aproad by Offering United States obliga-
lions for 1t at double the sum it now com
mands TN any other market"
FalIacies of Free Coinage. st4
The senator then referred somewhat to
the various arguments that have been
presented in advocacy of free coinage.
pointing out objections to all that have
reen advanced, and he said in response
70 the views that free coinage would
equalize financial exchange SO as to COM
pete with the artisans of India, China and
Japan. who appear to be contented with
silver money at about half its face value,
sRaI a g o fRea Industrial rivals
might with almost equal propriety be in
vtted to introduce an Asiatic plague and
have II Just as logically urged on the
ground that 1t has long prevailed In Asia
and yet they have not all died there.
Some Whispered Threats.
Wandering somewhat aside from a d.
rect financial argument on the topic, SEN
ator Morrill, said: Some whispered
threats have flowed In the air that the ex-
treme silver men now fraternizing here
ana at home with the republicans would
band themselves together on one domi-
nant idea, forsaking all others and, with
auxiliary democratic aid, hitch onto the
tail of great republican measure, at the
hrst opportunity, some tinkling silver
amendment. hoping thereby to secure the
silver triumph of hybrid combination,
although the grand old republican party
might perish. But there is little fear of
these erupttve threats; for, If carried out.
the riot act might be read at home to the
Offenders upon whom public opinion would
not fail to place its brand and whatever
party would be found among it's members
Cold" said the senator, lis democratic in
Its character, good neighbor and never
pushes silver from It's company. So long
as just ratio is maintained gold willingly
does the heaviest part of the work De-
preciated legal tender money. whether
silver or paper, tolerates no gold."s
A Gold and Silver Standard.
Concluding Senator Morrill, said there
were some gentlemen who confidently pre-
6icted the overthrow Of the gold standard
party. as though that would insure the
enthronement Of the silver standard party
He was not aware of a single gold standari
party in America, but there Is, he said, a
large party-the republican party-in ex-
cellent h: 18th, which proposes to maintain
both gola and silver in circulation, and to
keep both metals in good health. The re-
publican party, he declared, will at Its
Earliest opportunity seek the cooperation
Of the leading nations in the coinage of sill
yer, and will in the meantime aim TO MAIN
The honaF of the country by the main
!e5ahce of every dollar of money in the
lands of the people. without depreciation,
~ its full face value.
Mr.. Morrill, concluded his speech at
11:45. Senator Teller (rep., Col.) re-
piled to the assertion of Mr.. Morrill, that
silver was being mined at ridiculously
low cost. He maintained that gold and
silver were to-day both being mined
MT 25 cents an ounce. He had ample
testimony to show that gold had been
mined at from ten cents to three dol
lars an ounce, and it was unfair to say
that silver was a cheap metal.
Five Minute Speeches.
Discussion proceeding under the five
minute rule, Senator Daniel (dem,
Na.) opposed the amendment proposed
by Senator Butler (pop., N. CO., reauir-
Ing the secretary of the treasury to pay
out either gold or silver as the case
may require when the two metals were
not at parity, us one that was i'm
practicable.
Senator Gay (dem., Del.) said that
the practical effect of such an amend
ment would be equivalent to declara-
ton that the government was bound to
cheat the holders of it's obligations II
1t could.
Senator Lindsay (dem., Ky.) held
that the proposed amendment was cons
trary to the very principle on which the
friends of free coinage based their
claims.