The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-07
MASTER OF THE SUBJECT
TWO INTERESTING SPEECHES IN
THE SENATE.
How "Our joe Riddied the Logic of
the Distinguished Statesman
From Massachusetts, Of
the Government, the People and
the Bondholders-The Appreciated
Dollar.

I
while the Teller resolution was unde
| discussion. While neither was an ex
tended nor set speech, they both show
the Utah senator's thorough mastery o.
the silver question, and the manner o.
their delivery justifies the prediction
that Utahs junior senator, native.
born Utahnian, will take front ranl
among the debaters of the higest leg
islative body of the nation
On January 25th, the Teller resolu-
ton being under discussion, the pro-
ceedings are thus reported by the Con
gressional Record:
Mr.. Rawlins-Mr President, do not
wish TO make a speech. l wish to pro-
pound question TO the senator from
Massachusetts.
Mr.. Hoar-I will answer it, if / can.
Mr.. Rawlins-As l understand his
proposition, it is that with the free
coinage of silver every debtor in the
United States will avail himself of the
opportunity, it being a legal tender in
the payment of debts, to pay off all his
Indebtedness in silver coin. which un-
der those conditions, as | understand
the senator from Massachusetts, would
be worth but 40 cents on the dollar.
Mr.. Hoar-Forty- cents.
Mr.. Rawlins-That is all the national
Indebtedness all the state, municipal
and county indebtedness, all the school
Indebtedness, all policies of insurance,
all railroad indebtedness, and all indi-
| Vidual Indebtedness, which, l under
stand, is estimated by high authority
as amounting to some $50, 900, OOO0C We
! have in circulation in the United States
either in silver coin or in its represent
atives, about S500,000000. If these two
estimates be correct, there would be
for every dollar in silver which We pos
]
| words, there would be 120 units of de-
mand for every silver dollar in exist
ence.
Now I submit to the senator from
Massachusetts the question; Where
are you going to get the silver with
which to pay off your S60. 900 OOO. 900 of
Indebtedness? If all the silver in all the
world-if the result of ali the accumu-
lation of all the mining since the world
began were brought here and coined
into silver dollars, it would amount to
but $1,000. 000 900.
Mr.. Gray-All the silver and all the
gold that ever was mined in the
United States would not liquidate one
days indebtedness that rises out of the
commercial transactions of the United
States.
Mr. Rawlins-That is precisely what
l am saying. With the free coinage of
silver, silver would be at par, precisely
as it is today. Bimetallism is but an
automatic means of adjustment by
which increasing demand falls upon di-
minishing values and diminishing de-
mand falls upon increasing values
Thus we secure the equilibrium and
preserve the equality. 1t is the demand
for money which gives value to money
Senators upon this side indicate that
this government, by some act of legis-
latIon or by some act of administra-
ton, ought To inject a value into silver
which it would otherwise not possess
in order to bring it up to par in value
with gold. AT the same time. we are
informed by senators upon the other
side that it is impossible by any act of
legislation to give value to money.
agree with senators upon the other side
that mere act of legislation would
not impart value to silver or any other
thing, but congress alone has the power I
by coinage TO make silver available for J
use as money to meet any already ex-
isting and unsatisfied demand for mon
ey; and when so made available, il is !
the demand for money which gives I
value TO silver, and not the act of leg {
iSlatiOn. There is no law upon our (
statute books, there is no government 3
pledge by any authority of our gov
eminent to exchange gold for silver.
Such an exchange is not legally en-
lOIttdDit III the united states. w nat
is it, then. that gives value to the ex-
listing silver dollar in the United
States? That brings us, it seems to
me. to the important question which
now confronts the senate for the pass
age of this resolution.
1t is conceded that there is legal au-
thOrity, and in accordance with the
terms of the contract. that we may pay
either in silver or gold, at the discretion
of TO- !
Would it be dishonest or dishonorable
to do so when these silver dollars are
issued from the mint of the United
States and made a legal tender in the
payment of debts2 If the treasury
should pay to the bondholder a silver
dollar in liquidation of so much of his
would it cheat or wrong
his hands would have a purchasing
power equal to that of any other dollar
in circulation. 1t would have a COM
mand over every effort and struggle
for existence greater 81 any silver
Or other dollar posscsse at tho time of
making the contract. TT silver dollar
IAN be transformed into al thing
which will administer to the necessi-
lies or to the comforts or to the conve-
1ience of mankind or to the elevation
If the human race. / say that the pay
nent to the creditor of a silver dollar
which is thus disable for all these pur- I
poses is not dishonest and does not
iespOil him of any right or any prop I
erty of which he may be in posses
sion.
Mr.. HOar-Mr. President I wish to ]
say as to the senator's question that I
he senator from Arkansas (Mr Ber-
" distinctly admitted in the question
which gave rise to my taking part in I
his discussion that if under the free I
coinage of silver 2 silver dollar should {
shrink to so or 40 cents as compared {
With the gold dollar, it would still be
he right and duty of the government
o pay tbs debt in silver such being {
he contract. l want a square answer
o that proposition. That is what we {
ire dealing with, not as to whether {
lnder some future policy, silver might
)e raised again to its old value: that is I
mother question. But the senator from I
Utah now says that all these debts I
would amount, if | understand him, to I
iXty thousand million dollars. l think {
ie said do not know but il may have |
'een six hundred thousand Millions {
Mr.. Rawlins-I was taking the state {
nent of the secretary of the treasury. {
Mr.. Hoar-Very well. The senator {
avs that we should have. in order to t
'ay those debts. sum of money equal
o the entire mass of the Indebtedness.
Mr.. Rawlins-The senator misunder-
TODD me if he understood me as say
ng such thing. 1 did not say that. l
Mr.. Hoar-In substance?
Mr.. Rawlins-No: not in substance.
Mr.. Hoar-I do not suppose it would '
equire any increase in the volume of Y
oinage or reduce il any if all these /
ebts shrunk in value, for they will {
ot all be paid at once. The most per- {