Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-01-19
TELLER ON THE CURRENCY BILL.
He Claims That There is No Need for
the Proposed Law.

Mr.. Teller continued his remarks on the
financial bill in the Senate yesterday after
noon until nearly o'clock. After The
Stars report of the proceedings was closed
Mr. Teller criticised the pending bill be-
cause it afforded opportunity to banks to
issue paper money.
This surrender of the great power-of the
government" said he, the right to~make
money, should bring our legislation into alb
s.Dlute contempt. This bill know, will be
crystalized into law. When the republican
caucus declared that this legislation must
be enacted there was nothing else to be
done.
There was time in the history of The
republican party when no caucus would
have attempted to say to an independent
senator You must follow the majority
There are men on this floor Who know that
they would never vote for this bill except
under the influence of party caucus and
party force"
Mr.. Teller then read the now famous let
ter of Vice President A. B. Hepburn of the
National City Bank of New York to Secre-
tary Gage He thought it most remark
able letter. II do not speak i'll willingly of
those in authority. 1 want to think kindly
Of them; but here is letter which ought
to have gone back to the writer with a
singing letter of reply. From subsequent
events however, 1t is evident that the Sec
rotary Intended to grant the request"
Mr.. Teller said that when he saw bank
presidents taking such actions in politics
were Indicated by the Hepburn letter he
was satisfied that the situation demanded
severe criticism if not drastic action.
rs there any necessity for this legisla-
tion?' inquired Mr.. Teller. I'D like to ask
the senator from Rhode Island (Aldrich
whether there is any trouble with American
credit? Is there any other country which
can sell its securities at such prices as we
can? All Of our bonds are higher than those
of any other country. Nobody is question
ing our honesty. And yet we have legisia-
ton here. the avowed purpose of which is
to strengthen our credit and relieve taxa
ton. The senator from Rhode Island did
not tell us how our credit is threatened, nor
did he tell US how this bill could relieve US
from the burdens Of taxation"
In conclusion Mr. Teller asked whether
this was good time to change our finan-
cial system to go to the gold standard. He
reviewed the monetary conditions in for
eign countries, and concluded that this was
not safe time to effect a change in our
monetary system.
Notwithstanding the so-called prosperous
condition of the country there was serious
money panic in New York which forced the
Secretary of the Treasury to purchase
about $4,000, 900 of United States bonds.
In addition to that, the Secretary had put
into national banks Throughout the coun-
try about s129,000,000 in order to maintain
the financial equilibrium "A financial con-
dition," declared Mr.. Teller. (which re-
CURES to be bolstered up by the Treasury
Department is bad condition.
Mr.. Teller thought 1t unwise to be ex-
perimenting in our finances when we were
very well OF at present
Mr.. Chandler On. HI interrupted Mr.. Tel
Ter to say that one question which seemed
to make the adoption rejection of the
pending bill moral question was the prob
able destruction of values in silver-using
countries.
II have never said" continued Mr. Chan
dler. much about the crime Of '73' be
cause have been inclined to-think the de-
monetization of silver then was accidental
and not Intentional; but the reduction by
England and the United States of the value
of the silver boards of India and the orient
al silver countries was crime and an
offense against morality" =
Without completing his remarks Mr.. Tel
Ter suspended for the day, promising to
continue at some later date. The Senate
then. at 4:55 pm, went into executive SEES
sion, and fifteen minutes later adjourned.