r
the act of July 14, 1890, be continued. Though silver had fallen
in value from $1.20 an ounce to 96 cents, yet he hoped a further
trial would more favorably affect it. He was still of opinion that
the free coinage of silver under existing conditions would disastrously
affect our business interests at home and aborad. He approved the
application of the surplus revenue to the reduction of the public
debt, and stated that since the 1st of March, 1889, there had been
redeemed of interest-bearing securities $259,079,350, resulting in
a reduction of the annual interest charge of $11,684,675. On the
whole the message of the President and the report of Secretary
Foster presented a favorable state of our national finances.

The disposition of the 52nd Congress was not to engage in political
debate, especially on financial questions, as it was divided on
political lines, the Senate being Republican, and the House
Democratic. The current business did not present such questions
until Senator Morgan, on the 30th of March, 1892, introduced
resolutions directing the committee on finance to make examinations
and report upon six different propositions, embracing the whole
financial system of the United States, and to do it promptly. I
had no objection to the passage of the resolutions, though they
were imperative in tone, but naturally supposed they were brought
in merely as a text for a speech, and suggested to Morgan that he
prepare a bill that would carry out his views and have that referred
to the committee. He said: "I do not expect to refer them. I
expect to instruct your committee what to do. That is what I
propose." In introducing his resolutions he said: "There is an
evil in the land, a difficulty of most serious embarrassment. . . .
The people cannot afford to wait without encountering all the
hardships of bankruptcy and ruin. . . . Our differences will not
permit our people to wait further adjustment when they are in a
death struggle with poverty and wretchedness."

I replied: "If there is such distress as the Senator imagines it
ought to be met by specific measures and not by a debating school."
I knew that what he wanted was the free coinage of silver. Upon
this question both parties were divided. The states producing
silver were represented by Republicans who favored a measure that,
in my opinion, would lead to the single standard of silver, and if
the Senate was to consider that subject I wished it to b