Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1892-06-02
SHERMAN is DONE.
The Ohio Senator Closes His
Silver Speech.
FOR ANYTHING BUT FREE COINAGE.

The Pending Bill Almost Tantamount to
Repudiation-Doom of the National
Banks Sealed-A Monetary Scheme in
outline-Stewart Rises to Reply, but
Sherman Declines to Listen, Although
Requested by the Nevada Statesman
Hill Votes on Silver Side Issue.
WASHINGTON, June fisherman con-
cluded his great speech on silver yester-
day and vote on the bill was postponed
until June IA, Morgan saying that he was
determined, if possible, to have a vote be-
fore June 2l. This is somewhat signifi-
cant, as that is the date of the opening
Of the Democratic national convention,
and it looks as though Morgan was trying
so force Senator Hill to go on record on
this question. The New York senator has
been absent from the chamber at every
vote that in the least touched the silver
question, except once, and that was yes
terday when he voted aye on proposition
to make invalid contract obligations to
pay gold under certain circumstances.
Wants Some Financial Changes.
In the course of his speech Sherman
said: Il do think there should be some
changes in our financial laws. Among
them, first of all, we ought to do what
our ancestors have done, and what every
nation has done; that is, to establish new
ratio between silver and gold--not to make
them exactly equal, because that is i'm
possible; but they ought to be so near to-
gether that they would in the main stand
In that ratio. The ratio of l6 to l is no
han ba - oe I ;ol
was changed in General Jackson's time"
He then referred to the proposed interna-
tional monetary conference, saying Eng
land was willing tomake some concessions
to silver.
Wishes Well to the Conference.
Continuing he said: ~ am willing to
do another thing. l am willing to stand
by the president and aid him all we can
in this international conference l am
glad my friend from Nevada (Jones) is
going there. l hope the conference will
be made strong and that they will be able
to do something to lessen the evils which
are now pressing on the financial condi-
! uons of all the nations of the world.
Other things have to be done, but proba
bly, this is not the time to discuss them.
There is unqestionabiy a feeling in this
| country of ours that the currency is too
! diverse.
National Banks Not Popular.
"Another thing The people of this
country-whether rightly or wrongly it is
not for me to suy-are not in favor of con-
| tinuance of the national banking system
| longer than is necessary to wind up and
| pay off outstanding bonds. These bonds
| have been reduced to so low an amount that
the people care very little whether they
I L / 4.
has ceased to be a phantom, although at
| the close of the war every body who kne W
anything about finance brooded over the
s., 800 100000 of debt. In addition to that
there was floating pension debt of prob.
ably thousand millions more So that
we owed s4,0O0,0OO,00O.
| Quantity Not Essential.
therefore, repeat, the people will not
tolerate the continuance of the national
banking system longer than the continu.
ance of the bonds. They are unwilling to
take any less security than the security OF
| the United States. As to the amount of
currency my own opinion is that the
| amount now outstanding will be about
sufficient. 1t does not follow that if there
| is more money in circulation then the
| poor and needy will get it. We cannot
distribute 1t per capita to the poor and
| leave out the rich.
| A Currency scheme "RouChed Out"
"Now, / believe that there is wisdom
and good sense enough in the congress OF
the United States to deal with this ques
tion, and to establish a ratio based on the
| population of our country which conserv
| ative men will think safe, and to remode
and to re-enact all our varied systems o.
finance. We have gold and silver enough
| fr1,-+ +hs.h Of @Is srl.. -.
tion. Then probably the other thirt
| might be issued on the faith of the gov
eminent. Such a system might fairly b.
adopted by prudent men.
| Free Coinage Aim ost Reputation.
1"This scheme of free coinage has all tht
| elements of weakness, and will almos
say, of repudiation. This is not the timt
I'd deal with finance, in the midst of
presidential campaign, while men ar
scheming for position. Believing tn,
attempt to bring this great and powerf u
nation of ours to the standard of silve
coin alone is a bad project, wrong in prin
ciple and wrong in detail injurious to ou
credit, a menace to our financial integ
rity and a robbery of the workingmar
and of the pensioner, regard this measure
| in every aspect as frightful demon to be-
resisted and opposed"
| stewart Denounces the Conference.
| Stewart took the floor to reply to Shel
man. The Ohio Senator at the same me
ment rose to leave the chamber. Stew
art expressed an earnest wish that the sen
ator from Ohio would not leave as h
(StewarD intended to show that gentle
mans record on the silver question
Sherman, without needing the request, cor
tinued on his way, Stewart denouD ce
the projected International conference a
plan to send ambassadors to Europe t
determine how much tighter the bond
should be drawn round the people, and t
proclaim to the nations of Europe that W
were not capable of establishing a finan
cial system of our own.
NATIONAL FINANCIAL FACTS.
| An Increase in the Public Debt-Revenu
Receipts-Silver Purchase.