The advocate., 1892-03-09
ator John sherman, in 1ss0. saId:

pOSos Ouf own anu Obuor uabBOuS nave
gone through that process before. Il is not
possible to take that voyage without the
sOrest distress. To every person except a
capitalist out of debt, or salaried officer,
or an snnuitsnt, it is period of loss, dan
ger, lassitude of trade, fall Of wages, sus-
pension Of enterprise, bankruptcy and dis
aster. To attempt this is to impose
upon our people, by arresting them In the
midst Of their lawful business and applying
a new standard of value TO their property,
without any deduction Of their debts, or
giving them any opportunity to compound
with their creditors or to distribute their
losses, and would be an act of folly without
example of evil in modern times.
The Senator afterwards changed sides
on the subject and was duly charged
with his treason by Senator Logan, March
II, 1874, as follows:
But, sir, leaving that for the moment,
will say that even the chairman of the COM
mittee on finance (Mr. Sherman), abandon
ing the high standard he at first occupied,
has gone back, as q final resort, to the
records of the past to hunt up the former
of individual Senators. He also
abandoned his guns and left the field of
open warfare. A question like this, bris-
thing on every hand with facts concerning
its various phases, certainly does not need
resort to the past expressions Of an individ-
ual Senator to sustain true and correct
position in reference to it. The Senate will
long remember the difficulty the Senstor
found himself in by referring to former
records on this question, his own speechers
having been Immediately produced, show
ing him to have been the leading advocate
in the Senate chamber of the same princi-
Plies now advl Gated by our side of this
question. It is strange, sir, but it is true,
that men like the chairman of the commit
Tee ON finance do, within a short period of
time, change their opinions on great
questions.
But, Mr.. Chairman, the contraction of
the currency in the United States Is by
no means new thing. Gold and silver
Jailed In Great Britain in 1897, and they
had to resort to paper. Without that
paper Sir Archibald Alison says Great
Britain would have become province Of
France. That paper saved the empire,
It's scope of operations, and
made It the richest and most powerful
nation on earth. Then came the con-
traction of the currency after the Ma
ooleonic wars. In 1916 there was law
passed to cut off silver, in 1919 they cut
off Taper, and in 1926 four-fifths of the
landowners of England had lost their
ands because of the financial condition
If the county.
Their working people were in such
condition Of suffering that they added
5000 men to the troops to keep them
till while they were starving. Finally,
rs matters kept getting worse, Mr.. Cas-
leresgh went into Parliament one night
Ind said: "The country is in great dan
ger. We have got to do something"
Did they pass bill to call out more
roopsY No, there would have been big
'ow IL they had. But they suspended
he rules and passed Ave money bills,
making money plentier; and in very
hort time, sixty or ninety days after that,
he factories were running, prices were
Using, the people we're employed, and
he troops were dismissed.
Now, let US take one other case. At
he close Of the French and German war |
~ a