The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-08-26
4 AM A B|METALL|ST,"
The Above Declaration Made in the
Senate by Hill, Of New
York.
Supplements It by an Argument
Against the Buying OF
Silver.

Silver.
Goes Out Of His Way to Exhibit Hostility
to tho President-An Inconsistont
speech.
WASHINGTON. Aug. 25.--Chief interest in
the senate to-day conferred in the speech of
Senator Hill. who defined bis position on
the financial question in an address OF
nearly two hours duration. Nearly every
member OF the senate was in his seat and
an attentive listener and many members OF
the house crowded over to hear the distin-
Rutshed senator. II am democrat"
whloh has now become pioverbial. WAS re-
called to-day by his forcible declaration on
the financial question. when, az usual, he
epitomized his silver views in a single SEN
tcnce. Il am a bimetalist."
said he: II do not believe In single
gold standard a single silver stan
dard, but / do believe in the use OF
both gold and silver IS standard money of
the country and in their free coinage in our
mtnts at a ., oper ratio. and without dis
crimination in favor of one or against the
osher.'
The chief surprise Of the speech OF Sena-
tor Hill was the position he assumed mini
mizing the Importance of the revision Of
the coinage ratio. and bis suggestion that
international bimetallism might be sought
BY holding out an inducemsnt to the Latin
union countries to recoin at profit rather
thoy Al 11uo tu ,rc,
tion to western free coinage people than
even the most sanguine had expected from
his Argument. There was dead stiffness
in the senate whom the speaker referred TO
the statements that President Cleveland
was attempting to lead the country to
monometallisin. and made his comment
thereon, concluding with his defiance to
presidential domination.
II shall refuse," said he, "to follow in
| the footsteps Of nnv adm inistration that
seeks to place the democratic party in
false posi- ion, that seeks TO lead 1t away
from democratic principles and platforms
and into the very camp of the enemy. The
president must rely upon republican votes
| to carry ont any such suicidal policy.''
The democratic senators looked gloomy
and unhappy, but a smile of amused satis-
faction covered the faces Of republicans.
There were those, Hill said. who do not
wholly n,.r.a with the president Ia his liing-
nosis ct the malndy now affecting the body
| polite, and who did not hastily join with
him in the rosy conclusion that the 6nan-
| cial millennium is to come the moment the
| Sherman law is removed. There were some
who had given the subject attention who
believed the cause OF the present depression
deeper and beyond the Sherman bill; thRt
| its foundations were laid in the evil hours
of 1873. when the country unwittinQly laid
aside the financial policy that had been its
guide since the foundation OF the govern
ment.
The existing financial disturbance. Hill
| found was attributable to three distinct
causes:
a. II was the nataral, inevitable result
of many years of real or fictitious prosper.
| ity.
(2.) Some portion Of the present panic
could be t,aced TO the concerted effort on
| the part of m on ometallistS to produce 1t in
order 10 discredit silver.
| 49, But no matter what else may have
| contributed TO the present financial condi-
tion, it would not BIZ denied that the silver
purchase law had been at least in part. and
possibly most largely, instrumental in pro-
| ducing existing complications.
| Hill did not believe that simple rel eal of
the Sherman law would at once restore
abundant prospe rity, but that many years
would be required to recover from the
own course In declaring for repeal with the
Presidents cout SO in failing to refer to it
until this late day. He was a bimetaliist
and stood for free coinage at a proper
ratio. Had the Sherman law been repealed
| at the last session or In special session on
the 9th Of March, the United States would
have ESCAPED the present panic and pre-
| clnded the closure Of the Indian mints.
Independent. free, bimetallic coinage in
| the United States is not consistent with the
counsels OF monetary science. While re-
cal would not bring parity. it would facil-
itate it by bringing that new tangled mon
etary theoty.-gold monometailism, bepot-
| ten IN the embraces Of ignorance with
rapaoity,-at last to an unequivocal crucial
| test.
The permanent remedy for our financial
difficulty WAS to return to the bimetailisIu
that existed prior to 1873. Hill favored the
increase OF national bnnk circulation as
proposed in the pending bill. Continuing.
| he said he reRR' ded the question of ratio as
not timely. and ns of least consequence,
but II changed at all it should not be on
larged, but diminished to 1516, the Latin
union ratio. He should lefuan to follow in
the footsteps of any administration that
sought to place the democratic party in u
! false losition and lead il into the very
camp of the enemy. Tho president must
| rely upon republican votes to carry oat any
such uioidal policy. He had not believed
| however. that any suoh cou se would he
taken by the president by his own volition
even under the inspiration of indis eet
advisers. until clearer evidence shall be
/ fu nishsa than now exists. lie deprecated
| husty action in the form ation of Il definite
| financial pian and predicted tho failure of
the attempt to impose gold standard on
| India.
| Senator Hill then said the Temporary 10
| lief which the country needs ut this hour is
the p ON repeal of the Sherman law.
| 1--WE can discuss our monetary theories
| afterwards. Our duty now il to stop fur
ther silver purchases and relieve the almost
bankrupt tfeasury from the drain OF gold
ont of ITS vaults. Lot us leaislate upon the
| financial question and then return 10 onr
! homes. Al tho teRulhr session next Deceni-
Der We can resume consideration OF the
establishment OF the permanent financial
system required by the necessities OF our
great and growing country.
'Ihs Gohl tor which the country should
! steadily st'ive is, first, international bimet-
allan by agreement with at least a faw load
| ine nations. and IL that is sahRolutsly impos-
sible of achi 'vement then independent hi-
metaliism NJ the earliest moment when the
condition OF our finances and conditions
hb Dad will safely warrant H."
referring to the tariff the speaker said:
''lhe democt alto party ia pledged TO tariif
reform and 10 must redeem iis pledges.
come what may. The peo9ls perfectly un-
derstood tho question last fall aud they
| voted with their eyes wide opsu. Our
course 10 onward and We shall not retreat."