The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-31

Law and Tells why ne IS NOW IN
Favor of its Repeal-He Reads Mr..
stewards Record-The Free silver
Leader Once a "Gold Bug" Himself
WAsHISaroN, D. O., August SO.-The
character OF Ernst Seyd, the great Eng
lj,b anancier, was vlndicated in the
United States senate to-day by John
Sherman, OF Ohio. The austere Ohio
senator warmed to emotion as he re.
viewed the history OF demonetlzation
and denounced those who have assailed
the character Of Ernst seyd. AT the
recent national convention Of BIZ
motallists at Chicago the assertion was
made dozens Of times that seyd visited
this country in 1873 as the agent Of the
men Of the old world, and that he pur-
chased the demonetization OF silver by
paying American senators and repre-
sentatiyes S5OO,OO0 to secure the passage
of the demonetiziug act of 1873. As
Iohn Sherman was the author OF that
legislation, he defended his own charac-
ter to-day in defending that Of Ernst
Seyd, and this fact may account for
some of the vehement utterances that
ESCAPED the lips OF the man noted for
his impassiye nature. Mr.. Sherman
quoted from book Of Ernst Seyd from
the public library showing that seyd
was himself warm advocate OF BIZ
metallism; and concluded by saying
that hereafter he should denounce us
deliberate falsifers, those who repeated
tho calumnies in regard to the legisla-
ton Of 1873.
MR.. sHERMAN's SPEECH.
At 1885 p. M, the bill to repeal the
Sherman act was laid before the senate.
and Mr.. Sherman proceeded to address
the senate. He said that the immediate
question before the senate was whether
tho United States should suspend the
purchase of silver bullion under the
act Of July, 1880. 1t was to decide that
question that the President had called
Congress together in special session.
II this were the only reason for the
extraordinary session, IL would seem to
him insufficient. The mere addition OF
lSOOOOOO ounces of silver to the mass
or silver in the treasury and the addi-
Gion Of $140,000,000 treasury notes
to the thousand millions outstand-
ing would hardly justify the call.
The call was justified, however, by
the existing financial stringency, grow
ing out OF the fear that the United
States would open its mints to the free
coinage Of silver, This was the real is-
sue. The gravity OF 1t could not be
stated in words. II the single standard
Of gold were had, without the aid Of
silver, the relations between capital and
labor would be disturbed. The indus
tries OF the country crippled, and the
value Of silver still further reduced. On
the other hand, if the purchase OF 54,-
100000 ounces per year were continued,
the United States would be event.
uRlly brought to single stand
ard of silver. On one thing con-
gress and tho country agreed,
that was that these two extreme
conditions should be avoided and that
both gold and silver should be contin-
ued as money, as measure Of value. The
problem which senator's were TO solve
was how to procure tho largest use OF
gold and silver without demonetizlng
either. Mr.. Sherman went on to give
history Of the circumstances which
led up to the passage Of the act Of July,
1890 II was far better law, he said,
than the bill which the house had then
passed, or the bill which the senate had
pasBed. Senators who criticized 1t
ought TO remember that 1t was q substl.
tute for bill OF the house and for bill
Of the senate, either OF which would
have been moro dangerous in Its resulta
than the law Of 1890 was.
RNaLANDs POLICY.
Since the banking houses Of England
had become involved in difficulties,
tho immediate result Of that was that
American securities we're sent home for
sale and their proceeds in gold were
shipped back to pay the losses Of Great
Britain In the Argentine confederation.
There had been still another trouble.
For tho first time in many years tho
balance Of trade had turned against the
United states last year. Hitherto the
balance had boen In favor Of the United
States to the amount Of fifty, ono hun.
dred and sometimes two hundred MILL
ion dollars. The last fiscal year the
balance OF trade was against US to the
amount Of $lS,375,000. Whether 1t
would DO against us next year, no one
could toll. He believed that with tho
crops now riponing tho balance Of trade
would probably be- In favor OF tho
United States this yeari and ho be-
Iioycd that the forced economy which
always followed q panic would bU, Of
itself a protection against unusual aud
unnecessary imports. So he hoped
that next year thoro would DO no diff
Guilty In tho matter Of balance OF trade.
Something had been said Yesterday
by tho Senator from Colorado (Mr. Tel.
lori about the loss on tho bullion ptir'
chased undOr the act OF 1900 The aver.
ago priCo paid for II was 74t cents per
ounce and tho loss Calculated on the
yaluO Of silver today was S22, 3l6, 3b0.
ltwould DO remembered that tho treas.
ury notes had been Issued for tho 1907
100000 ounces Of silver purchased TO
the amount Of tie cost, that no Interest
was paid on these notes and that they
had boon used by tho people az ourront
money. Suppose, said Mr.. Sherman,
that this provision had not boon tnado
In 1906 suppose that we had boon con.
pollOd 10 face tho slotms that followed
iSVO tho losses BY Investments
70 tho Argentine ROpubllCi the
lalluEe Of Australian banks, and all