The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-16
country was passing had anything to do with

country was passing had anything to do with
Every one would admit that the sherman
was ylcious in that it, made Of silver q, com
modify. twas illogical and vicious In that it
Coined. lett fo where '0 Il msht be dnmped on
the European markets at any time. Those
Its but It had s some ADJ
been Of infinite value in the hope. which il had
inspired Of bimetalism, and in the fact that
month to month for the last thrce years Eysn
in the last few months the sherman act had
dsastcr sf than a1uP had H f GIVEN
ne r9pntry Surrency as stated by senator Sn t6
| Its bullion value. That was a pretty good
+ wss Of 5etef
| certificates now in circulation in New York.
backed only by rediscounted paper and held
5y peonle who were now clamoring Tor tho
Tho only tangible statement which he could
act Was that thcre was lack Of con fidence in
Europe. but he did not lpL that that state
Sad hs @ IN
coo. Great Britain, had suffered seriously in
S s" SG Securities. ss h nsf aGe
Amsrs"n securities v was hs Sp'r aproad 81
some in gold and
and susceptible Of proof that the Securities
which gam came }, b &C, came back irrssprectye Of
stock and Tie FennsyvsHi. faiiroad Stock
% eH were payable a n0i in
ful money and not in gold, Those securities
weakest securities came back first. and they
! came irrespective OF whether they were paya-
Tho great liquidation had come not because
there was in Great Britain q lack OF confidence
in American finances. but because the holders
then had, come a healthy demand abroad
Ss ths fead n1 nsso h Hs
did not believe that even rennsyIvania.
sfnfs Being the ha sh'"n as
come on. and the trust had gone to pieces. Had
Then came the breaking UP Of the Cordaee
Trust. organized and managed by the leading
been responsible for thati And yet the New
York newspapers figured up daily the market
81
them. and argued that silver and the sherman
not tte IF
fairs abroad 1t was still less responsible for
the condition OF affairs at home.
had SAID that with the repeal of the Sherman
act confidence would come back to tho coun-
wRereP Would i come e from NTH the III" iabori rims:
sfssss H bs the az tns ns
II bring conlidencet TO the banks The banks
did not want confidence in tho money, of the
country. but they wanted tho money of other
that would induce the poor people who had
Withdrawn their money from the banks to
That brought him. he said, to the real cause
come partly because, OF, European losses in
South America and Australia. partly because
Rusfa and AusFa we're buying fol9 and
chased more goods abroad than it had sold
abroad. All these causes were utterly indie,
Sherman act. II thers had not been dollars
worth Of silver IN the country ana if there had
blight would have come exactly the same.
silver was not responsible for it.,
sst Be hs
bring back confidence to the men who had
Withdrawn their money from the banks. For
not lone MS a citizen Of Il section. but as citl-
zen Of q great repuLlic;. lrophesy was futile.
viction that when prosperous days came back
to this country. 1t would be after it had an:
bimealists hsieVng in lard money. '0 bot n
gold and silver; that It proposed to have It's
snoush Of to the od p Of unG Go w wSs SR
its Resources and conditions to have it:
that ct the same time the United states pro
s1Hs e. 81 fR The Hs' hs 81 tie
followed had brought financial Prosperity and and
happiness. and deviation from which had al
Rs s6ss 81 and o spsss6 til.
Lodge RESOLUTION was laid aside without ac-
ton. and NJ Hoar Rep. Mass addressed the
MI. Hoar.proceeding to general discussion
side OF the Chamber might differ as to the
cause q TIE e, present financial depression. he
R f2eeh Ssu say h hs
hands Of the President and restore that pros.
HtS wH H. 9n an sses ID dM so
Ills Investment might lead to greater Genelits
re country, Tho people, Of his own sec
OF the people Of the West as dear as their own.
and believed that what was wanted all over
f a Seq butt pot ss"asd Of
East and the one would perish without the
ton, whether from the East or the West. came
from pn-Amerlcan and nnpatriotic sources:
sincere. and. he believed. desired the same
sion concerning the, production Of gold and
silver dmrinE WIS which h he announced himself to
De In favor OF Dotn these metals as currency
on a parity. He had always heen a bimetallist.
but it was the imetallism Of Washington and
jefferson which recognized gold aR the finer
metal, and necessarily the standard Of value
Silver to-day circulated everywhere as the
until time should DO no more. This august
and royal pair-.queenly silver and royal gold
would retain their companonship through.
out all the ages. although at times legislation
or speculation might place them one above
the other.
Mr.. Honr said that. believing with Hamilton
that bin etalllsm Ia the only policy which we
can pursue and believing also with him that
metal became the standard. he was in favor OF
stopping the purchase Of more silver. II Mr..
Cleveland In his inaugural had said that he
would use all the power OF the Executive to