The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-15
ENDORSED BY CARLISLE.
Senator Vest Delivers Great Speech
for Silver.
he Stands squarely in Favor of the White
Metal and Opposes the Demand of
the Financial Four Hundred
and England.


lative action entirely to another remedy
for the financial situation-that of per-
mitting the national banks to issue cur
rency to the full par value of their United
States bonds on deposit with the treasury.
Thus the two bodies will be working
somewhat at cross purposes, and out of
the complications to ensue NO one knows
what Will finally result
Developments in the Senate today were
decidedly discouraging to those who
hoped for the unconditional rereal of the
Sherman law. The introduction by Sem
ator Voorhees, OF an increased currency
bill and its reference to g committee of
which he is chairman indicates that the
finance committee will first seek relief in
commencing the issue of national bank
notes to the par value of bonds deposited,
and that the questions of Tree coinage and
repeal of the Sherman act viii be relaga-
led to the future for more leisureiy con-
sideration.
Later in the day when Senator Vest re-
affirmed his allegiance to bimetallism and
spoke against the unconditional repeal of
the Sherman act the repeating men found
greater cause for disappointment.
When the Senate met an avalanche of
petitions was presented and referred.
Some prayed for repeal of the purchas-
ing clause of the Sherman law; quite as
many were against a repeal; several for
the freer use OF silver as legal tender in
the United States, and some for the free
coinage OF silver at ratio of IS to 1.
Mr.. Perkins, Republican of California,
made his debut in the Senate with the
presentation of various memorials IRON
the San Francisco chamber of commerce
for the enactment OF a substitute for the
purchasing clause of the Sherman act;
for the annexation of the Hawaiian is
lands; and in favor OF the Nicaragua ca
nal.
At this point national bank Dote bill
was introduced by Senator Voorhees,,
chairman OF The Finance Committee.
Accompanying the bill was letter from
Secretary Carlisle, saying in part:
1.-The enactment of such a law would
enable the national banks to issue and
put in circulation at once on the bonds
already deposited with the treasurer,
about S19, 900, 900 in currency in addition
to the amount now authorized and this
in my opinion would afford very con-
siderable measure Of relief to the country
under existing circumStances.'
Senator Mitchell (Republlcan) of Ore
gon gave notice of an amendment to be
offered to the joint resolution to maintain
the parity of gold and silver. The amend
ment, after q long preamble, declares
that it is the sense of Congress that no
change be made in the tariff laws during
the Fifty third Congress.
Senator Vest, Democrat, OF Missouri,
introduced bill for the coinage OF silver
bullion in the treasury, saying it was
sent him from New York and met his
partial approval. It provides latter set
ting aside in coin and bullion as reserve
such an amount of silver bullion pur-
chased under the act of July, 1890, as
shall equal at coinage value the aggregate
sum of treasury notes authorized by that
act) that all the remainder of such bullion
shall be deemed available for the issue OF
silver certificates; such remainder of the
surplus bullion to be coined into standard
silver dollars, and such dollars to be used
for the redemption of silver certificates as
are now reissued by laws provided that
this shall not be deemed to alter OF
amend any of the provisions of the act Of
July, 1890.
The second section provides thai
national banking associations be
entitled to receive circulating
notes OF the value at par O.
| United States bonds on deposits not
however, to exceed the amount OF capital
| stock actually paid in.
Senator Stewart sent to the clerks desI
to have read an article from the New
York Recorder, headed: 'sGive US free
silver!" After portion of the article
was read, objection to further reading
was made by Senators Hoar and HawIey
and the article ordered printed as docu
lment, Stewart remarking that the Rec
order was the first great paper in the city
Of New York that had said word agains
the humiliation and destruction of hal
the money of the country and tina
showed that either the sentiment of New
York on the subject of silver was chang.
ing or the Recorder was very Draw
paper.
Senator Hoar gave notice that tomorrow
he will call up the resolution as to tn
Montana senatorial case, andswould, al
ter Wednesday, press it to conclusion
Senator Vest then addressed the Senate
on his resolutions in favor of bi
metallism and the free coinage of gol,
and silver. He hkened tue Sherman &C
to "houseless and homeless dog7' with
out kennel to hide its oishonored head
but declared that he would not vote 70
its repeal without q guarantee for silve
as money metal. Mr.. Cleveland &C
cepted the nomination on platform
which pledges the Democrats
party to bi-metallism. He did no
undertake to say now that the presiden
was opposed to bi-metalism or WouiS
not give executive sanction to a measur
to coin silver at commercial ratio will
gold, but he did undertake to say tina
the presidents message was most signjfi
cant for what it failed to say. He under
took to say with the greatest respect 70
the president and without the slightes
doubt of his honesty OF purpose tina
when he failed to say one word in re5pec
to bi-metallsm he certainly meant that
consideration of the question OF the fire
coinage of silver at any ratio was so i'm
practicable that it did not need executiy
notice.
AS to the assertion that silver should b
demonetized because it huctuated i
value while that OF gold was stable, he rea
! an extractfrom what he called REMARK
able pamphlet,'' written by Monteit
Douglass, business man OF London, be
for the closing of the Indian minis, plead
ing with the people of Great Britain t
favor bimetaliism as the only sure foun
dalton for financial existence, and declar
ing that silver really ductuated much les
than gold. 1t was not over productio
of silver that brought down its value.
was legislation. Legislation in German
, and the United States. How could
be expected that silver would retain il
value when those two great nations too
away the monetary use Of silver? Wit
the resources and population of th
(, United States it was only necessary fo
the United States to fix policy an
stand by it. The trouble today wa
caused by the open and seditous inculcs
ton of the idea that the country WE
about to go to gold standard and ths
the silver money Of the country would /
worthless.
Senator Vest spoke OF the unfortunai