The morning call., 1893-08-16
=WOLcOTT= ON SILVER.
Placing the Responsibility: for the
Recent Financial Furry.
Out of EngIand's Necessity Was
Born the Desire to DemonetiZe
the White Metal. T.
Special to THE MORNING CALL.

WASHINGTON. Aug. 15.-In the Senate
this morning Gordon of Georgia recalled
plank in the last Democratic platform by
prsseu lg measure TO suspend Cor ninety
days tbs law imposing 10 per cent tax
on State bank issues. He declared it
wonld give relief TO the cHnntry in fifteen
& rs and make it possible 70 move the
{ Son rToc sp tho SaHth. The psApasstinn
Vas not reeeIyed with sGy particular
warmth BY she Senate, sud II wss referred
to sthe Finance Committees. Voorhees,
reported back from that committee tho
bill introduced BY him yesterday as a
measure Of relief. II had. he said, tie ap-
prOval of the committee and Of the Sc cre-
tsry of the Treasury. and he hoped the
Senate would take the matter up. The
national banks were no favorites Of his.
but that was 10 reason why they should
not be used to bring about a measure OF
relief if they were capable of it.
Cockrell Of Missouri objected, saying
that several Senators desired to be heard
on the proposition. The bill went over,
and Cocktail then asked the Senate to
pass the House joint resolution for the
payment of mileage to Senators and Rep
reSentatives for the present session.
Frye OF Maine ridicuItd the idea of pub
lie duty which would postpone relief for
the people and make haste to provide re-
lief for Senators and members, and the
resolution went to the calendar.
The Lee-Mante case, involving the
question of the right of Governors of
States to appoint Senators under certain
circumstances, was taken up, and Hunton
of Virginia spoke briefly in support of
Nantes right to a seat.
VOORHEES, introduced a joint resolution
extending for six months the bonded
period fol whisky in the Government ware
houses.
Lodge then made an address in advocacy
of mis- resolution, offered on Tuesday last
directing the Committee on Finance 10 re-
port at once bill to repeal the purchasing
clause of the Sherman act. Wha: the
people wanted. he said. was prompt action.
He had no mind for party policy or DELAY.
Wolcott of Colorado replied at length.
He had yet to hear any intelligent man
state that he firmly believed the Sherman
act had wrought the injury under which
the country now suffers. The Sherman
act was illogical and vicious in that il
IN ade of silver commodity and left the
silver bullion in the treasury uncoined. 1t
had some advantage, however. Its Quasi
recognition of silver had been of jnfinite
value in the hope it had inspired of BIZ
metallism, and IN fact it had afforded an
enlarged currency from month to month
for the past three years. 1t had given the
country currency backed by the credit of
the Government, and by silver al It's bullion
value. That was pretty good currency
better than the $50. 900 of Clearing.
house certificates now in circulation in
New York.
The only tangible statement he could
get as 10 the injury wrought by the Sher-
man act was that there was a lack OF con-
6dence in Europe, but he did not find tina
statement borne out by the facts. Ameri.
can securities had been held enOrmonslv
i'm Great Britain. That country had suf-
fered seriously in Argentine and in her
own colonies, and had been forced to sci,
her securi:ies This great liquidation had
come, not because there was lack of con-
fdance in American finances in Greot
Britain. but because the holders of Ameri.
can securities had been compelled 10 sell
The Sherman act was not Responsible
for the Reading fascO, the whisky trust
trouble, or for the cordage trust trouble
and vet the New York papers, striking a
balance between the quotations of now
a. d year age, argued that silver and tn .
Sherman act were responsible for AL those
disasters.
The real cause of the present financial
panic was to be looked for elsewhere. 7,
came partly because of European losses in
South America and Australia, partly be.
cause Russia and Austria were buyinr
gold and partly because the United States
had purchased more gold abroad than il
had sold abroad. All these causes ver,
utterly independent Of and irrespective OF
silver and the Sherman act, and all the