River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1893-08-24

between single gold standard and bimetallism-
He denied that the purchasing clause was re-
sponsible for the present financial and business
trouble. The banks and the bankers were now
the calamity howlers, and not the farmers, who
had been squeezed until there was nothing more
to squeeze from them. He made the prediction
that IL the purchasing clause of the sherman
act were repealed the price Of products in this
country would not be increased
Mr. Richards (dem.. o. believed that Presi
dent Grover Cleveland was right in attributing
10 the purchasing clause Of the Sherman bill
the present business depression
Mr. Curtis trep, KAN spoke in support OF
the Wilson bill but in a conservative manner.
He was in favor of a ratio OF 20 10 |, and he
would then establish commission with author
ity TO change the ratio at any time it was found
to 10 too large or too small Then let the sec
retary OF the treasury be authorized 10 coin the
silver bullion now in the treasury.
Mr. Broderick rep, kan) spoke In favor OF
bimetallism AMI prosperity, which terms he re-
garded as almost synonymous The great mass
OF the people had no voice in the liking of the
financial policy and the United States should
not be coerced on this question BY any other ma
ton
Mr.. Clark dem, MOI argued in favor OF free
coinage. To demonetize silver was 10 conhs.
cate one-half OF the property in the United
States. The gold bug said TO this congress
the metals should be divorced at the behest OF
and seventeen years ago this country had de-
clared its pol tical independence, and some gem
Il, men had how the audacity 10 believe that
the time had come when she should declare her
financial Independence and be free indeed.
IN THE SENATE.
On the 18th Mr.. Voorhees, dem, Ind)
argued In favor OF his bill proposing 10 allow
national banks to issue currency to me full
amount OF face value of bonds deposited by
them This would to some extent help the peo-
pie 1t authorized an increase OF sl9000,000 on
the bonds already deposited, and there
not o doubt that il would result in an increase
OF from $4,000, 900 to $4,000, O00-an increase Of
currency that would be at this time solace
and comfort TO the people In every quarter OF
the United States The national banks we're no
favorites OF his. He had not been enamored OF
them, nor they of him, but that was no reason
why they should not be used 20 bring about a
measure OF relief II the are capable of it.
Mr. Lodge rep, Mass.) advocated the
adoption of his resolution to repeal the
purchasing clause OF the Sherman act, the vote
TO be taken on the 22d. He said what the peo
pie wanted was prompt action He had no
mind for party politics or delay lie asked
simply for action.
Mr. Wolcott rep, COLI said he agreed with
the Massachusetts senator that this was not d
party question He had yet to hear single IN
tell gent man state, on his conscience that he
believed that the Sherman act had wrought the
injury under which the country now
suffered. Everyone would admit that
the Sherman act was vicious in prin-
ciple and illogical 1t was vicious
in that IL made of silver comm Odity.
II was illogical and vicious in that il left the
silver bullion in the treasury unconed, left 1t
where IL might be dumped the European
markets at any time. These were the disad-
vantages but it had some advantages Its
quas.recogntion OF silver had been of infinite
value in the hope which il had inspired of BIZ
metallism, and in the fact that IL had Afforded
an enlarged currency from month to month for
the past three years The present financial
panic had come partly because of European
losses in South America and Australia. partly
because Russia and Austria were buying gold
and partly because the United States had pur-
chased more goods abroad than 1t had sold
abroad. All these causes were utterly indie
pendent of and irrespective of silver and the
Sherman act Prophecy weg futile, but he
might be permitted to record his conviction
that when prosperous days came back 10 this
country il would be after II had announced to
the world that this was a nation OF bimetallsts
believing in hard money-both gold and silver.
Mr. Hoar (rep, Mass sad that while men
on each side OF the chamber might differ as TO
the cause Of the present financial depression he
hoped that all could agree upon the remedy
The republicans stood ready to hold up the
hands of the president and restore that pros
perity which the country enjoyed down
own section, New England, held the
prosperity of the people OF the west dear
as their own, and believed that what was
wanted all over the country was not fluctu-
ating standard of value, but a fixed one. Raoid
utterances on the financial question, whether
from the east or the west, came from an.
American and unpatriotic sources. Upon both
sides men were equally honest and sincere
and he believed, desired the same thing. Sen
ator Hoar then entered upon long discussion
concerning the production of gold and silver.
during which he announced himself In favor of
both these metals as currency on parity.
On the 10Th Mr.. Sherman rep, o. charac
terized as unwise and unbusinesslke a PROPOSE
tion by Mr.. Cockrell authorizing the secretary
OF the treasury to redeem tat par and accrued
INTEREST," such Of the per cent bonds as may be
presented for redemption, and TO pay for them
in new legal tender notes. A discussion followed.
in which Mr. CockrelI ridiculed the idea of letting
the national banks increase their circulation,
while his proposition TO increase the greenback
circulation was opposed by the senator from
Ohio, the friend and supporter OF national banks
and the great gold monometallist
Mr. Berry (dem., Ark spoke in advocacy of
the double stand trd of gold and silver.
On the 18th Mr.. Voorhees, called up his ma
tiohal bank currency bill and moved It's imme-
date consideration. He felt called upon TO say
that his bin was not introduced for the benefit
OF the national banks but was rather intended
banks now employ for the benefit of the gener-
al public There dreadful situation con-
fronting the American people, and every rem
edy suggested could only be remedy with the
proinptest action Here was an opportunity for
quick work. and he hoped that the senate
would see the advantage to be gained by q
prompt passage of the bill.
Nc Allen (pop., Neb) advocated the adoption
OF the amendment offered by him TO suspend in
terest on the bonds on which the Increased cir
culation is based. In his Judgment the bill
would commit the country to policy OF a con-
tnuance of the national banking system and
he believed that the time had come when safety
REQUIRED the overthrow Of that system and the
wiping Il out OF existence as speedily as possible
Mr. Stewart tNev said this was no time for
the national banks TO ask q further subsidy
until every effort was made to relieve the coun-
try. II that effort was not male in good faith
it would not be the fault OF the silver men.
They would agree to everything that would
give relief They asked no subsidy no adj
vantage no change OF policy.
Messfs Mcpherson dem, n. - and Man
derson (rep. NebJ argued against the Allen
amendment
Mr. PETER (pop, Kan) spoke against the ma.
tional banking system As banks Of ISSUE the
national banks would have TO go Their useful
ness had expired and they should longer
cumber the earth. He opposed the bill and
suggested the issue of 00.00OOoO in greenbacks,
Wnlcn NOulul ne sdiu, 10 idf to"diu ESStofhh
confidence
The Alien amendment being rejected, the
next question was on the amendment offered
by Mr. Cockren dem Mo for the redemption
at their face value and accrued interest of such
per cent bonds as may be presented for re-
demption and TO issue greenbacks TO pay for
them This amendment was opposed
by Mr.. Mcpherson (dem, n - and
Mr. Sherman (rep., o.. The latter char
acterized it as an unbusnesslike transac-
ton The government of the United States
could not now increase its demand liabilities.
It would be unsafe 10 do it, Such proposition
would shake the foundations OF the govern
ment's credit Nobody doubted that the gov
eminent strong, tich, powerful and able to
maintain every dollar OF ITS money and pay IN
gold and silver coin, but it was not able TO as
sumo new obligations now.
Mr. CoekreIl Mo advocated the amendment
He urged that there was difference in the
governments liability between greenbacks
and national bank notes because The holder OF
national bank notes could demand greenbaeks
for them and could then demand gold for the
greeubacks The Question before the senate
was whether the necessary increase OF eurren-
CIV should be made by the government or should
be percolated through the national banks
SiLvERITES TO MEET AGAIN.
Call Issued from Denver for Pan-amer-
lean Congress In st. Louis.