The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-08-31
CHIEF OF the Goldbugs, the Republi-
can Senator From Ohio, Makes
Speech.
Favors the Repeal of the Law fo
Which He Was Largely
Responsible.
Does Not Think 1t the soie Cause of the
Panic. but Wants to XIII Silver
Entirely.

WAsuINGTON, AnG. ~. Tho bill for the
repeal OF the Sherman act was taken up In
the senate and Sherman WAS the first
speaker. He said il the repeal OF tho act
were the only reason for tho extra session
IL seemed to him insufficient. II was justi-
fed. however. by the existinR financial
st'inRency. Congress and tho people are
agreed that both gold and silver will be
continued AZ money. II cheap money is
wanted. the free coinage Of silver is the
way to get il. but it must not be called BIZ
nletallism. 1t would be monometallism
Of silver.
The president. said Sherman. failed to
give the cnnse Of the decline Of silver. II
was due to tho fact that We had to pay cur
debts.-dsbts payable In gold. England
had to make her loss in the Argentine Re
public good TO prevent her own institu-
tions from going down, so she returned onr
securities and demanded payment in gold.
The balance OF trade ia also against US. and
ws had to make the difference good. This,
and not the Sherman law, led 10 the pres
ent condition.
Sherman said he consent ted TO the pagsa 20
of the law 10 prevent free coinage. and to
that extent it had benefited the country.
But ons year ago ho introduced = bill al
m ost in the Same words as the Voorhees,
bill TO repeal II. Not . democrat voted for
It, They nuss answer why.
The trouble ia there is q currency fam
inc, not fear a. TO tho soundness of the
country's money. He did not believe re-
peal would overcome the staQnation, but
would ease the money market from the
dread Of free coinage. He said that If
the democt ats attempted TO alter the exist
ing tariff they would plunge the country
into deeper distress. As to the future, we
must preserve the parity of all our money.
The balance of trade might be against as
next year and 1t might be necessary to issue
securities to secure gold TO maintain par
to have authority to make the deficit good.
All parties heretofore gave the secretary
that authority. The SUI plus in tho treas
ury should be coined ana used for all legal
purposes. He did not believe in buying
silver from our people. at profit. II there
II was fraud. He believed IL q fraud.
Shstnan denied Voorhees' statement that
the act Of 1873 was "stealthy demonstiza-
! tion." Woo hOss said the Yema k was not
mean to apply TO Sherman. as he had
cleared himself OF participation in it four
years ago.
Sherman, continuing. said IL WAS strange
shat on the vots on this bill, stswart. Of
Nevada, voted for it and Sherman
agsinstit.
Stewart said that In due time he would
explain how he came to vote for the bill.
sherman caused laugh by quoting from
one of ssewarts speeches in debate of the
universal standard OF tho world" and
urged the gold dollar as fixing tho standard
by which the workman knew exactly what
his labor was worth. 1t was not until the
silver dollar became cheaper than the gold
that any ono demanded 1t. and then ii was
to take advantage of e.editors; The pur,
chase Of silver by the United States, when
all others had stopped IL, was Al improvi-
dent use Of public money.
Instead of striking down silver. he wanted
to bald it mp. but it could not be done BY
the United states alone. He believed the
best thing to do was TO suspend the pur-
chase Of silver and devote attention to the
OF authority to protect the credit of the
government at home and abroad. and after
waiting TO SOC what effect the Indian policy
was. and further efforts of the international al
conference. the present clouds would dis
appear.
showing such . remarkable change OF opin.
Ion on the part of Stewart, provoked gen
eral laughter at the expense of that soma
tor, who looked somewhat bewildsred, but
only ssroksd his beard. subsequently he
promised to reply to Sherman Friday next
Shsrman followed up his advantage ovel
the Nevada senator by exhibiting 4 news
paper published in that state, ono whole
side OF which WAS occupied with notices oi
assessments on silver mining stock, all pay
able in United States gold coin.
sherman was listened to throughout with
unflagRinR attention and interest. When
he concluded the repeating bill Con which
he had spoken) was laid aside and the ma
tional bank circulation bill taken up, &c
allow Teller to finish the speech which be
began yesterday. Voorhees, gave notice
however, that after the morning busines,
to morrow he would ask the senate to tax,
up tile repsal bill and would do SO from da,
to day.
Teller then proceeded with his speech
He said: III 10 the prerogativs of the
United States to issue its own currenoy
and this 10 n good time to reform its bank
ing systsm." He would not, bv his vote
put any moro powcr into the hands of Tho
banks OF the country. He would not enable
them ANY longer to pRrnyye tho business OF
the country, as they are doing to-day. II
he had fair opportunity to wipo them out
he would wipe them out as quickly as he
could. He 10 opposed TO The present sys-
tenn. lie desired to withdraw from tLs
banks the privileges they now possessed.
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