Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-09-09
our financial system, but for three gooo
and sufficient reasons. 4
FOR REPEAL

REASONS FOR REPEAL
First. The authority and direction
IL confers upon the Secretary OF the
Treasury to enter the markets and pur-
chase 4. 500, 900 ounces OF silver, month
", without any limit as TO the time
when this accumulation OF bnlllon Shall
cease, presents a constant menace, ana
tends to depress the price OF silver
bullion. The act is founded upon
false theory as to the( proper functions
of government in its relations 10 money
and furnishes vicious precedent Tor
the future.
Second, In the execution OF Its pro-
Sisions, especially in the storing OF the
bullion and the issue OF Treasury notes,
Il has been the fruitful source OF the
strongest arguments against the use OF
silver as part OF our monetary Sys-
tenn.
Third. The people believe, however
erroneously, that the disturbances
through which we are passing are MAIN
ly due TO this act, and like any other
"faith cure, its repeal (which is proper
In any event. will assist in restoring
confidence. the want Of which IS tue
chief obstacle to the restoration OF ous-
mess activity.
Mr.. President, although shall vote
a rensaI the purchasing clause of the
act OF 1890, / certainly hope may not
be called upon TO DO so without having
first secured an amendment TO the olil
now pending before the Senate, which
will by law, and not by a mere declara-
tion, give notice 70 the world that TINS
government will exercise all its powers,
smnloy all its resources, and throw the
weight Of It's great influence In favor OF
the re-establishment OF silver on an
souality with gold as a standard OF
vsIue. IL may not be the part or Wis
dom 10 attempt 20 establish that result
AZ this time, under the conditions affect
Ino the white metal throughout the
world. but provision should az least De
made by An amendment for additional
coinage of full legal tender sill
YER dollars at the present
ratio 10 an amount that would DC
rapidly absorbed in the business trans
actions OF this country, the>aggregate
amount. including that already coined
and the silver bullion in the treasury,
which should be directed TO be coiRed'
not 10 be less than $500, 600, 600, the
coinage required TO be not less tnan
ca. OOO. 600 per month until II reaches
the aggregate limit. The most consery-
alive should not fear the passage and
execution of such law. The limit De-
ing established it would constitute no
menace to financial stability, and the
capacity OF the country, with us im-
mense business interests, TO absorb tnat
amount, after the withdrawal OF notes
OF less denomination than SO, none VINO
are familiar with business demands can
ouestion. hope at the proper time TO
submit such an amendment, upon wnlch
he sense Of the Senate may -oe spoken
A CONFERENCE HOPED FOR.
Mr.. President, although have ex-
dressed with perfect frankness and
sincerity the opinions now hold as 70
the course which IL seems TO me best 10
pursue in the interest OF future OIL
metallism, yet have such confidence In
the wisdom and patriotism OF those who
have been 'iendly to the double stand
ard that | shall not hesitate TO exercise
my Judgment, and vote as may ueem
best for the public interests upon any
amendments that may be submitted dur
ing the consideration Of this bill.
Mr.. President, history Is repiete Win
instances In which mans inhumanlty
70 man" has made countless thous'
Ands MOURN" but a widespread public
sentiment, awake9iRHtqs,t "a and ftCollies
OF the preceding years. Surrounded as
we are by the complications OF the pres
eat and the uncertainties OF the future,
We cat but hope that we will see, az no
distant day a conference Of the nations,
each member animated and impelled by
motives Of the purest national and uni
versal patriotism, called TO settle for all
time, on just and equitable basis, the
re-establishment Of silver In the place
OF honor to which Ii Is entitled, and TO
that end must be directed our best en-
ergies, inspired by the unwayering faith
that such a contamination will be q
blessing bounded only by the confines
OF civilization.