The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1893-08-17
THE SILVER DEBATE.
Both House and Senate Con-
y, sidering Financial Measures.
.F~t
TO REPEAL TAX ON STATE BANKS.
Senator Gordon Wants TO Allow Them TO
Issue Notes.-The Claims It VIII Give
Speedy Relief-Mr. Grosvenor Wants Re
publican and Democratic Unity.

Issue Notes-he Slaltns ~ WIN oiNe
Speedy Relief--Mr. Grosvenor Wants Re
publican and Democratic Unity.
WASHINGTON, Aug. 16.-In the senate
Mr.. Gordon Dem, Ga.) introduced
bill, and before it's title was read went
on to explain and advocate it. He be-
lieved solemnly that If it was enacted
into law it would end the panic in 10
days. The cotton crop was to be moved.
The bill would enable the banks of
Savannah for instance the central port
for cotton to issue for the time being,
their individual notes to the amount of
20 per cent of the capital stock. All of
the banks would indorse the bills of
each. In addition to that collateral Sc
curity would be put up. This would
be true as to all the state banks Of Savan-
nah; so that within 10 days there would
be at least 5000, 900 additional money in
circulation in that city. The bill was read
and referred to the finance committee.
1t suspends for six months the opera.
ton Of the law which imposes tax OF
10 per cent on the notes of state banks.
Mr.. Voorhees, reported back the bill
1uIIOuuCGu ny ulll " NllttblO
national banks to issue ci rculatiOn to
the amount of the par value of the
bonds deposited by them. He did not
proclaim the measure as one of entire
relief: but lookedtupon it as a measure
Of relief. 1t would effect an increase Of
currency that would be a solace and
comfort to the entire people. The vice
president asked whether there was OBJ
lection to the present consideration OF
the bill.
Mr.. Cocllrell Dem, Mo- objected.
He would never vote for any bill that
tends to recognize the right of national
banks in the future to issue and control
the paper money of the country.
Mr.. Voorhees, then gave notice that he
would today moved its passage.
Mr.. Lodges (Rep., Mass.) resolution
directing the committee on finance to
report at once a bill to repeal the. pur-
chasing clause of the Sherman act, and
that vote be taken on such repeal on
Tuesday. Aug. 90, was taken up and Mr..
Lodge spoke in its support. He argued
in favor of prompt action. IT the
country was to have free coinage let the
country know it; if it was to have a
limited coinage, let the country know
it: and if there was to be an uncondi-
tional repeal Of the silver act, let the
country know it.
Mr.. Wolcott Rep., Colo), who fol-
lowed Mr.. Lodge, agreed with him that
this was not party question. In order,
he said, that the repeal of an existing
law should bring relief 1t would be
necessary to show that it had inflicted
injury, and he had not yet heard one
intelligent man say on his conscience
that he believed the Sherman law
wrought the injury under which the
country suffers. every one would
admit he said, "that the Sherman act
was vicious and illogical, but it had
some advantages. 1t had given the
country currency backed by the credit
of the government and by the silver at
its bullion value, which was perhaps
little better currency than the $37, ,000,.
900 of clearinghouse certificates now in
circulation in New York, backed only
by a rediscounted paper" The only
tangible statement which he could get
as to the injury done by the Sherman
act YVES that there was lack of conf
dence in Europe. 1t was impossible to
say what proportion of American Sc
curities was held abroad, but those
which came back came back irrespect-
i've of the method of their payment.
The demand abroad for American Sc
curities had been checked by the Read
ing fasco. His conviction was that
when prosperous days came back to
this country it would be after it had
announced to the world that this was a
nation of bimetallists, believing in hard
money, both gold and silver.
The Lodge resolution was laid aside
n,,k a,tino oY,1 NJ IJnor odd
the senate on Mr.. Vests resolution as
to bimetallism.
In the house after prayer and the
reading and approval of the journal,
Mr.. Burrows (Rep., Mich.) offered a
resolution giving Charles e. Belknap
the right to contest the seat of George
F. Richardson from the Fifth district of
Michigan. Mr.. Richardson (the sitting
member) asked that the resolution be
laid over until today. So ordered.
The silver debate was then resumed,
Mr.. Hutcheson Dem, Texas conclud-
ing his remarks, begun Monday in favor
of free coinage of silver.
Mr.. Blanchard Dem., La.) favored
free coinage and quoted from both the
Democratic and Republican platforms.
His opinion was that if the Republican
| platform meant anything, not twenty
| Republicans would vote for the Wilson
bill.
Mr.. Grosvenor Rep., o. said that If
the pending debate should develop into
a partisan discus sion, its instigation
| would be found in the declarations Of
| the presi dent himself. The president
had decl ared that the Republicans had
been responsible for the present condi-
ton of affairs, and this declaration
would be the origin of political discus
sion, If political discussion there should
be. He then read the message of Pres
| ident Buchanan to congress in 1857, and
| he subtlely intimated that President
| Cleveland had been guilty of plagiarism
in his recent message to congress. The
difficulty in which the country now
found itself was attributable to the fact
that the people feared the tinkering
with the protective tariff by the Demo
cratic party. The Democrats were call
ing upon the Republicans TO stand by
honest money. For 30 years they had
stood by honest money and they had moi
lived in vain. The Democrats were
camping tonight wnere the Republicans
had camp 80 years ago. He warned the
Democrates that they must come to-
gether on this question. The Republi
cans could be relied upon to do theil
duty. This was their country, and they
could not afford TO put 1t in a hole.
| Mr.. Hall Dem, Mo- spoke in fayo
of greater volume Of currency and of
the free coinage Of silver.
Mr.. Snodgrass Dem, Tenn coul(
not vote for the Wilson bill. 1t at
tackled but one sentence In the Sherman
act, and did not carry out the intention
"a -