Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-10-04

ANMH a
10 be an innovation on the recognized
principles Of finance. To p~urchasing
Silver as a c0mu0dity, on credlt-tor
every dollar issued 10 payment Is a oeot
upon the government to be paid IN golu'
which is an unavailable asset In ner
vaults-she can not pay It out 10 re-
deem the paper issued for 1t, and sne
can not sell Is, for the reason that 70
mt it upon the market would destroy
the equilibrium all over the world Ia
regard 20 silver.
Mr.. President, the platform OF the
Democratic party demands It's repeal
NV Judgment is Clearly In favor or II,
and shall vote for its repeal,
but with the clear understanding tnat
f. shall not producea contraction IN the
money now in circulation. We should
provlde clearly against any contraction
~ the currency now outstanding, and
leave no questions OF doubt as TO the
stable basis upon which Il stands.
NJ. President, the repeal Of the Sher-
man act does not, as is frequently
stared. demOnetiZe silver, or at least
does not DO so TO any greater extent
than now exists under 10. The penang
bill continues al the silver money now
IN circulation on a parity with gold and
simply suspends the further purchase
OF bullion.
Mr.. President, I am led to the con-
clusion that the free coinage or sll
urder the conditions that exist to-day,
and its circulation in parity with gold'
Is a practicable impOssibillity by the
TDIted States alone. 10 a only oe
done bv international agreement. Any
attsmDt 10 establish bimetalliSm or the
Tree coinage OF silver IN the United
states without agreement with other
nations would bring Us az once 70 a Sill
YER basis. Conscientiously believing
this. as do, cannot favor It under
Dresant conditions. II l could believe
witb the Senator from Colorado (Mr.
Teller that silver and gold could De
kept on a parity in this country oy free
coinage, I would go with him Tor Tree
coinage; but, according 70 my Judgment
Il can not be done.
We would soon have all silver and
no gold. as in Mexico. The Senator
avs. with equal frankness, II be be-
Ifsved that there would be a divergence
betweeen gold aud silver dollars h'
would not be in favor OF the double
standard: and, Mr.. President, 1 know
h Senator means what be says, anc
his unbiased judgement Is entitled u
b highest consideration. He may OF
right and I Wrong-the difference o.
opinion Is an honest one.
But. Mr.. President, while l believe
that bimetallism is impractica0le II
tbis country under existing conditions
belieye that the conditions Will 81
change before the end Of this decade
land hope much %sooner) that the lre'
coinage OF silver will not only De re
stored In this country, but In EnRIanC
and Europe. / DO not believe That I'M
world can do without the use or ooti
metals as money; but until that tim
comes the United States a not aitoT'
10 undertake the experiment OF ire
coinage alone.
Mr.. President, in case the pending
bill Is PASSED 10 should, in my judgment
be followed by additional legislation.
shall not at this time attempt TO tormu
late the views 1 have in my " mln'
IN regard 10 i'll shall be glad 70 VOt
Tor n well-considered bill that may b
introduced-but l will indicate that u
nv Judgment 10 should contain prOVIs
ions for strengthening the Treasury
second. to give more elasticity 70 Ia
issue Of paper money, and guard agalns
aradaD contraction I'm the currency
tlOn In our W country a. ''c cOinRg
within specified limits. Is
The repeal OF the act OF 1890 would
leave oil the paper and silver none,
now outstanding TO be kept To circula
tlOn and maintained on a parity will
gold, and in addition 10 this, provision
can and should be made for the add
tional coinage OF silver money in som.
proper form, within proper limitations
for domestic circulation in our owl
country, under conditions which would
not interfere with the interchange
with other countries upon the gOlt
basis already existing. Such a pro
vision would not interfere 10 any way
with the silver aud paper money a.
ready in existence 10 be maintained OIL
a parity with gold, but would providu
for additional coinage for silver circu
lation within such limitations as MAJ
be fixed.
The passage Of such an act woulC
increase the coinage Of silver 20 tht
extent intended TO be provided for, anC
would also increase the money 10 cir
culation to that extent, which would
compensate to a greater or less degree
for stopping the purchase OF bullion
under the Sherman act.
Mr.. President, 10 Is said, and I have
no doubt 10 Is true, that losses In money
and money values for the seven weeks
Congress has been in session exceeds iu
value all the gold AID silver in this
country, and the stagnation and shrink
age continues 70 90 on. 10 is our pa
triOtic duty, Mr.. President, not TO inter
pose any unnecessary delay Ia giving TO
the country the relief demanded, and
stopping the distress before further
disastrous results may occur. The re-
peal OF the Sherman law Is the proper
place 20 begin, other financial legisla-
zion should follow.
II has been freely stated, and insisted
upon, ass reason for opposing the pass
age OF the pending bill, that il IL is
passed without conditions, no other
legislation can be had, or will be ap-
proved by the Executive. Mr.. Presi-
dent, 1 have not shared that aDDrehen-
sion. have, aud the people have full
faith and confidence In the wisdom and
patriotism Of the President, and his re-
cent utterances should set at rest all
doubt upon that point. have also
full confidence in the wisdom and pa
triOtism Of Congress, both Democrats
and Republicans, that they will be able
TO legislato for the best interests OF the.
whole country upon these great cues
tions, which are higher than party con-
siderations, higher than sectional or To-
cal interests. The distress existing in
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