Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-09-01
TALK WAS OF SILVER
Senator w0leou Opposed Repeal
Of Purchase Clause.
cAfFEaY ARGUED FOR REPEAL
P~nrs H~~ois<soa la ftescr-ace ca
Ssssasal bsnks Refusing - Pay
D~pa~llors Check. ssiesr@cked

- ---t*--+t+*<"f '~@ t-< 10 rIIE<@ -
hr. Wolcoft against the bill ~ repeal
he purchasing CLAUSE q the sh<rman
sct e.s delivered triay IN tbs prsssncs
II zInosl all ths senators andpf large
ssd.enee In the z2llearA
As>cnn ~ tbs trsf tone q Mr.. VOL
N<t's sosce RAG out conversation
seased throughout ths ball and senators
ssltied shnnsseIsss . snsoy the orator.
cal treat The sarcastic illusions in the
oprnlng paragraphs % the sudden and
remarx4bls conversion of democrat
stanesmen to fas m0uo- metallic views II
the president amused senators on the
fioor and spectators Ia the gallery. but
there sas NJ demonstfafioa beyond a
genaral' smile. Ma Shefman listened
wlth keea stteatlon Tor about half an
houu and then quietly Nithdrsw. Mr.
Naaco left nis own side u the chamber
4sd tssok a ca4if ae6r the speaker bat
be toil..wed Mf. Saermans . example and
wsat back o has oNn. Mr.. Voorhees,
and Ar. 0orman sat beside each other
and oeea>sonally convsrsed IN whispers.
but the N.iryiaad senator also retired
flom TIE chamber
Nolcotf Wa Sarca-ti~
senafor VI 0icott began by saving that
Il esa unfoTtanate that the financial
panic wa= nnacromranird By the wide
spread uliigaous revival which invari-
a. y Il ras said. followed panics. The
reasiy aid complete change u heart,
houcgef, on the financial question hich
had heed Witnessed ln the senate cham
Der gave evidence that 10 Was a time
uhtn uien we're especially open to con
slctIon. RE sarcasticaiiy referred 10
f.e great Dumter of senator's who. pro-
'.ssslng % b. b. metailists. beld that hn
international agreement Was necessary.
and pointed out that thereby they ac-
cepted the single gold policy Of England
senator Woicotf paid his respects Ia
senator foorhecs add said that his
Grange q front Was remarkable. tie
attacked the senator's record on silver
and national banks. and quoted from
tho senator's article last year in the
North American Review, 20 show his
lack ~ consistency. aud asserted that
nos for the flrst time be fVoorhees, sup
posed O. represent the masses. and
Sherman. supposed 20 represent the
Glasses WIRE incomplets accord In finan
cial mstteFs-
Free coinage BY separate act. he said,
vas lmp<esible. as the president would
undoubteslly veto snch a measure. Any
mao ~ho youchsd for Mr. Cleveland az
bi mstal.ist would souch for the man
IN the moon. Why not act now on the
Whole financial question: II thisshould
pses and silver be. az il must. abso-
lutte dethroned and degraded. he knew
of % reason Why any senator who be-
hcved free coinage should ever east
vote ie sor ~ protection IN any form.
We c. absorb al the silver offered
for co1nage without imitation of the cur
rency and without impairing our imam
cial credit at home or abroad lie had
demonstrated few days ago the folly
q the statement that the repeal Of the
Sherman act would restore Confidence.
wa- a Bank~r~' Panic.
This ~as a bankers panic. and il you
asl<cd banker today how the repeal
xas % restore confidence be could not
ieil you liz seemed unaccouutable that
In panic times banks should not desire
"a increased volume % the money.
Their plaa vac. however. after the re-
peal b. lusk for The Issue of slO0.000.oo0
81 gold bonds. and they hal good rea-
son % believe that a complacent hnance
emmittee would authorize such bill.
Mr. Wolcoft thea went on TO contro-
vert the arguments that there was an
osrrproducti0n q silver IN the world.
that a $40 cheapiy produced at cost
much lr~s than IL present market price
asa commodity. and that upon q return
- free coinage at ratio ~ i6 TO the
prez@af prtsiuct would he largely in
cre.teeti lie rittei the results q care
fgi fn4nry mHis hyta COMMITTEES -
lesiiing teftiriiic citixons showing that
leaslfllir bsl produced IN fourteen
wears net ft, iai3.--i ln silver az a cost
of sl2f .y-i ~ showing a loss In silver
miniox chanr-i into a FAIR profit b. the
snine e tte 81 Dr. fiucfa. TIE People Il
fle faf norf nssf favored The resunrtioa
~ free silver coinage tetause they -.
heved "a ~ mefallism. They opposed
the ela4.e standard because tlirre was
n9f ,naa~h gold g. 10 the nu.iaess of
the eo.li and faraish it- Inhabitants
wifh the currency they nsrded SILVER
bad pet s,.pfec assi. bat gold hsd sp
precistetL
At fhe cia-e - Mr Wslc.irs epeech.
NJ Nils gave norice fnaf he would
rexf "Wednesday speak "a the repeai
biz
Then he sfor w4s tlksn ~ Nr CaiFery
n louisiana H.s maf,ien speech IN The
reasfs 49, a faeor ~ th~ aneeuditionai
rerea a fls purchasing risuse - the
Sherman arf fie wss proud a the pfs,
faoa 60 a4 aat,se state on ne usonef
4.ststlet si.e hast aixsss been souut
sel g ts te,tie 81 4 soulsl avail. she
eeat Fua -