Iron County register., 1893-09-07
WOLCOTT ON SILVER.
The Colorado Senator Champions
the White Metal

the White Metal
4 strong Argument from tho Free Coin
ago Standpoint-The Present Do
preston Laid at the Doors OF
Eastern Bankers.
WASHINGTON, Aug. 31.-At the con-
clusion of the morning Mr.. Walcott, of
Colorado. addressed the senate in oppo-
sition to the house bill for the repeal
of the Sherman act. He was listened
to with the closest attention by sena-
tors on the floor and the audience
which packed the galleries. The speech
occupied nearly an hour in delivery,
and the remarks of the senator were
frequently applauded by his colleagues
on both sides of the chamber.
Mr.. Wolcott began by saying that 1t was nm
fortunate that this financial panic was unac-
companied by the widespread religious revival
which invariably. it was said. followed panics.
The ready and complete change of heart. how
ever, on the financial question which had been
Witnessed in the senate chamber gave evidence
that 1t Was time when men we're especially
open to conviction. And II the administration.
with its petty spoils and patronage. had been
6Ole 10 mike SO many converts. WQaL mlGaL
we not hope when the assurance of future
happiness would not be for four short
years, but for eternity. The misfortune under
which the silver men suffered was that the ad-
ministration conversion came first, for II the
hearts of senators had first been suppressed
with the httleness of the things Of this world
and the glory OF things supernatural, the peo-
ple who were to be the sufferers, would not
have been deserted by their representatives.
Except as patronage might be used to anect
congress, there was no criticism to be made re-
specting the policy Of the administration.
Criticism Of the secretary OF the treasury was
almost misplaced because he was member Of
the presidents household and committed to
his policy. Nor was the president open 70
structure because Of his message, for he had al
ways been . consistent and persistent op-
ponent Of silver coinage The west knew last
must be placed In congress. which had more
than once risen above the personal wishes OF
tho executive.
Senator Wolcott sarcastically referred 70
the great number Of senators who, processing
to be bi-mettallists. held that an international
thereby they accepted the single gold policy OF
England. He said that the friends OF silver
were not carried away by such utterances as
those of Senator Hill the other day. Who was
not for them was against them. and his speech
would have been logical II made against silver
ator knew that free coinage by separate act
was impossible during this administration. and
that any assistance he desired to render must
come now or never at all. Silver had been
compelled to bear everyhody's burdens Tor many
months, and it seemed now to be involved In
some fashion with the democratic tactfonal
differences in New York.
AS TO VOORHEES,.
Senator Wolcott next paid his attention to
Senator Voorhees,, and said that his change OF
front was one Of the most remarkable and
ominous OF occurrences He attacked the
senator's record on silver and national banks.
and said that oil his past utterances az shown
by the Record were words writ in water. HE
quoted from the senator's article last year in
the North American Review, to show his lack
OF consistency. and asserted that now for the
first time he (Voorhees). supposed to repre-
sent the masses. and Sherman. supposed to
represent the classes, were In complete accord
in financial matters. The wolf was dwelling
with the lamb and the leopard was lying
down with the kid. This harmony. he feared.
would not continue long, and when they arose
they would be fewer in number. There
could be but one chairman Of the finance
committee, and without undertaking the
abilities of the senator from Indiana,
he looked forward to the resump-
tion of the control of the committee
by the senator from Ohio, and recalled
Pharaohs dream OF lean kline. He adjured the
'.that it is letter that thou shouldst not VOW
than that thou shouldst vow and not pay" ire
ferring to his advocacy OF silver. No man
could be bi-metallist in the sense that he be.
lieved in the further coinage OF gold and silver
by the United States and advocate this bill.
The president would undoubtedly veto an in
dependent measure for the free coinage OF sill
yer, and there was not senator In the body
who did not believe this to be true. Any man
who vouched for Mr.. Cleveland as hi-metallist
would vouch for the man in the moon Why
not act now on the whole financial question:
It was glibly said that we could have further
legislation later We shall never know any
more about silver than we know now. and con-
gress was In session to deal with the subject.
It might be true. as Senator Hill prophesied
last week. that the purchasing clau Sc would be
Internationally repealed, but It was equally
true that he might find it necessary after q
time to revise his prophecy. q
SILVER DErHRoNED
II this act should pass and silver be as 1t
must, absolutely dethroned and degraded. he
knew Of no reason why any senator who be-
lieved in free coinage should ever cast anoth-
er vote in favor of protection in any FORM
This was an era of experiment.; let us expert
ment all round. Even II 1t were true that our
abandonment OF silver would in time com pei
other nations to its use, the step would be
ruinous and unnecessary. We could absorb all
the silver offered for coinage without imitation
of the currency and without impairing our
financial credit at home or abroad. He
had demonstrated. few days ago. the folly
of the statement that the repeal OF the Sher-
man act would restore confidence. This was
a bankers panic. and II you asked banker
to-day how the repeal was to restore
confidence he could not tell you. The de-
posftors who drew out some s18o. 100000 did
not complain OF the fact, and none OF them
drew out money because OF the existence OF
that law. It seemed unaccountable that In
he ohn ynf doo5xn av, In.
creased volume of the money. Their plan was.
however. after repeal TO ask for the issue OF
800, 600 600 of gold bonds. and they had good
reason to believe that q complacent finance
committee would authorize such q bill While
waiting clearinghouse certificates based on re-
discounted paper furnished an excellent sub
stitute for money. No moro remarkable state
ment had ever been made than that by Mr.. Cor
man. With bated breath he urged the senate
not to inform itself Of the facts in regard to the
condition Of the banks. but to let the comp
troller alone.
value these days on Well street, but he ven
tured to suggest to the able nnancfers of that
attractive but expensive locality that II they
would prevent repetition OF such frauds as
the Whisky trust and such mismanagement
as had been shown in Cordage and other In
dustrla.s; would remember that the Sherman
act or some kindred measure recognizing silver
coinage must afford them the only avenue pos
sible for IN enlargement Of the currency which
they especially needed; would look at q map OF
the United States and observe that they cover
abroad exp4nse OF country. and contain many
people with many views. aud would so modify
their opinfons rs not to believe that every man
who differed with them respecting financial
matters must be either q villain or crank, We
would the sooner arrive at that condition of
mutual confidence and regart which ought DO
obtain between citizens Of the same country
NO ovERPRoDUCTIoN.
Mr.. Wolcott then went on to controxert Tie
Arguments that there was an overproductiOn
of silver in the world; that 1t was cheaply
nroduced at a cost much less than IT'S nresxenf