The state republican. (Jefferson City, Mo.) 1871-1896, 1893-08-31

INs'('AS
Senator Hill, Of Nev York
10 bring the two metals together In order to
redeem the pledges OF the two great national
parties and OF the Administration there should
be coinage OF gold and silver on q parity. Now II
seemed, said Mr.. Vest In q cuntetnp tuvus tone,
that The question OF the expense WAS ID be In.
jected Into the discussion, and that, leaving
the great and absolute Necessity Of parity,
senators were led into an examination Of the
rur,ber Of dollars that tho change OF ratio
would cost. He had made n short analytical
statement Of the account between silver and
the government Mt this time. It showed the
profit TO the government under the Bland.Alli.
son act OF 1873 as lin round numbers $4,000.
00, md the profit OF the Sherman act
Of 1890 Us Sss,0oO.0oo. the total profit bc.
Ing tl2S, The uncoined silver
In tho treasury was l33. 0OO,000 ounces,
and the profit on that s57 900. 900. The number
OF ounces necessary to recon the silver dol.
lars now coined was 81 200. 900. and the number
necessary to recon the subsidiary silver coins
100000. II this quantity Of silver bullion
were taken from the uncotned silver In the
treasury on the 9Th OF August there would no
still left OF uncoined silver in the treasury So.
OO, 900 ounces.
His summing up OF the silver account was.
treult slue .tl2S, 1884
Deutor sldc ...s..... 12.S6b,32l
Balance In favor OF silver. .........S is, 2G7 ,p93
II the secretary OF tho treasury, Mr.. Vest
continued. meant to put the question fairly to
the American people, why had no not told the
senate what he proposed to do with the vast
amount Of silver now iuncolned In the treasury
when the purchasing clause of the Sherman
act were repealed Was that silver to be there
q menace TO bimetallism for all time to comet
Or did the secretary propose to coin 1t and
hold 1t IN the treasury as dollars.
Mr.. Hill then resumed the floor and I'D.
dressed the senate. There was perfect quie.
and stiffness in tho chamber while he spoke ind
the closest attention was paid 10 the speech
both on the floor and In the galleries,
Commencing his remarks by an allusion TO
the presidents much commended and cFiti.
cised special message TO congress-" Senator
Hitl supplemented the presidents quotation
/ from Daniel Webster by the opening sentence
Of another famous speech Of tho same distin.
guished statesman In which he urged upon the
senate Before we float further on the waves
of this debate let us refer to the point from
which we departed"
Adopting Webster's prudent suggestion, let
us hrst recall the peculiar circumstances un-
der which VIC meet, and the important ohurac.
terloi the duty which surely confronts us nt
this hour. 81 r.f @ .
The existing financial disturbance may be At.
tributed to three causes:
First: 1t Is a natural or Inevitable result or
incident Of many years Of real or fictitious
prosperity, The nation is not unlike an indi.
vidual. Sickness is Incident to humanity, and
commercial panics are incident TO trade.
The student OF history knows that financial
panics occur about every twenty years. and
our country has not been an exception to the
general rule. The panics OF 1873, 1897 and 1857
should have led ia In antfcinnta ma In about
1893.
In addition to these causes, which, for the
purpose OF this arg lment, I denominate nat
ural' causes, against which II Is probable that
no prudence could guard or prevent. there was
much reason to apprehend financial troubles
at this time owing to the violation OF correct
b~usiness principles on the part Oh our business
mon In their haste to become suddenly rich.
Our financial centers have been flooded with
watered stocks OF every description. in which
innocent people, have been induced to invest
their means by the glittering promises OF enor.
nous dividends which are not forthccCipg.
Candor compels me TO say that these trans.
actions have usually originted with that class
OF fnanciers who infest our marts OF trade and
are to-day ostentatiously attracting public at.
tention by their parrot-like clamor for an hon
est dollar and against the continued use OF
silver money,
Besides we are suffering from the evils Of
over production. The balance OF trade has un.
fortunately been against US. We have sold our
railroad and other securities abroad instead Of
at home and the interest as well ns portions Of
the principal have been coming due and must
be paid In gold. because 1t was SO nominated
In the bond, and hence our gold has naturally
been leaving us for foreign shores.
PROFESSIONALLY some OF the present dim.
Guilty may he attributed TO the uneasiness of
our protected industries which have been &C.
customed to rely to q certain extent upon gov.
b arnrnaptal fuvnritiapN n a,z... -
do not disguise the fact that such uneasiness
exists and that 1t contributes its share to the
general existing disturbance OF financial az.
fairs. HFlt-
But there is no relief for this situation un.
less the dominant party abandons its princi.
pies and surrenders In advance to the inter.
ests which were defeated at the last election,
The democratic party Is pledged TO tarin re.
form. and 1t must redeem Its Pledge come what
may, or course II must lie expected there will
he some friction. 1t is Unavoidable. 1t ia In.
cidcnt to the anticipated withdrawal OF public
aid from private enterprises; and It can not DO
prevented, but must be endured. Tho people
perfectly understood the question last fall, and
they voted with their eyes wide open. Our
course is onward, and we shall not retreat.
Second1-Some portion Of the present panic
may DO traced to o concerted effort on the part
OF numerous monometallists TO produce II. in
order TO further discredit silver rs . port Of
NHS shto hiouoJ VI ~ NOuutTy. WIN
ghoulish glee they welcomed every bank fail
ure, especially In the silver states. little dream.
Ing that such failures would soon occur at their
own doors. THY encouraged the boarding
OF money; they inaugurated the policy OF
refusing loans 70 the people even
circulated false relations, passed absurd
md alarming rssolpttisps predtrted dire disas,
ter, attacked tho terbfftt Of she government.
sought to akzpeshpiazA -; currency. and
attempted in every way 10 spread distrust
broadcast throughout tho land
, The best hnauciai system In tho world could
not stand such an organized and vicious at
tack upon II. These disturoers-these pro-
motcrs OF public peril-represent largely the
creditor class; u . men who desire 70 sppre-
ciate the gold dollar In order 10 subserve their
own selfish interests; men who revel In hard
times; men who drive harsh bargains with
their fellow men In times OF financial distress.
and men wholly unfamiliar with the true pr,n-
ciples Of monetary science '''' +'H TtA'.
Third-The Sherman silver. purchase law
has been at least IN part and possibly the most
largely instrumental in producing the exist.
Ing complications. No ons now defends II.
Few apologize for H. Tho political party that
enacted itseems how the most anxious for Its
repeal. II was q violation OF every correct
principle OF monetary science. II was not
even an honorable compromise. It was 0
makeshift, a subtcrfuge, a mere temporary er-
pedient. The president. In his message, not
desiring at this time. for obvious reasons, to
offend the sensibiiities OF those who had voted
for It. politely called II q truce .Xf.
1t has been asserted that the president him
self. In his hostility 70 independent fres coinage
was DISPOSED Of one time TO, regard With favor
or acQuiesce In the provisions Of tho Sherman
Law, which had been the instrument or means
by which such free coinage had beon defeated.
Whnther this DO % or not, tho fact remains,
Snd has not escaped observation, that while
the democratic national platform denounced
the sherman law and demanded Us repeal
asa eowardiy mkkesbift-yet Nj. Cleveland,
neither In his speech delivered st Madison
Square garden, New York. In answer 10 the
moth cation OF his nomination. nor In his sub