Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1893-09-01
FIFTY-THIRD CONGRESS.
WASHINGTON. Sept. 1, 1898.


lie Importance the House bill to repeal
part of the Sherman act was taken up
and Mr.. Vance, one of the minority
members of the finance committee. adj
dressed the Senate in opposition to the
bill.
Mr.. Vance said: Let no man doubt
that this movement for the repeal OF
the Sherman act was the result of q
conspiracy among the money holders Of
the world. Our own Secretary of the
Treasury had said SO. 1t had been re-
peatedly announced in the British
House of Commons, and no where de-
MED, that the intent of this combination
was to increase the value of the gold in
the hands of those who held it, and in
crease the value of all securities by
making them payable in gold. The
method of the attack was by the crea-
alton of a panic. Mr.. Vance criticised
the action of the Secretary ofthe Treas
ury in redeeming the notes issued in
payment for bullion in gold, aud said
that any technically intelligent man
would construe that law to mean that
the discretion was to be used in favor
of silver when the condition of the
Treasury required it. The object of
the conspirators was to show that the
departure Of gold was attributable to
the Sherman law, and for that purpose
they chose to redeem those notes. Some
foreigners believed the cry that we in
tended to 60 to silver basis and sent
back some of our securities, and the
clamor. that began in false pretense
ended in howl of real terror. The
bankers of New York, intent on keep
ing up the cry, contracted their curren-
cy, refused to loan money and enforced
stagnation in all branches of business.
When the democratic platform de-
nounced the Sherman law as a cow
ardly makeshift, did it mean make
shift for free coinage of silver, or the
use of gold q makeshift for bimetallism
or monometallism? If the trainers Of
that plank meant that it was a coward
" makeshift for the free coinage Of sill
yer, was not this bill for its repeal with
out line in its place greater coward
and a worse makeshitt? If it was
meant that it was cowardly make
shift for gold monometallism, was not
the language of the platform itself both
Il cowardly and lying makeshift for
the truth? Democrats were put in
power, and Mr.. Cleveland, though
known to be personally hostile to the
use of silver, was elected, because the
people believed that he would carry
out in good faith the promises made for
him in the platform, and to which he
acceeded in his letter of acceptance.
In the fulfillment of these promises, the
first thing done was to yield to the
clamor Of capitalists and anticipate the
regular session of Congress for the sole
purpose of stopping the coinage Of sill
yer and nothing more. Mr.. Vance con-
coded that the programme was like
ly to be carried out, but asked
what would be done with the re-
mainder of the platform. The
banks and stock broking gamblers
were given all they wanted under this
bill, but the American people were put
of with still another promise. In view
of the attitude of the President he
knew, and other Senators knew, that
any bill providing for either the free
coinage or the limited coinage Of silver
could not become law and to permit
the passage of this bill without attach
ing some other legislation to it-know-
ing that the other legislation could not
be secured independently and by itself
was to consciously surrender and turn
their backs upon the pledges made to
the people. If democrats did this they
must do it with their eyes open to the
consequences and knowing that they
were subjecting themselves to the SER
ious accusations Of their constituents.
If the democratic party did this it
would cease to be the peoples friend
and become the subservient tool of
combined capital and constitute in its
legislation the lineal succession of the
SO years of that republican rule which
they had always heretofore denounced
as building up the combination and
corporations which have well night
absorbed the wealth Of the country.
The Vice President announced that
House bill No. 1, to repeal part of the
Act of July II, 1890, was before the
Senate, in committee Of the whole, and
that the question was on the amend
ment offered by the finance committee
by way of a substitute.
HOUSE.
After the reading Of the journal, Mr..
Weadock offered resolution postpon-
ing from tomorrow until September
18th the delivery of eulogies upon the
Lotto / nnan Chinman of Michioan