The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-08-31
The King Of Goldbus; Dscliims at
Length Upon tha Subject Of Pininca
SINGS THE SAME OLD SONG
He Would Have Us Believe That
Unconditional Repeal Would
Be a Mighty Good Thing
Tor silver.

cuaso ctouse III tue Suorulon ACT. oteWaft
offered resolution which was on his own
motion referred to the anance commit
tee. directing the secretary of the treasury
to inform the senate how the revenues
since the commencement Of tho present
fiscal year compare with the estimates.
At IL: "a p. m, tho bill to repeal the Sher-
man act was laid before the senate and
Sherman proceeded TO address the senate.
He said If the repeal act was the
only reason for an extra session, il
seemed to him insufficient, but it was
justified, however. by the existing finau-
cial strinaency. Congress and the people
ARE agreed that both gold and silver should
be continued as money. II cheap money
is wanted the free coinage OF silver 10 tho
way TO do II but Il must not be called BIZ
metallism; 1t would be monopolism of sill
yer. The president, said Sherman, failed
to give cause for the decline of silver. 1t
was due to the fact we had to paw our
debts payable In gold. England had TO
make her loss in the Argentine Republic
good to prevent her own institutions from
going down. so she returned our securities
and demanded payment in gold.
The balance of trade was also against
us. and We had to make the difference
good, and this, not the Sherman law, lcd
10 the present condition. Sherman said
he consented to the passage of the law to
prevent free coinage. and to that extent
II benefited the country; but year ago no
introduced n bill almost In the same words
MS the Voorhees, bill to repeal It, and not
q democrat voted for il. They must an
swer why. The trouble was q currency
famine, and not fear as to the soundness
OF the country's money. He did not be-
licve repeal would overcome the stagna.
tion; but it would ease the money market
from tho dread of free coinage.
He warned them that II the democrats
attempted TO alier the existing tariff they
would plunge the country into deeper dis
trcss. As to the future We must preserve
parity in all our money. The balance
OF trade might be against us next yoar,
and it might be necessary to is.
sue securities to secure gold
to maintain n parity. The secretary
| of the irea sury ought to have authority to
max. the deficit good. All parties hereto
fore gave the secretary that authority.
The surplus in the treasury should be
coined and used for all legal purposes.
He did not believe in buying silver from
| our people at profit. II il was . profit,
il was intrigue; il not a profit, it Was
fraud. lie believed 1t fraud.
Sherman denied Voorhees, statement
that the act of 1878 was "healthy demon.
citation" Voorhees, said the remark was
not meant TO apply 10 Sherman. as be
had cleared himself Of participation in il
four years ago. Sherman. continuing,
said il was strange that on the vote on the
bill of 1873. Stewart of Nevada voted for il
and Sherman against it. Stewart said
that in due time he would explain how he
came to vote for the bill. Sherman
caused q laugh by quoting from one OF
| Stewards speeches In the debate on the
bill of 1873. in which he declared: "Gold
is the universal standard OF the world"
and urged the gold dollar as fixing the
standard by which a workman knows
not until the silver dollar became chea per
than gold that II was demanded, and then
il was 10 cheat the creditor.
Stewart. at the close Of Sherman q
speech. said he would give a true history
of the decentralization of silver next Tues.
day. Teller followed after Voorhees, had
given notice that he would tomorrow ask
tho senate to set aside the pending bank
bill in favor Of the house repeal bill as re.
ported TO the senate.
| The purchase of silver by the United
States when all others stopped II, was All
improvident use of the public money. In.
stead of striking down silver lie wanted IL
build il up. but IL could not he dono by the
United States alone. He believed tho bes
thing to do was to suspend the purchase
of silver and devote attention to the need.
Of the hour. lie would give authority &c
protect the credit Of the government al
| home and abroad, and after waiting to see