New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-09


as unwise as IL would be impossible for the United
States at this time to attempt to estaphsh Tree anu
unlimited coinage of silver at any rauo' anu AZ
the same time preserve the parity between tne '"o
metals Gold and silver although stamped WIN
the sovereign seal Of the Nation. were governed ana
Centralized nv the same principles that Influenced
other commodities. He would vote for the repeal
OF the Sherman law, not because ne beheVed IL
to be the cause of the present business depression
and financial strngency not that 1t lad induced a
want of confidence on the part OF the people IN
the integrity and stability cf our financial system
but for three good and sufficient reasons. First
the authority conferred upon the secretary oil 'he
Treasury by the act presented a constant menace
and tended to depress the price of silver bullion
The act WAS founded upon a false theory of the
proper money functions OF the Government and fur
nished a vicious precedent for the future Second
In the execution of it's provisions especially In the
storing OF buol and the issue OF Treasury NOTES.
II had been the fruitful source of the strongest ar
Cumens against the use OF silver az a part OF our
monetary system Third. the people believed, how
ever enormously. that the present disturbance was
mainly due to this act. and that its repeal would
assist in restoring confidence. the want OF when
was the chief obstacle to the restoration OF pusl-
ness activity.
In conclusion Mr. Faulkner said that although
he should vote to repeal the purchasing clause OF
the Sherman act. he hoped that he would ho'
be called upon to do without having first Sc
cured an amendment to the bill nov pending pe-
fore the Senate which would. by law. ana not ny
n mere declaration. give notice to the worln 'ha'
this Government would exercise all its powers en-
ploy all its resources and throw the weight OF It's
great influence in favor of the re-establlshiheht
of silver on an equality with gold as stahua'u
OF value. Provision should at least be maue io
additional coinage Of fun legal-tender SILVER uoi'
at the present ratio TO an amount That "ou'u oe
rapidly absorbed in the business TRANSACTIONS vi
this country. the aggregate amount ihci"ui's
haf ali
Treasury which should be directed TO De coiie",
not be less than sS0O00O0oO; the coinage req"'VU
TO be not less than 100000 month UNI" "
reaches the aggregate limit. lie declared MS HI
tention Of submitting such an amendment ana
said that he would not hesitate TO exercise MS
Judgment and vote as he deemed best Tor the
public interests upon any amendment that might
be submitted during the consideration oil 'he OH
Mr. Faulkner closed his speech at 10 ana Mr.
Turpie Dem. Ind addressed the senate MI
Turpie opened with what he called study oil
the history of money for the last AZ" years anu
stated that II was be doubted that the syn
dictate OF gold had favored the passage OF the
Sherman law, which now II desired TO nave re-
pealed. The basis of a circulating medium truly
considered was the subsidiary coinage, and this
coinage he said in which labor was paid, was base
spurious and dishonest. Whatever he might think
of the value of the gold reserve in the Treasury.
he was 10th TO have it looted by the banditt OF the
gold trust 1t constant source OF irritation
TO it-an anomaly. II contrary to the tradi-
tions of the syndicate" and to its mysterious law
Of aggregation for the Syndicate had long ago
said: IAN gold is mine" He thought that there
should be a reconciliation of subsidiary silver
CON- in the interest of the wage Garner. one Oh
the strongest objections 20 the Bland act was that
the standard silver dollar the money in which
skilled labor was largely paid dishonored and
had not the full value of money because II was not
legal tender To-day. said Mr.. Turpie. gold Is
brought to the mint: silver is bought BY the Treas
ury. The act of purchase was itself discrimina-
ton against silver The overcoming test OF
purchase the vice of silver circulation. Ii
placed on silver coins the mark and brand of
bondage 1t destroyed the parity of the two metals
and of the two moneys. He was in favor OF the
coinage of silver. free and without mint charges
Mr. Jones Dem. Ark was the next speaker
He favored the repeal of the Sherman act, not in
part. but in the whole. He did not believe that
the Sherman act had been the cause of the finan-
cial troubles of the country; and he believed that
they would pass away without the repeal of that
act. He heartily joined in the demand for an
honest dolar-a dollar which did not rob the credit
tor. but which returned to him at the end of the
contract all that he had parted with at the be-
ginning; and at the same time a dollar which did
not rob the debtor and which took from him only
as much as he had contracted TO pay II the pend
ing bill passed. Senators could not shut their eyes
to the fact that they had gone back to and rati-
fed the great fraud of 1873; and he feared that
wrong until it in way the mere contem-
plation of which made him shudder. He never
so help him God-would vote to destroy silver and
thereby to take bread from the mouth of honest
labor in order swell the profits of capitalists.
Mr.. PETER offered a resolution which went over
till tomorrow. calling for information as to
whether the National banks Of Boston New York
and Philadelphia had failed keep and maintain
their bank reserves required by law; whether
they had refused to pay depositors checks in cur
rency whether they had asked or received from
the Treasury Department authority to make pay
ment by clearing house certificates and whether
any Treasury official is connected with the New
York Clearing House, and If so. under what law
rule
At $40 proceedings in The Senate seemed to have
come TO a standstll. No Senator sought the moor
This led Mr.. Voorhees, TO express the hope that
the Senate would not adjourn so early lie had
supposed that the Senator from Colorado CMr
Teller,-who wished TO speak-woud be willing TO
70 on up reasonable time for adjournment
II there was Senator DESTROYS TO speak now, ne
(NIr Voorhees) would have TO ask for vote on the
bill
Mr. Harris dem. TENN suggested that there
we're several nominations awaiting the action OF
the Senate and that they might be considered now
in executive session.
Mr. Hale naep.. Me.) hoped that the senator from
Indiana would not consent 10 an immediate ADJOURN
ment The Senate had been in session only niue
over three and a half hours. and only about three
hours had been taken up in speeches on the repeal
hill The Senator from Indiana. after having gwen
I'm the II o'clock proposition found himself also IN
danger OF losing the fun morning houi' he 'here-
fore called his attention to- the fact that ne was
h,s cut down TO a very slender thread OF the
y time TO be consumed in speechmaking on the Dill
The Senate had now been in session for SIX weeks
md the whole of that time had been devoted TO TINS
ono s,,biect-this serious subject-which the fres-
dent had laid before Congress Ana now, a' .ne
w. ,x ,,e.ks he was simply suggesting that
A.. S.te should sit for more than three or four
hours day. and not prolong the end
Mr. voorhees,. who had listened to these REPAIRS
20, uuconcealed impatience and anger rose to
,sn,v 10 them He said that the zeal OF 'he sen
ator from Maine had been manifested very cary