St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-31
Mr.. SHERMAN SPEAKS
The Aged Senator Defends
His Past Record.
ELOQUENT EUt0GE or SEYD.
Reviews the Demonstration
Of Silver in 1878.
no SINGLE STANDARD WANTED.
Both Gold and Silver Must Be
Used.
no SINGLE STANDARD WANTED.
CONGRESS AND COUNTRY AGREE

CORGRESS AND COUNTY, AGHEE
WASHINGTON, Aug. 30.-The charac-
ter of Ernest Seyd, the great English
1inancier. was vindicated in the United
States senate today by John Sherman.
of Ohio. The events which have led to
the denunciation IF Ernest Seyd by all
the free coinage men OF the continent
occurred twenty years ago, and the
great London economist has passed be-
yond tine Judgment or the revenge of
this world, but lie could not have a
more valiant defender had he stood at
the bar of justice. 1t was more than de-
feDse. it was eulOgy; and the austere
Ohio senator was warmed to emotion
as he reviewed history Of the de-
monetization and denounced those who
have assaIled the character of Ernest
Seyd. At the recent national cOnVen-
tion of bimetallists at Chicago the as
sertion was made dozens of times that
Seyd visited this country in 1875 as the
agent of the gold men of the old world,
and that he purchased the demonetiZa-
tion of silver by paying American SEN
ators and representatives 100000 to
secure the passage of the demOnetiZing
act of 1878. AS john Sherman was the
author of that legislation, he defended
the character of Ernest Seyd. and this
fact may account for some of the We
hement utterances that
Escaped the LIPS
OF the man noted for his impassive nat
ure. By successive steps MIR. Sherman
reviewed the acts leadiDg up to the act
of 1873, and showed that Seyd was in
Europe at the time the bill was origI-
mated, and until il was nearly throug h
the legislative mill, and that the only
view be had ever expressed on the bill
was i'll letter written III response to a
leading American financier who had
asked for the opinion of the great En-
glish expert. Mr.. Sherman quoted
from book of Ernest Seyd from the
public library showing that Seyd was
himself warm advocate of blmetallism,
and concluded by saying that hereafter
he should denounce as deliberate falsi
fiers those who repeated the calumnies
In regard to the legislation of 1873.
Immediately after the senate met this
morning Mr.. Henderson presented
memorial from all the national banks of
Omaha for the immediate passage OF the
bill repeating thepurchase clause of the
Sherman act.
MIR. COckrell presented the resolutions
adopted at public meeting held at the
Fifth Avenue hotel, New York, protest
ing against the senSeleSs attacks OIL the
Sherman law, and demanding the
prompt fuliillmerst Of the pledges of the
Democratic national convention for the
free coinage of gold and silver.
Mr.. Stewart offered Il resolution which
was, on his own motion. referred to the
finance committee. directing the secre-
tary of the treasury to inform the senate
how the revenues since the commence
ment of the present fiscal year compare
with the estimates. At l2:30 p. m. the
bill to repeal the Sherman act was laid
before the senate and
MI. sherman
proceeded to address the senate. He
said that the immediate question was
whether the United States should
suspend the purchase of silver bullion
under the acr of July. 1890 1t was to
TO decide that question that the presi-
dent had called congress together in
special session. If that were the only
reason for the extraordinary session. Ii
would seem to him Insufficient. The
mere addition of 1S,000,0O0 ounces OF
silver to the mass of silver in the treas
nry and the addition of $4,000. 00C
treasury notes to the thousand millions
outstanding would hardly justify the
call. The call was justified. however.
by the existing financial StTingency
growing out of the fear that the United
States would open its mints to
the real issue. The gravity of it could
not be stated iii words. If the single
stand of gold were had, without the aid
of silver, the relations between capita
and labor world be disturbsd, the in
dustries of the country crippled and
the value of silver still further reduced.
On the other hand, if the purchase of
54.000,000 ounces of silver per year was
continued the United States would be
eventually brought to a single standar d
of silver On one thing congress and
the country agreed: that was that
these two extreme conditions should be
avoided and that both gold and silver
should be continued in use as money,
as measures of value. The problem
which senators had to solve was how to
procure the largest use of gold and sill
vel without demonetizing either. Mr.
Sherman went on to
Give History
OF the circumstances which led up t
the passage of the act of July, 1890. L
was far better law, he said, than the
bill which the house had then passed
Senators who criticised it ought to re-
member that it was substitute for (;
bill of the house ana for bill of tn,
senate, either of which would have beer
more dangerous in its results than tn,
law of 1890 was.
Since 1890 the banking houses o.
England had become involved in diff
euities. England had Investments
amounting to hundreds OF millions il
the Argentine confederation. By som
sudden collapse in those investments
the great banking house of the Barring:
was topping to its fall, when the BAN
of England and the other banking
houses came to the rescue and obtaine.
money from France and other Countries
of Europe. The immediate result wa
that Am6rIcan securities were sen