Capital journal. (Salem, Or.) 1893-1895, 1893-08-12

for present consideration a bill to re-
peal the purchasing clause of the
Sherman act
In the house.-At l D. m. Raynor,
democrat, of Maryland, began the de-
bate in support of the Wilson bill for
an unconditional repeal of the silver
purchase clause of the Sherman act.
He said the adoption of free silver coin
age would tie the United States to the
tail Of any bankrupt nation of the
world. Opening the mints to silver
might for a time maintain fictitious
value Of coin, but the value of the bull
lion would always be regulated by the
market price AS long as the Sherman
silver act remains on the statute books
so long will it be impossible to effect
international arrangements; so long
will monetary conferences result in
failure. Raynor said that what kept
silver and gold at parity was the
misplaced confidence of the people; if
the real condition of the treasury was
Known there would be no necessity for
a repeal of the Sherman law; it would
repeal itself. The constitution nowhere
establishes gold and silver as the money
of the country; there was no obligation
to coin silver nor purchase and store
it for the benefit of the miner. While
referring to the democratic platform,
Raynor spoke as follows:
4 II know the declarations of that doc
ument have been differently. construed
according to the views of the gentle
men expounding them. AS for me, in
this supreme hour of my country's
need, 1 am not blinded not intimidated
by the glittering words of the conven-
tion's declaration
Brown, indocrat, followed Raynor.
He was in favor of the coinage of sill
Yer, but, in view of the havoc wrought
by the Sherman law and the demands
of the democratic platform, he would
vote for a repeal with or without con-
ditions. In addition to repeating the
Sherman law, the democratic platform
promised to coin both gold and silver
without discrimination against either;
that promise must be redeemed. Brown
said he would not attempt to speak for
the president, but if he We're to do so,
he would say Cleveland was in favor
of coming both gold and silver in ac-
cordance with the terms of the demo-
cratic platform.
Bland, rising to open for free coin
age, expressed regret that a number
# gentlemen, of whom the speaker who
had just sat down was one of the most
capable, had seen fit to change their
position upon this question, to abandon
a large portion of the voters who had
aided in giving them the seats they
occupy, and to turn their faces to the
East and their backs to the West. AS
20 the declarations in the democratic
platform, Bland asserted ii was the un-
lerstanding that the free coinage of
silver necess arily meant a repeal of
The Sherman law; the two are so an
tegonistic that they cannot exist at
he same time.
but we are met now with a sugges-
tion that We legislate piecemeal; to re-
peal the Sherman law and take our
2hances in securing anything in its
place which shall meet the pledge of
the platform to coin both silver and
gold" said Bland. This is because a
panic is upon us. The voting masses
of the country may become panic
stricken election day; II they do, I'm
maid those gentlemen will feel the
force of that panlc." He then sketched
briefly the history of the financial leg
islation OF recent years, and asserted
that the same cry OF "going to a sill
yer basis" had been raised against the
bill OF 1878, with which his name had
been connected He sent TO the clerks
desk and had read an extract from
report OF the British parliamentary
committee ON India currency to the
efect that i'm its opinion a repeal OF the |
sherman purchasing act would be fol- |
lowed by further depreciation I'm the |
price OF silver And we are deliber- |
ately asked here continued Bland. |
to vote TO bring about an increase
II 10 cents an ounce I'm the price of sill
fer before providing for the restora-
Ion OF its coinage. No man can de-
end that vote before his constituency
Who is in favor OF free coinage" Upon
he question OF ratio. Bland argued I'm
avor OF l6 TO l. He said II the United
tates would maintain the parity OF
old and silver on that ratio the world
you'd buy our products. I'VE have
noperty to sell, and should Induce
urchasers to come. France main
aimed gold and silver at parity on
alto OF lAh 10 l fOr 70 VaaFa hs.ea |