The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-09-01
NOTED SPEAKERS.
Messrs. Burrows and Springer Give Their
Views ON the Financial Question.

aIessrs. Burrows and Springer Give Their
Views the Financial Question.
WASHINGTON, Aug. 26.-When debate
opened in the house yesterday Mr.. Pen
dleton dem. of Texas and Mr.. Bowers
(rep. of California; spoke in favor of
free coinage, and Mr.. Dockery (dem. of
Missouri in favor of bimetallism, as
did also Mr.. Moon rep of Miehigan),
while Mr.. Cobb (dem. of Alabama) OPP
posed unconditional repeal
Then Mr.. Burrows rep of Michigan)
arose. He first described the condition
of the country as set forth by the pres
ident's proclamation calling the extra
session and by his message and
contrasted to it the last message
to congress by President Harrison.
Then he asked what had brought
about the great change in six months.
He acknowledged that the Sherman law
had been disappointment but pointed
out the fact that not until after the
last election did business take alarm
and financiers withdraw their money
from circulation and declared that it
was remarkable that the fear of the
Sherman law did not make itself mani
fest during the Two first years of its
existence. He was constrained to be-
lieve that this widespread business de-
preston was attributed chiefly to the
hostility of the democratic party to-
ward the protective policy.
Mr.. Springer, of Illinois, the next
noted speaker, drew dark picture of
"a -, tt.xy
and continued:
attribute the actual condition which now
exists in the country to three controlling and
fundamental causes:
First, the tariff legislation since the war, the
protective tariff laws which are imposing
enormous burdens upon the people OF the
country to protect favorite interests. There
has been over-production by this unnatural
stimulant: there hIs been over-borrowing,
over trading over-drafting, and thus in
evitable disaster. The second cause. in my
Judgment for the present financial condition is
found in the decentralization of silver in lf73;
and the third cause, the authority given by The
Sherman act to purchase 1901, o ounces OF Sill
yer each month and issue treasury notes
thereon, which treasury notes under the ruling
OF the treasury department, were redeemable
in gold There are. of course, other causes
which might be referred to, but these three, 1t
seems TO me- are the most responsible.
The effect OF the act of 1873 which demon
etized one half of the money of the people, was
not realized until 1873 when the United States
resumed specie payments Silver has been
demonetized for twenty years, and acts that
have been passed since that time have had but
little or no effect measures of dem onetizl-
ton The fact that silver is held as collateral
for their redemption has added nothing to the
face value Of the silver certificate II passing at
par with the paper obligations OF the govern
ment ami depending for its money power and
purchasing capacity on the pledge OF the
United States that its parity should be main
tanned with gold, and that il should be received
for all dues TO the government and be legal
tender In the payment of debts.
The demonetiz ltion OF silver in 1873 did not
destroy silver as none as much as the Sher-
man act The depreciation OF silver In the
three years since the passage OF the Sherman
act has been greater than ii was during the
sixteen Yeas which cover the period from the
demonetiza ton until the passage of the Sher-
man law. The depreciation during the frat
period Of sixteen years was IA per cent, and
for the second period of three years 1t was -
per cent
Tie depreciation Of silver has, in my judgment,
resulted from two causes: First its demone
tization by the United States and other great
powers of the world. and secondly by the enor-
nous increased production Of silver bullion
since d;monetization took place. II we should
remonetize silver in this country upon the ratio
of 10 to l. one Of two conditions would newt
ably foliow--either the United States would at
once within q brief period of time, pass
from the present gold standard OF
value to- the silver standard or the
price of. silver bullion would appre-
ciate in tsyue to the coinage value of the silver
dollar. Iffour government should pass from
the present standard to the silver basis, there
would result at the same time a financial crisis
in this country with which the present financial
depre ssion would be as an evening zephyr to
western cyclone. The hundreds of millions OF
dollars Of foreign capital invested in this coun-
try would be Immediately Withdrawn, or with
drawn as rapidly as possible from all the chan
nels of our trade and industry Our credit
would be destroyed and we would be RENTED
| TO the condition of Mexico. OF India and China
and those other countries now upon
silver basis. We would be thrown out OF
harmony with the great commercial powers Of
| the world-those nations that buy nearly ssOl.-
| 90 100 worth of products, and from which we
| receive almost as great an amount OF their
| produce in return. All kinds Of business would
! be ostratei: all classes of industry would be
/ crippled and in a time like that the greatest
sufferers and the most defenseless victims
would be the farmer and the laboring man, who
depeni upon their own sweat and Toll for their
| existence. Surely no gentleman upon this hoor
desires to take that leap into the dark, desires
10 plunge our country into an abyss, the horrors
| of which will tax the widest fancies OF the I'M
| acinltlOQ.