Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-09-07
SHERMANS SPEECH.
AEPEAL WILL 90 NO CONSIDERABLE
GOOD, HE THINKS.
The Present StrinecncY is "A Currency
Famine, Not Lnck of Faith-WnrniDg
to tho Democrats Not to Tinker Tariff
MIR. Teller Rails at National hanks.


the repeal of the purchase clause Of the act
of July. 1890, were the only reason for the
extraordinary session it would seem to him
insufficient. 1t was, no wsver, justified by
the existing financial stringency.
On one thing he said, Congress and the
people agreed and that was that both gold
and silver SHOULD DO continued in use as
money. ono-metallism pure and simple
had never gained foothold in the United
States
MIR. Sherman reminded the senators that
when they criticse the law that was mis-
uamed after him they should remember that
this law now ON the statue book was far
better than either the House bill or that
passed by tho Senate.
The president had, Mr.. Sherman said, set
forth the decline in tho value OF silver but
had failed to give tho causes OF that decline.
IL he had taken u broader view Of the causes
Of that decline, he should have explained 1T
ell. 1t was due MIR. Sherman said, Ito
the fact that we vera called upon to pay
Dur debts in gold. y
AFTER discussing other matters contribu-
ting to the present condition, Mr.. Sherman
declared that erroneous impression had
been created by the claim that the Sher-
mau law was the cause Of all the trouble
sud this he said with all
que Dc16FenCe 10 blfs ttefBthuus
Still the fact vas that Congress must deal
with situation and not u measure. lie be-
lieved in giving lhs 6ovil his due" and
was ready to stand By the law. not as II
measure in which he took any special pride,
for lie vas compelled to yield in order to
prevent DISASTROUS legislation, but without
this law what would the country have done
Ia 1891 and 1892, had it been called upon
then to meet the difficulties now existing ?
He was not new convert to the repeal Of
the new law. 4 year ago he had intro
duced bill to suspend the operations Of
the law. 1t was worded almost ex-
Rctly like that OF Mr. Voorhees,
Why did not the democrats in the Senate
then see the dangers they now see and come
to tho help of the republican,
This was a currency famine, not the fear
that the money OF the country was not
good, and the people should not be de-
coived as to the reason for the repeal Mr..
Sherman did not believe that the repeal OF
the Law would in any considerable degree re-
lieve the country from stGgnstion, but re-
peal would ease the money market from the
tear Of free silver. The law was denounced
by the democratic party
Asa Miserable B!akeshift.
1t wa. makeshiit and a good one, in
tended to prevent Ills growing OUT OF the
free coinage of silver. The democratic party
was now charged with great responsibility,
and Mr.. Sherman, warned them that IL they
attempted to alter the existing tariff laws
they would plunge the country into worse
depression than now exists
Taking it for granted that the Sherman
law would be repealed, what CT the future
Mr. Sherman while not the advisor of the
democratic party, said he was as much en-
titled to give his opinion ae cay member OF
citizen. First OF all must preserve in
tact the value OF all our money. 1t might
be necessary to issue our securities to secure
gold and maintain it. This is the only
way by which we can bummarily
secure gold The balance of trade may bt
against us again next year, aud il such
condition should arise the secretary OF the
treasury ought to have authority to make
the deficit good. All parties have horeto
fore given thu secretary this authority
The expectation Of American product
ought TO be encouraged by legislation. Thu
surplus in the treasury, if there was one
and Mr.. Sherman supposed there was 70
democratic senator's say 30, should be coinet
and used for all legal purposes.
Mr. Sherman said be did not believe il
buying silver from our own people an
making profit out OF the proceeding. |
" was prouG IL was uIufl IL NOV u pro
ut it was a fraud.
lie believed /. Fraud.
Mr. Sherman then began q discussion Q
the various coinage laws OF the Unite
States, with special references TO the act @
lS93 which had, he said, been the subjec
OF so much Misrepresentation and falaehoo
in this debate. He denounced Mr.. Noor
hees' statement that that act (tho act 0
1888 was one of stealthy characterization.
MIR Voornees replied that he never in
tended to refer to the serator from Ohio
for four years ago be cleared himself fror
any partisanship in that matter.
Thereafter, ~ said Mr. Sherman, "whe
any one makes such n statement about tn
legislation l shall simply coy that it is
relsehood aud brand il So" at is true,
raid Mr.. Sherman, that in the vots o
this bill the senator from Nevada nj
Stewart voted for it and l voted against i
Hanks Attacked by Mr.. Teller.
At the close of Nr. Sherman's speech til
repeating bill was laid aside and the nation
al bank circulation ILL was taken up TO {,
low Mr. Teller to finish the speech which
had begun yesterday. Mr.. Voorhees, CAV
notice however that he would to-morro
ask the Senate to sos aside the pending ban
bill in favor OF the Wilson repeal bill as r.
ported 10 the Senate
Mr.. Teller in his remarks said ne assume
from newspaper artices) that schen
had been organizsI early in the season
New ork for the purpose of creating
financial panic that would compel at e1
ira session tho repeal of the purchasu
clause Of the Sherman act. Tho banke
had rather overdone the business and hs
frightened the people more than they be
intended to do. They had nobody b,
themselves to blame and they should n
complain.
He attacked the national banks, dsclariI
that az banks of issue they had been
great failures as they had shown thsmselv
to be as banks OF deposit and banks Of e
change. He was opposed to the extensic
OF the banking system. 1t was the pr
rogative of the United States 10 issue
own currency; and this was a good tin
for reforming its banking system.
would not enable the banks any longer
psralyzs the business of the country as tn,
were doing to-day. If be had fair o