River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1893-09-07

OF issuing large amount Of government bonds.
But the panic had got away from them They
hadsrather overdone the business, had fright
ened the people more than they had intended
to Now they had nobody but themselves to
blame and they should not complain. He at
tackled the national banks, declaring that as
banks OF issue. they had been as great failures
as they had shown themselves 10 be as banks
OF deposit and banks OF exchange IL
was the prerogative OF the United
States to issue its own currency and
this was a good time to reform its banking sys-
TEN. He would not by his vote. put any more
power into the hands of the banks of the eoun-
try. He would not enable them any longer 10
paralyze the business of the country as they
were doing 70 LAY. II he had fair opportun-
ity 10 wipe them out he would wipe them out
as quickly as he could He was opposed TO the
present system He desired 20 withdraw from
the banks the privileges they now possessed
On the 3lst uit Mr.. Wolcott rep, COLI spoke
against the repeal OF the purchasing clause OF
the Sherman act He said there was no criticism
10 be made respecting the policy of the admin
istration. Criticism of the secretary Of the
treasury was also misplaced because he
was a member Of the presidents house
hold and committed to his policy. Nor
was the president open TO structure be
cause of his message, for he had always been a
consistent opponent Of silver coinage. The
west knew last year that whoever was elected
its reliance must be placed in congress, which
/
wishes Of the executive
He sarcastically referred 10 the great number
OF senators who, processing TO be bimetallsts,
held that an International agreement was nee
essary, and pointed out that thereby they
accepted the single gold policy OF England.
Senator Wolcott paid his respects TO Sen
ator Voorhees, and said thar his change OF
front remarkable. He attacked the
senator's record on silver and national banks.
and quoted from the senator's article last year
I in fha N.aFfh AFeaRr faan N Ghn ntl
lack OF consistency, and asserted that now for
the first time he (Noorheesl, supposed
to represent the masses, and Sherman,
supposed 10 represent the classes, were
in complete accord in financial matters
Free coinage by separate act he said. was
impossible, as the president would I'M
doubtedlY veto such measure Any
man who vouched for Mr.. Cleveland
bimetallist would vOuch for the man
in the MOON Why not act now the whole
financial question: If this should pass and sill
yer be, as ii must, absolutely dethroued and de-
graded. he knew of no reason why any senator
who believed in free coinage should ever cast
another vote in favor Of protection IN any form.
He had demonstrated few days ago the folly
of the statement that the repeal of the Sher-
man act would restore confidence. This was
bankers panic, and if you asked banker
to-day how the repeal was 10 restore conn.,
dence he could not tell you 1t seemed I'M
accountable that in panic times banks should
Il
Their plan was. however after repeal TO ask
for the issue of 100000. 900 OF gold bonds, and
| they had good reason 20 believe that com
| placent finance committee would authorize
/ such bill
The people OF the far northwest favored the
| resumption of free silver coinage because they
| believed in bimetallism They were not infia-
| tionists they did not advocate tat money. They
believed that, as Senator Jones had happily put
| it, the rude obstacles which nature had inter
the wisdom or unwisdom of their rulers. They
opposed the single standard because there was
not enough gold 10 do the business of the world
and furnish its inhabitants with the currency
they needed Twenty years experience had
| emphasized the experience of centuries. Sill
yer had not deprecated, but gold had appreei-
ated.
the question as 10 whether silver should
| be demonetized by this bill was national
and not local II he represented any other
section, with his knowledge of the posi-
| bilities OF the great west, he would be
equally tenacious for the preservation of
the white metal as standard of value. No
/ man removed from the money centers and real
| izing the flimitable resources of this republic
and its constantly increasing needs would ever
stand for the contraction OF a currency already
| insufficient
There coulo be no stronger bulwarl of a coun-
| trys safety than that she produce her own
coin for her own people aad is not
| dependent for it on fOreiga nations II
/ the mining states alone were TO suffer by un-
conditional repeal they would suffer with
| out word in the interest of a mistaken policy
| for the public good; but there was no section OF
the country that was not likewise being de-
voted 10 disaster and impoverishment
| If the contest for the people was To be won il
must be because against the selfish demands OF
the east was arrayed the united votes Of the
south and the west They we're standing
together :on this great question TO save the
/ common country from greater suffering
| and impoverisnment than even the horrors Of
/ war could infiict, and by their united votes TO
maintain mot alone the standard of both gold
and silver, contemplated by the constitution and
consecrated by centuries of usage, but TO main
| tain well a standard of American indepen-
/ dence and American manhood.
4 Mr. Gallery dem, La delivered his maiden
/ speech and advocated the unconditional repeal
| of the pur, hasing clauses of the Sherman act
He warned the senator from Colorado (Mr. VOL
| cotD that il he expected 10 smile away
the serious money troubles Of the country
/ as Cervantes had laughed away chivalry
and romance from Spain he was doomed
/ to signal failure The whole country Mr..
| Gallery said, was face to face with a financial
/ situation unprecedented in any age or in any
/ country. with $4,000 OO0OOO of wealth; with
/ factory and farm overlooking the country with
/ fabric and food. with banks entirely solvent
! and firms entirely prosperous; with people
| blessed by Providence beyond the measure Of
/ blessings bestowed on other lands and other
| people, they were suddenly arrested in the
| pursuit of wealth and paralyzed in the
midst of activity. Deposits were drawn from
| the banks; investors abstained from new en-
/ terprises and discontinued old ones: banks
1 we're closed with safes full OF assets and
| business men suspended with stores full OF
/ goods The time for the moving of crops was
| near at hand and the farmer found a
| ges ted money market The laborer paid
/ with promises to pay, and the employer with
a sufficient bank account could not pay his
/ baker or his butcher Men were thrown out
/ Of employment by thousands, and already was
heard in the distance the tramp Of the army Of
/ unemployed turning toward the capital, ami
mated by vague hope of relief Cotton would
/ be sold abroad for gold prices and paid for in
| exchange calculated in silver, with the large
discount for fuetuation. The United States
would sell in a gold market and buy in a silver
/ market Beside the embarrassment and diff
! fculties OF domestic exchange would lie iniol--
/ cradle
on the LIST Mr. Vance dem, N c. spoke
| against the repeal bill He said the eject upon
the condition of mankind which would follow
the destruction OF half the currency OF The
| world-amounting in the aggregate 20 $3.50
| Goa 000-it would be impossible accurately TO
| des cribe. Still this process OF destruction has
/ been going on quietly since 1873 aud its result
| is seen in prices lower in many things than has
| ever been known in the memory Of man. The re-
| peal Of the law without any substitute meant the
| end 81 silver money for this generation, unless
| a revolution of the people should restore il, as
| il did during the fraudulent demone tizatiOn of
1873 Let no man doubt that this movement
| for the repeal of the Sherman act the
| suit Of a conspiracy among the money holders
| OF the world Our own secretary Of the treasury
| has said so. 1t had been repeatedly announced
| in the British house Of commons and nowhere
denied that the intent of this combination was
| TO increase the value Of gold in the hands Of
| those who held II, and increase the value OF
all securities By making them payable
/ in gold The me thod of the attack by the
| creation of panic Some foreigners believed
! the cry that we intended to 90 to silver basis
and sent back some of our securities, ana the
| clamor that began in a false prctense ended in
1 a howl OF real terror. Never was there more
| senseiess clamor or more criminal disturbance
| of public confidence II the Sherman law sent
| out gold il surely brought il pack If not what
| made ii returnY TIE fact that in the midst Of
| this clamor our resources are SO great as TO be
able TO check the outflow OF gold and to turn
| the tide in our direction ought TO restore con
/ adence TO every man whose confidence IS worth
| securing.
/ When the democratiepl platform denounced the
! Sherman act as a .Sowardly makeshiftf did il
/ mean makeshift for free coinage Of silver or
| the use of gold-a max eshift for bmetallism or
| monome iailisms II the trainers OF that plank
/ meant that il was co'yardly makeshift for the
free coinage OF silver not this bil for its re-
/ peal. without line in its place, greater COW
/ ard and worse makeshfls II Il was meant that
/ IL was a.coWardiy makeshift for gold monomet-
allism was not the language Of the platform II
| self both "a G. wardiy and lying makeshfft for
/ the truth. FINALLY. If the language Of the plat
| form taken a together meant only that we were