Waterbury evening Democrat. [volume] (Waterbury, Conn.) 1887-1895, 1893-08-09
REPEAL WILL TAKE TIME
Congressman, However, Set Out
To Kill the Sherman Law.
WHAT Is THOUGHT OF THE MESSAGE

Many Favorable Views jerry Simpson,
Though, Says, .weak as Dish Water"
Through English Eyes Free Coinage
Men Rally.
WASHINGTON, Aug with the request
of the president fresh in their ears to re-
peal the Sherman silver law, and repeal it
promptly. the congressman are today &C
lively at work on the subject. The repeal
of the obnoxious law, as is now being
clearly understood, is matter of time,
even If the opposition is of the weakest.
The proceedings of the senate were of
great public interest. In the first place the
presidents message was read and listened
to with marked attention on both sides of
the chamber, not n senator moving from
his position during the quarter of an hour
or more which the reading occupied. The
message was referred to the committee on
finance and its immediate printing ordered.
Then the food gates of legislation were
| thrown wide open. and a current of bills
on financial and other subjects was admit
ted. Mr.. Hill of New York was the first
senator to get in bill for the repeal OF the
purchasing clause of the Sherman act. Mr..
| Stewart of Nevada followed with two 9TH
er bills and a speech on the same subject.
| In the speech he declared himself against
the repeal of the Sherman act. as such re
peal would, he said. destroy silver coinage
| forever.
y resolution was offered by Mr.. Lodge
| of Massachusetts directing the committee
| on finance to report bill for the repeal of
| the purchase clause of the Sherman act
| and providing for a vote on the passage of
| such n bill by the 22d of August. if not
sooner reached This resolution was sup
| plemented by another offered by Mr. Hale
of Maine, fixing the hour of meeting of the
senate from and after Thursday next at II
a. m.
| These resolutions prcciptated discus
sion in which several of the leading sena-
tors on both sides of the chamber partici-
| patcd. They went over without action
| and will be laid before the senate today.
Richardson Got His seat.
| The presidents message was awaited Ivy
the members of the house with great anx
iety, listened to with intense interest and
afterward privately discussed from va.
| rious staudpoints. When the reading OF
| the message was concluded. the election
case from the Fifth district of Michigan
| was taken up, and after two hours dcbat,
his prima facie title
The Democratic members of the senate
| will hold a caucus tomorrow for the pur
pose it is said, OF distrib uting the patron
age of the body 1t is also proba BILE
in view of the precipitation of the silver
debate that this subject will receive tn,
| earnest attention Of the caucus After thi.
caucus decides what the Republicans may
have, the Republicans will probably hole
aDOtbar f,rpDca Thursday nd 2 l.
their appointments.
| At the close Of the days proceeding il
the house Mr.. Bland sent to the clerk
desk and had read call for a caucus il
the hall of the house at II o'clock today o
all members in favor of free coinage o
silver"
The Presidents Message.
The full text of the message is as fol
| lows:
| To the Congress Of the United States:
The existence of an alarming and Cxtraordi
nary business situation, involving the wClfar
and prosperity Of all our people has Cunsirstiue
| me Ia call together in extra session the people
| representatives in congress to the end tina
| through wise and patriotic exercise Of tn
| legislative duty with which they solely ar
| charged present evils may he mitgatcd an
| dangers threatening the future may bC aVCrtCC
Our unfortunate financial plight is not the T,
suit Of untnwRrd events nor Of conditions n
| lated tO national resources, Is il traC,
able To- any of the Affections which frrgueutl
| check national growth and prosperity. Wit
| plrntvuus crops. with abundant promise. uf II
munrIatiNr production and manufacture, wit
| unusual invitation to safe investment and wit
sntisfaCt tory assurance 10 business enterpris,
| suddenly financial ulStTu~t and fear haV
| sprung W on every side Numerous moncyc
Institutions have suspended because abuuLaI
assets were not lnmC diatcly available to uIUt
the demands OF trIShtened dcpositors-
surviving corporations and individuals al
content 10 Keep IN hand the money they al
usually anxious To loan. and those engaged
legitimate business are surprised to tnd thg
the st urItivs they offer Tor loans. though her,
t"torr satisfactory, are no longer ACCcptC'
Values supposed 10 De fixed arc fast bCCnInir
CunJvctural. and luss and failure lave involve
every branch OF business.
Evil Effects of the Present Law.
believe these things are principally charg
able 10 congressional legislation touching II
purchase and coinage of silver by the gener1
| government.
This legislation is embodied in a statut
passed on the I4th day Of July, ls!O. which wa
| the elimination Of much agitation on the sui
ject involved. and which may be considered
q | truce after long struggle between the adv
n Gates OF free silver coinage and those intendiI
| 10 be more conservatives.
| Undoubtedly the monthly purchases by IL
| government of 4,5Ou,0nu ounces OF silver el
/ forced under that statute. were regarded /
/, those interested in silver production Il ce
tain guarantee of its increase in price. The r
| IT,,
{ Immediately following a spnsmodic and sligl
= rise the price of silver beg TO fall after Il
a | passage of the act and has since reached Il
| lowest point ever known. This disappOintiI
I result has led to renewed and persistent efTo
f in the direction of free silver coinage.
4 Meanwhile not only are the evil effects of Il
l. | operation of the prerent law constantly acc
n mulating, but the result TO which its execute
e must inevitably lead is becoming palpable
It all who give the least heed to financial su
+ jects.
This law provides that in payment for IL
100000 ounces OF silver bullion which the Sc
s rotary of the treasury is commanded to pu
V chase monthly there shall be issued treasul
a notes redeemAble on demand in gold or silv
coin, at the discretion Of the secretary of Il
treasury, and that said notes may be reissued
1t is, however, declared in the act To be I'll
established policy of the United States TO mai
tain the two metals on a parity with each 9TH
upon the present legal ratio such ratio
J may be provided by law"
d Would Destroy the Parity.
&c This declaration so controls the action of Il
4 | nf bn aS m his a