The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-27

orado. He declared that he was standing
on the platform with both feet. He de-
he'd Bland to prove otherwise, and as
serted that no instance could be found In
the history of civilization where gold and
silver circulated side by side at any ratio.
The fluctuations were such as to con-
stantly drive outthe dearer metal. France
had to import 800, 600, 600 of gold to main
tain the parity, and the United States
would have to do the same under the
same circumstances.
He controverted the assertion of Bryan
of Nebraska that silver was still the
basis OF value of the farmers products,
saying: elf that is SO, why do you not
give him the full value of it? You would
give The farmer 3714 grains of pure sill
yer, while l would give him 6514. The
pro posed debasement of coin would re-
duce debts As per cent. Bryan assumed
that the loss would fall on the banks, but
the fact was the banks and the corpora
tons were the debtors of the country
and the Workingmen the creditors He
denied that gold had appreciated. Never
before did the laboring man OF America
receive SO much gold for his labor. Bland
and Bryan propose in their plans to make
the bankers of New York a present of
81 ,000, 600 in the settlement OF the ac-
counts with the depositors and deprive
the laboring man of 45 per cent of the
value OF his work.
M-. Bryan, interrupting, asked il that
was so, why New York banks denounced
himself and Bland, and why Grand Mas
ter Powderly was with them.
Mr. Cochran replied that the banks
bad learned that in business and politics
honesty is the best policy.
Mr.. Cochran claimed that busin ess de-
preston was always due to the initiation
OF the currency, or of credit beyond the
capacity of the business interests to sup
port. TIE operation of the Sherman
law proved this. 1t increased the cur
rency, now stringency follows. BANDS
proposition to give SIX grains OF silver
for 651H would be called robbery if re-
lated to wheat or corn. The faamer suf-
fered most in the depreciation of prices
under the Sherman laws and IL was
a strange friend of the farmer who de-
sired its continuance. Cochran spoke of
the unity of interests of the whole coun-
try, and the effects of an attempt to Sec
tionaIize it on any basis would result in
benefit to no one. He closed with an elo-
quent appeal for equity and justice as the
basis of the governmental policy, awak-
ing whirlwind of applause and cries of
s'vote.''
The speaker was overwhelmed with
congratulations on his magnificent eff
fort. The excitement on the floor was SO
great that the speaker had to call On the
officers of the House to restore order.
Mr.. Bland then began the closing argu-
ment in behalf of the silver men. He
said that ii the gentleman from New
York, Cochran, whose financial theories
evidently were gained from the mauipu-
lation of the stock exchange, would only
go to that country where he had said
were obtained the agricultural products
shipped abroad in order to bring back the
European gold necessary to sustain the
public credit, he would understand why
the gentleman and himself so radically
differed in their views. 1t was true, as
the gentleman said, it was to the product
OF the soil of this country that the fnan-
ciers of this government looked to bring
back the gold of Europe in order to main
tain our present financial system.
All the dogmatlc utterances of the gen.
tlemen from New York, Mr.. Cochran,
were made in the face of history and in
the face of truth. He (Blandl did not
defend the Sherman act and if he could
put in its place provision for the free
coinage of silver at a ratio of 16 to 1, he
would vote for Its repeal. He saw no
reason whatever for changing the ex-
listing ratio of 16 to 1. The production of
silver and gold for the last hundred years
had been a ratio of about 153s to and
that was the ratio of silver coinage of
positions to be substituted were for
the free coinage OF silver at any of the
ratios fixed. That meant that the
people should issue from their mint their
own money and not let it be issued by
the banks. So far as the operations of
the Sherman bill was concerned the peo-
pie issued their own money under it, and
what harm, after all, did silver in the
treasury do. Although the Sherman act
for
yet under it thirty or forty million of
greenbacks year had been put in circu-
lation.
He sent to the clerks desk and had
read dispatch referring to an article in
the New York EUentnq Post as to the ap-
plication of pressure in favor OF a repeal
of the Sherman act. the pressure sug-
gested being a threat to withhold credits
from country merchants. He denounced
the article aud declared ssthat it was
notorious fact that the people of the
south and west who had money on de-
post in New York banks could not have
their checks paid. This was being done
TO weaken western banks and to have an
influence upon representatives in the
House.
The silver men In the House had offered
several compromises. If those compro-
misses were rejected, there would never be
To maintain a gold standard meant to
demonetize silver and to lower the prices
of labor. The Wilson bill asked the
United States Congress to so legislate as
to add prosperity to England and Aus
tralia and to distress and place in adver-
sity the farmers and miners of America.
He had not advocated the Sherman law.
He had voted against it, but it was now
the last bulwark of silver. 1t was pro-
passed to demonetize silver. Now was the
time TO let the country know who were
the friends of silver and bimetallism in
this House.
To strike down silver would mean a
political revolution that would strike
down both the great political parties.
For one, he was willing to join the peo-
pie even though the Democracy would
have to go to the wall. Applause.
MIR. McMilIin of Tennessee was the
next speaker. He said there were three
kinds IF currency in the country, gold,
silver and paper; and he would keep
those three kinds of currency each of
them equal to the other. He would re-
sist any effort to legislate destruction to
either of these kinds of currency. He did
not want mcnometallism in either silver
or gold. He wanted bimetallism. He
intended to offer an amendment to the
silver coinage proposition that there
should be collected on all silver not
miuted and owned in the United States,
the actual cost of coinage and in addition
the difference, II any, between the face of
the silver coin and the market value OF
bullion that would cut off the foreign
product of silver.
He WAS even willing to vote for
change in the ratio. he declared his be-.
lief that Democrats had been sent to Con-
gress to deal not alone with the currency
question but with the tariff and with the
question OF the force bill. They were
called upon to revise the pension roll
which had million pensioners on it.
They were called upon to revise the tariff,
and they were called nnnn to refnrn the