New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-16

on thc industries OF my own State and al, o,hor :,
"u'"'s III I'll" states OF NewEngland 7 have no
mind for party politics or for DELAY AL, s,rr,r
lor acuoi' believe that the highest duty which the
senate can perform Is TO take the quickest possible
action In this matter. and will close with oo,a,o,
from Mr.. John Quincy Adams. i would 10, ain
| crate. l would act'-
MT. Wocot (Rep, COLI replied to Mr. Josco lie
"sreu "ih inc Massachusetts Senator that this was
"o' party question: In order, however that the
r,' VI oil eAis'ihs law should brng relief 1t would
" necessary 10 snow that the law had inflicted in
'"!' I'VE hau YET 10 hear single Intelligent man
STATE on MS conscience that he believed that the
sherman act had wrought the inturv under which
the country now suffered He had ve, to beor n
single man OF experience In financial matters or
puhic ahairs, say that the unfortunate financial
"'iS'S 'nrouen whlch The country passing had
anything tn do with the Sherman act Every one
would admit that the Sherman act was vicious I'm
principle. ana Illogical but It had some advantages
Its quas-rccognition OF silver had been Of infinite
value In the hope which II ha inspired OF bimeta
iish ana IN the fact that II had afforded an enlarged
currency from month to month for the last three
years Even IN the last few months the Sherman
act had saved the country from infinitely greater
disasters than 1t had undergone.
The Senator from Massachusetts (Mr. LODGE had
SAID that with the repeal OF the Sherman act con-
hdence would come back to the country. How
would 1t come back, and from whcrei Would 1t
come from the laboring classes, from the farmers,
from the miners The repeal Of the Sherman act
would not bring confidence to them. Would 1t bring
confidence TO the banks The banks did not want
confidence in the money Of the country, but they
wanted the money OF other people
Confidence was Of slow growth, and all the lcgis-
lation that might be enacted would not bring back
confidence TO the men who had withdrawn their
money from the BANKS For his own part he in
tended to conduct himself, not alone citizen
OF section, but citizen OF great republic.
Prophecy was futile. But he might be permitted
to record his conviction that when prosperous days
come back to this country It would be after 1t had
announced to the world that this nation
OF bmctallists. believing in hard money, both gold
pnd silver: TINT II proposed to have Its share OF
the gold OF the world: rich enough TO hold II,
and was entitled by It's resources and conditions
have It; but that AT the time the United
States proposed to open It's minis to the free and
unlimited coinage of silver
Al the close OF Mr. Wolcott's speech the Lodge
resolution laid aside without action. and Mr..
Hoar addressed the senate Mr.. Vests resolution
as 10 bimetalsm. Mr. HOar said in part
1t has been the good fortune Us has the glory
OF the American people that they have ever ruckcd the
flower Safety from the nctte Danger th1t they
tines OF distress and commoton and evil their great
tunty. / believe that from the present panic. If
Will but rise to the occasion, may get elu,
blessing Q sound secure and stable currency. But we
must deal with this great occasion fathers in their
tine dealt with like occasions. We must keep the panic
out Of the Senate Chamber.
No whom the American people have trusted with
any share Of political power is entitled TO be respected
who approaches duty Of this hour any partisan
sectional spirit inspired by the desire to reap partisan
advantage from the public calamity Our task Is to dis
and to remedy the great evil under which all
classes and oil parts Of the country suffer We nay
differ In opinion 10 the responsibility, but hope We
may find substantial agreement to the cure II can
hnd any Opportunity to help save the snip care not
whether a Democrat Republican Is in command
Whatever errors Cleveland those who follow
him have committed In the Ias-whaVer mistaken pnr-
poses they may have for the futuc-l ON Willing TO act
with them in the present II by doing caa help re-
store my country the safety and the prosperity which
she ENJOYED up March 4, 1893.
Mr. President any parry In the Eastern stat $
desire 70 lave the value Of the purchasing
pice OF the dollar increased In order that tt value OF
debts CT h, assured and permanent Incomes might be
order that speculation In gold or In GREATS
might be rendered more poAt,le would lie huiled nom
power and buried In n:ang ov the swift and righteous
ennt'oa OF the whole people OF thos" s~t's' Inc
pros; ty power. the happiness the rapid growth
OF Northwest and the South are rs dear to NC
people OF New.Ercland a. their own. What they want
what they desire and strive for Is not an approaching
stapdarl value but unchaneng standard OF value 50
| far as the lot Oh humanity VIII admit.
To the expressive phrase 81 MI Eafonr' None.
Is the record Of extending lonG periods
o, time" ond 1t is an injury, Is Destruction 10 any
community which las risen in civilization above the
| when mat record l. u"p" u "h'''''"''
or s the subject of speculation or gambling
TI,.o are wild nser1nccs everywhere They hcrrd
from ros:on and Ncw.Yok and Chicago as often a from
san Francisco Denver. Bat they do not come chrhN
Americans and they do not eet the lreN"n'
spirit Of any An e.ican community
The people OF the United States divided on THIS
question. The two .i1cs in ny Judgment equally
honest and equally Intelligent The great and fundamental
difference between these two parties J. thc clHre"0r ~
To two questions Of fact.
First-I the existing stock OF gold available for
rencv sufficient with the yearly addition TO that stock TO
maintain prices their present level ard Keep the burden
Now Mr. President. I cannot hnd that the r"~arches
of satscans enable 10 decide this question u
| our reasonable satisfaction The tables which are used
by the bme.alists show constant incca in the vain"
| ~ cold since 1873. compared with the forty.hvc
principal commodities selected by Mr.. sauerbach. they
show constant in the purchasing power OF gold
"A measured IN those commodities and show on thc o'ner
hand a comparatlvey snail falling of in the value OF
silver on the other side. the monomeallsts point ont
that n You strike from the i-t the articles whose
,rueon has been CRAFTY ch",pn"d by ncr'sed labor
sapc appliances whose price in the nafkes has bce
le.sened BIZ tho recent sa,n' IN tn" cost of trans
,or,tlon her, has been very lite nuctuaton in gold
cannot myself escape the apprehension that the d.
,ncaulst are al cas partially in the right. IL NAV be
that the appreciation Of gold has not vet taken pace 10
the extent Of their belief But there Is large stock OF
silver still In Cnit"d states and on the Continent
VIVA, has bee, done TO India and what Is n DO zone
he 80 have not vet cnc"t which can be measured
The question Is not so difficult Is II possible
&c.. Ao r,i,ea states 10 maintain a Standard Of value In
son.r,on or Isolation from the rest Of the civihzea
wor'di
Upon this question, could see any escape from th'
reasoning Of the President In his message md no r.
cape from the lesson Of recent experience WINE
do not attribute present disascr~ to any part OF W
| I.eis.,.on Of 1890 ! do not attribute them u serious
extent to failure Of the present tNeru''e % as"r
the country world that he would usc the po"c
,,xoo him Ia maintnln the metals at par ms
with the prevalent dread OF what distinguished me""
NJ this body described "a war OF cX'"rmhauon cpo'
IN. mr. tc,ea OF t, country accounts, IN ny
Judgment for our cxLtlng condition
silver circulates everywhere to-day ana VIII circnat
ex.rvwbe.e until time shall more, a. IN" money o
tbe common people, whatever may be the acu'h oil '
Government Alexander Hamilton declared that II T.,
TOO metals nj any time were separated the more >aa