The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-01
IN THE SENATE.
Mr.. Canery of Louisiana Makes al
Admirable Maiden Speech.

AQmlIaDl6 mhlQen SpEGcn.
Washington, Aug. Slater some un-
important proceedings, Mr.. Coekrell in
troduced concurrent resolution direct
ing-the Secretary Of the Treasury (under
the provisions of section 254 of the re-
yised statutes) to issue certificates not to
exceed 20 per cent. OF the amount of gold
coin and bullion in the treasury, and to
expend the same in the paying Of interest
on the public debt, or for any other de-
mand, liability or obligation of the United
States. He read the section referred to,
which authorizes the deposit of gold
coin or bullion in the treasury, and the
issue thereon Of gold coin certificates, and
also authorizes the issue of gold certih-
Gates to the amount of 20 per cent. of the
coin and bullion in the treasury. He
said that the passage of the concurrent
resolution would allow the issue OF from
25, 600, 900 to 81, 900 900 dollars in gold GER
tificates. The current resolution was, at
his own request, laid on the table for tho
present.
MR. woLCoTT AMUsEs THE SENATE.
The House bill for the repeal of the
purchasing clause of the Sherman act
was then taken up and Mr.. Wolcott of
Colorado opened the debate with a pre-
pditu SpttCu dBdluSb bi6 Dllls utilNSftu
in the presence Of almost all the senator's
and Of large audience in the galleries.
The most telling parts of it, those that
amused and interested its hearers most,
were some humorous and sarcastic
touches in which he depicted the conver-
sion of democratic statesmen from their
belief in silver and devotion to bimetal-
lism, TO the gold monometallism faith Of
the President.
SENATOR'S MAIDEE'sPEEoH.
At the close of Mr.. Wolcott's speech,
notice was given by Mr.. Mills that he
would ask the Senate next Wednesday to
hear some remarks from him on the re-
peal bill
Then the floor was taken by Mr. Caf-
ferry dem, of Louisiana. 1t was his
maiden speech in the Senate, and was in
favor Of the unconditional repeal OF the
purchasing clause of the Sherman act.
He warned the senator from Colorado
(Wolcott) that if he expected TO smile
away the serious money troubles Of the
country, as Ceryantes had laughed away
chivalry and romance from Spain, he was
doomed TO signal failure.
Mr. Caffery argued that if free coin
age were established at the ratio Of l6 to
/. the object of having both metals would
be defeated, for the country would
surely have nothing but silver. If at 20
10 bne same result WOulO occur, as Sli-
yer was worth but q to l. If the ratio
should be % TO l. there would be either
a gold or a silver basis according as
gold or silver was most valued. The
alternative of silver standard
was not TO be thought Of
The United States were not going
backward hundred years 10 grope their
way along with the South American
states and Mexico. Cotton would be sold
abroad for gold prices and paid for in ex-
change calculated in silver, with large
discount for fiuctuation. The United
States would sell in a gold market and
buy in a silver market. Besides, the em-
barrassments and difficulties Of domestic
exchange would be intolerable.
PROUD OF HIS NATIVE STATE.
He was proud of the position of his ma
tive state on the money vuestion. She
had always been sound, and, if his feeble
efforts would avail, she always would be.
Sorely tempted, she refused in 1879 to re-
pudlate the principal of her bonded debt.
Now the seductive offer was made to de-
base the national currency, but her sena-
tors on this floor, true to their convictions
and the traditions of their state, had
spunred the insidious proposition. 1t
might be his fate to feel the temporary
weight of the forces of imitation. IL might
be that the star of his political life, Just
rising above the horizon, would relapse