The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-15
SENATOR DANIEL SSPEECH.
More Than Four Hours Of Scholarly,
Eloquent DGIiVGTalCe.

WOrlu w mere the sherman Law Was
Not-The Act Was Welcome Shell
ter for the Mckinley Bill and other
Deleterious Republican Legislation.
Would Vote for Its Conditional Re-
peal Only.
Washington, Sept. 14.-The great event
of to-day's session Of the Senate was the
delivery of speech by Senator Daniel,
against the passage Of the repeal bill. It
occupied four hours and five minutes,
and was listened to throughout with an
interest which did not seem to diminish
from exordium to peroration No other
senator desired to speak after MIR Daniel.
At the opening of the session Mr.. Fault-
ner offered an amendment to the repeal
act, which was read and ordered printed.
1t provides for the coinage of the silver
dollars mot less than 10000 a monthly
ut the present ration Of 10 to out of the
silver bullion purchased under the Sher-
man act, and to be legal tender Also,
for the monthly purchase of sufficient
bullion for the coinage Of $4,000 600 a
month in quarters, halves aud dollars;
further purchase and coinage to cease
when the aggregate Of Ss0O0OO,OOO is
reached.
REPEAL DEBATE RESUMED.
The Senate at 1890 o'clock resumed
consideration of the repeal bill and Mr..
Daniel began his argument. He was
brought to the discussion Of the subject.
he said by profound sympathy with
every class of his fellow-citizens who had
been smitten with an evil financial dis
pensation. He had no denunciation to
make Of banks or bankers, troubled as
they were with a CONSTRUCTED and con-
tracted currency. He sympa-
thized also, deeply with merchants
and manufacturers. and deeply
with labor which was standing idle.
begging work, and with hunger, which
was empty, begging bread. He brought
to the task, however, the comforting
thought that the acute stage of the panic
was now over, and although q depressed
condition might long remain, business
was already in state of convnlescence
CAUSES FOR THE RETURN OF GOLD.
He quoted from bankers review TO
show that 10 was an acknowledged fact
that three distinct causes of the return of
gold 10 the United States had been well
Identified. The first cause had been the
sharp decline in the importation of goods
from abroad. The second was the enor-
nous expectation Of wheat, flour, beef,
corn, oats and barley which had
been taken in quantities hitherto
unknown by England and the con-
tinout The third cause was the
collapse Of corn and provisions in Chica-
go Since 1873, he said, the foundation Of
credit had been narrowing, while
the superstructuI'e had been
enlarging in width and grow
ing higher 1t had been long evident
to him that a great crash would come;
and now that it had come II was equally
evident that there were causations for
it-among which he included the boom Ia
real estate and the Mckinley tariff act.
NOT FROM A SPARK OR A LAMP.
After a brief review of the history of
panics, from 1904 down, he asked whether
senator's should not pause and reflect be-
fore they threw the whole responsibility
Of the present panic on one infamous act
of legislation. They should recognize the
philosophic thought that great events
were always produced by great causa-
ton. A spark might kindle
powder magazine, an overturned
lamp might put great city in
cOnflagration; but what philosopher
would attribute the contemporaneous dis
turbance of the powers of nature TO a
spark or a lamp2 II would be unwise TO
say that the sherman law had produced
the panic While the storm center OF
that panic was now over the Uniteds
States, it was important to remember
that it had not begun here. The date Of
its incipency could not be fixed on any
act of local legislation.
THE PANIC WORLDWIDE.
It had begun in South America, where
there was no Sherman law 1t had swept
over Great Britain, gold standard coun-
try, where there was no Sherman law.
1fnNa, l.l IL.
having no fear Of silver interest, had Como
down like other securities. In Great
Britain gold, unprotected from going to
premium by the silver standard, had
commanded premium of 8 per cent. q
day for its loan, and in addition, IL per.
cent per annum; and the castles
Of the British money princes
were likely to fall, and
crumble and perish. Panic had swept on
TO Austria, where the people are the rich
est people in the world, per capita, and
where there was no Sherman law. The
single gold standard there had offered no
protection against the much-to- be-dreaded
premium on gold The panic had got TO
Austria, Italy and India, and was now
going all over Europe, without the decay
ing presence of the Sherman law.
REFUGE FOR THE MKINLEY BILL.
There were some. he continued, who
cried stone him, stone him. as to the
Sherman law. These people were not
entirely disinteresJed. His friends the
enemy (the Republican parity were de-
lighted to attribute the panic TO the Sher-
man law in order to escape their response
bility for the tariff. The Mckinley bill
sought the sheltering arms of the sherman
law The gold monOmetallists were de-
lighted to hide behind the work of their
own hands The bankers were interested
in seeing the sherman law repealed, 50
that new bonds might be issued on which
they could base currency. He quoted
from a speech Of his in the Senate, three
years ago. predicting what would be the
effect of the Sherman law, which was
then pending, and which he now charac-
terized as the ill-concocted measure of
time-server" The senator from Ohio
had appealed to the Senate few weeks
ago to give the devil his dues. He should
be glad to do it as well as it could be
done in this world of abbreviated equities
and small opportunities. He admitted
that the Sherman law had conferred a
substantial good on the country in stay
ing the panic Of 1880.
WHY OPPOSED TO REPEAL.
Its evil effect upon silver had been
caused, not by any necessary operation of
the law, but by that mystery Of interpre-
tatiou which had been evolved out of 10.
He was often asked by friends in Vir-
ginia and the Seunte chamber WIN he