The Caucasian. (Clinton, N.C.) 188?-1913, 1893-09-21


ut Is the determined and unalter-
able purpose of the opponents of re-
peal to stand upon their convictions
OF public duty and fidelity TO their
pledges to the people whom they rep
resent, and who have honored them
with their confidence on this vital
question, until physical strength Is
exhausted and the power of speech
Is left TO no Senator 10 prevent the
success of the conspiracy denounced
by John g. Carlisle as equal in its
consequence TO war, pestilence, or
fannie"
Of course Senator Pugh has no in
terest in mines or silver bullion, but
he knows that a further contraction
of the volume of money means still
lower prices for every product of the
farmers and planters of his State and
in the end general poverty, and he
stands up 20 defend the hearths and
homes of his constituents.
The present silver law is the last
line of defense for bimetallism; If
this is abandoned, all is lost.
This the silver Senators understand
and will therefore fight to the last
against unconditional repeal. The
great body of the people are with
them, but they are not heard.
A small fraction of the whole pop
| ulation representing the banks and
foreign bond holders keep up the
clamor for repeal. They are heard
continually.
Why do not the producing classes,
farmers, the planters, the laborers,
raise their voices through petitions,
letters and resolutions, in support
of the Senators who are making 50
gallant a fight for them
Senator Pugh, of Alabama, made
an able speech in the Senate the
other day against unconditional re-
peal. 1t was one of the soundest ar
guments that have been made in the
course of the debate.
He declared that "This struggle
for bimetallism on the basis of free
coinage will never end by submis-
sion to the gold standard as long as
ours is free representative Gov
eminent. The faithful friends of
free coinage may be cheated in plat
forms but they will never
again be misled and deceived by
those who betray them in the i'm
pending emergency"
He argued that if those who ia
vored repeal intended in good faith
to follow repeal with free coinage
act, or compromise measure, they
would be willing to couple it with
repeal. The fact that they are not
willing to do this shows conclusively
that they do not intend to restore
blmetallism, but, on the contrary, to
fasten upon us the single gold stand
ard. Will the people submit to it9
The real question involved in the
contest now going on in the Sen
i ate is whether we shall issue bonds
and borrow our money from Eng
land or coin it from gold and silver
| from our own mines. Shall eur f.
nanciai system be American or Brit
| ish?
The threatened raid on Washing
ton by the board of trade, came on
Tuesday, the twelfth, but instead of
being 1,500 or 1000 Of them as had
been advertised there was just 49,
all told. They said they didn't come
to discuss the question, but to tel
the Senate what to do and to do il
| quick. There was one hour given
the Denver board Of trade, however,
to present their side of the case
then they passed their resolutions
and went off, leaving a lobby behind
to look after their interests. They
did not say much in convention, but
what they did say showed them to
be more ignorant of political econ
omy than anybody who ever Assem-
bled in the United States. Even
the chairman said that an in crease
in the currency would not raise
prices and there is hardly a schoo
boy in the United States but knows
more than that.
1t is frequently stated in speeches
and in newspapers that we have the
largest volume of money we ever
had. This is far from being true. The
real effective money volume is moi
one-third what it was at the end Of
the war, it is true, however, thai
the present currency famine" i:
due largely to the drawing down Of
the reserves and the consequent ex
tinguishment of bank credits OF
"confdence money" The bottom
cause of all this is the change in the
the money standard from gold ane
silver to gold alone, and the conse
quent shrinkage in prices. Thi:
shr1nkage too will go on as long a:
gold increases in value, and thai
will be till it is restored to its ole
place as a money metal and made
to do part of the work of gold.
The greatest event so far of thu
present extra session was the speech
on Thursday. of Senator Daniel, Of
Virginia. He spoke for four hours
and half and for all that time {
full Senate, except a few radical he
publicans from the Eastern States
who were in the cloak rooms hob
nobbing with John Sherman, sal
with eyes fixed upon the orator from
Virginia.
This speech is beyond description
1t was eloquent, it was logical, i
was convincing, and it was more
than all that For when fifty or six
ty gray-haired old Senators sit fo
for four hours and half, scarcel.
moving. with their eyes fixed upo1
a man, he is saying something al
that time that is commanding the
attention of the brightest intellect
in this Nation.
Senator Daniel told the Senator
from the northwest that he had no
forgotten their service to humanit!
when they defeated the Force Bill