The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-02
IN THE SENATE.

Washington, Sept. LIN the Senate cal
endar of to-day the House bill repeating
part of the act Of July IA, 1890, stands
under the head of diminished business, -
and the bill for the issue of circulating
notes to national banks stands at the
head of bills under the head of general
orders"
WHAT THIS SIGNIFIES.
The meaning Of it is that at O'Clock
p. N. each day, ifnot previously taken up
on motion, the Vice President will lay
the repeal bill before the Senate, and
that, if prior to O'Clock p. m, the cal
endar be taken up, the bank bill will be
first in the order, and will remain before
the Senate until 2 p. m.
SENATOR VANCE ON THE BILL.
Silver purchase repeal bill was then
up in the morning hour to permit Mr..
Vance to speak upon It, which he did for
an hour aud forty minutes. Mr.. Vance
began his speech with the statement that
the great law of supply and demand oper-
ated in regard to money just as il did as
to everything else. When money was
abundant, prices were high; when it was
scarce, the prices Of all products was low.
Therefore, he that increased the
abundance of money benefited pro-
duction ana enhanced prices and
wages, and he that contracted
or diminished the amount of this
money deprecated everything that is for
sale, including wages though, by reasonof
combinations and defensive measures in
many parts of the world, wages are affect
ed less than products. The effect upon
the condition of mankind which would
follow the destruction of one-half of
the currency of the world-amounting in
the aggregate to $500, 600 COO, it would
be impossible to accurately describe
Still, this process of destruction has heen
going on quietly since 1872 and its result
is seen in prices lower in many things
than had ever been known in the memory
Of man.
The repeal of the law without any SUBJ
stltute meant the end of silver money for
inns generation, unless n revolution of the
people should restore it, as it did after
the fraudulent demonstration of 1873
Let no man doubt that this movement
Tor the repeal of the Sher-
man act was the result of
a conspiracy among the money. holders of
Lhe world Our own Secretary of the
treasury had said so. 1t had been re-
pealedly announced in the British House
OF commons, and nowhere denied, that
the intent of this combination was to in
OF those who held it, and increase the
value Of all securities by making them
payable in gold
ALLEGED METHOD OF ATTACK.
The method of attack was by the erea-
tlon of panic. Mr.. Vance criticised the
action of the Secretary OF the Treasury in
Fedeeming the notes issued in payment
!or bullion in gold, and said that any
Vechnlcally intelligent man would con-
uue that law to mean that the discretion
was TO be used in favor of silver when
the condition of the treasury required
~. The discussion of this question, Mr.
vance said was narrowed by the fact
tsudJ all parties profess bimetallism and
nave declared for the use of both gold
ana silver in their pla tforms. In the alb
ecence OF a position so defiant of logic
ana OF fact, it was hard 10 speak plainly
without appearing to violate those
!ouftesles which were demanded by feel
Jugs OF personal respect and regard for
eaeh other. 30
members Of congress declared they
tfoseu silver money, bimetallism, there
Iofe they slew it. They wanted both
metals, therefore they abolished the one.
+tmey wanted gold and silver coined on
F serns OF equality, according to their plat
t tTHLtm, ana 50 they stopped coming silver.
c ruey desired to maintain the parity, but
Sut tne only cord that held silver up, and
permitted 1t to drop out of sight.
AS TO THE DEMOCRATIC PLATFORM.
.AeLerring 10 the democratic platform,
~ -. vance asked: If the language of the
tpLlatt4ofm' taken altogether, meant only
b uaS we were to.Oblige the bankers, bond
-S-Ger5 and 5toclhrolIers first, by IN
G.guuitlonal repeal, accompanied only by
'''IV stump speech in the belly of the