The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-26
The New York Senator Defines
His Position.
Il AN A BI-METALLIST.' .
Such Was His ForcibIe Declaration
EpitOmizing His Silver Views.
He Believes in the Free Coinage of Gold
and silver at Proper Ratio with
out COMMUNICATIONS the
Sherman Law Repealed.

on the financial question in an address OF
nearly two hours duration. Nearly
every member of the Senate was in his
seat and an attentive listener and many
members of the House crowded over to
hear the distinguished senator. 81 am
Democrat which has become proverbial.
was recalled today by his forcible declar-
alton on the financial question when, as
usual, he epitomized his silver views in a
single sentence. 81 am a bimetallist,"
said he, 81 do not believe in single gold
or single silver standard, but
do believe in the use of both gold and
silver as the standard money of the
country and in their free coinage in our
minis at a proper ratio and without dis
elimination in favor of one or against the
other.''
The chief surprise of the speech of Sen
ator Hill was the position he assumed
the importance of a revision
of the coinage ratio, and the suggestion
that international blmetaliism might be
sought by holding out an inducement to
the Latin union countries to recon at
profit rather than at a loss, gave greater
satisfaction to western free coinage peo-
pie than even the most sanguine had ex-
pected from his argument.
There was a dead stiffness in the Senate
when the speaker referred to the state
ment that President Cleveland was at
tempting to lead the country to mono
metallism, and made his comment
thereon, concluding with his defiance to
presidential domination. 81 shall re-
fuse,' said he, ''to follow in the loot
steps of any administration that seeks to
place the Democratic party in false po-
sition, that seeks to lead it away from
Democratic principles and platforms and
into the very camp of the enemy, The
president must rely upon Repu blican
votes to carry out any such suicidal
policy Democratic Senators looked
gloomy and unhappy, but smile OF
amused satisfaction covered the faces OF
the Republicans.
There were those, Mr.. Hill said, who
do not wholly agree with the president in
his diagnosis OF the maiady now affecting
the body polite, and who did not hastily
join with him in the rosy conclusion
that financial millennium is to come the
moment the Sherman law is removed.
There were some who had given the sub
ject attention who believed the cause of
the present depression was deeper and be-
vond the Sherman bill, ard that it's
foundations were laid in an evil hour of
1873, when the country unwittingly laid
aside the financial policy that had been
its guide since the foundation OF the gov
eminent.
The existing financial disturbances, he
found, was attributable to three distinct
causes:
First-It was the natural and inevita-
BILE result of many years OF real or fictic-
ious prosperity.
Second-Some portion of the present
panic could be traced to a concerted effort
on the part of monometallists to produce
it in order to discredit silver.
Third-No matter what else may have
contributed to the present financial con-
dition, it would not be denied that the
silver purchase had been at least in part
and possibly most largely instrumental
in producing the existing complications.
He did not believe that the simple repeal
of the Sherman law would at once restore
abundant prosperity, but that many
years would be required to recover from
the present disturbance. He compared
his own course in declaring for repeal
with the presidents course in falling to
refer to it until this late day. He was
a bimetallist, and stood for free coinage
at proper ratio. Had the Sherman law
been repealed at the last session or in
special session on the 9th of March the
the United States would have escaped the
present panic and precluded the closure
bimetallic coinage in the United States is
not consistent with the counsels of none
tary science.
While repeal would not bring parity, it
would facilitate it by bringing that new
tangled monetary theory gold monomet-
allism, begotten IN the embraces of igpo-
rance and rapacity, al least to an unequiv-
ocal, crucial test. The permanent remedy
for our financial difficulty was to return
to the bimetallism that existed prior to
1873. Hill favored an increase of the
national bank circulation as proposed in
the pending bill.
Continuing, he said he regarded the
question of ratio as not timely and as OF
the least consequence, but if changed at
all, it should not be enlarged but dimin-
ished to 15k, the Latin union ratio. We
should refuse to follow in the steps of any
administration that sought to place the
Democratic party in a false position and
lead it into the very camp of the enemy.
The President must rely upon Republican
votes to carry out any such suicidal policy.
He had not believed, however, that any
such course would be taken by the presi-
dent by his own volition, or even under
the inspiration of indiscreet advisers, I'M
til clearer evidence shall be furnished
than that which now exists.
He deprecated any hasty action in the
formation of a definite financial plan and
predicted the failure of any attempt to
impose a gold standard on India. The
temporary relief which the country
needs at this hour is a prompt repeal OF
the Sherman law. We can discuss our
monetary theories afterwards. Our duty
now is to stop further silver purchases
and relieve an almost bankrupt treasury
from the drain of gold out of its vaults
Let us legislate upon the financial ques-
ton aud then return to our homes. At
the regular session next December we can
resume consideration OF the establish
ment of permanent financial system re-
quired by the necessities OF our great and
growing country.
1.-THE goal for which the country should
steadily strive is first an international BIZ
metallism agreement with at least few
leading nations, and il that is absolutely
impossible OF achievement, then indie
pendent bimetallism at the earliest mo-
ment when the condition of our finances
and conditions abroad will safely warrant
IT'D Referring to the tariff, the speaker
said: 1.-THE Democratic party is pledged
to tariff reform and it must redeem its
pledges come what may. The people per-
tectly understood the question last fall
and they voted with their eyes wide open
Our course is onward and we shall not
retreat.
In conclusion Senator Hill said: ssNc
one, be he e Democrat, Republican OF
Populist, should be deferred from voting
for this bill simply because it is hailed as
an administration measure. That fur
nishes no argument either for or against
it. Mr.. President-This bill is going to
pass this Senate. / believe it. ] pre-.
dict it. There will be no fillibusterino
upon such subject as this. Let oul