St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-05

rdJlO, anu IL we repeal TIC ucJ Vi lCJU,
and stop the purchase of silver, |
believe we will get it. The policy of
piling up silver bullion Is not wise
will surely be stopped. There is now
strong party in England in favor of
bmetallism and against demonstration
of silver. When England finds that she
no longer derives an advantage by
maintaining the single gold standard. l
trust and believe she will join other
nations in favor of the restoration OF
silver and the maintenance of bimet-
allie standard.
The United States must adopt fnan-
cial policy which will do even justice
between all classes and all geographical
divisions between debtors and creditors.
between employers and employees.
Mr.. President, sympathi2e with that
section OF our Union which has been
found to be SO rich in minerais-copper,
lead, silver and gold-and which has
contributed TO the world so many mill
ions Of the money metals. The people
of those states may well be excused for
their manifestation of
INTENSE ANXIETY.
The hardshipS overcome. and the
wonderful progress made by the patrl-
Otic settlers west of the Missouri. il
written up. as il will be. will form one
one of the most thrilling stories in the
whole progress OF our race. As one
humble representative of the common
wealth of Illinois, the richest, most
pOpulOUs. and commercially the most
powerful OF the central states of the
Union; closely identified iii its COM
merce with all states west Of it, as we'll
as with those of the East, North and
South shall regret if any action we may
take on this or any other question shall
prove In any way injurious to those
brave and patriotic people.
But il seems to me more needful to
place the silver question on some
more secure and enduring basis than to
leave the act Of 1890 in force, which
surely cannot be for long. Secure free
coinage, if possible. through an interna-
tional agreement, and you will be OF a
basis which will endure. Free coinage
by the United States alone means
recommendation; it means all silver and
no gold. | am against making this sill
yer nation. desire the free use of both
silver and gold at parity. which we
can have if other nations will join with
the United States, but which we cannot
have with safety without such concur
renee of action. There has been much
said in this debate about the attitude of
the two great parties as announced i'll
their platforms. In my action am not
prompted by any political platform. l.
shall act as my Judgment dictates IS
best. | will vote for repeal because it
NAV help to restore confidence, even
enough the act did not not have much
part IN producing the lack OF it. Mr..
President, there are other causes for the
PRESENT SITUATION.
A year ago the financial condition of
the country and its treasury were salts
factory, and the credit of the nation at
the highest point ever attained in our
history. A year ago, the gold bags of
the world were ready to be poured into
the United States treasury or exchanged
for United States bonds at per cent
certainly at 2l2 per cent. Whether our
credit still remains as good l am in
doubt. l make no mistake when | say
that the credit of the nation was higher
and better a year ago than that of any
other government or financial institu-
ton on the globe. What is the spectacle
which confrontS us now, and commands
our attention The credit of our ma
tiOnal government called in question for
the first time since the outbreak of the
war, and the commerce OF the cOun-
try reduced; factories closed Or
running on half time; mines shut up
and million Of men unemployed and
willing to work for even half the wages
they received year ago. In November.
1892, an election came on, and the party
now in full possession Of the executive
and legislative branches of the govern
ment triumphed. 1t came in, as speakers
on the opposite side of this chamber
have repeatedly said, pledged to the re-
peal of the protective tariff laws of the
country; pledged to oVerturn the policy
under which our industries and re-
sources had been developed; pledged
to the proposition that any protective
tariff is unconstitutional and is rob-
berry of the many for the benefit of the
few; pledged to overturn the national
banking system, which had furnished
the best paper currency to the people
the country ever had, by the repeal of
the ten per cent tax on state
BANK CIRCULATION
and the establishment of state banks
with a paper currency, different in and
peculiar TO every state, and current
nowhere except in the neighborhood of
its issue and at a discount every
where. What wonder, Mr.. President.
when the country realized what had
been done in securing this change of
policy, that diStrust, hesitation, want of
confidence seized upon the people,
which has resulted i'll all almost COM
plete paralysis of business ana the
hiding away of the circulating medium
of the country and finally in the preSi-
dent calling congress together? We will
repeal the act of 1890, because it is not
wise to continue IN force a statute pro-
viding for the purchase of 4.500.000
ounces of silver per month, and issuing
paper which the government is bound
to protect. | hope its repeal will be of
service in removing the paralysis now
upon business. but we will not soon
have good times and good wages again
if all the pledges made by the party
now in power are redeemed in good
faith.
Mi. President, the platforms of the
two parties OH the money question are
not very unlike in either language or
meaning, and the prominent feature of
each is that every dollar. whether of
paper or of coin, issued by the govern
mcnt, should be as good as any other,
and at all times equal. Each recognized
the Importance of securing an interna-
tiOnal conference to adopt measures 10
inSure parity between the two metals.
The special champions of the silver
purchase act say that act must not be
repealed. because to repeal it would be
the end of silver as money metal i'll
this country. OF what value is the law
now? The silver mines are closed, the
smelters are reported to be shut down,
while the silver purchasing act still
REMAINS IN FORCE.
Why? Because the product of the
mines has become so cheap, notwith-
standing the fact that the government
has been buying 100000 ounces per
month, that it does not pay to produce
silver at its present price. If the gov
eminent continues the purchase Of silver
bullion under the law, it will be mainly
foreign silver instead of our own. Mr..
President, the interest of the people re-
qulres sound, stable currency, and to
put it beyond all danger of becoming
debased, we cannot afford to expert.
ment in the adoption of doubtful poll
cieS. We want no fat money. We
want doltar intrinsically worth 100
cents the world over. We want a svs-
TEN of finance which will not in-
volye the treasury department in con-
slant danger. We want to rid our
selves Of the idaa that oil fhat &c Daoo.