The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-08-26
MR.. HILL SPEAKS.
The Senator From New York Gives
Out His Views On the Financial
Situation.
There Are Some Wko DO Not Think
With the President That Finan.
cial Millennium
Will BE Ushered lin with the Repeal
Of the Sherman Law-Three
Causes.

WASHINGTON, Aug. 26. Mr.. Vest sent
to the clerks desk and had read COM
munication from the director Of the
mint, sent in response to an inquiry TO
give statistics as TO the quantity Of
silver bullion purchased since 1873, the
date of the Bland-Allison act, its cost,
the amount coined, etc. Mr.. Vest
summed up the figures in order to show
that If all the silver dollars and subsi-
diary silver coin were recoined at the
ratio proposed in his bill GO to y there
would still be profit TO the treasury on
the whole silver transactions in 1873 Of
$40, 1851, 993. He intimated pretty broadly
that Mr.. Carlisle in his letter to Sena-
tor Voorhees, on the same subject, had
not treated the question fairly.
Mr.. Hill then took the floor and be-
gan his speech, the opening paragraphs
OF which attracted much attention.
Mn Hiil's speech.
There were those, Mr.. Hill said, who
did not wholly agree with the president
on his diagnosis of the malady now
affecting the body polite. and who did
not hastily join with him In the con-
clusion that the financial millennium is
to come the moment the Sherman law
is removed. There were some who had
given the subject attention who be-
heved the cause Of the present
depression was deeper and beyond
the Sherman silver bill, and that
its foundations were laid in the evil
hours of 1878, when the country
unwillingly laid aside the financial
policy that had been its guide since the
foundation Of the government. The
existing financial disturbance, Mr..
Hill found, was attributable to
Three Distinct Causes.
First-It was the natural and in
evitable result of many years Of real or
fictitious prosperity.
Second-Some portion of the present
panic could be traced to q concerted
effort on the part OF the monometalists
to produce ii in order to discredit
silver.
Third-No matter what else may
have contributed to the present finan-
cial condition 1t could not be denied
that the silver purchase law had been,
at least in part, and possibly the most
largely, instrumental in producing ex-
listing complications.
Mr.. Hill did not believe that simple
repeal Of the Sherman law would nj
once restore abundant prosperity, but
that many years would be required to
recover from the present disturbances.
He compared his course in declaring
for repeal with the presidents course
in failing to refer to 1t until this late
day. He was q bimetalist and stood for
free coinage at q proper ratio. Had
the Sherman law been repealed at the
last session, or in special session, on
the 9TH Of March, the United States
would have escaped the present panic
and precluded the closure of the Indian
mints. Independent free bimetallic
coinage Of the United States was not
consistent with the councils of none.
tary science. While repeal would NOT
bring parity, 1t would facilitate it by
bearing that new tangled monetary
theory-gold monometalism, begotten
in the embraces OF ignorance with
rapacity-at last to an unequivocal and
crucial test. The permanent remedy for
our financial difficulty was to return to
the bimetalism that existed prior tc
1878. Mr.. Hill favored the increase for
the national bank circulation as pro
posed In the pending bill. Continuing.
he said. he regarded the question 81
ratio as not timely, and was Of the
least consequences. hat II changed at ali
it should not be enlarged, but dimin.
ished to 1912. the Latin union ratio.
He should refuse TO fallow in the foot
sters OF any administration that sought
to place the Democratic party in false
position, and lead 1t into the
Very Camp of the Enemy.
The president must rely upon Repub
lican votes to carry out any sucl
suicidal policy. He did not believe
however, that any such course would
be taken by the president by his owr
volitioh, or even under the inspiration
of indiscreet advisors, until clearer eyi
dence shall >be furnished than nov
exists. He deprecated hasty action II
the formation Of definite financial
plan and predicted the failure OF thu
attempt to impose gold standard or
India. IS
Meanwhile, the prompt repeal Of the
Sherman law was demanded as mea.
sure OF temporary relief. Let M legis.
late upon the financial question, said
Mr.. Hill. and then TO return 10 ouu
homes, NEXT December resuming th,
consideration of q permanent system
His distinguished colleague and himself
would cheerfully vote Tor the repea
bin ''unawed BY power and uncorruptei
: BY federal patronage He predic,e ,eS
tha raaaaaOa a. fha4 hill ~ tha anra+r