Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1893-09-09
The SILVER DEBATE.
synopsis of tho Discussion in the United
States Senate.


of the Sherman act
He said that II the repeal OF the purchasing |
clauses OF the act OF July, 1890 were the only |
reason for the extraordinary session, II would |
seem to him insufficient 1t was however, lusti |
fed by the existing financial stringency. On
one thing congress and the people agreed, and
that was that both gold and silver should be
continued in use as money Monometalism
pure and simple had never gained foothold in
the United States II senators wanted cheap
money and an advance in prices free coinage of
silver was the way to do it, but they should
not call 1t bimctallism.
Senator Sherman then proceeded to discuss
the history of the act that bears his name, He
was not In favor OF the free coinage OF silver,
and regarded IL as but another name
for the monomctalism of silver and was
only in favor Of the purchase OF
silver for purposes OF coming. The conferrees
of the two houses agreed upon their differences,
and In that agreement secured the repeal OF the
Blnnd-Allison act Senator Sherman reminded
senators that when they criticised the law that
was misnamed after him, they should remember
that this law now on the statute books was far
better than either the house bill or that passed
by the senate. The decline in the volume of
silver was due Senator Sherman said, to the
fact that we were called upon to pay our
debts - debts payable in gold. England
was the great creditor country and we
should neither be ashamed OF nor hate her; we
are her children and partake much OF the
characteristics of the parent stock Englands
losses in the Argentine Republic had to be
made good and she returned our securities
and demanded the gold needed to save her own
institutions from going down. For the hrst
time also in number OF years the balance OF
trade was ngainst US and we had to make the
difference good.
With regard to the Sherman law, Senator
Sherman said he believed in giving the devil
his due" and was ready to stand by the law, not
as measure in which he took any special Pride.
for he was compelled to yield in order to prevent
disastrous legislation But without this law
what would the country have done in 1891 and
1882 had IL been called upon then to meet the
difficulties now staggering us: He was not
new convert to the repeal of the law,
and year ago he had introduced
a bill to suspend the opera
tions OF the law. 1t was worded
almost exactly like that OF Senator voorhees,.
Why did not the democratic senators then see
the dangers they now see, and come to the help
of the republicans when they sought to suspend
the law; Not u democratic vote was had then
and democrats must answer why
The president. in the midst of the panic APP
peals TO US to repeal this law, and he will not
make this appeal TO me in vain have
no sympathy with him in politics, but
l believe that in this matter he is
right, and that it is my duty to respond
To his call / will cooperate in any measure
that will tend to maintain the harmoni-
use of silver and gold rs standards of value
hope that the next measure or relief which
my friend from Indiana Senator Noorhees)
will provide will be broad, liberal measure,
authorizing the president or the secretary of
the treasury, whichever he prefers 10 exercise
the power, II necessary, to sell securities in
order 20 maintain the parity OF all our cur.
rcncy."
Senator Sherman then began n discussion OF
the various coinage laws OF the United States,
with special reference to the act OF 1873, which
had, he said, been the subject OF so much mis-
representation and falsehood in this debate.
He denied Mr.. Voorhees, statemen. that that
act (the act of 1879 was "stealthy demoneu.
Zaton.'
Senator Voorhees, replied tnat he never In
tended to refer to the senator from Ohio, for fouI
years ago he mad eiIectually cleared himself
from any participation in that matter.
1T is strange" said Senator Sherman. 'that
on the vote on this bill that the distinguished
senator from Nevada (Senator Stewaru voted
for il and l. the devil fish, voted against it,
The last remark was in reference TO an eplthe
applied 10 Senator sherman during the debate
in the house last week Senator Stewart re
torled that in due time he would explain how
he came to vote for the bill. Senator Sherman
quoted from speeches made by Senator Stewar
in the senate in 1873 and 1874 these words:
II want the standard gold and no paper mon
ey that is not redeemable in gold. BY th
process we shall come 10 a specie basis ant
when the iaborer shall receive his dollar ii vii
have the same purchasing power OF dollar
Gold is the universal standard OF the world
Every SoouS KNOWS 'hu|
Recurring 10 the suggestion OF authorizing
the issue OF bonds Senator Sherman said:
~ am willing TO trust your executive OF
tcers. II you are not, it is u strange att
tude in political affairs l would Civ
them power 20 protect the credit of tn
government against all enemies at hom
and abroad II the fight must be for III
possession OF gold. would use our cotton an
our corn and our wheat and would protect ou
credit against all mankind As to silver, l Iwoul
say that we prefer 10 wait awhile until III
skies are clear, until we see the effects OF tn
suspension of silver coinage in India and Sc
what arrangements can be made for anothc
international monetary conference. IN tn
meantime let the United States stand on it
strength and credit. think that soon all thes
clouds will be dssipnted and that we may g
home TO our friends with the conviction thg
we have done u good work for our country q
large"
Mr. Teller rep.. COLI concluded his speec
on the national bank circulation bill He a