The Forrest City times., 1893-09-01
HILL ON SILVER.
Tho New York Senator Presents
 His Views.
The Causes Leading Up to the Prevailing Monetary Crisis Reviewed and the Permanent Remedy
 Prescribed.

M addressed the chair and was recognized. but yielded to MT. Vest tdem., Mo- who had the clerk read a communication to him (Mr vesp from the director of the mint. giving statistics of the purchase. cost and coinage of silyer. Mir. Vest said that he assumed from the zeal manifested by the advocates of the uncondi- sional repeal of the Sherman act that the great thing to be decided in the interest of the American people was parity between the two metals and that the commercial ratio should be as far as possible the same as the ratio es- tablished by statute. The commercial ratio had been up to within few days 2s to 1. while the legal ratio was i6 g16 to I. and he took 1t for granted that if there was to be an attempt to bring the two metals together in order to redeem the pledges of the two great national parties and of the administration there should be coinage of gold and silver on parity. Nowft seemed said Mir Vest in a eontemptuous tone. that the question of the expense was 10 be in- tected into the discussion, and that. leaving the great and absolute necessity of parity, senators were led into an examination of the number O. dollars that the change of ratio would cost. He had made a short analytical statement of the account between silver and the government at this time. It showed the profit to the government under the Bland-Alli- son act of 1873 as tin round numbers) s700J0,- oC0, and the profit of the sherman act of 1890 as S5s.0o00o0. the total profit be- ing SIPS 100000. The uncoined silver
  and the profit on that s57 ,000000. The number of ounces necessary to recoin the silver dol lars now coined was Si 900, 900. and the number necessary to recoin the subsidiary silver coins 100000. If this quantity of silver bullion were taken from the uncoined silver in the treasury on the 9th of August there would be still left of uncoined silver in the treasury 3s- 0O.00O ounces
 His summing up of the silver account was: Credit side ........................ &l2s, 3314 Debtor side. 112, ,e65, ,32l
 Balance in favor of silver. ........s I5, ,267 993
 If the secretary of the treasury, Mir. Vest continued. meant to put the question fairly to the American people. why had he not told the senate what he proposed to do with the vast amount of silver now uncoined in the treasury when the purchasing clause of the Sherman act were repealed? Was that silver to be there menace to bimetallism for all time to come: Or did the secretary propose to coin it and hold it Tn the treasury dollars
 MT. Hill then resumed the floor and ad dressed the senate. There was perfect quiet and stiffness in the chamber while he spoke and the closest attention was paid to the speech both on the floor and in the galleries.
 Commencing his remarks by an allusion to the presidents much commended and criti- cfscd special message to congress" Senator HiH supplemented the presidents quotation from Daniel Webster by the opening sentence of another famous speech of the same distin- guished statesman in which he urged upon the senate Before we float further on the waves of this debate let us refer to the point from which we departed "
 Adopting Websters prudent suggestion, let US first recall ohe peculiar circumstances un- der which we meet. and the important charac- ter of the duty which surely confronts us at this hour.
 The existing financial disturbance may be at tributed to three causes:
 First: It is a natural or inevitable result or incident of many years of real or fictitious prosperity. The nation is not unlike an indi- vdual Sickness is incident to humanity, and commercial panics are incident to trade.
 The student of history knows that financial panics occur about every twenty years. and our country has not been aa exception to the general rule. The panics of 1sl3 IS37 and 1857 should have led us 10 anticipate one in about ls93
 In addition to these causes which for the purpose of this arg gIment. denominate nat ural' causes, against which it is probable that no prudence could guard or prevent. there was much reason to apprehend financial troubles at this time owing to the violation of correct business principles on the part of our business men in their haste to become suddenly rich. Our financial centers have been flooded with watered stocks of every description. in which innocent people have been induced to invest their means by the glittering promises of enor- nous dividends which are not forthcoming.
 Candor compels me to say that these trans actions have usually originted with that class Of financiers who infest our marts of trade and are to-day ostentatiously attracting public at- ,ention by their parrot-like clamor for an hon. est" dollar and against the continued use of silver money.
 Besides we are suffering from the evils of ever-production. The balance of trade has fortunately been a.,ainst us. We have sold our A detb oriti otp nnI 1<NF at home and the interest well portions of the principal have been coming due and must e paid in gold. because it was so nominated in the bond, and hence our gold has naturally been leaving us for foreign shores.
 Unquestionably some of the present diff- tul,y may be attributed to the uneasiness of cur protected industries which have been customed to rely 10 certain extent upon gov ernmental favoritism to support them. They do not disguise the fact that such uneasiness exists and that it contributes it's share to the general existing disturbance Of financial af- iairs
 But there is no relief for this situation un- less the dominant party ahandons its princi- pies and surrenders in advance to the inter ests which were defeated at the last election. The democratic party is pledged to tariff scruo. and il must redeem its pledge come what gray. Of course il must e expet ted there will le se me friction. 1t is unavoidable. It is in- eident 10 the anticipated withdrawal of pahlia aid from private enterprises; and t can not he prevented ut must lee endured. The pcoplc perfectly understood the question last fall, and asey voted with their eyes wide open. Our xourse is onward. and we sirall not retreat.
 Second-Some portion of the present panic nay be traced to a concerted effort on the part sf numerous monometallists to produce il. in order to further discredit silver as part of the standard money of the country. With hglea welcomed