Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-09-15

WHISPERING IN MS ncdiihS spihctnHhB VI
the tactics that colonel he knew prac-
ticed during the war. At one time the
colonel was leading his regiment. ZAP
plausel Behind the regiment were few
skirmishers. who were firing on the
enemy.
The colonel said &c themi 'Doys, stop
that firing. II Just makes us madden"
U.aughter). The Republicans now said the
Democrats must stop firing on the enet
my: tSat they would only make ,hcni
madder. lie though; that lie was cent
here 10 Indulge in legislation that would
stir up some OF the would be RepIbIlcans
G-aughtc0.
MIR. McRae. OF Arkansas. sai1 the Dem
ocrats were here. pledgel 20 the people.
They wsrs determined 10 give the people
the right 90 vote and the people OF the
States the riga to ctflrol hsir own elec-
tions. and lie appeaici 10 Ill the Demo
cratic memDeTs % get together upyn This
question. Why shouli House ST lilly
by when the peoples N5ertlcs wcro IN
danger?
Mr.. fuckers resolution was then adopt
cd. and' the House ct 2lj adjourned.
DANIELS GREAT SPEECH.
The grea. event OF to-day's session Of
the Senate was the delivery OF speech ny
MIR Daniel against the passage or the re-
peal bill. II occupied four hours snc
five minutes and WAS listenei 70 through
out with al int =" st which uid n"t seem
10 diminish from exordium TO perornlic?.
No other genatOr desired 20 speak after
Mr. Daniel.
AT the opening of the session Mr.
Fe><xner ofler | an amendmcn; 70 tie
>-~peal act. which was read and printed.
II provides for the coinage OF silver dol
lars mot less than three millions), at
the present ratio of 16 to ], Out of the
silver bullion purchased under the Sher%
man act. TO be legal tender; also for
the purchase of sufficient bullion Tor the
coinage OF two millions month In quar-
ters. halves. and dollars; further purchase
and coinage 10 cease when the aggregate
of $500. 900 is reached.
The Senate at 1870 resumed considera-
tlon Of the repeal bill and Mr. Daniel be-
gan his argument. lie brought TO the
discussion of the subject. he said, pro-
found sympathy with every class OF his
fellow-citizens who had been smitten with
an evil financial dispensation. lie had no
denunciatlon to make Of banks or bank
ers-troubled as they were with a CON
stricted and contracted currency. tie
sympathized also deeply with merchants
and manufacturers, and deeply with laDOr'
which was standing idle, begging work.
ginr bread. He brought TO the task. how
ever. the comforting thought that the
acute state Of the panic was now over;
and that although "a depressed condltlon
might long remain business was already
I'm "A state of conyalescence. lie quoted
from a bankers review to show that IL
was an acknowledged fact that three
distinct causes Of the return of gold TO
the United States had been well identiiied
The first cause had been the sharp de-
cline in the importation OF gold from
abroad. The second was the enormous eX~
portation OF wheat. flour, beef, corn
oats and barley. which had been taken~ln
quantities hitherto unknown by England
and the Continent And the third was
the collapse OF the corner In provisions
I'm Chicago. Since 1873, he said, the foun-
dation OF credit had been narrowing,
while the superstructure had been en-
larcing in width and growing higher
had been long evident to him thdt n
great crash would come; and now that
it had come. IL was equally evident that
there were causations for it-amohg
which he included the Mckinley tariff act.
RESPONSIBILITY FOR THE PANIC.
After a brief review of the history of
panics. from 1894 down, he asked whether
Senators should not pause and thInk De
fore they threw the responsibility 1Or
the present panic on one infamous act
Of legislation. They should recogiJze the
fact. though, that great events were al
ways produced by great causations.
spark might kiudlc a powder magazine,
an overturned lamp miEhI put "a great
city in confiagratiOn; but what I'hiioso'
phcr would uttrbite tn Conte'npOtu-
reous disturpanse to the powers ot hh-
tire: to spark or Ian p'
# woulG oe unWIse II say lat the
Sherman law had produced the Panic.
While the storm -ctTte" o. that Ianlc NhS
now over the United States, ii was I'M
portant to IA, uo1r that II rad not re-
gun here. Zoe date & as .ncniencY could
not be fixed on any act of local leglsla-
tion. IL had begun in South America,
where there vas no Sherman Law. 1t
had swept over Great Britain-a gold
standard country where chere was nc
sherman law. English consols, payable
I'm gold only. Pn1 naYilg no fear or tn'
silver interest, had gone down like other
securities. In Great Britain, gold, un-
protected from going 10 premium bF a
silver standlrl, Ia / COMMANDED pr"
MUM of three per cent day Tor IL
loan. and. IL addition, thirteen per GEM
per annum: ami IN castles o; the Brlt
ish money princes were likely to fall and
| CTUmllt ana Ndlllhi. 4 It I'AsliN AtAN' ''' >
10 a country where the people are the rich
est people in the world per capita, ano
where there Is no Sherman law. Th'
single gold standard there had of 'red nc
urotection against the much dreaded
premium on gold. The panic hai got tC
Austria. Italy ana India, and was nov
going all over Europe, without the dread
ed presence OF the sherman law.
There were, he continued those vi
cried stone ~, stone him hs 20 lh'
| sherman Law. These people we're 10
entirely disintCfostel. Ills lilehoS tl
onenv uhe Neaublican party) were de
lighted TO attribute the panic to the sher
man law I'm order 10 escape their iespCn
sihilitv as TO - tariff. The Mckln'4!
hin sought the sheltering a:ms OF IN
| sherman law. The fold-monome.alnsu
| wore delighted 10 hide behind 'he wori
of their own hands. The bankers Wtr
interested in seeing the sherman Ia" re
pealed. so that bonds might be issued o'
| v.hich they could base currency. t
| c,oted from a speech OF his in the Senat
| three years ago, predicting what "oui,
| he the effect of the sherman law "nlVi
was then pendins: an1 which he now cpar
! acterized as 1.-The ill-conceftsd measur
| OF time e-server'
! The senator from Ohio had appealed
| 10 the senate Il itN Nf'iN' 80 -
| the devil his due" He should be giad u
40 II as well as it could be done in thl
world OF abbreviated equities and sn'ai
opportunlties. lie admitted that the Sher
| man law had conferred a substantial goo
ON the country in staying the panic o
| 1870 ITS effect upon silver had beei
| caused. not by any necessary operauo'
| of the law. but by that mystery of inter
pretation which had been evolved c2t
! IL.
is THERE INCONSISTENCY.
He was often asked by his friends i
Virginia and In the Senate chambe
vhy ne opposed the repeal OF the sher
man law now, after having opposed II
nsSsage IL, 1880 His answer was TINS
| .sNas there man who, having patche
coat would throw it away In the dea
az winter before he had got new one
WAS there "A man riding spawned hors
who would cut his horses throat DC
cause he had not an Arabian steed I
| ride? Was there peasant nNlhs
a matched cottage. through when IN
winds blew pnd the rains descended
| who would burn It down In the mldst q
the winters storms because there was
pleam of brightness in the skyF lie wa
moi in favor OF the Repeal Dill; neither wa
he IN favor of going hatiess' coa'les'