Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-09-04
SPEAKINGFORREPEAL
Senator Cullom Makes a Strong Ad-
dress on the Subject.
THIRTY YEARS OF PROSPERITY
Were Due to the Republican Pro-
tective Policy.
A q AIN ST STATE BANKS.
THIRTY YEARS OF PROSPERITY
AG AIN ST STATE BANKS

Importance any which have been the sub
1ect OF congressional action since the abo-
Hilton OF slavery. Commerce Is stagnant,
banks and commercial houses are failing,
factories and mines are closing and within
the last six months perhaps a million of wage
workers have been thrown out of employ
ment. Unfortunately there was no agree
ment OF opinion among the people as to
the cause OF the distress or the remedy.
NO such peculiar condition Of affairs was
ever known in our history. All classes
were without confidence and were appeal
ing to Congress for speedy relief. He did
not believe that the appeals to lay aside
sectlonalism and politics were needed, II
he did he should deplore the decadence Of
national spirit If the national bank bill
were enacted 1t would reult in an increase
OF our circulating medium with as good
money as the world affords. 1t was recon-
nenoed by the Secretary Of the Treasury
yer, before vote could be had upon it it
was found to be necessary to discuss ali
over again the whole national banking sys-
tenn In the same old strain, and with the
same old arguments that had been hea nd
over and over again since 1t was estab-
Nshed twenty-five years ago. Why not give
tne country the relief 1t demanded and
afterwards when the people had emerged
from their present distressed condition take
up and amend the bank note act?
MI Cullom held that the Cockrell amend
result in the retirement of the entire ma
Conal bank circulat tion; the issue Of green
backs redeemable in gold in addition To
The thousand millions of paper already is
sued, which the government Is pledged to
redeem. Where was the country driftina?
Was II not time to stop and take bea rings ,
He favored the passage of the oilI as It
was. but he would not object to the Cor
man amendment
Would Vote for Repeal.
He should vote for the repeal bill reported
from the finance committee. He did not
believe that the Sherman act was in q great
degree responsible for the existing financial
condition, but he was for its repeal because
II was but temporary expedient, and the
government could not afford to buy silver
and coin II or issue paper upon II when the
dollar represe nted less than 20 cents worth
or silver. such performance long con-
tinued would embarrasS any government
Ihe Sherman act was compromise meas
Ure to avert what his democratic friends
would now admit would have been a calam-
ity-the free and unlimited coinage of sill
Yer. The abuse heaped upon 1t was not
justified by the facts. 1t had at least given
the people more money, and the experience
of the last few weeks showed that il it
tended to drive out gold the operations Of
trade could be relied upon to bring 1t back
he was not monometallist, and few men
demanded the oStracism of silver or of
gold. But the close commercial relations
which existed between nations made an in
ternational agreement desirable, II not abb
Solutely necessary.
So he favored the free use of silver upon
an agreed ratio: gold had no money func-
ton which silver did not possess. Both
metals were the creation Of nature, while
money was the creation of law All that
was known of the science of money was
the result of experiment and experience,
and it was not certain that what today ap-
peared to be a well defined principle would
long remain so. The people wanted silver.
and so did he. But first of all they wanted
to have all of the circulating medium of
equal value without regard to material
We now had a per capita circulation Of
S2i.02, which is about as much as we ever
had. Therefore, there was no ground for
believing that the present situation had
been brought about by a scarcity of money.
The trouble was the lack of confidence,
which caused the boarding of money. Men
were afraid to leave their money in banks
or to use it in business. He believed that
If the silver purchases were suspended 1t
would not be long before some more salts
factory plan for it's use would be devised.
So long as the Sherman act remained we
would come no nearer free coinage. Repeal
would not make gold the standard Of value.
Unless We were prepared to go to a silver
basis we could not alone support bimetal-
lism. Repeal would bring about an agree
ment among nations. England had secured
an advantage by the adoption of the gold
standard, but there was now strong party
in that country favoring bimetallism This
mad been encouraged by the Barring 1a1lure
and the report of the royal commission, and
when England found that there was no
further advantage to be derived from the
single gold standard she would join other
nations in bimetallic agreement.
Do Justice to All Classes.
At this point Mr.. Cullom entered upon an
argument to demonstrate the unsoundness
of the proposition that fixed ratio could
not be Snaintained between gold and silver.
and. continuing. he said that the United
States must adopt policy which would do
justice to all classes and all sections of the
country. Universal bankruptcy would be
as fatal to the creditor class as to the
people of the silver states but it was neces-
sary to have in mind the interests of all
of the people and to secure free coinage,
If at all. upon an enduring basis.
He appreciated the anxiety manifested by
citizens of the silver-producng states to
protect their own interests and further
their own prosperity, and said:
The hardships overcome and the won-
derful progress made by the patriotic set
tiers of that great region west of the Mis-
souri,, If written up, as 1t will be, will form
one of the most thrilling stories in the
whole progress of our race In all their
achievements they have been actuated by
the thought that civilization has the right
Of way to the future on this continent All
the advantages that follow in the track of
civilization now prevail over that vast area.
energy of citizens in that great section. AS
one humble representative of the common
wealth of Illinois. the richest, most popu-
lous and commercially the most powerful
of the central states Of the Union, closely
Identified in its commerce with all the
states west of 1t, as we'll as with those of
the east, north and south. l shall regret If
any action we may take on this or any
other question shall prove in any degree
Injurious to those brave and patriotic peo-
pie"
Prosperity Under n Protective Tariff.
Turning his attention to other causes
than the Sherman act for the present de-
preston. Mr.. Cullom said that he doubted
l II the credit OF the United States was as
good today as Il was a year ago. Then the
value Of our internal and foreign commerce
was larger than ever before known: manu-
I factures and mining were turning out
larger products; more labor was employed
and wages were higher. Now the credit
OF the nation was called in question for the
first time since the war; factories were
closed. mines were shut UP and a million
men were idle. Mr.. Cullom cited the finan-
cial history OF the country before and since
Lincoin's administration to show the enor-
nous recuperative power OF the government
ed. He showed how under u protect tive
ury. The people bore taxation as they bore
tered upon Il career Of commercial and In
fCoatfn.ed an Fifth paesN