The Lamar register., 1893-09-09

iast week foreiold with confidence thar
'he purchasing clause or the Sherman act
wiz De surely and Internationally re-
pealed. but 1t is equally true that he NAV
possibly ind 1t necessary after a time 10
ieNlse ms prophecy. Since this subject
was threshed over during the last con-
sFess TWO new reasons have been ad-
Nanced why silver should cease to be
either purchased or coined at our mlnts.
They are persistently presented to us bv
the advocates OF the bill reported by the
hnanee committee. They are. first. that
our abandonment OF silver will compel
England to agree To an International
conference and to the restoration of sill
yer as a money metal to be- freely coined
as offered. and another that the repeal of
the purchasing clause will restore conf
dence in our finances and our financial
Institutions to the people. who have lost
faith In business. We are constantly as
sured that our abandonment OF silver
will force England to an International
agreement. This may be true. There is
not gold enough In the world to do Its
business and some day this VIII be rec
oguIzed by the mouo-metallist countries
But the time is far away.
Evils Of Decentralization.
CAPITAL Is strong and selfish. This sem
ate chamber today Is the best possible
exemplincatlon OF its power. AMI the long
period OF suffering and OF shrinkage Will
pass before We return to the double
standard. Meanwhile the sections here
tofore devoted to search for silver will
become largely depopulated. The mines
will MI with water. the timbers which
sustain their walls will rot. the vast in
dustries depEsdent Tor success on the
mining regions will become bankrupt and
a generation will not serve to renew their
prosperity, even after silver may he
rnOnetized. Investments in railroads.
mines. smelters and other property di-
rectiy and fatally affected by the action
recommended bv the finance committee
aggregate more than 81. 10000. and they
are all to be sacrihced that we may make
our financial policy I'm exact accord with
Great Britain. the creditor OF the world
The argument Is II one should say
protection Is wise. and must be the bull
~arS OF our prosperity. II Is threatened
year after year by the advocates OF free
trade. There is cne way TO settle the as-
itatson finally and forever Submit to alb
solute free trade A few years will show
the folly OF H. The country will then re-
turn to protection. and you viii not be
nxain disturbed. picture the earerness
wa which New England would grasp
come she would extend TO the friends
who thus advised her.
Since l have referred TO the subject of
protection another word may as well be
said There Is no analogy between free
coinage and protection. They rest on es-
sentiaIiy different principles are based on
separate foundations. Yet. II this great
/ country. with It's enormous area and
4
TO change It's monetary policy to follow
and 10 b- In accord with that of Great
/ Britain 1t alters the whole basis OF our
relations with foreign countries. speak
| with hesitancy and reluctance but, as
| the subject now presents itself. II this
act shall pass and silver be. as It mus,
! be. absolutely dethroned and degraded
/ know ot no reason why any senator who
believes In free coinage should ever cast
another vote In favor OF protection in any
! form II We are to have steadily appre-
4 ciating currency and constantly lowering
/ prices is better for our farmers and
wage workers that they may have the
I opportunity OF buying. untrammeled and
unrestricted In the markets In the world
I In the Hight OF the proposed policy, boun-
Z ties are iniauitoas. protection Is oppres-
SION and free ships desirable This is the
/ era of experiment Let experiment all
I around Even II II were true that ouI
I abandonment of silver would. in time
! compel other nations to rehabilitate II
I aud renew It's coinage the taking OF sucf
1 a step by this people would, In my opin
] lon be ruinogs and unnecessary. W,
have n vast area OF country. with many
and varied resources and constantly in
I crensing needs. Our great cities. the cen
ters OF the commerce OF the country sur
] rounding them. are remote from anC
Z largely independent OF each other. Endless
I new enterprises everywhere spring VI
trade demand a steadily enIarging volum
OF currency to keep pace with our grow
Z Ing demands We produce OF gold. avail
able for coinage. less than Es.cco,oo an
nualiy. We can absorb silver offered u
for coinage without initiation of cur
rency and without inpairing our fnan
cial credit at home or abroad.
The other additional reason for rep.a
presented by the advocates OF the bill
I reported by the finance committee woulI
/ be droll u times were not tragic. on
senator after another tells us and tn
/ other house echoed with the same state
ment. that the existing law has abso
lutely nothing to do with the present
depIorable financial panic, but that som'
other people. who are not designated b,
name or calling. think IL has; that there
is woeful lack OF confidence. not in oul
silver certificates. but in our financial In
stItutions. and that this departed conf
dence will return II congress VIII repeal
the purchasing clause. This panic VIII
l.qn nlr.4r-a