The herald., 1893-08-27

that the law of 1873 Was trick, ae ION
of the most stupendous fabrication
which ever existed in policicsl life.
The pathway Of duty was unconditions
repeal. If that did not give relief W,
must try something else, and the soone
the better. The Republicans foun
themselves in peculiar position. Tn
newly-chosen Democratic presiden
found himself powerless in his frs
great recommendation to his own party
and was forced to appeal to the patriot
ism of another party, whose patriotism
has never been appealed to in vain. Th'
speaker sketchsd the salient points IL
the financial history of the Republican
party. and closed by saying that wher
the day came, as it surely would, fol
that party to lead the country back te
prosperity, it would take back with il
our ancient glory undimmed by adver.
sity and our ancient honor unsullied by
defeat.
Reeds closing words were received
with polonged outburst of applause.
He was followed by Dearmond of Mis-
souri, in opposition to unconditional re-
peal. Dearmond took Carlisle to task
for following the ruinous financial pol
icy of his predecessors. Had the Sher-
man law been properly executed, parity
wonld have been maintained. 1t might
be true, but be did not believe the story,
that the Democrats and Republicans of
the senate had agreed to drop tariff re-
form to secure the passage of the repeal
bill. He would protest against such an
arrangement. The dividing lines were
the money powers of the east with for
eign backing against the toiling masses
of the west and south.
Williams of Illinois opposed the re-
peal. He contended that the Sherman
law was not responsible for the panic,'
though the panic was the legitimate off
spring of the Republican party. To re-
peal the former law would be to break
the last link binding gold and silver.
He was followed by Allen of Missis-
sippi in opposition to repeal in speech
full ol humor.
COCKRAN'S BRILLIANT EFFORT.
Cochran of New York was the next
speaker. After some preliminary ut
terances he said the Democratic plat
form did not declare for the free coinage
of silver. An attempt was made in con-
vention by delegate from Colorado to
commit the party to that principle, but
it failed to secure 10 votes. Colorado
and Nevada were declaring that the
party was departing from the platform
in this matter. If that were 80, why
did those states take to the woods in the
election in '92? Was it because those
states abandoned the Democratic plat
form that Pence was elected to the house
from Colorado? Cochran declared he was
standing on the platform with both feet.
He asserted, and defied Bland to prove
otherwise, that there was no instance in
the history Of civilization where gold
and silver had circulated side BY side
at any ratio. Fluctuations weresuch as
to constantly drive out the dearer metal.
France had to import 5000, 100000 of
gold to maintain parity, and the United
States would have to do the same under
like circumstances.
Cochran controverted the assertion of
Bryan of Nebraska that silver was still
the basis of value of the farmers
products, saying If that were 30 "why
do you not give him the full value OF it?
You would give the farmer BIZ grains
of pure silver, while / would give him
65154." The proposed debaeement of
the coin would reduce debts 45 per cent.
Bryan assumed that the loss would fall
on the banks, but the fact was the banks
and corporations were the debtors of the
country and the workingmen the credi.
tors. He denied that gold had appre.
ciated. Never before did the laborinz
man of America receive so much gold for
his labor. Bland and Bryan pro-
pose in their planss- to make the
bankers of New, York present of
$21 ,00O, 600 in the settlement Of accounts
with depositors, and deprive the labor.
ing men of 45 per cent of the value Of
his work. 4tsasisns.e
Bryan interrupted to ask if that were
80 why had the New York banks de.
himself and Bland, and why
wrs Grand Master Powderly with
them? 'ii
Cochran replied that the banks had
learned that in business and politics
was the best policy. Cochran
claimed that business depressions were
always due to initiation Of the currency
or OF credit beyond the capacity of busi-
ness interests to support. The opera
ton OF the Sherman law proved this.
1t increased the currency, now Btrin.
gency follows. Bland's proposition to
give 35lL grains of silver for 65lI he
called robbery If related to wheat or
corn. The farmer suffered most in the
OF prices under the Sher.
man law, and it was a strange friend
of the farmer who nesired its continu-
ance. Cochran spoke of the unity of in
terests of the whole country and efforts to
sectionalize it on any basis woulC result
in benefit to no one. He closed with an
eloquent appeal for equity and justice as
the basis of governmental policy, awak-
ing whirlwind of applause and cries of
"Vote."
The speaker was overwhelmed with
congratulations on his magnificent ef-
fort. The excitement on the floor was
30 great the speaker had to call on the
officers of the house to restore order.
THE SILVER CHAMPION.
Bland then began the closing argument
On behalf of the silver men. He said
that if the gentleman from New York
Cockran-whose financial theories were
evidently gained from manipulation of
the stock exchange, W ould only 90 to
that country where he had saidiwere OBJ
tanned the agricultural products shipped
abroad in order to bring back the Eu-
ropean gold necessary to sustain the
public credit he would understand why
the gentleman and himself were &c rad
Ically different in their views. 1t was
true, as the gentleman said, it was to
The product of the soil of this
country that the fnanciers of this
government looked to bring back the gold
of Europe in order to examine our pres
ent financial system. Bland said all the
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