The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-05
DISCUSSING REPEAL,
SENATORS COKE And CULLUu
SPEAK 10 THE SUBJECT.
MIR. Vance VIII Road Letter Showing
How NewYOrk Bankers are Interfer-
ing with Silver Legislation.


trict Of Columbia 0he Tooth anniversary
Of laying the corner stone of the Capi.
tol Of the United States), was laid before
the Senate and passed. Among the mum.
erous petitions presented for and against
the repeal Of the Sherman act, was one
by Mr.. Harris, who described it as 1.-THE
printed, Wall Street form Of petition"
Mr.. Gallinger Rep. n. H). introduced
a bill supplemental TO the pension act OF
June q, 1890. and asked that # be read in
full, and that he be heard briefly in ex-
planation OF It, The bill was read It's
most important provision is that, except
In cases OF established fraud no pen
sioner shall be suspended or withheld
until after a notice Of ninety days Is given
TO the pensiOner and after a full and
impartial investigation. Mr.. Galligers re-
marks were addressed particularly TO that
feature Of the bill: and al the close Of
his remarks the bill was referred to the
| Committee on Pensions.
Mr.. Butler offered an amendment to
the bill repeating the Sherman act and
had it referred to the Finance Committee
| II provides FOR the repeal Of the tax on
State banks provided thet such circula-
ton be secured by coin on approved State
| or municipal bonds.
At 1850 Mr.. Allen POp., NebD. offered
| the following resolution: 'Whereas, IL
Is due that Congress take cognizance Of
| the labor organizations and the industrials
Of the nation by observing this day
| commonly called Labor day;
| Resolved, as n mark OF respect for the
| labor organizations and Industrial inter
ests Of the nation, that the Senate do now
| adjourn"
Mr.. Voorhees, opposed the resolution.
! and said "l am IN favor Of all the iubi-
/ lees and HOLIDAYS for labor. ] was born
I'm the ranks of labor. and I think that
The best tribute we can pay labor is 20
go on With the business of the Senate as
I rapidly as possible. I know Of no other
way I'm which we can contribute 10 the
interests of labor. i'm the present situation
OF affairs" The resolution was rejected
Yeas s. nays ~.
The Senators voting for the resolution
were: Allen. Irby. PETER. Pettgrew.
Power, Shoup. Vance and Vest.
Mr.. Allen also offered a resolution
| (Which WAS referred TO the Finance Com
mittee) calling on the Secretary of the
Treasury for information on the following
points:
Whether the Treasury Department has
at any time redeemed any portion Of the
silver or coin certificates IN silver coin,
as provided by the act Of July II, 1880;
U so, Wnen, ana WlhL amounts nave Uten
thus redeemed; what amount In coinage
value Of the silver bullion purchased and
subject TO coinage I'm the discretion Of the
Secretary OF the Treasury remains
uncoined, and why such silver bull
Hon has not been coined and
paid out I'm accordance with the
provisions Of the act. And whether any
part or the paper money redeemed Ia
gold by the Treasury Department since
March 4. 1898. was cancelled on redemption
or In any manner withheld from general
circulation.
Mr. Kyle Pop., S. d.. offered free
silver coinage amendment 10 the repeal
bill, and II was referred 10 the Finance
Committee
At 40 p. NJ, Mr.. Cullum Rep., I'D
addressed the Senate in favor Of a bill
to repeal the purchasing clause Of the
Sherman act.
In the course Of Mr.. Culum's speech ne
was asked by Mr.. Mitchell Rep.. Ore),
whether If the repeal bill was passed
and there was no further legislation on
the subject, another silver dollar could !
be coined. Mr.. Cullum admitted that there |
could not be, and added that that was the |
case up TO the passage of the Bland |
Allison bill. The repeal bill, he said. had |
no suggestion as TO what the standard !
should be-whether gold or silver. lie |
assumed. however, that the party I'm |
power in the Senate and country would |
take such action with reference to the |
silver on hand as would be wise and /
proper.
Mr.. Aldrich Rep.. r. t., remarked
that the repeal Of the purchase clause Of
the act Of 1890 did not repeal the pro-
visions Of the act which authorized the
coinage of the bullion on hand. for the
redemption Of the Treasury notes.
Mr. CullOm expressed his obligation 20
the Senator from Rhode Island for the
suggestion. The repeal bill did not deal
with that question at all; so that the
whole subject stood as II was before any |
effort was made to repeal the act Of July |
1890. because 1t simply applied TO the pur-
chases OF silver bullion and stopped there
MIR. Coke (Tex) was the next speaker
His speech was based more ON the
Presidents message than on the repeal
bill. lie declared that the people would
never be- content until the wrong Of
1873 by which one-half of the country's
money was stamped out I'm order 10
double the purchasing power Of the other
half. was undone and reversed. And
now said he. we are called upon TO per-
form the last act which expunses from
the statute book all recognition of sill
yer as money. To-day silver bullion, |
degraded as IL has been, will buy I'm
the markets OF the world as much or
more Of cotton and wheat rs Il did I'm
1873 before It was dcmOnetized thus |
showing conclusively that Il IS not sil-
yer which has fallen I'm value. but 10
Is gold which has risen, and under the |
influence Of legislation. H. said he. I'm |
he progress Of his speech. this bill |
passes. the free men OF America will |
nave bowed their necks TO the yoke Of
European domination in their foreign and
domestic financial affairs Rothschild and |
he Bank Of England with their connec-
ions. dictate the financial policies Of |
europe and II the single gold standard
s established i'm America, then Roths-
hid and the Bank Of England with
heir New York associates. will become
he arbiters Of American finance and the
iictators OF our financial policy, be-
ause they control the gold which we
'il be compelled 10 have.
Mr. Coke having drifted on TO the ef-
orts of New York bankers 10 influence
nancial legislation. he was interrupted
y Mr.. Vance. CN. c. who said he had
eceived a letter this morning bearing on
hat point and with Mr.. COke's permis-
ion he would read II 20 the Senate. IL
'as a letter received by l. II. Foust, Of
alisbury n. c.. from =. u. Shepard & ,
ompany. bankers, OF No. Broad street. =
lew York. The letter declines the offer d
( loan and adds: 1.-THE Senator'S from .
our country are not looked upon as pro- h
loters Of the general welfare Ii their
and represents the Views OF your people
financial matters Az will he var-,- 4ffg