The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1893-09-07
SENATOR VANCE SPEAKS.
Opposed to Unconditional Repeal of
the Sherman Law.

Senator Vance spoke in opposition
to the unconditional repeal of the Sher-
man silver law last Friday. His speech
occupied one hour and forty minutes,
and the subject matter and manner Of
delivery are spoken of in warm terms.
We publish the following synopsis as
given in the Baltimore Sun:
Mr.. Vance began his speech with the
statement that the great law OF supply
and demand operated in regard to money
just as it did to everything else; when
money was abundant prices were high:
when it was scarce the prices OF all
products were low. Therefore he that
increased the abundance OF money
benefited production and enhanced prices
and wages, and he that contracted or
diminished the amount OF this money
deprecated everything that is for sale,
including wages, though by reason of
combinations and defensive measures in
many parts OF the world wages are
affected less than products. The effect
upon the condition of mankind which
would follow the destruction OF one hall
the currency OF the world-amOunting
in the aggregate to 81, 500, 900, it would
be impossible accurately to describe.
Still this process of destruction has
been going on quietly since 1872, and its
result is seen in prices lower in many
things than has ever been known in the
memory of man.
Every government that had demOne-
tized silver had done SO when it was at q
premium, and when the coinage was
stopped in India the effort to have it
stopped altogether in the United States
began, aided by the influence OF the
mOneyed power of all the world and our
own government. If coinage stopped
here, silver ceased to live throughout the
commercial nations of the earth. The
repeal of the law without any sub
stitute meant the end of silver money
for this generation unless q revolution
OF the people should restore it, as it did,
after the fraudulent demOnitizatiOn OF
1873. Let no man doubt that this
movement for the repeal of the Sherman
act was the result of a conspiracy among
the money holders Of the world. Our
own Secretary OF the Treasury had said
SO. 1t had been repeatedly announced
in the British House of Commons, and
nowhere denied, that the intent of this
combination was to increase the value
of the gold in the hands of those who
held it and increase the value of all
securities by making them payable in
gold. The method of the attack was by
the creation OF panic.
Mr.. Vance criticised the action of the
Secretary of the Treasury in redeeming
the notes issued in payment for bullion
in gold, and said that any technically
intelligent man would cOnstrue that law
to mean that the discretion was to be
used in favor of silver when the condition
OF the treasury required it. Most of the
gold shipped abroad was obtained from
these notes, although any other obliga
ton of the government was payable il
the same coin. The object of the con
spiratOrs was, however, to show that
the departure of gold was attributable
to the Sherman law, and for that purpose
they chose tOredeem those notes. Some
foreigners believed the cry that w
intended to go to silver basis and Sent
back some OF our securities, and the
clamor that began in a false pretenst
ended in howl of real terror.
PROFESSIONS OF BIMETALLIsM BY PARTIES
,,r. Vance then referred to the inflow
of gold, but said the bankers of New
York, intent on keeping up the cry, con
| tracted their currency, refused to lOaI
money and enforced stagnation in al
branches of business. Never was there {
more senseeSs clamor or more crimina
| disturbance of public confidence. Ii thu
| Sherman law sent out gold, it surely
| brought it back. Ii not, what made i
return? The fact that in the midst o
this clamOr our resources are SO great al
to be able to check the outflow of gOl(
and to turn the tide in our direction
ought to restore confidence to ever,
man whose confidence is worth securing
The discussion of this question, Mr.
| Vance said, was narrowed by the fac
| that all parties profess blmetallism ant
| have declared for the use of both golG
and silver in their platforms. The con
ditions attached to these professions o
| bimetallism were, Mr.. Vance said, 81
various that it could hardly be conceived
that all were actipgin good faith. Will
! all the grave pledges of their part!
platform, State and National, staring
them in the face, as well as their owl
| speeches, promises and votes in the past
| blowing trumpet-tongued against TIT
| deep damnatiOn OF the taking Off o
silver some Senators clamored all tn
fiercer and all the louder that the onl,
way to serve silver was to repeal the on
law on the statute-book which gives i
life. In the presence OF a position 81
deficient of logic and of fact it was hare
to speak plainly without appearing tt
| violate those cOurteSieS which We're de
manded by feelings of personal respec
and regard for each other. Members O
Congress declared they loved silve
Observation-Disclosures they slew
| it. They wanted both metals, therefor
they abolished the one. They wante,
gold and silver coined on terms O
equality, according to their platform
and SO they stopped coming silver. The,
desired to maintain the parity, but Gu
the only cord that held silver up an,
permitted it to drop out OF sight.
4 CLAUSE OF THE CHICAGO PLATFORM
Referring to the Democratic platform
Mr.. Vance asked if it was meant that b,
cOiningno silver weshOuld thereby max
no discrimination against either metal
Did the platform mean that we shoult
first cut off the coinage of silver and thel
show no discrimination, but coin equal,
| of both? And after that, when tn
platform said that the dollar unit OF al
coinage of both metals must be of equa
intrinsic and eNchangeable value, did i
mean that we must first reduce by hostil
| legislation the intrinsic value OF silver 81
as to render a carrying out of tina
pledge an impossibility? And when i
says that this intrinsic and interchange
able value is to be adjusted through
international agreement" did it NEAR
thatwe should first increase the disparit,
in order to facilitate the task of gettin.
foreign nations to agree to coin it will
us at 15s to l, and, failing in that, whel
the platform goes on to say, "or b,
such safeguards of legislation as shall
insure the maintenance of the part,
OF the two metals in equal power o
every dollar at all times in the markets
and in the payment of debts,' did j
mean that these legislative safeguards
should be applied while the silver dollar
was still alive, SO as to help to maintain
its parity with gold, or, after it's coinag,
was stopped and its intrinsic value was
reduced so that it was virtually dead
Did it mean that it should be good il
payment of the public debts, or only
debts among private parties and will
small fry? Was that wink with 6
golden eye to the bondholder and E
broad silver smile to common peopl,