The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-09-15
ERA OF TALK IN THE SENATE.
mn. DANIEL OCCUPIED THE WHOLE
OF YEs1ERDAY's SESSION.

| np vEsTRBDzY,s sEssTON
..,
| ,,, s,.,,,,, A 81 wa. Alone
| 49,. ,n,,
| 1e'po"'"e ''' ' n,,.
| the Hspuh"csns De"eh' ="
that BIZ as the Cause 10 Escape '.
| Just Responsibility for the MCKINNEY Bill
uo,, Govt "A --rrh. .vent ~ to.day's
.,sn =, tha sanato wa. the delivery OF a
n ~, NJ nonJoI fDam VAL against the
- -, ,ho Reveal hill, IL occupied four
,,,ra o,d nyo p,inutes and was listened to
| .ssa,,,ho,,. vuh nm interest which did not
| - - dir,,niab from .xordium 70 peroration.
ee pn, W - h.na,, his snooch Mr. Faulkner
| NAV, w Va \ ofTored an amendment to tho
| pon.,i not yvbicb was rend and ordered print
al II nroyides fo- the coinage OF silver dollars
Inn, las tbon a 600 600 n month"; Mt the present
IL -, la I out n, the siIver bullion pur-
cbas.d under the sherman act such dollars to
ha .IaeoItonder. alao for the monthly purchase
~ snS,.iont bullion for the coinage Of $4,000
| 0no :. ,,onth In ,uorters boIves and dollars,
,,r,h.r nurohooo md coinape 70 ceaee when
~ ,,rroaota NJ 5000 600 600 ia reached
M Daniel ouoted from bankers review to
shov that Il was an Acknowledged fact that
three distinct cnuses OF the return OF gold to
tho rnited States had been well identified.
The first cause had l,een tho sharp decline in
tbe Importation OF goods from abroad: the
.ne h ornortot,on Of wheat
second was the enormous eApoi,u''on Ia
flour. beef. corn. oats. and barley. which had
peen 'asen ~ ~ nd tha third was
Eheianu an" tne continent anu ,,o - ~,
sipss ss the Foundation Of credit had
-. ...,n,,,n ,hi,o Tho s,narstruct,,re had
oeen narrow.ne WINE ,,, s"e aI "rnw,uS hi.hsr
It had been long evident to him that a great
crash I, would come. and now that i, had come
lions for It. among which he included the
boom in real estate and the Mckinley Tariff
act.
After brief review Of the history Of pancs.
from ,oo4 down. ITO asheu "ne.no, ,.a.
tho whole responsibility OF the present panic
nm one Infamous act ~ LEGISLATION, Thev
On one in'alnous ao, , ~ ie ..'e,,,. .,,o,
should recognize the philosopnlS .nouene Una.
eua e,ea' r.rl n,iebt Iindle n nowdsr
cnusat,onS spaln ,.mn ,niah 1919 n"t
great city in conflagration: but what philoso-
pb e would attribute the contemporaneous
spark or lamp It would be unwiso to
say that the sherman law had produced
the panic. While the storm centre OF that
panio WOO INV W.. ."o - 80 not h ~ m'a
important 10 remember tnat IL 'iao no. oesun
here: The date Of its incipiency could not be
aaa IN whene
sherman law 1t had swept over Great br britain
Sherman law It had swept on to Australia.
where the people are the richest people in tho
world Per capta where e5 there was no an
isred no protection against the much,to;;
dreaded prem ,nIn on gold The panic had
going ali over Europe without the dreaded
presence OF the sherman law The Republi.
the sherman law in order 70 escape their re;
sponsihility to the tariff The Mckinley bill
the eod e
The bankers were interested in seeing the
rency. -.-,
the senate three h Years ago. predicting what
would be the effects Of the sherman law. which
as o
time server" The Senator from Ohio had ap-
Gealed to the Senate few weeks ago to give
as well as 1t could be done in this world OF
abbreviated equity and small opportunities.
ferred substantial good on the country in
STAYING the panic OF 1890. Its evil effect upon
Ssfn ss but b. y
Interpretation which had been evolved out
of M it. n,n,., ,,,, chat =. NO. o,..n ,.,ot ~
his friends in Virginia and in the Senate cham
Der why he opposed the repeal of the Sherman
law now. after having opposed its passage IN
1880. HIS answer was this: Was there man
away In the dead Of winter before he had got g
new one3 Was there a man riding a. spawned
horse who would cut his horses throat be-
cause he had not an Arabian steed to ride?
Was there person living in a matched cot
rains descended. who would burn It down
in the midst OF winter storms be-
cause there was a CLEAN OF brightness
IN the sky? He was not In favor o; the ltepeai
shoeless. barefooted, and naked out into the
winter storm. Did the supporters Of the Re-
peal bill propose to restore the conditions ex-
listing at the time Of its passage Oh. no. The
Bland Allison act-a Democratic measure
had been repealed by the sherman law. but
store the Bland: Allison law.
He was told that the Democratic platform
said repeal the Sherman law" So il did
but 1t also said repeal the Mckinley law
leave the Treasury without revenue? Would
they repeal the sherman law and leave the
country without silver money? He did not
doubt thar the repeal q the sherman INV
rections. ItIwould give some immediate ease