Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1893-09-13
senator Famlkner on the SHrer Question.

q 600 900 a month until an aggregate OF
not less than $500. 900, 900 is reached.
Senator Faulkner dissented from the gen.
erally accepted opinion that the present
financial condition was due to the Sherman
act Many Of the causes which have under
mined public confidence could be traced in
his Judgment to events which had occurred
and policies inaugurated beyond the bound
aries of the republic These causes which
he enumerated, were, Mr.. Faulkner thought,
more influential in producing the results to
remedy which Congress had been called to-
gether. than the purchasing clause Of the
act of 1890. Nevertheless, he was sensible
Of the fact that influences had been put IN
operation to induce the people TO be-
ieye that its repeal would restore con-
fdence aud release the circulation now
boarded by the people. The country
was. in its condition, simply hypo-
chondriac and as no legislative medi-
cine can reach this abnormal condition, the
only hope for full restoration for the pa
tient was to yield, upon reasonable eondi-
tions. to his halucination and rely upon the
faith that was in him to effect a cure.
AFFIRM BIslETALLIsT.
Mr.. Faulkner repudiated none of the
friendship that he had shown in the past
for silver. but asserted that the present sit
uation was entirely different from what it
had been in the past Assuming the pre-
mise. which he laid down at some length,
TO be true that the great commercial nations
of the world. including the United States,
were to-day committed to a single gold
standard, every hour of study strengthened
his convictions that it would be as unwise
as it would be impossible for the United
States al this time to attempt to establish
free and unlimited coinage Of silver at any
ratio. and at the same time preserve the
parity betwees the two metals. Gold and
silver, although stamped with the sovereign
seal Of the nation, was governed and con-
controlled by the same principles that III
fuenced other commodities. Believing that
this law had no exception, whatever amount
of coinage to be determined upon as equal
ing the domestic demands, he thought
should be maintained at the present ratio.
Mr.. Faulkner saw no solution of this prob
lem except international bimetallism. Eng
land had always been and was to day
stumbling block to the Inauguration of bi-
metallism, but England had to face to-day
a condition that had never before existed,
and, convinced that her national interests
demanded the adoption of the double stand
ard she would at once remove the only OBJ
stacle to the accomplishment Of that BIZ
metallism.
WILL VOTE FOR REPEAL.
Il shall vote for the repeal Of the pur-
chasing clauses of the act of 1890, " said Mr.
Faulkner. "not for the reason that believe
it is the cause of the prostration Of our bus
mess industries and our financial stringen-
CIV. nor that it has induced want of conf
dence on the part Of the people in the
integrity aud stability of our financial sys-
tenn. but for three good and sufficient rea-
sons:
"First. The authority and direction con-
fers upon the Secretary of the Treasury to
enter the markets and purchase 100000
ounces Of silver monthly, without any limit
as to the time when this accumulation Of
bullion shall cease, presents a constant
menance. and tends to depress the price of
silver bullion. The act is founded upon
false theory as to the proper functions of
government in its relations to money, and
furnishes a vicious precedent for the future.
Second. In the execution of its proyi-
sions, especially in the storing of the bull
ion aud the issue Of treasury notes, it has
been the fruitful source of the strongest
arguments against the use Of silver as
part of our monetary system.
"Third. The people believe, however err
roueously, that the disturbances through
which we are passing are mainly due to
this act, and like any other faith cure
its repeal (which is proper in any event.
will assist in restoring confidence, the want
of which is the chief obstacle to the restor-
alton Of business activity.
THE PROPOSED AMENDMENT.
"Mr. President, although | shall vote to
repeal the purchasing clause of the act of
1890, I certainly hope / may not be called
upon to do so without having first secured
an amendment to the bill now pending be-
fore the Senate which will, by law, and not
by a mere declaration, give notice to the
world that this government will exercise
all its powers, employ all its resources, and
throw the weight Of its great influence in
favor of the establishment of silver on
an equality with gold as a standard of
value. Il may not be the part Of wisdom
70 attempt to establish that result at this
time, under the conditions affecting the
white metal throughout the world, but pro
vision should at least be made by an
amendment for additional coinage of full
legal tender silver dollars at the present
ratio to an amount that would be rapidly
absorbed in the business transactions of
this country, the aggregate amount in