The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-09-13
THE SILVER DEBATE.
Speeches by Senator'S PuGh and Teller
Against Repeal.

speech begun on Saturday last. The
silver men. neither Saturday nor today,
followed the tactics inaugurated early
last week Of insisting upon the presence
of a quorum and apparently the feeling
between the friends and opponents Of
repeal is much better than it has been
heretofore during the session. Both Mr..
Pugh and Mr.. Teller discussed the ques-
tion in calm and dignif1ed manner and
they were accorded most respectful at
tention.
Mr.. Dolph presented a printed petition
of the conference of the methodist epis-
copal church in Oregon for the repeal of
the Geary act. The petition alleged a
state of affairs as to that law which Mr..
Dolph said showed that much opposition
to the law was the result of ignorance
as TO its provisions and their effect. Re-
ferring TO the bill recently introduced
in the house extending the time
for registering one year, he said he
would have no objection to its enact
ment into law if such extension were
requested by the Chinese government,
or if there were any assurance that the
six companies would permit lab0rers to
register
MIR. Stewart submitted a resolution for
tiAN tAEd dNiDll VI IL CDilllilllLtt VI itNC SGiiu-
tors to ascertain and report whether any
senator is a st0ckholder, or is interested
in anv national bank. He said the or
ganzation of Wall and Lombard-sts.
had for several years been charging SEN
ators representing silver states with vot-
ing on matters in which they were per-
sOnally interested He had not for fif-
teen years been interested in respect per-
sonally in any silver mine or bullion.
Mr.. Hill thought the resolution was
not a wise one and he could not believe
that the senator from Nevada was seri-
Gus in presenting it, 1t was an unpre-
cedented and unheard of resolution.
Sir, I cannot resist the conclusion
said Mr.. Hill in tones of gravity, that
the Introduction of this resolution is to
some extent a reflection upon the senate,
the intimatiOn implied by it was that
senators would be influenced by hold
ing stock in national banks in reference
to the passage of great measures. The
senate would belittle itself by institute
ing any such inquiry. l think 1t an un-
called for and an unnecessary resolu-
ton"
Mr.. Stewart attempted to reply, but an
objection from Mr.. Hawley sent the res
olutiOn over till tomorrow.
The repeal bill was than taken up ana
Mr.. Teller, who was entitled to the floor
yielded TO Mr.. Pugh. He said that the
message of the president calling an extra
session was a declaration i'm favor Of a
gold standard If the Sherman law was
uncondltionally repealed such action
would cause discomfort among the toll
ing millions to such an extent that they
would shake the country. He would
never vote for unconditional repeal, but
favored any substitute which carried out
the platform of the democratic party.
MIR. Teller Resumes.
Mr.. Teller then resumed his speech be-
gun on Saturday last against the repeal
bill. Mr.. Teller asserted and he believed
it could be demonstrated that if it had
not been for a preconcerted effort in the
money center of the country to prevent
it the first of September would have seen
better times in the finances of the coun-
try than the people were experiencing
today. 1T was announced now by all the
great financial authorities of New York
that the panic was over He met one
day recently a gentleman OF national
reputation and said to him. When will
this panic be over? That gentleman re-,
piled, When the men who called it on
call it off, The bankers Of New York
called it on; when they get ready to call
it off 1t will come of.
The calling Of congress did not re-
lieve the country; In fact the condi-
ton became worse from the time the
congress was called in extraordinary
session. Mr.. Teller said he would at
some other time give to the senate his
conception Of the cause for the recent
distressed condition. In his opinion 1t
was due to legislative misconduct.
Mr.. Teller next directed himself to
stock operations. A New York paper
had published daily for some time the
depreciation in value of stocks, or the
destruction of values caused by the
Sherman law, as the paper said. The
paper had finally got the amount up to
$1,000 In his opinion a great many
stocks were selling on the market today
for more than they were worth. He
cited Northern Pacific, which, ne said,
had fallen from 20 to II. 1t was said
all the great owners connected with 1t
uhloaded when il was 10. That COM
pany had $250.00o. 900 of Indebtedness;
SIS 900 900 held in Germany, a great
amount owned in Holland and England.
Don't you think" asked the Colo
RADIO senator, that when a large cor
poration like that collapsed and is left
with a debt so great that its most en-
thusiastic friends cannot hope that il
can ever pay, that finances in this coun-
try might be disturbed as well as in
EuropeY
He then instaneed Erie stock. He did
not suppose anybody pretended that
Erie would ever pay out. He then next
referred to Reading. Did any intelii-
gent man believe that any of those
three great corporations were solvent?
Did not everybody know they were in
solvent? This disturbance did not come
from the Sherman law. 1t came from
the misconduct Of officials
Mr.. Teller said he did not mean to
say criminal misconduct, but that they
did not deal fairly with their investors.
The good stocks OF the country main
tained themselves with rare exceptions
almost at par, and many Of them main
tained themselves above par even dur
ing the crisis. 1t had been said that the
stocks OF the trunk lines did not fan
more than per cent, while the indus
trial and speculative stocks had fallen
50 per cent. 1T behooved congress, Mr.
Teller said, when IL came to 1egislate
upon this subject, TO find the cause OF
the evil. and. IL within it's power 10
remove the evil. He did not claim that
congress could touch the question of
dealing In stocks. That was one OF the
evils that had to be allowed to exist
Mr.. Voorhees, here said if agreeable
to the senator from Colorado he would
move an executive session. Before
yielding to that motion Mr.. Teller re-
piled that he had reached point where
he could quit for the present and he
would take UP another branch of the
subject some other day. After a short
executive session the senate adjourned.
Capital Notes.
Charles II. ]. Taylor of Kansas was
named to be envoy extraordinary and
minister plenipotentiary Of the United
States to Bolivia.
The senate committee on the judiciary
has agreed TO make a favorable report
upon the nomination Of Frank Dale Of
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