Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-09-09


paying metallic money in the world
these causes have exerted a potential
influence In demoralizing the hopes and
confidence OF our people, and under
mining the stability and integrity oil
our business enterprises. To these In
fluences must be added the persistent
croaking and continual predictions OF
misfortune which have been heralded
through the land by the press, as the
opponents of certain financial elements
in our commercial centers.
Mr.. President, the causes which l
have enumerated have been more indu-
entail in producing the results TO rem
edy which Mr. Cleveland was induced to
convene this extraordinary session OF
Congress, than the purchasing clause OF
the act OF 1890. Whatever may be my
action on the questions involved In the
repeal OF the first section OF this act, l
desire that the reasons which will con-
troll aud influence my vote shall not be
left in doubt.
THE EFFECTS CONSIDERED.
Mr.. President, let US examine with
calm impartiality the operations OF the
treasury under the act OF 1890, and see
whether the financial stringency and
universal distruSt, which all admit to
exist, had their origin in or have been
promoted by its enforcement.
No one can assume that the execution
OF this law tended to produce strn-
gency or scarcity OF money In the chan
nels OF trade. Its operation has been
the reverse. Under its provisions the
circulation has enlarged, during the last
three years, to an amount aggregating
S151, SO4, 1T by the purchase of silver
bullion, for which treasury notes were
issued. In eight years the national
banks had reduced their circulation
S144, sos, ST., aud treasury notes took It's
place in our volume Of circulation. In
this respect, at least, the law in its OPP
Grafton mas been beneficial.
1t is asserted and believed by many
that the purchase Of 4,500,0 900 ounces OF
silver has been the chief disturbing Gle.
ment in our financial system. II so,
what evidence is furnished that this
OF the disease has been accur-
ately made. Is il maintained that the
American people doubted the ability OF
their government TO carry out 1.-The es-
tablished policy Of the United States TO
maintain the two metals on parity
with each other upon the present legal
ratio, or at such ration as may be pro-
vided by law" TO the extent of the pur-
chases which had been made by author
ity of said act? This can not be the
cause of the distrust upon the part OF
the people. Experience has shown that
the boarding which has resulted In the
scarcity OF money is. not confined to any
one of the several classes OF obligations
Of the government, but that all OF it's
obligations, and every description OF Its
currency has been withdrawn from our
financial institutions with view OF its
by individuals.
Unrest, doubt, anxiety, and want OF
faith are clearly apparent; but is not
the opinion OF the people plainly indi-
Gated as TO the object of their distrust
and want Of confidence by their action?
They have done nothing by which they
have expressed fear as TO the ability
Of the government TO redeem every dol
ar Of it's obligations either in gold or
silver, not even at the pleasure and dis
,retion Of the government, but at the
pleasure and In accordance with the
wishes OF the holders OF those obiga-
lions. Confident Of the solvency OF the
promIssor and relying upon the willing
ness and ability of the United
States to redeem at par its currency,
.nbiect Of withdrawal from the oitc~'.
lion of the country, causing shrink
age of the volume Of its currency, the
of its business interests, the
of payment by its banks, and
complete financial stagnation.
SHERMAN LAW NOT BLAMABLE.
.But. sir, there is no evidence that
these results are attributable to the
clause Of the act OF lS9O.
When you analyze the motives ana seek
TO ascertain the reasons which have In
fuenced this withdrawal OF the circu-
lating medium, is 1t not clear that the
feeling Of distrust anu apprehension
which has seized the public mind Is al.
rected at the solvency and integrity OF
our financial institutions? III so, on
whose shoulder should fall the respon-
sibilitp for the financial distress which
has swept over this country from sea TO
sea? Does it not rest upon the financial
leaders in the great commercial cen
ters. who, during the closing hours OF
the former administration and the ex-
istence Of the present have, In season
and out OF season, been predicting that
unless the treasury surrendered 10
their views and increased the public
debt by the issue OF gold bonds, imam
cial depression with all OF it's attendant
evils would result? Their predictions
were verified. The people caught the
alarm and promptly sought to protect
themselves by boarding their accumu-
lations. The financial leaders OF the
great money centers OF this country
"have sown the wind. aud they shall
reap the whirlwind."
Mr.. President. 1t would be unfair to
the bankers and other financial authorl-
ties to assume that the results OF the
oneration OF the act of 1890 during the
last three years would have produced
the condition which is now. prevalent
throughout the country. They had In
their possession accurate Information
of the aggregate amount of silver pur-
chased by the government and the
amount eff coinage under the act OF
1878. and must be presumed to know
that in the transaction OF the enor-
nous business of the country this amount
of coin, or its representative, could
easlly be absorbed. Even IL they were
of the opinion that there was re-
dundancy OF circulation, under the
thorough organization Of the national
banks of the country 1t was within
their power to reduce that volume oy
the retirement Of improbable circula'
ton.
Mr.. President, although our coiued
silver, including its substitute In notes
ILL.,. L.. hct,t Gcnl .