The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-27
JUST WHAT NIX WAS nxprcrED no SAY.

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turn of the democracy to power, and the
consequent distrust of the business world
upon the tariff question. Il will not un-
dertake - he said "to dwell at this present
time,-for do not want to confuse the is
sue-upon these unfortunate parts of
the democratic programme which are
at present in allegiance, like the establish
ment of state banks and other financial
measures which we may possibly have to
struggle with. l can characterize, in a
single phrase, tho cause of the present
condition of affairs. It is the undiscoVer-
able uncertainty of the future of both the
currency question and the questions of
protection and revenue tariff
sit win be seen from what have said
that l do not regard the Sherman act as
in itself alone responsible for our present
condition of affairs; that believe that
the causes of our present disaster under
lie that that the necessary stoppage of
hundreds and thousands of mills all over
this country is at the bottom of our dis
aster Nevertheless, do believe that the
Sherman act and the accumulation of
silver in the treasury were the earliest
indications of the disaster which we are
approaching, and that they have played
part not entirely unfortunate in warning
us that we can be saved from still further
misfortune and doubt.
THE ACT WAS BoAIBARDED ALL ROUND.
''WhileIam in favor of the repeal of the
purchasing clause of the Sherman act,
and have always been, since the failure of
that act to realize the hopes of the men
who believed in a silver currency, / do not
think that the repeal of that act will be
an immediate cause of the revival of the
prosperity of this country. / am in favor
of its repeal, however, for two reasons.
First, it seems to me TO be deeply
Gntt1ad IN ha ra11llfp mind
which can be easily understood, that the
Sherman law is the cause of the unrea-
sonable boarding of currency throughout
| this country. 1t has been made the
| foundation of distrust by a variety of
causes. The President of the United
| States deemed it be his duty-and /
make no question with regard to it-in
the most public manner to appeal to the
! last congress to repeal the Sherman act,
announcing in every way in which he was
capable of announcing his belief that the
continuance of that act was the forerun-
ner Of disaster. Coming from such
a source as that, it is now understood that
the people of foreign countries believed
that the danger from the Sherman
act was as great as it could possibly be-
Then, in addition to that, the bankers
who desired to call halt in the cOndi-
! tion of affairs which existed last year.
who believed that the time for
! settlement had arrived, joined in
| that objection Then, the demo-
| cratic papers, scenting out the disaster
that was upon us, and being desirous of
! charging it to some other party than
their own, trained all their guns upon the
| Sherman act"
In Mr. Reed's Judgment the repeal Of
| the purchasing clause would have such a
reassuring effect that we should be tenn
porarily assisted by capital from beyond
the seds, ard t,4at lerp assistance would
result in the lo0sening of hoarded money,
which is now to be found in stockings
and in every possible receptacle and the
result would be ease of money, and
those who are carving on sound
and safe business would be rescued
from the disaster which threatens
them and this country by being relieved
from many unnecessary failures: $50 my
| two reasons for voting for the repeal are
First, that it will restore confidence to
the people, and, in some measure, help us
out of the first difficulties of our position
and, second, when the time comes it will
assist us on the upward path to the next
period of prosperity and progress" I'm
conditional repeal he held to be the path
of duty.
MIR. REED IN CONCLUSION.
The closing sentence, Mr. Reed de-
clared that when the day came,
as it would come, that the Republican
party would lead the land back to the
paths of prosperity and fame, it would
take back with it its glory, undimmed by
| adversity, its honor unSullied by defeat.
| Loud andlong continued applause burst
out from the Republican side of the
chamber and from the galleries, and even
| democrats-an unwonted spectacle-con-
| tributed their share of applause
| Then Mr.. Reed took his seat, having
occupied his hour to the exact moment.
! Mr.. Dearmon, dem, ofMissouri, was the
next speaker, having half an hour as
signed to him. He was opposed to repeal
and in favor of free coinage; and he in
dulged in some criticisms upon the Secre-
tary of the Treasury.
Mr.. Williams, dem, of Illinois, opposed
repeal, and contended that the Sherman
! law was not responsible for the present
panic, although that panic was the legit-
| innate offspring of the republican party.
PRIVATE ALIENS MIRTHFUL REMARKS.
Mr.. Allen, dem, of Mississippi, unlike
! most of the gentlemen who had addressed
the House on this important question, and
who had disclaimed being hnanciers or
| partisans, said he was both Laughter
! He had made the question of currency a
study for more than forty. years Laugh
! teri, but he was not one of those finan-
ciers who were responsible for the pres
| ent stringency He had kept
| his money in circulation. Laugh
| ter He had done about %
per cent. of his business on credit; but
| he did not think chat was good plan for
his creditors were now clamoring for him
/ to do something to restore confidence.
| Laughter The country was i'll, but the
| remedy proposed was not the proper one.
1t reminded him of the story of the
darky, 0who beng left in charge of a
! farm, wrote to his employer: "De COW
| has been sick. l think she is well of the
disease now, but | think she will die
of the remedy done give her Laugh
| ter
He (Allen) would like to cure the coun-
try of the disease, but he did not want to
vote for a remedy that would be worse
! than the disease. He did not propose to
| be driven or bullied into doing that
which, in his humble Judgment, would be
a bad thing for the great masses of the
! people.
THE SPEECH OF THE DAY.
At o'clock p. m. Mr.. Bourke Cochran
| took the floor and addressed the House.
/ Nobody would deny, he said, after the
| speech just heard, that the arguments for
! free silver coinage were picturesque
rather than convincing.
/ He agreed with the gentleman from
| Maine Reed that when the gavel Of the
| presiding officer descended on his desk on
| the 4th of March last the members of
| congress- returned to their homes in a