The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-31

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political parties. For one, he was
willing to join the people even though
Democracy would have to go the wall.
Applause
Mr.. MeMillin (Tenn.) was the next
speaker. He had listened, he said,
with much interest to the very able
presentation OF his side of the ques-
ton by the distinguished gentleman
nom Maine, but could not agree with
him that the effect of the repeal
would aid to bring back him (Reed)
and those who went with him. That
gentleman was not his (McMillin's)
kind of Democrat. Laughter. J
There were three kinds of currency in
the country; gold, silver and paper,
and ne would keep those three kinds
OF currency ecah of them equal to the
other, and he would resist as he would
resist a pestilence any effort to legis-
late the destruction of either of these
kinds of currency. He could conceive
OF no greater disaster than that which
would drive from circulation 5000 ,O0O,-
600 silver. 1t was a new doctrine to
the Democratic party that any of the
three kinds of currency was to be put
out of circulation. 1t was a new doc.
trine to the American people. He did
not want monometallien. in either sill
yer or gold. He wanted blmetallism.
For bimetallism he had voted in the
past and would votess in the future.
He intended to offer an amend ment to
the silver coinage PROPOSE ion to the
effect that there should be collected on
all silver not mined and owned in the
United States the actual cost of COIN
age and lin additiOn) the difference If
any, between the face value of the
coin and the market value of bullion.
That would cut off the foreign product
of silver. He was even willing to
vote for change in the ra
ito. There certainly was some
point where gold and silver could be
coined together ahd where both can
be great basis and foundation of the
whole financial system. He de-
nounced the talk about passing the
bill ard letting members go home and
rest, as If the currency question was
the only thing for which the Demo-
cratic party was elected. There had
been 1000 utterances in the late cam.
paign against the tariff where there
had been one on the currency ques
ton, and thousands on the force biz
for one on currency, and he could not
see that mis- distinguished friend from
New York (Cockran) could even recon.
Gle himself to the idea that he would
discharge his duty properly If he
voted to repeal the Sherman law and
left John L. Davenport where he found
him. After the currency question is
settled, he said, let US take up other
questions which we see eye
to eye and speak with the
same voice. Let US once
more lock shields, once touch elbows
once show the opposition TO force at
the polls and with one voice and step
march on to glorious victory. Demo-
cratic applause].
Mr.. Gear said he would vote for the
repeal of the Sherman act.
Mr.. Wilson wv. Va author of the
repeal bill, came next. BY universal
consent, he said, the so called Sher-
man act had failed to justify the ex'
pectations of those who framed it. 1t
had been expected to raise the price
of silver bdllion throughout the world.
That expectation has proved false
1t had been expected that the expsn-
sion of currency and renewed prosper
ity would follow the enactment OF law.
That expectation was usually false.
No one could doubt that the Sherman
law was responsible for the panic. 1t
had been argued from the first speech
to the last made against the pending
bill that 1t would, while stopping the
purchase of silver, throw the country
upon a gold basis. The country has
been upon q gold basis since 1884
under economic laws which the laws
of congress could not override. We
have been on gold standard since
1884 by economic law; since 1873 we
have been on gold basis by express
statute of congress. The trouble was
that as silver has gone down greater
stress and test was put on the govern.
ment. The gentlemen said If we
could stop now the purchase of silver
un,ler the sherman act, we would
demonetize silver. The bill proposed
here would not demonetize q single
silver dollar today circulating in any
part of the country. The bill had
come, not to destroy, but to save.
| AppIdus6J lU udO COuio uuu ~ 5ullho
down silver, but to place it at once and
forever on the impregnable basis with
gold in the circulation of the country.
TApplause] 1t carried with 1t not
only a promise of maintinence of
parity between gold and silver, but it
carried parity. [Applause]. Now
for the benefits which would accrue
from this bill. The first benefit was
the reconstruction of confidence among
the people in their money. Just as
soon as we draw the line and
say that for the present, at least,
we would purchase no more silver
every dollar now in existence in the
country would be as good as any dol
lar, and men would not care in what
dollar-gold, silver or paper-his
debts would be paid. There could be
no expansion of currency that would
work 80 quickly aud satisfactorily as
to let loose from it's hiding place ST.
zoe, 000, 900 now in this country. 1t
was not so much the quantity of the
money as the quality that would re-
store confidence. Restore confidence
in the currency of the country. Let
every man understand that every
piece of money in the United States is
as good as any other piece, and the
money in the country would support