The herald., 1893-10-11


OF the bill, and complimented the presi
dent upon his prompt action in calling
c0nHress together, and counselled the
senate to take his advice.
He expressed the belief, shared in, BIZ
said, by two-thIids OF the people of TIE
United States, who had any opinion on
such subject. that the sherman Law
was the main cause. and in fact the only
visible cause. operating to produce the
recent panic. After the repeal of the
Sherman law the reformation of the
laws relating to coinage would become a
duty devolving upon congress, and was
not at present subject for executive
action or interference. 1t remained to
be seen whether congress would act
wisely as the president had done. The
prompt repeal OF the Sherman law will
give the nation chance to get back to
Its normal condition, restore confidence
in the ability OF the government to main
tain its financial policy, help crippled
banks to resume, light again the fires in
our furnaces and start anew the wheels
in our factories. Then let congress
pause and reflect.
In conclusion Mcpherson said that
the minority Of this body should be
allowed to stand ss an obstacle to the
other branch OF the legislature, in CIV
ing effect to the will OF the majority OF
the people. should not be endured, and
the senate must find way to exercise
its constitutional functions or cover
1tself with contempt.
When Mcpherson had concluded his
speech, Stewart OF Nevada asked whether
he accused the minority in the senate
on the repeal bill with attempting to
thwart the will OF the majority by other
than legitimate means.
Mcpherson replied that he had not
yet made such an accusation, but he
did not know what he would do before
the debate closed.
Stewart then argued as to the import
ance of unrestrained debate in the sem
ate, expressing the belief that this gov
ernment would be a monarchy today
had it not been for the senate.
Cockfell OF Missouri resumed his ar
gument in opposition, and said any
intefnational agreement with the gov
ernments of Europe was impossible.
After Cockrell had spoken nearly
two hours. only eight senators were
present. On roll call, however, quo
rum responded and Cockrel continued.
He read extensively from the reports of
6u0 lubSfuHblOuhi AOAcbhII COulOICnCO
OF 1857 to show the part taken by SEN
ator Sherman, who, he said, had never
been given proper credit for his efficient
work In aid of the establishment of
single gold standard. To that confer
ence the United States sent Samuel
Ruggles as representative, but Senator
Sherman was in Paris at the time, un-
authorized, and he was introduced to
the conference as chairman OF the
finance committee of the United States
senate. That was the only opportunity
the United States had ever had to se-
cure an international bi-metsllic agree
ment, but it rejected it, and Senator
Sherman was more responsible for its
rejection than any other man. Inter
national bimetallism is a mere dream"
he declared. "You might just as we'll |
seek an international language"
II have not yet found a solitary ma
fion in all international conferences"
eaid Cockrell, (which was willing to |
give up its monetary system for any
other proposed"
Cockrell produced statistics to show
that the depreciation of silver was not
due to over-production of the metal. |
On the contrary, the depreciation was
caused, he said, by legislation closing
the mints against silver. Cockrell,
before concluding, yielded the floor.
The house bill repeating the federal
election laws (Which passed the house
today was laid before the senate. Pugh,
chairman Of the judiciary committee, |
in the chair at the time. was about to |
refer it to that committee. Hoar sug-
gested that the bill should go to the |
on privileges and elections.
Pending determination as to it's refer
ence the bill was laid on the table.
After a short executive session. the
senate adjourned.