The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-09-07
FIFTY-THIRD CONGRESS.
SENATOR SHERMAN DELIVERS A
SPEECH OF THE MAIN ISSUE
Denies His Responsibility for the Sherman
Law and Makes Incorporate ThruSts
at senators-The House Working
On It's New Rules.
SENATE.

routine morning business in the SEN
ate the bill for repeal of the Sherman
act was taken up and Senator Sher-
man (OO proceeded to address the
senate.
After routine business the senate
bill for the repeal of the Sherman act
was taken up and Senator Sherman
addressed the senate. He said IL the
repeal of the purchasing clauses OF the
acts OF July, 1890, were the only reason
for the extraordinary session it would
seem to him insufficient. 1t was, how
ever, justified by the existing financial
stringency. On one thing, he SAID,
congress and the people agreed and
that was that both gold and silver
should be continued in use as money
Monometallsm pure and simple, had
never gained foothold in the United
States. If the senators wanted cheap
money AMI an advance in prices free
coinage was the way to do it, but they
should not call it bmetallism.
Senator Sherman then proceeded to
discuss the history of the act that
bears his name. He was not in favor
OF free coinage of silver and regarded it
as another name for monometallism OF
silver, aud was only in favor OF
the purchase of silver for purposes OF
coming. The conference OF the two
houses agreed upon their differences
and in that agreement secured the
repeal of the Bland Allison
act. Senator Sherman reminded
the senator's that when they
criticised the law that was named
after him they should remember that
this law, now on the statute books,
was better than either the house bill
or that passed by the senate. The
president had, Senator Sherman said,
set forth the decline in the value OF
silver, but failed to give the causes OF
that decline. If he had taken a
broader view of the causes OF that de.
cline he could have explained it all. 1t
was due, Senator Sherman said, to the
fact that we called upon our debts
PAYABLE in gold. England was great
creditor country and we should neither
be ashamed of nor hate her., We are
her children and partake much OF the
characteristics of the parent stock.
England's loss in the Argentine Re-
public had to be made good and she
returned our securities and demands
the gold needed to save her own insti-
buttons from going down. For the
first time also in a number of years the
balance of trade is against us and we
had to make the difference good.
After discussing other matters con-
tributiDg to the present condition
Sherman declared that an erroneous
impression had been created when it
was claimed that the Sherman law was
the cause Of all trouble, and this, he
said, with all due Difference to Cleve-
land. Still the fact was, congress must
deal with the situation and not the
measure. He believed in giving the
devil his due, and was ready to stand
by the law, not as measure In which
he took any special pride, for he was
compelled to yield in order to prevent
disastrous legislation. But without
this law, what would the country have
done in 1891 and 1892, had it been
called upon then to meet the difficult
ties now staggering us. he was not
"A new convert to the repeal of the law,
and year ago he introduced 9 bill to
suspend the operations OF the law. 1t
was worded almost exactly like that OF
Senator Voorhees,. Why did not the
Democratic senators see the dangers
they now see and come to the help OF
the Republicans when they sought tC
suspend the law? Not Democratic
vote was had then, and the Democrat.
must answer why.
This was q currency famine, not 6
fear that the money OF the country
was not coed and people should moi
be deceived as to the reason for repeal
Sherman did not believe the repeal o.
the law would in any considerable de-
gree relieve the country from the eX-
isting stagnation. Its repeal woulC
ease the money market for a decade
from the fear of free coinage of silver
The law was denounced by the Demo
cratic party as miserable makeshift
1t was makeshift and a good one
intended to prevent the ills growing
out of free coinage of silver. Tit
Democratic party was now charged
with a great responsibility and Sher
man warned them that if they at
tempted to alter the existing tariff
laws they would plunge the countr!
into deeper distresses than now exists
Taking it for granted the Sherman
law would be repealed, what of tn
future? Sherman, while not the ad
wiser of the Democratic party, said h
was entitled to give his opinion as al
American citizen. First of all, W
must preserve in the act a parity o
all our money. 1t might be necessar.
TO issue our securities to secur
gold to maintain this parity
the only way by which W
can summarily secure gold. The bal
ance of trade may be against us agail
next year aud if such condition SHOULD
arise, the secretary of the treasur,
yught to have authority to make TIL
elicit good. All parties have hereto
ore given their secretaries this au
ihority. The expectation of American
products ought to be encouraged b.
legislation. The surplus of silver bul
lion in the treasury, if there was one
aud Sherman supposed there was, TO
the Democratic senators said so, should
10 aOinal onJ usa1 for all local mr.