River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1893-09-07
THE SILVER DEBATE.
synopsis of the Discussion in the United
States Senate.


would doubtless be fulfilled in time; not so as
60 hamper or cripple the industries Of the coun-
try; not so as 10 place distractions in the
pathway either OF infant or of aged industries
but by better disposition wiser adjustment,
possibly by free raw material TO help manufac-
lures 10 lift the burdens Of labor, 10 protect
the common people, and thus 10 benefit all
For the sake of the great party to which he be-
longed he sincerely trusted that as much might
be truthfully said Of the pledge OF financial re-
form; and he believed that as much might be
said The party had promised TO repeal the
Sherman law Why, he asked. halt between
two opinionsi Why hesitate between condi-
tional and unconditional repeaig AS "a true
friend of bmetallism, firmly convinced of its
viializing influence on the languishing indus
tries of the whole country. he appealed for the
unconditional repeal OF the Sherman law. An
lnsistence by the senate on the substitute re
ported from the committee on finance would
involve indefinite postponement and for that
reason he could not support the substitute He
advocated the repeal OF the ten per cent tax
on state banks
Mr.. Teller rep, COLI argued that the Sher-
man law was not responsible for the financial
troubles of the country he said that almost
without exception, everyone who had addressed
the senate had spoken Of it as IL there was
some great calamity impending over the PEG
pie OF the United States. He wanted 10 enter
his protest against the calamity howlers Of the
senate" He challenged any senator TO tell the
senate and to tell the American people that
he believed that the people had brought
about the panic because they were
afraid OF their money. There had been taken
from the banks OF the United States since early
last spring at least sl50 600 900 by men who
were dissatisfied with the present condition OF
things They had taken out their money and
had put it away, but they had not demanded
gold. They took whatever currency they could
get He challenged the banks TO show that
had Nxr4a hsar. In
any particular kind OF money. Those prognos-
tications OF coming evil Mr.. Teller said, had
emanated from the New York banks and news
papers. Mr.. Teller had not concluded his re-
marks when the senate adjourned
On the 30th Mr.. Sherman rep, o. spoke on
the bill TO repeal the silver purchasing clauses
of the Sherman act
He said that if the repeal of the purchasing
clauses of the act Of JULY, $780, were the only
reason for the extraordinary session, il would
seem to him insufficient 1t was however, Justi-
fled by the existing financial stringency. On
one thing congress and the people agreed, and
that was that both gold and silver should be
continued in use as money Monometallism
pure and simple had never gained foothold in
the United States. II senators wanted cheap
money and an advance in prices free coinage of
silver was the way 20 do it; but they should
not call ii brmetallism.
Senator Sherman then proceeded to discuss
the history of the act that bears his name. He
was not in favor of the free coinage Of silver,
and regarded it as but another name
for the recommendation of silver, and was
only In favor OF the purchase of
silver for purposes of coming. The conferrees
of the two houses agreed upon their differences,
and in that agreement secured the repeal OF the
Bland Allison act Senator Sherman reminded
senators that when they criticised the law that
was misnamed after him, they should remember
that this law now on the statute books was far
better than either the house bill or that passed
by the senate. The decline in the volume OF
silver was due, Senator Sherman said, to the
fact that we were called upon to pay our
debts - debts payable in gold England
was the great creditor country and we
should neither be ashamed OF nor hate her; we
her children and partake much OF the
characteristics OF the parent stock. England 5
losses in the Argentine Republis had to be
made good and she returned or securities
and demanded ths gold needed 10 eve her own
institutions from going down For the first
time also in a nun lber OF years the balance OF
trade was against us and We had TO make the
difference good.
Hitherto the balance had been in favor OF the
United States 10 The amount of $4,000, 600
sl00, 10000 and Sometimes 5000, 10000 Tie
last fiscal year the balance Of trade
was against the United States 70 the
amount of s1s.73500 Whether IL would
be so next year one could tell He
believed that with the crops now ripening The
balance of trade would probably be in favor OF
the United States this year, and he believed
| that the forced economy which always followed
panic would be, OF itself, protection against
unusual and unnecessary Imports So he hoped
| that next year there would be no difficulty In
the matter Of balance Of trade.
With regard TO the Sherman law, Senator
| Sherman said he believed in giving the devil
his due and was ready to stand by the law moi
/ as a measure in which he took any special pride
for he compelled to yield in order to prevent
sdisastrous legislation But without this Law
what would the country have done in 1891 and
1892 had il been called upon then to meet the
difficulties now staggering u.s. he was not
new convert to the repeal of the law,
and year ago he had introduced
bill 10 suspend the opera
tons of the law. 1t was worded
almost exactly like that of Senator Voorhees,
Why did not the democratic senators then see
the dangers they now see and come TO the helr
of the republicans when they sought to suspend
the law Not democratic vote was had ther
and democrats must answer why.
This was a currency famine. not the fear that
the money of the country was not good, and
the people should not be deceived TO the
reasons for repeal Senator Sherman did
not believe the repeal OF the Law
would in any considerable degree relieve
| the country from the existing stag
nation. Its repeal would ease the money
market from the dreaded fear OF the free coin
democratic party as a miserable makeshift II
was a makeshift and a good one, intended &c
prevent the ills growing out of the free coinage
of silver.
THE president. in the midst of the panic, ap
peals to US TO repeal this law. and he will not
make this appeal to me in vain l have
no sympathy with him in politics, but
| believe that in this matter he is
right. and that il is my duty TO respond
TO his call / will cooperate in any measure
Il eauf.. No. Hsarn .a
Gus use of silver and gold as standards of value
/ hope that the next measure OF relief which
my friend from Indiana tSenator Voorhees,
will provide will be a broad, liberal measure,
authorizing the president or the secretary OF
the treasury. whichever he prefers, TO exercise
| the power, il necessary, to sell securities in
order to maintain the parity OF all our cur
/ rency."
Senator sherman then began discussion OF
1 the various coinage laws of the United States,
/ with special reference 20 the act OF 1873 which
| had be said been the subject of so much mis-
representation and falsehood in this debate.
| He denied Mr.. Voorhees, statement that that
act (the act of 1879, was a "stealthy demoneti-
zation -
tended to refer to the senator from Ohio for four
years ago he had efectually cleared himself
/ from any participation in that matter.
thereafter" said Senator Sherman, "when
| any man makes such "A statement about this
/ legislation Snail simply say tndt IL 10 idlSe-
| hood and brand il so. There was nothing sur
/ reptitious about it," said Senator Sherman,
| with much warmth. land no fact can be proven
more clearly The statement so often made 10
| the contrary is falsehood and a lie; care not
| by whom made.
at is strange" said Senator Sherman. that
on the vote on this bill that the distinguished
senator from Nevada Senator STEWART voted
/ for IL and J. the devil fish. voted against it.
! The last remark was in reference TO an epithei
| applied to Senator Sherman during the debate
4 in the house last week Senator Stewart re
torted that in due time he would explain how
/ he came to vote for the bill Senator Sherman
/ quoted from speeches made by Senator Stewart
/ in the senate in 1873 and 1874 these words:
II want the standard gold, and no paper mon
| ey that is not redeemable in gold BY TITS
/ process we shall come to a specie basis and
when the iaborer shall receive his dollar il viii
nave the same purchasing power Of dollar
4 Cold is the universal standard OF the world
| Everybody knows that. "
/ Senator Sherman came back to the main sub
| iect of his speech and said:
/ Il do not think that the stoppage OF silver
/ coinage was the end OF silver We have proven
/ that the mere purchase OF silver by us on dc
| clining market is an improvident use OF the
| public money and ought to be abandoned, or at
least suspended. until time may come when by
/ an international agreement or by some provision
/ OF law we may guard against the possibility OF
coming 10 a single standard Of silver. This If
/ not a question of mere interest TO Nevada
/ or Colorado. II is not a question Of what W al
street will do Wall street VIII always
/ be doing some devilmeut or other, il makes
| no difference who is UP or down l take
| that as a matter OF course The question i
what should be done for the people OF the
United States in all its length and breadth, and
1 therefore IL congress will say that in its opin