Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-31

WAsH1SeroN, d. c., August 3O.-The
character Of Ernst Seyd, the great Eng
Hsh fnansier, was yindicated in the
United States Senate to-day by john
sherman. of Ohio. The austere Ohio
Senator warmed TO emotion as he re-
viewed the history Of decentralization
and denounced those who have aSSalled
the character OF Ernst Seyd. AT the
recent national convention Of bimetal-
lists al Chicago, the assertion was made
dozens of times that Seyd visited this
country fin 1873 as the agent Of the gold
man OF the old world, and that be
purchased the decentralization OF silver
bv paving American Senators and KEEP
resentatives $500, 600 10 secure the pass
age OF the demoneJiZing act OF 1873.
As John sherman was the author OF
that legislation, ne defended his own
character to-day in defending the cnar-
acter OF Ernst SOyd, and this fact may
account for some OF the vehement ut
terances that escaped the lips OF the
man noted for his impassive nature.
Mr.. sherman quoted from a book OF
Ernst Seyd from the public library,
showing that Seyd was himself a warm
advocate OF b.metaIHsu and concluded
bv saving that hereafter he should de-
nonpce as deliberate faldters, those
who repeated the Calumnies Ia regard
70 the legislation OF 1873.
Mr.. Stewart offered a resolution
which was, on his own motion, referred
70 the Finance Committee, directing
the Secretary Of the Treasury TO In
form the Senate how the yevenue since
the commencement of the present fiscal
year compares with the estimates.
At l2:35 p. NJ, the bill 30 repeal the
Sherman act was iGid before the Senate
and Mr.. ShermGn proceeded 10 address
the Senate. he said that the imuedi-
ate question before the Senate was
whether the United States should sus-
peDd the purchase Of silver bullion uu-
der the act Of July, 1890. IL was 10 de-
eide that question that the President
had called Congress together 10 special
session. If that were the only reason
for tine extraordinary session, 10 would
seem 10 him insufficient. The mere addi-
zion of 100000 ounces Of silver 90 the
mass of silver iD the treasury aud the adj
dition of SlI0, OOO 600 treasury notes 90
the thousand millions outstanding
would hard y Justify the call. The call
was justified, however, by the existing
financial strinEeucy, growing out OF
the fear that the United States would
open its mints 20 the free coinage of
silver. That was the real issue. The
gravity of 10 could not be stated In
words. II the single standard Of gold
we're had, without the aid Of silver,
the relations between capital and
labor would be disturbed, the industries
of the country crippled, and the value
OF silver still further reduced. On the
other hand, II the purchase of 54.O0O,OO
ounces OF silver per year were con-
tinued, the United States would be-
eventually brought 60 single standard
Of silver. On one thing Congress and
the country agreed; that was that these
two extreme conditions should be
avoined, and that both gold and silver
should be continued in use as money
and as measure of value. The problem
which Senators had TO solve was how
to procure the largest use of gold and
silver without demonet.zing either.
Mr. sherman went on 90 give a his
tory OF the circumstances which led up
% The passage OF the act OF July 1890.
It was q far better law ne said than the
bill which the Rouse had then passed
or the bill which the Senate had pass
ed. Senators WAO criticised it ought 90
remember that 5 was o substitute for q
bill Of the House, and for a bin of the
Senate either OF which would have
been more dangerous Ia its results than
the law OF 1890 was.
The President in the midst p . panic
appeals 90 US to repeal this law, and ho
will not make this appeal % me Go vain.
Ihave no sympathy with him politically,
but believe in this matter he Is right
and that IL Is my duty 20 respond TO his
call. ] will cooperate in any measure
that will tend 20 maintain the harmOni-
Gus use Of silver and gold as standards
OF value,
There is another thing. We must
not overlook the fact that possibly the
balance 3f trade may be against rs next
year. The appropriations made at the
last COngFess, though made after the
scrUtinyfof careful economists, may eX-
ceed thA revenues Of the government
and sOuie authority 20 make good the
deficit, Whatever 10 may be, ought 20 be
proyideA by law.
Atthk point Of his speech Mr.. Sher-
man deNiated from the direct path OF
his arg hinent 20 reply 20 and clear away
all the rhargoS and aSpersiOns made by
Senasefs and others in connection with
WIS Is called the act demOnetiZing sill
YER q 1873; aud be confessed TO some
ANNOYANCE az the statement made the
other day By Mr.. Voorhees, that the
action OF those who had managed that
legislation had been Etealthy and
treacher0us.
lMr. voorhees, declared that nothing
could be farther from his purpose and
intention than 20 say an unkiud or dis
respectful word about the Senator from
Ohio. That Senator was NOS In his
mind at all when he uttered those
words, But as they we're disagreeable
or offensive 20 him, he expressed his re-
gret az having uttered them snd de-
clsred himself incapable Of infictiug az
front on any gentlemen in the Senate
or elsewhere.
Mr.. Shermsn said that certainly be
did not desire 10 say anything more on
the matter, being entirely satisfied.
He reviewed, however, the legislation
of 1878, and denounced the manner In
which Ernest Seyd, the English econo-
mist, had been denounced In connection
wl.SHSe matter. rS2'e7 played no part
statement was
A. "a or any O9S