The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-26

Coinage of Both Metals on Parity.
WASHINGTON, D. G., August 25.-The
chief interest OF the senate to-day
was centered in the speech Of Senator
Hill, who defined his position on the
financial question in an address OF
nearly two hours duration. Nearly
every member Of tho senate was in his
seat and an attentive listener, and
many members OF the house crowded
over to hear the distinguished senator
from the empire state,
The New Workers. famous declara-
ton, ~ am a Democrat" which has
now become proverbial was recalled to-
day by his forcible declaration on the
financial question when as usual he
epitomized his silver views in q single
sentence.
a am bimetallist," said he. II do
not believe in single gold standard or
single silver standard, but / do believe
in the use OF both gold and silver as the
standard money Of the country and In
their free coinage in our midst at a
proper ratio and without discrimination
10 favor Of one or against the other.
The New Workers. arraignment OF the
gold monometallists, particularly Wall
street, for the part they had taken in
preCipitating the present crisis bY at
taCking the credit of the country and
incessantly proclaiming disaster until
they had finally started panic wave
that now threatened to engult its crea-
lures, was one Of the most powerful
and incisive impeachments ever heard
on the floor OF the senate and furnished
more satisfaction to the free coinage
men. But the national banks received
their consolation when the senator said
he favored the issuance OF bank notes
10 the full value OF the United States
bonds on deposit as one OF the means
OF abating the present crisis.
The chief surprise OF Senator Hills
speech was his position on minimizing
the Importance Of the revision OF the
coinage ratios, and his.suggestion that
International bi.metalism might be
sought by holding out an inducement
to the Latin union countries the recoin
at a profit rather than loss, gave
greater satisfaction to the western free
coinage people than even the most
sanguine had expected from his argu.
menL
COULD HAVE HEARD PIN DROP.
There was a dead stiffness in the sen.
ate when the speaker referred to the
statement that President Cleveland
was attempting to lead the country to
mOnOmetallism and made his comment
thereon, concluding with his defiance
TO presidential domination. II shall
refuse" said he, ito follow in the foot.
steps Of any administration that seeks
to place the Democratic party In false
position, that seeks to lead it away
from Democratic principles aud plat
forms and into the very camp Of the
enemy; the President must rely on Re.
publican votes to carry out any such
suicidal policy"
The felicitation oithe Democratic OPP
ponents ofthe administration over this
utterance was hardly completed before
the senator gave the President another
blow in his reference to the part that
patronage is said to be playing in go
curing the adoption OF the administra-
uon policy. But as you well know"
mld he, 81 was for the repeal Of this
PHI long before the present administra.
uon came into power, and, by my voice,
pom and influence, contributed my
humble share toward the creation OF
hat public sentiment in regard to II
which Ia 80 we'll unanimous In my
llate. My distinguished colleague and
myself will cheerfully vote for this bill,
aGnaEed by power and uncorrupted by
federal patronage"
This last allusion brought forth evl.
Iencos Of approval and merrlment, and,
galore tho yicO president could check
laughter and applause broke out,
,aa ,. was only repreSsed by the vigorous
,mpplng OF tho President aud the
'p'ea'to clear tho galleries.
CAUSES OF TAE PANIC.
The existing financial disturbance"
,s'd Senator Hill, 'may be attributed to
three causes:
.tlrst--lt Ia a natural or inevitable
s1Il s.s Of incident Of many years Of real
fictitious prosperity Tho student Of
s.n'oty knows that financial panlca oc.
". ". ABOUT every twenty years and our
ISnlfy has not been an exception to
iRsss,sG,notal rule. The panlcs OF 1878,
it%,, lS57 and lS13 should have led W
"aagnuclrate ono In about 1903.
h. .Neond--Somo portion OF the present
Nv, Su'V may be traced to a concerted Of,
,lI,ooh Tho part Of numerous monom0t
SsN 10 produce II, in order TO further
S1s!l Ss'cllt silver as part Of the standard
svuVy Of the country. With ghoulisli
nv WiGy welcomed Overy bank failure,
TnYVlally IN tho silyor states.
hasey 'uey encouraged tho boarding OF
ni,.gIy, They inauguratod tho policy OF
Ao 'Ilng loans to the people oven upon
h,, Ue't OF security, they circulated
t,,s petitions, passed absurd aud
d,aa%9 resolutions, predicted tho
itoV Vgs w ul'astcr, attacked tho credit Of
mink ss',ernment, sought to exact n pro.
pvo,n pu unon currency, aud attempted In
tb,,yy way TO sptoad dhlrust broadcNst
Vn n'uSnont Hnont the land, Thcsc disturb.