The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-08-16
OPENED IN THE SENATE.
The Discussion Of the Silver Cues
tion Undertaken in the
Upper House
Wolcott Declares Hard Times Are
Not Due to the Sherman
Law.
No Tangible Statement of Injury Wrought
by the Lsw-Hoar Wants Inter-
national Him metallism.

WARRINGTON. Aug. 15.-In the senate this
| morning Gordon, of Georgia. recalled a
plank in the last democratic platform by
presenting measure to suspend for ninety
days the law imposing 10 per cent tax on
state bank issues. He declared that it
| would give relief to the country in fifteen
days and make II possible to move the cot
ton crop In the south. The proposition was
not received with any particular warmth by
the senate and il was referred to the fnan-
oial committee.
Voorhees, reported back from that COM
nittee bill introduced by him yesterday
~ a measure Of relief. 1t had, he said, the
approval of the committee and Secretary of
the Treasury Carlisle. and he hoped the
senate would take the matter up. National
banks were no favorites of his. but that ia
no reason Why they should not be used to
bring about a measure of relief il they are
capable. Cookrell. of Missouri, objected
saying several senators desi, I'D to be heard
on the proposition. The bill went over and
Cockrsll then asked the senate TO pass tho
house joint resolution for the payment Of
mileage to senator's and representatives for
the present session. Frye. OF Maine. ridi-
culed tho idea of public duty which would
postpone relief for the people and make
haBts to provide relief for senators and
members. The resolution went to the oal-
endar.
Leo Mantle's case, involving the question
| of the right Of governors of states to ap-
point senators under certain circumstan oe 9,
was taken mp. and Hunton, of Virginia,
spoke briefly in support Of Msntle's right
TO a seat.
VOORHEES, introduced . joint resolution
extending for six months tho bonded
period for whisky in government ware
houses.
Lodge then made an address in advocacy
of his resolution offered tuesday last direct
ina tho committee ON finance to report at
once bill to repeal the purchasing clause
of the Sherman act. What the people
wanted. he said. was prompt action. He
had no mind for party policy or delay.
Wolcott, of Colorado. replied A. length.
He Rad yet 10 hear any intslligent rn an
ssa.e sAat Ee firmly believed the Sherman
act had wrought the injury under which
the country now suffers. The Sherman act
OF silver q commodity and left silver bullion
in the treasury uncoined. 1t had some
advantages. however. It's quasi-reco yni-
tion of silver had been of infinite value. in
the hope it had inspired of bimstallism,
and in the fact that 1t had affo dsd an en-
laresd currency from month to month for
the past three years. 1t had given the
country a currency backed by the credit of
the gover nment and by silver at its bullion
value. That wxs r, city good curtencv-
better than $37,000,00O of elear ing house
certificates now in circulation in New York.
The only tangible statement he could get
as to the in jury wrought BY the Sherman
act was that there was lnck OF confidence
in Europe, but he did not find that state
ment borne out by facts. American seour-
tiles had been held enormously in Great
itain. That country had suffered seri-
ously In Argentine and her own colonies,
and had been forced to sell her securities.
Great liquidation had come. mot because
there WAS . lack of confidence in American
finances In Great Britain, but because tho
holders of American securities were COM
pelled to sell. The Sherman act was not
responsible for the Reading fssco or the
whisky trust trouble. or for the oordage
trust trouble. and yet New York papers
striking the balance between the quotations
of now and year ago, argued that silver
and the Sherman act we,e responsible for
all of those disasters.
The Real cause Of the present financial
panic 10 to be looked for elsewhere. 1t
came partly because of European losses In
South America and Australia, partly be-
cause Russia and Austria we're buying gold,
and partly because tho United States had
pur chased moro goods abroad than it had
sold abroad. All of these csuses were ut
terly Independent of and irrespective of
silver and the Sherman act. All the lseis-
lation that might be enacted wonld not
bring back confidence to men who have
withdrawn their money from banks.
WolcoN exp'e 'essed the conviction that
when prosperous days come back to this
country it would be after IL had announced
TO the world that this WAS nation of bi-
metallists, believing In hard money, both
gold and silver, and that 1t proposed to
have its share OF the gold of the world; was
rich enough 10 hold II. and was entitled by
its resources and condition to have II; that
al the same time il proposed to open its
mints to the free and unlimited coinage of
silver. and that we had returned to the
paths OF the founders of the republic.
The Lodge resolution was then laid aside
without action. and Hoar addressed the
senate on Vests resolution as to bimetal-
lism. Tbs rspublioans. he said. stood
ready TO hold up the hands of the president
and restore that prosperity which the conn
try enjoyed down to March 4. He entered
upon long discussion concerning the pro-
duotion of gold and silver, during which he
announced himself In favor of both of
these metals as currency on . parity lie
the bimetallism OF Washington and Jcifer-
son. which recognized gold a. tha finer
metal and necessarily the standard of value.
The purchase of silver under the act of 1890
is wastsful and extravagant expenditure
of public money. 1t could never have been
excused but a. an escape from the fiat
money of the Bland bill aud from the threat
of absolute free coinage.
Republieans are told daily II is their duty
to forget party ana cooperate with the
president In renewing public confidence
and restoring sound currency. Tho rspub
lioans will do this. Now let the democrats
deal with them In the same way. Nc can
did advocate of silver currency can ath M
that the people Of the United States have
not gono 10 ths extreme limit of public
safety IN the struggle TO maintain silver in
connection with gold a. = monetary stan-
dard.
I'VE have purchased Il. COINED II and given
u legal tender power beyond its value for
fifteen yearx During all this time il has
been constantly On the decline. Even India
has abandoned H. look still for MI inter
nastona! agreement and II that shall come
the relation OF ths two metals 70 each other
will bs carsfully rseonsidsrsd. l do not
halfAvD kA aAn ~