Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-08-31
NOT BIMETALLISM
The Position Of the Free Coin,
age Congressman.
so SAYS THE SENIOR OHIO SENATOR

Sherman speaks over Two Hour. on thu
Finance oUsstion-Tha Alleged SteaIthY
Demonstration Of silver Discussed ana
Stewart Given Explanation, to Make
Very Plain United state. a. Regard.
Certain Allegations.
WASHINGTON. Aug si.SShe event il the
senate WAS the speech Of Sherman. in
the eour-e Ct which he got a twist" OF hi
political aGtacouis. Stewart Of Nevada
which amused the members highly Sher
man cal.e- up the bill. 10 repeal the '.Sher
man act and OF that measure based n.
remarks, and upon that subject he said
that the eXisting financial stringency
justified the extra session On one thin.
congress aud the people were agreed. and
that was that both gold aud silver should
be continued In use a. money Mono
metalism pure and simple had never
gained toothold in the United States
If senators wanted cheap money and an
advance in prices. free coinage Of silver
was the way TO do it, but they should not
call it b!metallism. He reminded The
senators that when they criticised the law
that Was misnamed after himi they should
remember that this law now on the statute
books was far better then either the house
bill or that passed by the senate.
Cause of the Present Trouble
Referring 10 the cause of the stringency
Sherman said twas due TO the fact that we
were called upon to pay our bebts. debts
payable in gold England was the great
creditor country, and we should neither
be ashamed OF nor hate her: we are her
children and partake much Of the charac
teristics Of the parent stock. England's
loss In the Argentine Republic had to be
made good and she returned our securities
and demanded the gold needed TO save her
own institutions from going down. For
the first time also in a number Of years
the balance of trade was against us and
we had to make the difference good.
The senator Grows Inquisitive.
He then said the Sherman law was not
the cause OF all the trouble He believed
in giving the devil his due" and was
ready TO stand by the law. not as a meas.
ure in which ne took any special pride. for
he was compelled to yield in order to DR..
vent disastrous legislation He was not a
new convert to the repeal Of the law. and
year ago he had introduced a bill to sus-
pend the operations Of the law II was
worded almost exactly like that Of Voor-
hees. Why did not the Democratic sen
asors then see the dangers they now see,
and come 70 the help Of the Republicans
when they sought to suspend the law. Not
a Democratic vote was had then and
Democrats must answer why
Democrats Now Responsible
The repeal Of that law. however. would
not in any considerable degree relieve the
country from what was the principal fac
tor in the present situation-a currency
famine-but it might release the money
market from the fear Of free coinage. This
Democrats were now responsible and he
warned them tlat Il they ATTEMPTED 10 al.
ter the existing tariff laws they would
plunge the country into deeper distress
than now exists. We must preserve intact
the parity Of all our money 1t might be
necessary to issue our securities TO secure
gold 70 maintain this parity. the only way
by which we can summarily secure gold
The balance Of trade may he against rs
again next year, and il such condition
should arise, the secretary Of the treasury
ought To have the authority 70 make the
deficit good All parties have heretofore
given the secretaries this authority.
The Act OF Decentralization.
Afte. declaring that the purchase of
silver and making profit out of its coin
age was either n fraud or intrigue SHEER
man began discussion of the various
coinage laws of the United States. with
special reference to the act of 1873. which
had, he said, been the subject of so much
Misrepresentation and falsehood in this
deLate. He denied Voorhees, statement
that that act (the act of 1873 was a
"stealthy characterization
VOORHEES, replied that he never intended
to refer to the gentleman from Ohio. for
four years ago he had effectually cleared
himself from any participation in
that r1"tter Nothing could be farther
from las purpose and intention than TO
say an unkind or disrLspectful word about
the senator from Ohio That senator was
not in his mind at all when he uttered
those words