The herald., 1893-09-22
A Lucid Discussion of the Sill
yer Question.
The Financial Depression Not Due to
the Sherman Act.
Urjust Tariff Laws Chiefly Responsibls.
President Cleveland Censured for
Not Expediting Tariff Re-
form Legislation.
By the Associated Press.

By the Associated Press
WARRINGTON, Sept. 2l.-In the senate
today PETER introduced bill creating q
bureau of loans, similar to his bill Of
1892.
Platt introduced his amendment to
the rules, providing for the cloture, and
addressed the senate in favor of ito
adoption.
Hosr said some years ago he intro
duced method of dealing with the clo-
ture, and he stated his plan would be re-
ferred, with Platt's resolution. to the
committee on rules az substitute for it.
On Teller's motion, the resolution and
the substitute went over till tomorrow
morning.
White of California then addressed the
senate on the repeal bill.
SENATOR WHITES SPEECH. ~
White began by quoting from Daniel
Webster to the effect that gold and sill
YER, at ratio fixed by congress, consti-
tute the legal standard of values in
this country and that neither congress
nor any state has authority to establish
any other standard.
He then proceeded to discussion of
the cause of the present depression, ana
said he believed it resulted from i'm
provident tariff legislation in the past
and from the illogical and unnatural
treatment which silver had received.
He conceded that the prospect OF q new
tariff naturally affected matters in q de-
gree, and those surroundings produced
want of confidence. He denied, how
ever, that the country had been eingu-
larly prosperous during the antecedent
years, and showed from the census re-
turns an increase OF $4,000, ,000 900 pri-
vate mortgage indebtedness, exclusive of
railroads, as the result of four years.
operation of our laws. He said there
was not enough gold in the world to de-
fray one-half of this indebtedness, and
that the entire stock OF gold and silver
will be insufficient to meet it. He re-
marked that though it had been
urged that our credit system was bene-
ticent, lie was reminded that the La
borer or farmer never received much
benefit from credit; the farmer's mort
gage and grocery bill must be met,
c)me what may. He also called atten-
tion to the fact that in the western
states, especially, the percentage OF the
farmers who are tenants had increased
with alarming rapidity, and out OF all
proportion to the increase in population,
| He criticised the high protection policy a6
responsible for the unequal distribution
Of wealth. He declared that the Demo-
cratic party was pledged to reform the
tariff.
White regretted that the president
| had not recommended immediate action
with reference to the tariff, and declared
he was somewhat astonished at the atti-
tude OF those Republicans who were go
loud in their denunciation OF the Brit
ish lion when the tariff issue was not
before the country, but who now busted
themselves caressing the beast He
claimed that the action of the interna-
tional monetary conference, held in Eu-
rope 80 years ago, and the declaration
OF our own delegate and statesman,
Sherman, in favor of single standard,
had much to do with the present COM
plicRtionR.
He then analyzed the platform of
both parties upon the silver question,
and forcibly argued that those in favor
of repeating the Sherman bill without
an amendment looking to q double
standard, and in the face of q platform
promising double-standard should be
maintained, and both metals treated
alike, had directly violated a solemn OBJ
legation. He referred to the statement
of the president in his message that the
time had come when silver and gold
must part company, and contrasted it
with the statement of Wilson, author
of the house bill, who argued that the
object of the pending bill was to reha-
bilitate silver.
He made very careful and full COM
parison, showing that the circumstances
were not such as to justify the belief
that there was surplus of silver. He
, eaid statistical information upon this
subject was very complete. He called
attention to the production and stock oi
gold in the world at various times. and
, demonstrated that the production OF
silver did not create near the difference
, that existed when California and Aus
tralia were supplying the world with
, immense quantities Of gold.
He then examined the question as tc
whether or not gold has appreciated
and cited many instances and drew
many conclusions to sustain the claim
that silver held its own, while gold, in
consequence OF our unfavorable legisla
tion to silver, appreciated. He claimed
that all the silver product had been fullJ
absorbed, and quoted Senator Allison
and others as admitting that the pres
ent depreciation was not in any respect
from over-production.
He attacked the action OF our govern
nient in redeeming bonds which: wers
payable in gold and silver by payment
in gold. and met the argument that sil
yer was too bulky to handle by declar.
ing If that material were treated as golS
10 treated its weight would be an imma
teral factor. He asserted that the peo
pie in the eastern states did not hsncls
gold and many OF them did not know il
al sight. ne Hnu urOugnI eUlne ehHt ol
several occasions and found it Difficult
to dispose of it. He mentioned SOM
amusing incidents in his own experience
in this regard.
He declared he could not understans
uhx o,xy friana ~ oilvar nxrarfcd ralia