Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-10-01
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man Law is Repealed.
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WASHINGTON, D. c., September 30.-
Senator Camden made strong and
buslness-like speech IN the Senate to-
day on the financial question. He oc-
cupied ABOUT an hour and half in its
delivery, and during that time he held
the close attention Of his colleagues
from the outset.
He addressed himself in a calm and
disUassionate manner 20 the great ques-
ton now pending, and discussed it
without prejudice IN its broad national
aspect as a problem Of practical states
manshiu Of the most vital importance
to all the great interests Of the
sountry. He pointed out the Inn
mense losses in money and property
which the country has sustained In the
past few months as a result OF the pre-
vailing want OF confidence. These
losses, be said, aggregated more than
she total value Of all the gold and silver
a the country. and in the light OF this
Startling fact be urged Senators to lay
aside prejudice, to rise above narrow
sectional or local considerations, and
give the country, without further de-
lay, such legislation as would restore
cur national prosperity.
THE SENATOR FAVORED
the repeal Of the Sherman law, for while
70 was true some gentlemen secuted the
idea that the law was responsible for
the panic, it could not be questioned
that the great body Of business men and
faanciers regarded it as the chief cause
and demanded that 10 be wiped from
tire statute books.
Taxing mp the question OF silver, Sen
atOr Cauden went at some length into
the history Of the coinage OF that metal
10 the last hundred years, both 10 this
country and 60 Europe. He showed
that in the early years Of this govern
ment, the able and patriotic hnanciers
who directed our financial policy
thought 10 necessary in fixing the ratio
between silver and gold 20 exercise the
utmost care and pursue the most thor
Ough Investigation, so as 20 be aoso-
lutely certain that they got az
THE TRUE COMMERCIAL RATIO
between the two metals before they de-
cided what the legal ratio should be-.
They realized the danger to the stability
OF our finances that would be involved
in over-valuing either metal and fore
saw the results or fluctuations In the
value Of silver or gold. They know
that genuine bImeta'ism could only be
attained and maintained by making the
legal and commercial ratio exactly the
same. 50, in fixing the ratio OF
silver 20 gold To our currency
they took the most elabarate measures
of precaution, although az that time the
mints OF almost all Europe as we'll as
our own were oDen 70 the free coinage
OF silver, and, therefore, the danger or
fluctuations were vastly less than they
are now, and the possible consequence
20 rs of such fuctuatiOn must have
been OF relatively slight importance.
To-day. the Senator went on 20 point
out, the conditions as 20 silver are vast
lv changed. The mints of all Europe
were closed % 10 and we ourselves
HAVE BEEN on A GOLD BASIS
since 1875. Within the last three
months we have seen the widest huctu-
atiops I'm the price OF the metal with the
conditions 80 changed. Therefore, Sen
ator concluded that it was unwise, i'm
rrecticabIe and dangerous for us 70 at
tempt az this time and under these cir
cumstsnces 90 undertake, single-handed
and alone, the free coinage OF silver. In
the face Of all we had done for II by the
Bland act and the sherman act from
ISIS down TO the present, the price OF
silver steadily declined.
He was a bimetallist and believed the
world could not do It's business without
the aid OF silver as wei, as gold, but It
v7es dangerous for Us 90 undertake free
coinage alone. We would have 20 wait
pntil events compelled the nations OF
Europe 20 joln Us Ia an international
sgreemept. That time would come, he
believed, by the end OF this decade, ana
he hoped sooner.
In conclusion, the Senator said he
favored legislation which would give
rbo country an increased currency aud
believed we could with safety Increase
tbe amount OF silver We now had.
Legislation Of this kind shall supple
ment the
REPEAL OF THE SHERMAN LAW
Senator'S had expressed doubts that
sncb legislation would be passed 0y
Congress, or signed by the President
if the sherman law were once repealed;
"a Tor pimself, he had no such doubts
either regarding Congress or the eX-
ecntive; he had full confidence IN the
o,od faifh. wisdom and patriotism OF