The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-14
is THAT so, MR.. PUGH

|
ate on Monday. that there was not
senator who stated or believed that the
Sherman law was the cause OF the ex-
listing financial arrangement Mr.. Push
sees and associates every day with his
brother Senators and he ought to know
their opinions. Perhaps he does. But,
II he does. then the country will be forced
10 conclude that the United States Senate
contains more ounces than any other body
Of eighty-eight men In the universe. Even
United States Senator must admit that
the disappearance Of the currency of the
country was caused by injury to general
confidence and that that breakdown In
confidence was started by our unprece-
dented and abnormal expectation Of gold.
| He must also admit that as fast as the
government issued Treasury notes in pay
ment for the silver bullion purchased by
| IT under the commands Of the Sherman
law, these notes were presented at the
| treasury and gold for export demanded
for them. With these facts before his
| eyes, for a United States Senator to say
| that the Sherman law had no connection
with the arrangement Of our finances
comes very near to confession by him
| that he cannot reason from cause to
| effect But If the Senator would have en-
| larged his horizon so as to take In
| wider view Of our situation he would
have seen good deal more 10
teach him the connection between our
| silver legislation and our financial dis
| asters. In 1878, when we passed the
| Bland-Alison act, the first of our laws
| for pushing out amongst the people de-
| preciated silver dollars endowed with
| power to pay full dollars of debt, we were
stepping up to a gold basis. we were
trading on terms of perfect equality with
| the most favorable nations Of the earth,
our national credit was approaching the
very highest notch. and American seeuri-
ties of every kind were eagerly sought
by all the earth. In the six years ending
in 1873, we had coined from the yield Of
our mines 254 millions of dollars In gold
which had gone out amongst the people
as part of our stock, besides importing
a very large amount of gold. This was
our state when we commenced to tamper
with our credit. Almost from the time
our first baleful act was passed IL COM
menced its insidious work Of undermin-
ing credit. In six years after 1888 we sent
out Of the country 1874 millions Of dollars
net of gold coin, although the balance Of
trade in that period was 262 millions of
dollars in our favor. How shall any man
account for this astounding state Of af-
fairs II he disregards the subtle and
insidious action of our laws which were
seeking TO make creditors take for their
debts coins worth less than they pur-
ported to be worth? That great sum of
gold, 446 millions, was sent away to pay
for American securities which alarmed
foreigners sent here and sold, and ii is
not possible TO account for 1t otherwise.
Now, what happened as soon as any
indication appeared that we would repeal
the Sherman act and cease our efforts to
force deprecated dollars on men? ON the
morning of June 9th, the newspapers
stated that the President had deter
mined to call Congress In extra session,
between the LIST and 18th Of September,
for the repeal Of the Sherman act.
Cold had been steadily leaving the coun-
try by every steamer for months in an
exhausting drain that not even America
could stand But on that very morning
decline in the New York foreign ex-
change market set in which had
boone most radical by the end
of the week, with free prophe-
cies on all hands that conditions
were about to be reversed and that we
should soon become Importers OF gold.
This was the naable effect of only a
faint hope that the law would be re-
pealed
| The first shipment Of gold to America
was on June oath. the second was through
| withdrawal OF gold from the Bank of
England on the very day the Presidents
| proclamation converting Congress was
issued. After that. the evidence continued
| 10 accumulate that the repeal bill would
| certainly pass the House by a good ma
| jority and would probably pass the Sen
! ate, and from that time TO this gold has
steadily flowed to New York, until, when
| the great vote by which the repeal bin
passed the House was announced foreign
| exchange almost resumed It's normal
state.
These facts prove TO a demonstration that
the injury 10 confidence came from our
| expectations of gold and that this was
| caused by our efforts to force deprecated
silver dollars OH creditors: that with the
| first ray of reasonable hope for the re-
| peal Of the silver law gold imports began
| again confidence commenced TO revive
and values began to steady themselves
| II a United States Senator cannot see
these things 1t is because a United States
senator is blind. and this emphasizes the
| Importance OF eIeeting United States SEN
| ators by the direct vote OF the people
| When they are made responsible TO the
people themselves they will learn how to
| open their eyes TO many things which they
see now. If at all. through the bottoms OF
glasses darkly.