The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-24
SENATOR GORDON REASONS.
Why He FaVOTS the Repeal Of the
Sherman Silver Law.

dence in Measure and Brought
About Rise in the Price of Cotton.
II Saved Millions of Dollars to the
south-There Will be Silver Legisla-
ton After the Sherman Law is Re-
pealed.
Washington, Sept. 20, 1s9S-Hon. L. N.
Trammell, President Railroad Commits
sion Atlanta, Ga: My Dear Colonel
yo1r kind letter would have been
answered sooner but for the urgency of
other engagements.
thank you for it, and I ask you to pub
Hsh this reply in the Georgia papers, in
order that may bring to the attention of
of our people certain facts, which seem to
me Of special Importance at this time
In answer to your first question reply
that was satisfied before leaving Geor-
gia of the necessity of promptly repeating
the Sherman law, as explained to you, 1
believe, certainly to every friend who
cared to know my opinions on that sub
tect. did not, then, nor do now, con-
siderit a matter of much importance
whether the repeal is conditional or I'M
conditional; for the reason that repeal is
only the first step in the broad and liberal
policy which the party now in power will
iuaugurate. The essential feature in re-
neal was promptness. We were obliged
to get rid of the Sherman law and quickly
for these plain and forceful reasons:
l. Because the very first financial de-
mand of our platform was repeal
speedy" repeal.
3. Because nothing short Of Tspeedy"
repeal could allay the alarm, restore some
degree of confidence, check panic and pre-
vent widespread bankruptcy.
3. Because repeal was the first step to-
ward permanent relief for the people.
4. Because the use of both metals on
equal footing is impossible so long as the
Sherman law is in force.
s. Because that law, rightfully or wrong
fully, had so frightened men with money
to lend as to induce them to withdraw it
and hide it, and this withdrawal was
pressing down the price of cotton and
every other commodity to so low a figure
as to threaten farmers and all industrial
classes with certain ruin.
6. Because that law dragged down the
price of silver by converting it from
standard money to a mere commodity
with its value measured by gold coin.
Z. Because that law had brought us
practically to recommendation. This is
the eliminating crime of that vicious
law. OF course with gold redemption of
silver certificates, it was recommendation
pure and simple How could it be other
wise? Any tyro in legislation must have
seen that law which compelled the pur-
chase of bullion of one metal and the re-
demptiOn of its certificates in the coin of
another metal could have but this one re-
suit. The democrats in both Houses did
see it at the time the law was passed.
They denounced it then as death blow
to silver l believe every democrat
in House and Senate voted against
1t. That law had not even the
merit of plausibility. 1t was the vicious
counterpart of the demonstration of sill
yer under the act of 1873, for it was a
"cowardly makeshift'' TO defeat free
coinage and to bring us stealthily, but
surely to the single gold standard. 1t
made bullion commodity, gold coin the
standard, recommendation and universal
disaster the result. These words, com
pleteIy, fairly and accurately describe the
purpose and inevitable consequence of the
Sherman law. 1t is recommendation in its
worst form, for it had the double effect
OF bringing upon the country the double
curse of demonetizing silver and destroy
ing confidence at the same time
Deeply impressed with these truths, I
wrote the resolutions which l presented
to the Senate few days after we met. 1
wrote them on the cars before | reached
Washington, and conferred with demo-
cratic senators about introducing them
on the first day of the session, and before
or any senator knew what the Presi-
dents message would contain. These
resolutions embody in concise but ex-
pllclt terms the exact position assumed
by me in my subsequent speech.
For me to support the minority bill,
therefore, for conditional repeal would
have required complete change of my
position. l was so anxious, however, to
cooperate with the friends who differed
with me on that policy that l almost per-
Suaded myself to do so, and | so stated to
the correspondent of the Constitution and
others. In my speech, also, stated that
would gladly support the minority bill if
1t could have been speedily" passed. l
was unwilling, however, to acquiesce in
the long delay required for agreement on
a coinage bill while the country was held
In agonizing suspense as to congressional
action. This suspense was driving cotton
down to ruinous prices, because those
who had money to buy it were unwilling
to use or advance the money until they
saw what congress was going to do.
repeat and emphasize the fact that
the delay involved in the effort to agree
upon coinage bill with the House was
Iatal TO any fair price for our present
cotton crop and ruinous to the country.
or this reason l followed nv original
purpose and advocated the unconditional
repeal of law which we had promised
The people to repeal, which had brought
upon the country one of the most dis
aStrous panicS in our history and which
no man, [ believe, has been found brave
enough to defend
But suppose 1 had yielded my own judg-
Hent for the sake of harmony and had
{ changed my position and advocated the
OlI OF the minority, what practical good
oould have been accomplished for the
PeopIef None-absolutely none-abso-
IuIely nothing but a prolonging of the
agony IN which tbs country was writhing
n majority of senators would have still
1een left for repeal, and the House, fresh
rom the people, had given 131 majority
loI repeal. 1t was unreasonable, there
-oIe' 10 suppose that the 239 members who
,oveu Tor repeal were going to surrender
peal
nuV II by changing my position could
- rY,S changed the Senates vote what good
"Gud That have Accomplished 1t would
any ors nave placed the Senate in antag-
C UI1Sli TO the House and thus locked the
c r,le,1s OF legislation on this subject, in
nv the public alarm, depressed the
II OF cotton to a still lower point, and
ftboC"seu the whole business interests of
-ountry into greater chaos and ruin
mere seemed tn me- nathan 5anocrao.y