The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1893-09-09
THE SILVER DEBATE.


ton He charged the president with being .
gold monoinctalist, and said that in his recent
message he oyordrew the picture OF financial
distress in the interest Of the creditor classes
Mr.. HUI announced himself to be q bimctalist
and urged the repeal OF the Sherman law be.
cause 1t stood in the way OF bimctallism. He
saio President Cleveland was not q bi.
metallist lie said he should refuse
to follow in the foorstcps OF any ad-
ministration that seeks to place the dem.
ocratic party In false position, that seeks
to lead IL away from its traditions, away
from the currency OF our fathers, away from
the path OF safety, away from the democratic
principles and platforms and into the very
camp Of the enemy. The president must rely
upon republican votes to carry out any such
suicidal policy. shall not believe. however.
that any such course will be taken by the pres
idcnt OF his own volition, or even under the In
spiration of indiscreet advisers, until clearer
evidence shall be furnished than now ex.
lists" He continued: No one, be ne
democrat, republican populst should
be deferred from voting for this
bill simply because 1t is hailed as an administra
tion measure. That furnishes no argument
either for or against it." MIR Hill said further
that "thc president is entitled to my support
and that OF every other democratic senator
when he recommends mcritorious measure
which is expressly approved in the platform Of
the party which nominated and elected him
to the nigh once which he holds. He could
the Sherman bill, because such repeai was
made part OF the democratic creed at Chica.
go. twas his duty to do so, and he has simply
discharged his duty and that is all" Mr. Hill
did not believe that simple repeal OF the Sher.
man law would at once restore abundant pros.
perity, but that many years would be required
to recover from the present disturbance. He
favored the increase of the national bank cir.
cuation as proposed in the pending bill He re-
garded the question OF ratio ns not timely and
as of the least consequence; but /. changed at
all ii should not be enlarged, but diminished to
i5la, the Latin union ratio.
Mr. Stewart rep, New declared that the
bill OF the finance committee was bill
practically TO demonetize silver No man
should be deceived on that point The
promise in the bill was an insult to the
intelligence OF the American people The
people, he said, had come TO the forks
of the road, where they had either TO
use their own money submit to a
system of extortion through the national banks
The Sherman act has not been executed ac-
ccrding to its spirit. If it had been it might
have done good; it certainly would not have
done harm All that had been done under it
had been the issue of $40 600 of legal tender
| notes, which had done much to sus tain the
business of the country. Without it the panic
would have happened long before.
On the Goth Mr. Gordon dem, Ga.) spoke in
favor of the unconditional repeal OF the pur-
chasing clause of the Sherman ret He said
| the people looked to the democrats to see what
| they were going TO do. There was escape for
| the party 1t had either to redeem or to repu-
| diate its pledges The pledge as to tariff reform
| would doubtless be fulfilled in time; not so as
| to hamper or cripple the Industries of the coun-
| try; not so as to place distractions in the
| pathway either Of infant or OF aged industries;
but by q better disposition, wiser adjustment,
| possibly by free raw material, 10 help manufac-
| lures, to lift the burdens of labor, to protect
the common people, and thus TO benefit all.
| For the sake of the great party to which he be
| longed he sincerely trusted that as much might
| be truthfully said of the pledge of financial re-
| form; and he believed that as much might be
| said The party had promised to repeal the
Sherman law. Why, he asked, halt between
two opinions: Why hesitate between condi
| tiona and unconditional repeal? AS true
| friend of bimetallism, firmly convinced of its
| vitalizing influence on the languishng indus
tries of the whole country, he appealed for the
| unconditional repeal OF the Sherman law. All
msistence by the senate on the substitute re-
| ported from the committee on finance would
| involve indefinite postponcment and for tina
reason he could not support the substitute. H
| advocated the repeal of the ten per cent taA
on state banks.
Mr.. Teller (rep, COLI argued that the Sher
man law was not responsible for the tinancia
troubles of the country. He said that, almos
without exception, everyone who had addressed
tho senate had spoken of it as if there wa
| some great caunlty impending over the peO
pie of the United States. He wanted to ente
his protest against 1.-The calamity howlers of the
senate" He challenged any senator to tell tn,
senate and to tell the American people tina
he believed that the people had brough
about the panic because they wer,
afraid of their money. There had been taker
from the banks of the United States since early
last spring ut least slbO,o0O 900 by men wht
were dissatisfied with the present condition o
things. They had taken out their money ant
had put it away, but they had not demanded
gold They took whatever currency they coult
get He challenged the banks to show tina
any bank depositor had demanded to be paid il
any particular kind OF money. Those prognos
ticatons OF coming evil, Mr.. Teller said, hat
emanated from the New York banks and news
papers Mr. Teller had not concluded his re
marks when the senate adjourned.
On the 30th Mr.. Sherman (rep., o. spoke OF
the bill to repeal the silver purchasing clauses
| of the Sherman act
He said that II the repeal Of the purchasin.
clauses Of the act of july, 1890, were the onl!
reason for the extraordinary session, IL woulS
seem to him insufficient 1t was, however lusti
fled by the existing financial stringency. o.
one thing congress and the people agreed, an,
that was that both gold and silver should b.
continued in use as money. Monometallisn
pure and simple had never gained foothold II
the United States. II senators wanted chea
money and an advance in prices free coinage o
|
not call II bme tallism.
Senator Sherman then proceeded to discuss
the history of the act that bears his name H
was not In favor of the free coinage OF silver
and regarded it as but another nam
for the monometalism Of silver and wa
only in favor of the purchase O
silver for purposes OF coming The conferree
of the two houses agreed upon their differences
and in that agreement secured the repeal OF tn
Bland-Allison act. Senator Sherman reminde
senators that when they criticised the law tha
was misnamed after him, they should remembe
that this law now on the statute books WAS fa
better than either the house bill or that passe
by the senate. The decline in the volume O
silver was due Senator Sherman said, to tn
fact that we were called upon to pay ou
debts - debts payable in gold. Engan
was the great creditor country and W
should neither be ashamed OF nor hate her; W
are her children and partake much Of tn
characteristics of the parent stock. England
losses in the Argentine Republic had to b
made good and she returned our securitie
and demanded the gold needed to save her ow
institutions from going down. For the frs
time also In number Of years the balance c
trade was against us and we had to make tn
difference good
Hitherto the balance had been in favor of tn
United States to the amount OF $50 900, 00t
500, 100000 and sometimes S200,000000. III
last fiscal year the balance OF trad
J was against the United States to tn
amount of 5000 Whether it woul
be so next year no one could tell II
believed that with the crops now ripening Ih
> balance OF trade would probably be in favor {
the United States this year, and ho believe
that the forced economy which always folowe
panic would be, OF itself, u protection agains
unusual and unnecessary imports. So he hope
that next year there would be no difficulty 1
| the m balance