Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1893-10-28
FIFTY-THIRD CONGRESS.
WASHINGTON. Oct. IS, 1898.
SENATE.

The Senate galleries were crowded
this morning in anticipation Of scenes
in the final stage of the silver struggle,
and most OF the Senators were in their
seats. Before taking up the repeal
purchase bill, the urgent deficiency bill
was reported, with amendments. The
amendments were agreed to. and
the bill was passed. The joint resolu-
ton for the transfer of the model bat
tie ship Illinois to the State of Illinois
for the use OF its naval militia was re-
ported and passed.
The silver bill was then taken up
and Mr.. Wolcott addressed the Senate.
A. the conclusion of Mr.. Wolcott's
speech, which breathed defiance TO the
East, Mr.. Sherman said the people OF
Colorado had his most profound re-
spect. II this was question that did
not seriously affect the interests Of the
whole country republicans would glad
" yield TO al! they asked. 1t was only
because the further purchase of silver
tended TO degrade. our money and low
er its purchasing power that their re-
quests could not be granted. To grant
them would be 20 sacrifice all the in
tcrests Of the people of the United
States. The silver mining industry did
not compare with the great interests in
cotton, grain. manufactures, etc, which
the government was compelled to pro
tect. Mr.. Sherman begged Senators
rom the silver States to feel as he did.
He did not think it wise to adopt silver
as the only standard value in this coun-
try. The one experiment in purchas-
ing silver had cost the government
$3.50, 100000. He had hoped that the
sherman act would prevent the depre-
citation of silver, but it had not, and af-
ter two years he saw it must be stopped
or the country would be stranded on
single, silver basis. The republicans
took their position before Cleveland
became President. Cleveland said the
first thing TO be done was to
stop the purchase of silver bull
lion. Republicans thought so tive
years ago and were ready to ac,
with the President. To follow the thes
cries Of the Senator from Nevada, Mr.
Jones, would inevitably lead to mono
metalism, and although republicans
symrathize with them they could go 10
further. He believed that with the re-
peal of the Sherman law silver would
be used more and more. BY free is
sue of fractional coin he believed many
more millions of silver bullion could be
foated, because it could not go out o!
the country. He prophesied that the
silver States would still be prosperous
and if the silver mining industries could
be carried on without endangering the
standards of value, he would be glad to
see it done. Speaking TO democrats,
he said he doubted if the bill,
when passed, would meet cx-
pectations. 1t was necessary to add
other measures more important. He
had thought over it and did not think
it wise to offer it as an amendment, but
it was absolutely necessary that some
legislation should be had with respect
to the fund on hand created under the
resumption act. He believed this fund
was now being used contrary to law.
1t was manifest, Mr.. Sherman said, that
if this fund was encroached upon for
current expenses, it would soon be Dc
stroyed. When asked how it was TO be
replenished, Mr.. Sherman answered
promptly, ''By the sale of bonds" A
popular sale of bonds at three per cent
would be readily taken up by the
American people.
Mr.. Vest wanted to know if it became
necessary to use this gold reserve to
maintain the parity between gold and
silver, could the Secretary of the Treas
ury so use it.
Mr.. Sherman denied that there had
ever been any change in the law and
insisted that the only use of the bonds
issued under the act of 1875 was to
maintain resumption in the notes of the
United States. If the Secretary of the
Treasury in this emergency was left un
armed the Senate would be negligent in
its duty, after its attention had been
called to it.
Mr.. Butler wanted to know if the
Secretary of the Treasury had asked for
bonds.
Mr.. Sherman said he did not care to
answer that question, but afterwards
said he believed he had not so asked.
Mr.. Blackburn asked if ex-Atttorney
General Miller during the last admins
tration had given an opinion holding
that bonds could be issued and whether
the plates were not made at the Bureau
of Engraving and Printing.
Mr.. Sherman did not know all that
and denied that be had been consulted.