The herald., 1893-08-27

port Evening f0et % 10 the oppuC9tl0l
OF pressure in favor OF the repeal OF tn
Sherman act, the pressure suggesteS
being threat to withhold credits from
country merchants. He denounced tn,
article, and declared it Q notorious fac
that people Of the south and west wht
had money on deposit In New Yorl
banks could not have their checks paid
this being done to weaken the western
banks and to have an influence upor
representatives in the house. The sill
yer men had offered several compro
mises. If these compromises were re-
jected there would never be another
compromise offered. [Applause.l Tt
maintain the gold standard meant tc
demonetize silver and to lower the
price OF labor. The Wilson bill asked
the United States congress to 30 legislate
as to add to England's prosperity and
Australia's and to the distreBs and ad-
versity OF the farmers and miners of
America. He had not advocated the
Sherman law. He had voted against IL.
But it was now the last bulwark OF
silver. 1t was proposed to demonetize
silver. Now was the time to let the
country see who were the friends of
silver and bi-metsllism in the house.
To strike down silver would mean a
political revolution that would strike
down both great political parties. For
one be was willing to join the people,
even though the Democracy would have
to 90 to the wall. [Applause.]
McMillin of Tennessee was the next
speaker. He said there were three
kinds OF currency in the country, gold,
silver and paper, and he would keep
these three kinds OF currency, each OF
them equal to the other, and he would
resist any effort to legislate the destruc-
ton of either Of these kinds of currency.
He did not want mopometallism in
either silver or gold. He wanted BIZ
metallism. He intended to offer an
amendment to the silver coinage propo-
sition to the effect that there
should be collected on all silver
not minted and owned in the United
States the actual cost of coinage
and in addition the difference. If any,
between the face value of the coin and
the market value of the bullion. That
would cut off the foreign product of sill
YER. He was even willing to vote for
change in the rates. McMillin declared
his belief that the Democrats had been
sent to congress to deal not alone with
the currency question but with the tar
if question, and with the question OF
the force bill. They were called upon
to revise the pension roll, which had
1000, 600 pensioners on it. They were
called upon to revise the tariff and they
were called upon to reform the cur
rency. The latter ought to be done
without unnecessary delay. Then the
others could be taken up.
Gesry said in his judgment the Sher-
man law had been enacted to prevent
the enactment by the Democrats OF q
free coinage bill. He should vote for
the repeal OF the Sherman act. He
could not vote for free coinage with a
ratio OF 16 to l. A ratio of 20 to would
be something better. Bat in that event
in the markets of the world silver dol
lars would be SO per cent below par.
SUPPORTING HIS OWN BILL.
Wilson of West Virginia, the author
of the bill, closed the debate with a
speech in support of the measure. By
universal consent. he said, the so-called
Sherman act had failed to justify the
of those who planned it.
1t had been expected to raise the price
OF silver bullion throughout the world.
That expectation had proved false one.
1t had been expected that expansion of
the currency and renewed prosperity
would have followed tho onaotzaont Of
the law. That expectation had been
equally falsifed. Instead of producing
an expansion OF the currency it pro-
duced q contraction OF it. No one could
doubt that thu Sherman law was largely
responsible for the panic that had sud-
denly overspread the country. 1t had
been argued from the first speech to the
last made against the pending bill that
it would, while stopping the pur-
chase of silver, throw the country
upon q gold basis. The bill proposed
here would not demonetize single sill
YER dollar today circulating in any part
of the country. The bill had come not
to destroy but to save. [Applause. 1t
had come not to strike down silver but
to place it at once and forever on an inn
pregnable basis with gold in the circula.
tion OF the country. [Applsuse.l
Martin inquired whether the passage
OF the bill would necessitate the sale of
bonds in order to secure gold.
Wilson said he would merely repeat
his remark that the passage OF this bill
would at once and forever restore silver
to parity with gold, and there would
be no necessity for the government to
issue bonds for any purpose. APP
plause.I 1t carried with it not only the
promise of the maintenance of the parity
between gold and silver, but it carried
the parity. [Applause.l
McMillin inquired whether the gentle
man proposed to follow this bill up with
a proposition for free coinage.
Wilson rejoined. He was satisfied it
was the earnest desire of the Democratic
administration not only to support the
existing silver circulation in this coun-
try, but to increase the issue OF silver
currency to the utmost extent. 1t was
safe to do 30, and to keep silver on a
parity with gold. Applause The
speaker then declared that the first BEN
eft to accrue from this bill was the res
toration OF the confidence of the people
in their own money.
EVENING SESSION.
At the evening session Tracey of New
York eided with the president on the
silver question, and Stone of Kentucky
favored the equal use of gold and silver.
Boutelle of Maine, Rep, said he was
willing to lend HE humble aid to DEM
ocratic president, but insisted that the
financial question had always been
partisan one, and he would show from
20 years' record that the Democratic
party had been on the wrong side.
Fellows Of New York DEM, speaking
of the city of New York, said she de-
manded sound money currency, and she
h.