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

pcals to us 10 repeal this law. and he will not
make this appeal TO me In vain. have
no sympathy with him in politics, but
believe that in this mattr he is
right. and that II is my duty TO respond
TO his call l will cooperate in any measure
that will tend to maintain the harmoni.
Gus use Of silver and gold as standards Of value
hope that the next measure OF relief which
my friend from Indiana Senator Voorhecs)
will provide will be broad, liberal measure
authorizing the president or the secretary Of
the treasury, whichever he prefers, 10 exercise
the power, II necessary, to sell securities In
order to maintain the parity OF all our cur
renoy."
Senator Sherman then began n discussion of
the various coinage laws Of the United States,
with special reference TO the act of 1873, which
had, he said. been the subject Of so much mis-.
representation and falsehood in this debate
He denied Mr.. Voorhees, statcmen. that that
act (the act OF 1879, was 'steathy demoneti.
zption."
Senator voorhees, replied that he never in
tended to refer to tho senator from Ohio for four
| years ago he had cfrectually cleared himself
| from any participation in that matter.
| Hereafter" said Senator Sherman, "when
any man makes such a statement about this
| legislation shall simply say that 1t is a false.
| hood and brand H. so There was nothing sur.
reptitious about it," said Senator Sherman,
| with much warmth, 'and no fact can be proven
more clearly The statement SO often made to
| the contrary is n falsehood and lie; care not
| by whom made"
ut is strange" said Senator Sherman, that
on the vote on this bill that the distinguished
senator from Nevada (Senator StewarD voted
| for II and l. the devil fish, voted against IT."
| The last remark was in reference to an epithet
applied to Senator Sherman during the debate
in the house last week Senator Stewart re-
| torted that in due time he would explain how
! he came TO vote for the bill Senator sherman
quoted from speeches made by Senator Stewart
| N IN N n nd hps
| 81 want the standard gold, and no paper mon.
ey that is not redeemable in gold. BY this
| process we shall come TO a specie basis and
| when tho iaborer shall receive his dollar IL will
have the same purchasing power of a dollar.
| Gold is the universal standard OF the world.
| Every body knows that"
Senator sherman came back to the main sub.
ject OF his speech and said
II do not think that the stoppago of silver
coinage was the end OF silver We have proven
that the mere purchase Of silver by us on de.
clning market is an improvident use of the
public money and ought to be abandoned, or at
least suspended until a time may come when by
an international agreement or by some provision
Of law we may guard against the possibility of
coming to a single standard Of silver. This is
not question of mere interest to Nevada
or Colorado 1t is not question of what Wall
street will do. Wall street will always
be doing some devilment other, it makes
no difference who is up or down. / take
what should be done for the people of TIL,
United States in all its length and breadth, ant
therefore IL congress will say that in its opin
ion it is not wise now TO continue the purchas,
of silver bullion there will be no injustice dont
TO Colorado or Nevada"
Recurring to the suggestion Of authorizing
the issue Of bonds Senator Sherman said
II am willing to trust your executive of
fcers. II you are not, it is strange atti
tude in political affairs I would give
| .
government against all enemies at home
and abroad II the fight must be for the
possession Of gold, would use our cotton INC
our corn and our wheat, and would protect oul
credit against all mankind. AS to silver, woulc
say that we prefer to wait awhile until the
skies are clear, until we sec the effects of tn,
suspension OF silver coinage in India and SEE
what arrangements can be made for another
international monetary conference. In the
meantime let the United States stand on It's
strength and credit i think that soon all thest
clouds will be diSspated and that we may gt
home TO our friends with the conviction tina
have done Il good work for our country
large"
Mr.. Teller (rep. Col) concluded his speech
| on the national bank circulation bill He as
/ sumed from newspaper articles which
> he quoted that scheme had beer
organized early in the season in New
York for the purpose Of creating
financial panic that would compel a
an extra session the repeal OF me purchaSlnl
t clause OF the Sherman act. He would not hav
anyone infer that the bankers had intended t
create the condition of affairs that now cXs ted
'. but he did believe that they had intended Il
r create distrust that would compel the presiden
TO call congress in extraordinary session an,
9 thus secure action, first, on the repeal of th
t purchasing clause, and, second, on the question
of issuing large amount of government bonds
g But the panic had got away from them. The,
had rather overdone the business had fright
v ened the people more than they had intended
D to. Now they had nobody but themselves t
blame and they should not complain. He at
! tackled the national banks, declaring that, a
l banks of ISSUE they had been as great failure
| as they had shown themselves to be as bank
I of deposit and banks of exchange.
n was the prerogative of the Unite
: States to issue its own currency an,
! this was good time to reform its banking sys
!. tenn He would not by his vote put any NOR
power into the hands of the banks of the couu
try. He would not enable them any longer t
n paralvze the business OF the country as the
5 were doing to-day. II he had fair opportun
ity TO wipe them out he would wipe them ou
: as quickly as he could. He was opposed to tn
Y present system He desired to withdraw iron
4 the banks the privileges they now possessed
: On the 3lst ult. Mr.. Wolcott Crep., Col) spok
q against the repeal Of tho purchasing clause @
q the Sherman act He said there was no criticism
Q to be made respecting the policy of the admir-
n istration. Criticism of the secretary of tn
treasury was also misplaced because h
p was o member OF the presidents house
4 hold and committed to his policy. No
d was the preside open to structure BIZ
cause Of his message for he had always been
5 consistent opponent Of silver coinage. Tn
G west knew last year that whoever was electc
, its reliance must be placed in congress, whic
G had more than once risen above the persona
$ wishes of the executive.
Il He sarcastically referred to the great numbe
8 OF senators who protesting TO be bime tails Is
l. held that an international agreement was net
e ossary, and pointed out that thereby the
d accepted the single gold policy of England
I Senator Wolcott paid his respects to Ser
r ator Voorhees, and said thar his change {
r front was remarks able. He attacked tn
d senator's record on silver and national banks
u and quoted from the senator's article last yea
G in the North American Review, to show hi
r lack OF consistency, and asserted that now fo
the first time he (Voorhees), suppose
g to represent the masses, and Sherman
e supposed to represent the classes, wer
c In complete accord in financial matters,
$ Free coinage by separate act, he said wa
q impossible. as tho president would III
S doubtedly veto such measure. An
n man who vouched for Mr., Cleveland a
u u bimetallist would vouch for the ma
u IN the moon. Why not act now on the whol
g financial question: II this should pass and 81
yer be, as it must, absolutely dethroned and d.
o graded he knew of no reason why any senate
), who believed in free coinage should ever cas-
e another vote in favor OF protection in any form
e He had demonstrated u few days ago the foil
u of the statement that the repeal of the She
q man act would restore confidence. This was
o bankers panic, and If you asked bank,
e to-day how the repeal was to restore conf