The record-union., 1893-08-12

was an understanding that free coinage
necessarily meant the repeal of the Sher-
man law. The two are so antagonistic
that they cannot exist at the same time.
But we are met now with the suggestion
that we legislate piecemeal, that we re-
peal the Sherman law and take our
chances of securing anything in its place
which shall meet the pledge of the plat
form to coin both silver and gold, for this
Is the cause of the panic upon u.s."
1.-The voting masses of the country"
said Bland, may become panic-stricken
on election day. If they do, Pm afraid
those like the gentleman from Indiana
will feel the force of that panic"
Bland sketched briefly the history of
financial legislation i'll recent years, and
asserted the same cry of going to silver
basis" had been raised against the bill of
1878, with which his name had been con-
nected. He sent TO the clerks desk and
had read an extract from the report Of the
British Parliamentary Committee n In
dian currency, to the effect that, in its
opinion, the repeal of the Sherman pur-
chasing Act would be followed by further
depreciation in the price of silver, land
yet we are deliberately asked here" con-
tinued Bland," to vote to bring about a
decrease OILS cents per ounce in the price
of silver before providing for the restora-
ton of its coinage. No man can defend
that before his constituency who is in
favor of free coinage.
Upon the question of ratio, Bland
argued in favor of Is to l. He said: "If
the United States would maintain this
parity of gold and silver on that ratio the
world would buy our products. We
have property to sell and should induce
purchasers to come. France maintained
gold and silver at a parity on ratio of
l54 to for seventy years because she had
property to sell. If we do this" said
Bland, western Europe must come to
our standard. At that ratio France had
been able to maintain the parity of the
two metals all over the world. That was
proof that the Government OF the
United States could do so at ratio of l6
to l. If Europe refused to accept that
ratio, the effect would be to divert from
Europe all trade of every silver produc-
ing country in the world. Could Eng
land Withstand this withdrawal of trade?
Certainly not. 1t is bimetallism that
made the manufactures of England so
strong and prosperous. Western
Europe would have to come
to the American standard or abandon
its commerce with the United
States, and with all civilized countries.
The money requirements Of the United
States, with her wealth, industry and
energy OF its people, are equal to those of
England, France and Germany COM
bined, and the whole civilized world will
have to look, to this country for its future
monetary supply; and yet" SAID he with
yehemence, "we are asked here to-day to
lay the bloody hand of confscation on
millions of our population in order to
satisfy the greed of England. Win Con-
gress do it? VIII you trample down the
interests of your own people and destroy
the value of one of the precious metals
simply to crafty the greed of Wall street,
a mere agent of Lombard street? It cam
not, it snail not be done. [Applausel
speaking for the mass of people of the
Mississippi Valley and of the people west
OF it, l say you shall not do it [renewed
applausel, and anybody, or any party that
undertakes to do it will, in Gods name.
be trampled, as it ought to be, in the dust
of condemnation now and in the future.
Confined applause on the floor and in
the galleries. 1 speak as Democrat, but
yet as an American above. Democracy"
[Cheers.
Here Bland dramatically spoke the
words at the opening of this dispatch. In
conclusion Bland said, addressing the
words to Eastern Democrats, "If you
demonetize silver, the responsibility will
be yours, not ours.' Applause.
Pence, Populist, of Colorado, was the
next speaker, and with his opening SEN
tences he attracted close attention of the
House and retained it to the end. No
other man has succeeded in so impressing
himself upon the favorable consideration
of his associates on the floor at such an
early period of his membership. Refer
ring to Rayner's remarks as to the Gov
ernment acting the part of a pawnbroker
for the silver miners of Colorado and
Nevada, he said it might be that the gem
tleman knew more of the pawnbroking
business than be Payne) did: or it might
be on account of the practice of the
Treasury Department TO Jew down
men who brought silver there to sell.
because it was now beyond cues
ton that such was the policy
of the Department. All the reasons
assigned for Democratic success, but one.
were incorrect. 1t was because it had
declared unequivocally for the remone-
tization of silver that it had succeeded.
1t was not his purpose to follow up the
evolutions of the political parties elected
last year by a people, brave, buoyant and
hopeful. He knew their industries had
been prostrated by the course of the past
two Administrations, by the base surren-
der of those who had been elected on
silver platform and on silver pledges.
Wheeler of Alabama closed the discus
sion for the day with plea for a larger
volume of currency, and the House ad-
journed.
CLEARING-HOUsE STATISTICS.
Business Transacted in the Principal