Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-02-07
SHELVED THE BILL.
Senate Refuses to Repeal the
Sherman Act.
WOULD NOT EVEN TALK 1T OVER.


az to e3-The New York Senator Comes
Out for Free Coinage, and Ignores a
Suggestion That He Hasn't Stated at
What Ratio-The Vote in DetaiI-Kil-
gore "Holds Up" the House Again-An
Expert on Bad whisky-Jackson's Case.
WASHINGTON, Feb. Z. Senator Hill
opened the fight on the Sherman silver bill
yesterday. As soon as the routine business
of the senate was concluded he arose to
submit some remarks on "what is known
as the silver question" He said that when
the Sherman act was passed, two and a
half years ago he had been exceedingly
shocked and alarmed; and that four
months before his election to the senate he
had gone to the city of New York and there
publicly taken issue agrinst the principle of
the policy embodied in that law, endeavor-
ing to arouse public sentiment that would
demand its repeal So that instead of
silence and apathy there was now in New
York an entire unanimIty in favor of the
repeal of the Sherman act.
Why He Wants the Law Repealed.
He quoted from the platforms of the two
great national parties at Chicago and Min
neapolis, both of which, he said, demand
ed the use of both gold and silver as stand
ard money. 1t was his duty, he said, to
the city and state of New York to ask in
their behalf the immediate, unconditional
repeal of the Sherman law, which repeal
would bring a season Of financial calm in
stead of a widespread fear of a monetary
panic. It was his highest duty Consider
ing the state of opinion in the senate), with
respectful Difference to his colleagues of
both parties in whose hands were wisdom
and decision, to advance and substantiate
one controlling reason for the repeal of the
Sherman act, and that was that its repeal
was a necessary, safe and flor the day)
sufficient step toward free b-metallic coin
age.
Asks a Couple of Questions.
The interest of New York in the gold and
silver question was identical with the in
terest of every other state; but the real
community of interest between the money
metal states and every other state WAS
likewise undeniable. Silver purchases, be
said, could never prove their professed OBJ
feet. IL was clear that silver purchases
were the polar opposite of free silver coin.
age. But they were worse than opposites
They were effective contraries to free bi.
metallic coinage, whether they were mined
or not. What earthly relation, he asked
had the purchase of silver to it's parity with
gold, or what earthly relation had the pur-
chase of gold to its parity with silver
Explains the Movement of Gold.
Four years, ago, he said, the treasury
had S2lS, 900 in gold; now that sun
had dwindled to 500, 900 900. A revival Of
the Bland-Allison act would keep up the
shrinkage. The Sherman law was under
mining the power of the treasury, if not tc
continue the discharge of the nationa
debt, at least to meet the parity obligation
of the government, and was operating ar
enormous shrinkage in the business o
the country and its total circulating
medium. Blight of enterprise, the dreaC
of financial disaster and consequent shrink
age had caused the export of gold. VIVA
other part of American currency, he asked
had been exported?
Comes Dat for Free Coinage.
Everything had been done during tn
last nineteen years except the old and onl.
coupling of the two metals by free coinage
When free bimetallic coinage ceased il
1873 parity ceased, and the gold half o
the worlds money became dislocated from
the silver half When their coupling
would he renewed their stable part
would be renewed. Nothing could estab
lish parity except free bimetallic coinage
that which had created and maintainet
their parity in the past. He should prefe
that solution of the question to any en-
tangling alliance by means of an interna
tional arrangement