The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-13
THE DAY WASTED IN WORDS
And Another Full Week to be SQual-
dCTCd in Talk.

| ley, for Repeal, Speaks Briefiy-sev-
eral Ponderous Speeches Yet to be
made; but the Crisis of a Vote Dimly
| in Sight, Since a Conference of DEM
ocratio Leaders Has Ruled That
When a Certain Limit Has Been
Passed Legitimate Discussion Shall
be Considered as Closed.
| Washington, Sept 12-The fight over
| the Tucker bill promises to be the liveli-
est that has taken place in the House in
long time. Mr. Fitch will lead on the demo-
cratic side, and have able assistants.
| Bourke Cochran will turn loose his guns
| Brecldnridge win try TO regain his lost
| popularity with his side by speaking
against federal supervision. Mr. Harry
Tucker will mass a strong array of legal
arguments Our own gallant Major
Black viii make his first speech in Con-
gress ON this bill Mr. Reed will lead
the republicans, and they say they are
going to make the contest bitter to the
last degree
For just three hours Senator Mitch-
ell of Oregon occupied the attention of
| the Senate to-day in an elaborate
argument against the bill to re-
peal the purchasing clause Of the Sher-
man act. After he got through there
| sprung up between Senators Teller of
Colorado and Hawley of Connecticut
quite n spirited discussion; into which
finally Mr.. Stewart entered. Then, as
the hour was late and senator's we're
weary Of the days debate u motion to
proceed TO executive business was well
coined on all sides and after n short ex-
ecutive session, tho Senate, at5:l5 O'Clock,
adjourned.
THAT WAS AN INQUIRY ANSWERED..
At the opening Of the session a letter
from the treasury department in response
to n resolution inquiring as to
the redemption of treasury notes in
| silver, etc was presented and read tt
states that 81 ,473,S14 of treasury notes
issued under the Sherman act have been
| redeemed in silver coin in August and
September; that $40, ,OS7, ,1S5 silver coinage
has been minted, with a gain, or seignior-
age, Of 81, ,69l ,l00; and that the remainder
of bullion purchased under the Sherman
act had not been coined because no fur
ther coinage had been necessary to pro-
vide for the redemption of the no tes in
silver.
AND ANOTHER THAT WASN'T.
The resolution offered by Mr. Stewart
as to senator's being stockholders in ma
tionnl banks having been laid before the
Senate, Mr. Stewart offered TO yield to
Mr.. Mitchell Of Oregon, who desired TO
address the Senate on the repeal bin and
his resolution, by unanimous CONSENT
went over until tomorrow.
Mr.. White, dem, California, gave no
tice that he would address the Senate on
the repeal bill next Tuesday
The repeal bill was then at 1890
o'clock, taken up, and Mr.. Mitchell began
his address He said that the, fundament-
al problem to be solved was Are VIC to
become a nation Of monometallists2 And
If so, whether gold or silver mononetal-
lists}"
1t could not be denied that the absolute
decentralization Of silver. as proposed by
the unconditional repeal of the purchas-
ing clause of the Sherman act of 1890, the
perpetuation of the gold standard, and
the establishment Of a policy that gold,
and gold alone, shall be the sole medium of
ultimate redemption, would be to COM
pletely and absolutely oyerturn and de-
stroy the policy OF the founders of the
government upon that question, and con-
sign silver as a money metal to indefinite
overthrow
THEN a voLLEY OF QUEsTIoNINGs.
Is the Senate prepared to abandon the
policy plainly outlined in the constitution
and avowed by every politicnl party that
had existed since the foundation Of the
government If it was prepared to do
|
commando Under whose direction and
by what inspiration had the people Of any
political party in any state convention
declared in favor of demonetization and
Of the single gold standard
No declaration Of any such policy
could be found in the platform of any
political party.
Ae denied that the Sherman laws had
been the cause Of the panic. On the con-
tary, but for the fact that the Sherman
act had in the three past years added
to the circulating medium about Sl5l,-
000, 600 of legal tender treasury notes, the
panic would have come more quickly and
been more aggravated than it now was.
~AHHAl
The fear of tariff revision and of tho
Inauguration of the free trade policy also
had much to do with the panic. There
did not spring up q lack OF confidence in
the banks nor lack Of confidence in any
kind Of money 50 deposited The trouble
was in q very large measure started by
the banks The bankers Of England
early in the spring nudged the bankers Of
Wall street and intimated Nov is
| good time to forever set the seal on BIZ
metallism under the pretense of repeal
ing the Sherman actn The howl was
started. The New York bankers nudged
the chamber of commerce Of the city of
New York and the metropolitan press.
! Inc Clam per OF commerce IN Turn gave
the cue to the boards of trade and cham
bers of commerce throughout the coun-
try The howl started in perfect unison,
was inspired across the seas, and finally
the thing got away, proved q boomerang,
and the banks suffered along with the
rest.
REPEAL MEANT CONTRACTION.
The repeal of the purchasing clause of
the Sherman act meant the contraction
of the currency by the destruction of a
monthly supply Of from S3,000000 to
81, 500, 900 or from $40, 900 to $4,000, 600
a year And who, he asked, had ever
heard of congestion or a money famine
being dispelled by a reduction OF the
money in circulation while the country
was demanding that circulating mediuml
Yet that was the sole recOmmenda tion
that the President had sent TO congress.
Mr.. Mitchell devoted some time to
showing that it would be impossible to
secure international bimetallism, and
quoted from speeches made by the dele
gates from Great Britain TO the Brussels
conference to prove that England was
welded to the gold standard and was not
willing to even discuss the question Of
blmetallism.
After Mr.. Mitchell had spoken for an
| bOuF M half n a small o1a1ipntsn ~