The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-10-24
A COWARDLY nAKESHIP'l.
Senator Sherman Denounees the
Compromise Scheme.
REPEALERS SHOULD ADOPT SOME
CLOSURE RULE

Democrats Were as Earnest as the
Free Silver Contingent There Would
Be No Trouble-No Sound Money
Republican Senators, Says: Mr.. Sher-
man, Would Have Voted for the
Compromise.
New York, October 23.-A Washington
dispatch to the Herald says:
1T is miserable, cowardly make
shift"
This is the emphatic way in which
Senator Sherman characterized the prop
osition to compromise on unconditional
repeal of the purchasing clause of the
Sherman law
Not single Republican Senator will
cast vote" the Senator continued, for
any such proposition. 1t is far worse
than the so-called Sherman law of $780,
AS understand it, it is a violation of
the public faith and much more deserv-
ing the name 'cowardly makeshift' than
is the law which has come to be known
as the Sherman law. That law has been
denounced as cowardly makeshift, but
it was as nothing compared to this un-
reasonable and outrageous proposition.
@It is proposed" continued the veteran
fnancier, with considerable warmth, to
coin the silver which they have pur-
chased and issue notes based upon the
seigniorage, which is in express violation
of law. l am not positive that | know
the exact terms of the proposed compro-
MISE but if the Herald has it correctly,
and suppose it has, it is as have stated.
"This is like selling wheat stored in a
warehouse. 1t belongs to somebody else
and cannot be used without violating a
trust. : The government purchased silver
with notes, and it is expressly stipulated
in that law that the notes should never
be greater nor less than the cost of the
bullion purchased to redeem them. "Of
course" said the Senator cynically, Con
gress can violate a public trust if it
chooses but that does not make it right
by any means. do not presume that they
will do so, however, and still hope they
will not"
"Then you do not think the proposed
compromise will receive the support of
the Republican side," / said.
1T will not,n replied the Senator, ire
ceive ngle--Republican vote, as Il be-
fore stated. 1t will not bring about any
relief to the business interests of the
country in my Judgment. What is needed
att his time is lmIG ediate action
What do you think ought to be done,
them" / asked
aThe VOORHEES, bill for unconditional
repeal ought to be put through without
any more waste of time. It means great
loss to the country every day the present
silver purchase is maintained"
would you favor closure rule?"
II most certainly would. I have been
in favor of such rule for the last twenty
years. The public seem to have just
awakened to the fact that the Senate
was powerless to act against the active
opposition OF small minority of its own
members. Such condition of affairs in
the highest legislative branch of our gov
ernment is absurd The rules should be
amended -"
Mr. Sherman said this with great en-
phasis and gave evidence of considerable
feeling on the subject. Then he con-
tinued
"The right of majority of the mem
bers of the Senate to rule cannot be
questioned In fact, it is the cardinal
principle upon which our government is
based. | believe that change, the much
needed change in the rules, could he
brought about if there was as m UGH
vigor in the sound money Democrats as
has already been displayed by the silver
men in the fight. In other words, there
is no need for compromise There is
good majority in the Senate in favor of
unconditional repeal and fail to see up
os what basis of reason they can give
way to the minority. Let them amend
majority the power t. bring this OF any
other bill to a vote, and then pass the re-
peal bill without conditions Of any kind
whatever. That is what the Democrats
ought to do and it is what they can do
if they go about it in the proper way"
Then Senator Sherman added:
Now, wish to make a few. observa-
J.: rd 70 hot To 1,o
done for the future. If the purchasing
clause is repealed, what then2 do not
want to advise either this Congress or
the Administration. [ have no right at
all to be weighed in their council, but l
take it that, whether we are Democrats
or Republicans, we are all Americans,
and that every American would desire to
do that which is best for all interests and
all parties. | think there are certain
urgent duties devolving upon the Demo-
cratic party at this time and, although
| am not their adviser, have the right
as an American citizen to give them my
opinion, and l will.
-"I take it the first object we all have
in view is to preserve intact the parity of
all our money. We have now 1000, 600
or IS, 900 900 of paper money outstanding
for which we are responsible. We have
undertaken to maintain that at parity.
How can it be done? Ordinarily small
reserve would Do Suuclent TO give security
and prevent any fear, but in times like
these, in my Judgment, it is the duty of
the prevailing party, who have the power
of the government in their hands and
can exercise that power at any moment,
to strengthen the reserve SO that nobody
will fear we will not maintain the parity
of all forms Of money in our country.
"In order to carry that out it may be
necessary to issue the securities of our
country to buy gold. They will command
gold in any market. They would draw
it from the Bank of England. A demand
note, a note payable at the pleasure of
the United States drawing, say, not to
exceed four per cent interest, would COM
lnand gold everywhere, and although this
is not my business, yet, at the same
time, it Is the only way by which you
can summarily acquire the possession of
gold to maintain your reserve"
The "Denman Claim" May Come Before
Congress Again.
Washington, October 23.-Secretary
Gresham has practically decided that he
had no authority of law to effect final
settlementsof the celebrated case of the
priyateer brig General Arm strong. on