Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-30
Discussed by the One Whose Name
It Bears.
SENATOR SHERMAN'S SPEECH ON REPEAL
What He Thinks Are the Causes oil
the Stringency.
THE NEW HOUSE RULES
THE GENATE.

MI. MdnuerSOn (NeD.) presented me-
mortal from all the national banks of Oma-
ha, Neb., for the immediate passage of the
bill repeating the purchase clauses of the
Sherman act. expressing the belief that
such repeal will go far to bringing an end
to the present serious financial disturbance,
and also asking for such legislation as
shall put gold and silver on a parity.
Other petitions on the same subject were
presented as follows:
BY Mr.. Harris (Tenn. )-From the Farm
ers' and Workers Union of Lauderdale
county, Tenn, protesting against the repeal
of the Sherman act and asking for free
coinage of silver
BY Mr. voorhees, Qnd) from citizens Of
st. Joseph. Mo-, for the unconditional re-
peal of the Sherman act.
by Mr. Cockrell lMo), resolutions adopted
at public meeting held at the Fifth
Avenue Hotel, New York, protesting
against the "senseless attack on the Sher-
man law" and demanding the fulfliment
OF the pledges of the democratic national
convention for the free coinage of gold and
silver.
Mr.. Cali Fla.) presented joint resolutions
of the legislature of Florida asking for an
investigation, by order of Congress, of the
admlnistra ton OF the United States circuit
and district judge of the northern district
of Florida, by Charles Swayne as United
States district Judge 1t was referred to
Mr.. Vance On. c., a member of the f.
nance committee, gave notice that he would
address the Senate next Friday on the re-
peal bill.
Mr. Pugh (Ala.) offered q resolution which
was referred to the committee on privileges
and elections-to pay $500 to Lee Mantle,
in full compensation for his time and ex-
penses in prosecuting his claim to a seat in
the Senate from the state OF Montana.
Mr.: Stewart New oferel resolution,
which was, on his own motion, referred to
the finance committee. directing the Secre-
tary OF the treasury to inform the Senate
how the revenue, since the CONNIE ncement
of the present fiscal year, compares with
the estimates.
Senator Sherman's Speech.
At 1890 the bill to repeal the Sherman act
was laid before the Senate and Mr.. Sher-
man Ohio) proceeded to address the Sem
ate. He said that the immediate question
before the Senate was whether the United
States should suspend the purchase of sill
yer bullion under the act of July, 1890 1t
was to decide that question that the Presi-
dent had called Congress together in special
session.
Mr.. Sherman then proceeded to discuss
the history of the act that bears his name.
He was not in favor of the free coinage of
silver, and regarded 1t rs but another name
for the recommendation of silver, ana was
crly i'll favor of the purchase of silver for
purposes of coming. The ccnferees of the
two houses agreed upon their differences,
and in that agreement secured the repeal
of the Bland-Allison act. Mr.. Sherman
AIDED Senators that when they criticised
the law that was 'nisnamed after him they
should remember that this law now on the
statute books was far better thar either the
House bill or that passed by the Senate.
Causes of the silver Decline.
The President had. Mr.. Sherman said. set
forth the decline in the value of silver. but
had failed to give the causes of that decline.
Had ne taken a broader view of the causes
of that decline he could have explained il
all. 1t was due. Mr.. Sherman said to the
fact that We're called upon to pay our
debts. debts payable in gold. England was
the great creditor country and we should
neither be ashamed of, nor hate her: We are
her children and partake much of the char
acteristics of the parent stock. England's
losses in the Argentine Republic had to be
made good and she returned our securities
and demanded the gold needed to save her
own institutions from going down. For the
first time also in a number of years the
balance of trade was against us and we had
to make the difference good. After discuss
ing other matters contributing to the pres
ent condition. Mr. Sherman declared that
an erroneous impression had been created
when it was claimed that the Sherman
law was the cause of all the trouble, and
this he said with all due Difference to Mr.
Cleveland. Still the fact was that Congress
must deal with situation and not a
measure.
His Own Bill for Repeal.
He believed in giving the devil his DUE"
and was ready to stand by the law, not as
measure in which he took any special
pride. for he was compelled to yield in order
to prevent disastrous legislation. But with
out this law what would the country have
done in 1891 and 1872 had it been called
upon then to meet the difficulties now stag
gering us? He was not a new convert to
hn n no Ioy md \
introduced a bill to suspend the operation
of the law. 1t was worded almost exactly
like that of Mr. Voorhees,. Why did not the
democratic Senators then see the dangers
they now see, and come to the help of the
republicans when they sought to suspend
the law? Not democratic vote was had
then, and democrats must answer why.
This was a currency famine, not the fear
that the money of the country was not good.
and the people should not be deceived as to
the reasons for the repeal. Mr.. Sherman
did not believe the repeal of the law would
in any considerable degree -elieve the coun-
try from the existing stagnation. It's re-
peal would ease the money market from the
dreaded fear of the free coinage of silver
The law was denounced by the democratic
party as a miserable makeshift 1t was a
makeshift, and a good one, intended to pre-
vent the ills growing out of the free coinage
of silver.
A Warming to the Democrats.
The democratic party was now charged
with great responsibility, and Mr.. Sher-
man warned them that if they attempted
to alter the existing tariff laws they would
plunge the country into deeper distress than
now exists.
Taking it for granted that the Sherman
law would be repealed, what of the futureo
Mr.. Sherman. while rot the adviser of the
democratic party, said he was entitled to
give his opinion an American citizen.
First of all must preserve intact the
purity of all our money. 1t might be
necessary to issue our securities to secure
gold to maintain this purity, the only way
by which we can summarily secure gold.
The balance of trade may be against us
again next year and if such a condition
should arise the Secretary of the Treasury
ought to have the authority to make the
deficit good.
All parties have heretofore given the Sec
retaries this authority. The expectation of
American products ought to be encouraged
by legislation. The surplus in the treas
ury if there was One-and Mr.. Sherman
supposed there was, for democratic Senators
said so-should be coined and used for II
legal purposes. Mr. Sherman said me did
not believe in buying silver from our own
people and making a profit out of the pro-
ceeding If it was a profit, it was an in
trigue; if not a profit 1t fraud. He
believed it fraud.
Mr. Sherman then began a 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 Misrepresentation and falsehood
in this debate. He denied Mr.. Voorhees,
statement that that act (the act of 1879 was