Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1893-08-29
a Big Day in the House.

yer purchasing clause of the sherman
law was debated, Representatives
Reed, Bourke Cochran, Wilson, Eel
lows and others speaking in favor of
repeal, and Representatives Allen,
Bland and others in opposition.
Viewed in the light of oratorY, Mr..
Reed made strong though partisan
speech. Mr.. Allen convulsed the House
with his humor, Mr.. Cochran was
eloquent and enlisted wrapt attention,
Col. Fellows, always able, made a
good speech, and Mr.. Wilson spoke
eloqnently in closing speech of
twenty-seven minutes. Other good
speeches were made on both sides.
MIR. Wilson'S CLOSING SPEECH.
NIr. Wilson, democrat, of West
Virginia. the author of the bill,
closed the debate with speech in
support of the measure. 1t seemed
impossible, he said, after the able
speeches made on each side of the
question, for him, on whom the de-
tails of management had been so
much thrown, to lend force or novelty
to the discussion. II had been in
evitable that the debate should range
freely over the whole field of financial
theory and financial experience.
They had all felt when they had lis
tened TO the speeches on each side
that the American people were get
ting an education. and that their
minds were being cleared on that in
finitely important subject. He should
not attempt to follow that line of dis
custom He should attempt moth
ing more than plain conversation
al statement of the nature of the bill,
its purpose and the imperative rea-
sons which, in his judgement, called
now for its unconditional repeal.
BY universal consent the so-called
Sherman act had failed to justify the
expectations of those who framed it.
II had heen expected to raise the
value of silver bullion in this country
and, consequently, throughout the
world. IL had been believed by wise
men of the United States and abroad
by those familiar with financial sub
jects, that when the United States
went into the market and purchased
every month at the market price vir-
tlally the entire product of silver
(virtualIy one-third of the whole
worlds product of silver) that the
price of that metal must be raised
everywhere and that fact would go
toward restoring its before-time par
ity with gold. That expectation had
proved to be false one Almost
from the first enactment of The Sher-
man Law, from the very ending OF
the first period of speculation which
followed its enactment, the price OF
silver had been plunging lower and
lower, until finally it had reached
such n depth in the market that the
people Of the whole world were be-
ing kept in an agony of financial sus-
pense and distress. and some victims
had been obliged to close their mines
10 the free coinage of silver. 1t had
been expected that when the United
States poured into the channels OF
trade nearly four millions of its legal
tender notes every month there
would be an expansion of the cur
rency of the country, and that from
that expansion there would be re-
newed prosperity in trade and hush
ness. That expectation had been
equally falsified. Instead of pro-
dncing an expansion of the currency
it had produced contraction of it,
because for every million of treasury
notes that had been paid out q mil
lion of gold had disappeared. No
one could doubt. whatever of phil:
osophY there might be in the remarks
of the gentleman from Maine this
morning, that one of the secondary
causes (if not of itself an efficient
primary cause) Of the distress in the
country to-day was the Sherman law.
No one could doubt that that law was
largely responsible for the panic that
had suddenly overspread the country
1t had been argued from the first
speech 10 the last made against tht
pending bill that it would, while
stopping the purchase of silver
throw the country upon gold basis
The countryman on the plains who
was astonished to learn that lie haC
been speaking prose all his life was
not more surprised than certain gen
tlemen would be to find out that thi;
country had been upon gold basis
since 1884 under economic law;
which the laws of Congress could moi
override. We have been on golC
standard since 1884 under economic
law; since 1873 it had been on a goIc
basis by the express statute of Con
gress. The trouble was that as sill
yer had gone down the greater stres:
and test was put upon the govern
ment. Gentlemen had said that il
we would stop now the purchase OF
silver under the Sherman act we
would demonetize silver. The bill
proposed here would not demonetize
Il single silver dollar today circulat.
ing in any part of the country. The
bill had come, not To destroy, but tc
save. LAppIause. 1t had come
not to strike down silver, bat to place
it at once and forever on an imprcg.
nnhle basis with gold in the circula
ton of the country. TApplause.
Air. Martin democrat, of In
dina) inquired whether the passage
of the bill would nccessitate the sale
of bonds in order TO secure gold.
MIR. Wilson said that a question O.
that kind must bc answered in til,
iiuI,f s,f nNnnrjapnn not =, Ill ~.