The morning call., 1893-08-23
HIS GREAT EFFORT
Voorhees, Makes a Talk
for Repeal.
HE IS A FRIEND OF SILVER.
But Just the Same He Is Prepared
to Follow President Cleveland
to Any Length.

WASHINGTON. Aug. 22.-Interegt in the
financial discussion in Congress was held
in the Senate to-day when Senator VoOr-
hees made his great speech justifying his
position IN voting for the unconditional
repeal of the Sherman act. Nearly one
third OF the entire mem mberShip of the
House was gathered in the rear seats and
the galleries above were packed TO suffo-
cation.
The speech of VOORHEES, was one of his
greatest efforts, and while he did not
aDate one Jot of his past bimetallic record
the burden of his argument was directed
TO proving that the repeal OF the Sherman
act was proposition which as a necessity
could have no material effect on the merits
Of bimetallism as a public policy.
Allen gave notice of an amendment that
he would offer to Voorhees, bill. 1t pro-
poses to add to the repeating clause of the
bill provision that hereafter standard
silver shall be coined into dollars, halves,
quarters and dimes at the present ratio OF
sixteen to one, under the same conditions
as to mintage and other charges enforced
in relation to the coinage of gold, and that
the Secretary of the Treasury shall, with
out unnecessary delay. cause all the silver
bullion owned by the Government to be
coined into standard silver dollars, such
dollars to be legal tender
VOORHEES, then took the floor and ad-
dressed the Senate in advocacy of the
bill reported by him discontinuing the pur-
chase of silver bullion.
He explained that the action of the Pres
ident in convening the extra session was
owing to loss of confidence in the finan-
cial world. This loss of confidence, he
said, ''was not in the credit of the Gov
eminent, which was better to-day than
any other Government on the globe" He
praised the administration for its refusal
10 crafty the demand of the capitalists
for the issue of $500, ,000,0O more bonds
summarized the element OF the nations
financial strength within its own borders.
and regretted that legislation had checked
our foreign trade and had left us to-day
without commercial friend in the world.
lie had faith that the giant evil which had
crippled the commerce of the country
would be removed with other evils which
challenged attention and action. If the
true greatness Of the country was studied
it would be seen that financial panfcs and
alarms could have no foundation here.
There was another exceedingly nower-
ful test OF the Governments credit. Money
was simply medium for the exchange Of
values. Money was a creature and Con-
gress its creator. Gold and its alleged in
trinsic value went tor naught as circu-
lating medium. unless the coin bore the
stamp of the Government The same Off
cial stamp on silver or paper at once en-
nobled them with the same quality with
gold in its purchasing power. no matter
how debased or valueless the materials
may have become as commodities by sim
lister or unwise legislation. There were
nine different currencies used in transact
ing business in this country, of which
eight were uniform in such purchasing
and debt-Daying power as ID ade them in
terchangeable. Never but once had these
currencles been discredited by the Govern
ment. and that may never happen again.
1t was the duty of the Government TO fur
nish sound, reliable, constitutional money
for the people.
I'VE are now confronted by law with
out precedent or parallel in American his
tory-a law which has resulted in fnap-
cial panic, alarm and distress, and for
whose repeal Congress has been con-
vened."
voorhees, characterized 1t as "a compro
mise born in an evil hour, the worst and
darkest that ever befell the cause of BIZ
metallism or the honor and existence of
silver money" He characterized it as "a
Republican measure to induce the pr3duc-
ers of silver to surrender their rights to
free coinage. Its creators now stood ready
to leave their victims of misplaced conf
hannn baO OIah xrifb
lege of coinage of their silver or the selling
of it as a mercantile commodity to the
Government. Silver degraded to a COM
modify could no longer hold its place with
gold as part of the specie basis of this
country. and it was now reeling and stag
gering under the blow, until its enemies
predicted with joy its speedy destruction"
He congratulated the Democracy that
mot single Dem ocratic vote had been
cast in favor of the act" AS bimetallist
he voted against the passage of the Sher-
man act, and for the same reason he would
now vote for its repeal
He avowed his unskaken faith that sil.
YER would remain forever one of the
worlds great potent factors of finance,
commerce and traffic in daily business
transactions. 1t would neither be demon
etlzed nor driven away from the habita-
tions OF the greater masses of mankind.
The question had been asked whether
votes would be given for the uncondi-
tiOnal repeal of the law before a substitute
had been agreed upon. he was in favor
of eradicating this confessed evil from the
body OF our laws with no other condition
than his right and free agency to support
and secure in conn ection with its repeal,
or afterward by independent measures, a
sound financial system, embracing the
coinage of silver on an equality with gold,
which had been the declaration of the Chi
cage Democratic platform.
Mr.. VOORHEES, defended the President
from the charge of insIncerity in connec-
ton with the silver plank of the party.
He said the President had never re-
called. retracted or explained a single word
OF his letter of acceptance. which was Just
as binding as when first given to the world.
lie was willing to stake his faith In the
truth and honor of Grover Cleveland and
his well-known fidelity TO his pledges
when once made.
he paid high tribute to Secretary Car