The Bessemer indicator., 1893-09-09
WORDS OF WISDOM:
Coiorados Junior Senator Reads the Riot Act to
Eastern Republicans.

and when they arise thoy will be fewer
in number. There can be but one chair
manship of the finance committee and
without in the least undertaking the
abilities OF the senator from Indiana,
those of us who have watched the
course of financial Legislation for
the past 20 years commencing with
the dcmonet!zation of silver In 1879,
must be pardoned If we look forward to
the resumption of the control OF the
COMMITTEES by tie senator from Ohio.
and II we recall In this connection Pha-
roahs dream OF the lean kline. In what
have said | beg to be understood as
Offering no criticism respecting the SEN
ntor from Indiana, He has been 80 long
an advocate OF silver that I cannot yet
believe he will desert the cause or cast
mis- vote for unconditional repeal. only
venture to remind him. In view of his
past utteranccs that old solomon did not
belle his reputation for wisdom when he
said It's better that thou shallst not
vow that that thou shoudst VOW and
not pnv.'
The report of the nnance cunmit'-e,
signed by two Democrats and four Repub-
licans and not concurred in by four Dem
ocrats and one Republican. is bedeckcd
with plumage which 1T has no right to
nobody Is deceived by the verbiage of the
report silver Is to be demonetized, the
Sherman law to be robbed OF its pur-
chasing clause There is always to-
morrow and 1t Is unwise to close our eyes
to the character OF the proposition. No
man can be bi-metallist in the sense
that he believes in the further coinage
of both gold and silver by the United
States. and advocate the bill. The
president will undoubtedly veto any inde-
uende1t measure for the free coinage Of
silver and there Is not senator In this
body who does not believe this to be true.
The only possible chance to save silver
is to couple any provision looking to n
change in the Sherman act with come
measure recognizing and establishing sill
Yer coinage. Any man who will vouch
for Mr.. Cleveland as II b-metallist would
vouch for the man in the moon. 1t Is
urged upon us that we have been called
together for II specified purpose, and that
1t is our duty to accomplish that
and that only. and then go home
1t is everywhere admitted that we
need further legislation Respecting
silver but 1t is giibly said that we can
have that later Why not now? Com
sress Is in session to deal with the Gnan-
ciai question. We are al of US advised
as 10 the situation. We shall never
know more than We know now about sill
yer.
settle the silver Question Vow.
IL is conceded on every hand that the
Sherman act had nothing to do with the
existing financial panic. Then why not
at this time determine n policy which
this country should follow and bring the
subject to iinality? We are told that II
Is essential that we act quicSly Very
true, and IL we are all b-metal.ists and
all favor repeal of the Sherman act no
obstacle stands in the way of speedy nc
ton and | may be permitted to suggest
to gentlemen who are in SO great II hurry
that II time be of value to them they may
perhaps secure repeal far more quickly
by coupling with it some fair provision
for silver coinage than In the way sus-
gested by the finance committee. 1t may
be true. as the senator from New York
last week foretold with confidence. that
the purchasing clause of the Sherman act
will be surely and Internationally re-
pealed, but 1t is equally true that he may
possibly find 1t necessary after n time to
revise his prophecy. Since this subject
was threshed over during the last con
gress two new reasons have been ad-
vanced why silver should cease to be
either purchased or coined at our mints
They are rersistcntly presented to us by
the advocates of the bill reported by the
finance committee. They are. first, that
our abandonment of silver will compel
IssnS to agree to international
conference and to the restoration Of sill
yer us money metal to be freely coined
as offered. and another that the repeal OF
the purchasing clause will restore conf
dence In our finances and our financial
institutions to the people. who have lost
faith in business. We are constantly as
sured that our abandonment of silver
will force England to an international
agreement. This may be true. There is
not gold enough in the world 10 40 IT'S
business and some day this VIII De rec
ognized by the mono metallist countries
But the time is far away.
Evils of DEMONSTRATION.
Capital is strong and selfish. This SEN
ate chamber today is the best possible
cxempliHcation of It's power. and the long
period of suffering and of shrinkase Will
pass before We return to the double
standard Meanwhile the sections here
tofore devoted to search for silver will
become largely depopulatcd. The mines
will MI with water. the timbers which
sustain their walls will rot the vast In
dustrics dependent for success on the
mining regions will become bankrupt and
a generation will not serve to renew their
prosperity even after silver may be re-
monetized. Investments in railroads,
mines. smelters and other property d
rectly and fatally affected by the action
recommended bv the finance committee
aggregate more than 81 100000, and they
arc all to be sacrificed that we may make
our financial policy in exact accord with
Great Britain. the creditor Of the world
Ft,..
protection is wise. and must be the bull
wark of our prosperity. 1t is threatened
year nfter year by the advocates of free
trade. There is one way to settle the ag-
itation finally and forever. Submit to alb
solute free trade A few years will show
the folly of 1t. The country Will then re-
turn TO protection, and you will not be
AGAIN disturbed. picture the caxerness
win which New England would grasp
the suggestion. the warm hearted vel
come she would extend to the friends
who thus advised her.
Since I have referred to the subject of
protection another word may as well be
said. There is no analogy between free
coinage and protection. They rest on es-
sentihlly different principles are based on
separate foundations. Yet, IL this great
country with its enormous area and
wealth and population and resources. is
to change Its monetary policy to follow
and to be In accord with that of Great
Britain 1t alters the whole basis of our
relations with foreign countries. 1 speak
with hcsitancy and reluctance. but, as
the subject now presents itself. II this
act shall pass and silver be, as 1t must
be, absolutely dethroned and degraded. l
know of no reason why any senator who
believes In free coinage should ever cast
another vote in favor of protection In any
form. IL we are to have steadily appre-
ciating currency and constantly lowering
prices. 1t is better for our farmers and
wage workers that they may have the
opportunity of buying untrammeled and
mnres trIctel In the markcts in the world