The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-08-26
HILL FOR SILVER.
But He Will Vote for
Repeal.
DEFIANCE To CLEVELAND.
The Senator From New York Brings
Gloom to Democrats and Joy
to Republicans.

dress OF nearly two hours duration.
Nearly every member of the Senate was
in his seat and was an attentive listener,
and many members OF the House crowded
over 10 hear the distinguished Senator
The famous phrase. 81 am a Democrat"
which has now become proverbial, was re-
called to-day by Hill in his forcible dec
laration on the financial question when,
as usual, he epitomized his silver Views in
q single sentence.
II am bimetallist," said he. II do
not believe in q single gold standard or a
single silver standard; but do believe in
the use of both gold and silver as the stan
dard money of the country and in their
free coinage in our mints at proper ratio
and without discrimination in favor of one
or against the other"
There were those. the Senator said, who
do not wholly agree with the President in
his diagnosis OF the malady now affecting
the body polite, and who did not hastily
join with him in his rosy conclusion that
a financial millennium is to come the mo-
ment the Sherman law is removed. There
were some who had given the subject at
teDtion who believed the cause of the
present depression was deeper and beyond
the Sherman bill; that its foundations
were laid in the evil hours of 1873, when
the country nnwittingly laid aside fnan-
cial policy that has been its guide since
the foundation of the Government The
existing financial disturbance, Hill found.
was attributable TO three distinct causes
First-It was the natural and inevitable
result of many years of real or fictitious
prosperity. SecOnd-Some portion of the
present panic could be traced to concerted
effort on the part of the monometallists
To produce il in order to discredt silver.
Thrd-No matter what else NAV have
contributed to the present financial con-
diton, it could not be denied that the sill
ver-purchase law bad been, at least in part,
and possibly most largely, instrumental
in producing the existing complications.
Hill did not believe the simple repeal of
the Sherman law would at once restore
abundant prosperity, but that many years
would be required TO recover from the
present disturbance. He compared his
own course in declaring for repeal with
the Presidents course IN falling to refer
to it uGtii this late day. Had the Sherman
law been repealed at the last session or in
the special session on the 9Th OF March the
United States would have escaped the
present panic and precluded the closure OF
the Indian mints. An independent, free.
bimetallic coinage in the United States was
not consistent with the counsels of none
tary science. While repeal would not
bring a parity, it would facilitate it hy
bringing that newfangled monetary theory
gold ponometalllSm, begotten in the en-
braces of Ignorance with Tapacity-at last
to an upequivocal crucial test The per-
manent remedy for our financial difficulty
was to return to that blmetallism that ex-
listed prior to 1873.
Hill favored an increase OF the national
bank circulation as proposed in the pend
ing bill. Continuing. he said he regarded
the question OF ratio rs not timely and as
of the least consequence, but if changed at
all it should not be enlarged, but di-
minished to 151a. the Latin Union ratio.
The chief surprise of the speech of Sen
ator Hill was the position be assumed,
minimizing the Importance of a revision of
the coinage ratio. and his suggestion that
intern atiOnal bimetallism might be sought
by holding out an inducement to the
Latin Union count tries to recoin at profit
rather than at loss gave greater salts
faction TO Western free coinage people
than even the most sanguine had expected
from his argument.
There was a dead silence in the Senate
when the speaker referred to the state
ments that President CLEVELAND was at.
tempting to lead the country TO mono
metallism, and made his comment thereon,
concluding with his defiance to Presiden-
tial domination. II shall refuse" he said.
ito follow in the footsteps of any admin
istration that seems to place the Demo-
cratic party in false position; that seeks
to lead 1t away from Democratic princi-
pies and platforms and into the very camp
of the enemy. The President must rely
such suicidal policy"
Democratic Senators looked gloomy and
unhappy at this, but smile of amused
satisfaction covered the faces of the
Republicans.
The speaker did not believe, however.
any such course would be taken by the
President by his own volition, or even un-
der the inspiration OF indiscreet advisers
until clearer evidence shall be furnished
than now exists. He deprecated hasty ac-
tion In the forma ton of definite financial
plan and predicted the failure of the at
tempt to impose gold standard on India.
Senator Hill said that the temporary
relief which the country needed at this
hour was the prompt repeal OF the Sher-
man law. 1--WE can discuss our monetary
theories afterward." he went on. "Our
duty now is to stop further silver pur-
chases and relieve the almost bankrupt
treasury from the drain of gold out of its
vaults. Let us legislate upon the financial
question and then return 10 our homes.
At the regular session next December we
can resume the con sderation OF the estab
lshment of the permanent financial sys-
tenn required by the necessities of our
great and growing country.
1.-The goal for which the country should
steadily strive is, first, an international BIZ
metallIsm agreement with at least few
of the leading nations, aDd if tha. is ab
solutely impossible of achievement. then
for independent b!metallism at the earliest
moment when the condition of our finau
ces and conditions abroad Will safely war
rant it"
Referring to the tariff, the speaker said:
The Democratic party is pledged to tariff
REFORM and III must redaan ito ,,1adcae