The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-09
THE SENATE's SESSION.
nIr. Faulkner Of West virginia, on the
sherman Law.

sir. Faulkner Of West Virginia, on the
sherman Law.
WASHINGTON. Sept. s.-Speeches from
Democratic Senators in the Senate to-
day on the repeal bill were made by
Faulkner OF West Virginia; Turpie. OF
Indiana; and Jones. of Ark. All OF them
We're ga favor of the repeal OF the Sher-
man act. but coupled with the condition
that silver should be restored 10 the
position which II occupied prior TO the
demonetization OF 1873.
The silver bill was taken up at 1890
on motion of Mr. Voorhees,, without dject-
ion, Mr. Faulkner being the first TO take
the floor.
Il shall vote for the repeal OF the pur-
chasing clause OF the act OF 1890" said
Mr. Faulkner. mot for the reason that
believe fl is the cause Of the prostrauon
Of our business Industries and our hnan-
cial stringency, nor that Il has Induced
a want Of confidence on the part OF the
people in the integrity and stability OF
our financial system, but for three good
and sufficient reasons:
"ist. The authority and discretion Il
cOnfers upon the Secretary Of the Treas
ury 10 enter the market and purchase
100000 ounces of silver monthly, without
any limit as to the time when this ac-
cumulation Of bullion shall cease pre-
sents a constant menace. and tends TO
depress the price OF silver bullion. The
act IS founded upon a false theory as 10
the proper functions Of government in Its
relation 10 money, and furnishes a vicious
precedent for the future.
end. In the execution Of its provisions,
especially in the storing Of the bullion and
the issue OF treasury notes, II has been
the fruitful source Of the strongest argu-
ments against the use Of silver as a part
Of our monetary system.
'3rd The people believe, however err
rone0usly, that the disturbances through
which we are passing are mainly due 10
this act, and like any other faith cure"
its repeal (which is proper in any EVENT.
viii assist in restoring confidence. the
want OF which is the chief obstacle TO
the restoration Of business activity.
'Mr. President. although / shall vote
TO repeal the purchasing clause OF the
act OF 1890 / certainly hope ! may not be
called upon 10 do so without having first
secured an amendment 10 the bill now
pending before the Senate which Will,
BY law. and not by a mere declaration.
give notice 10 the world that this gov
ernment will exercise all It's pow
ers, employ all us resources and
throw the weight OF It's great In
fluence I'm favor Of the re-estabiishment
Of silver on an equality with gold as a
standard Of value. Mr.. Turpie opened
with what he called a study OF the history
Of money for the last 900 years and stated
that II was not 10 be doubted that the
syndicate Of gold had favored the passage
of the Sherman law, which now 1T de-
sired 10 have repealed. The basis Of
circulating medium, truly considered. was
the subsidiary coinage; and this coinage,
ne said. in which labor was paid. was
base. spurious and dishonest Whatever
he might think Of the value Of the gold
reserve In the treasury. he was ioath to
have IL looted by the banditti OF the gold
trust. Ii was a constant source of ir-
ritafion 10 ft-an anomaly. II was con-
trary TO the traditions Of the syndicate
and 10 it's mysterious law OF aggregation.
for the syndicate had long ago said "All
gold Is mire."
TyEpls elass4 With an Invocation f9g