St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-11

THE RECENT PANIC.
AT the passage of the Sherman law.
and every day since its passage. it has
been fifty characterized by our own
people and by the best financial minds
OF other countries as abhorrent to every
principle of sound finance, and if long
enough continued it would drive or drift
US 10 silver mOnometallism.
The question that presses itself home,
said Mr.. Mcpherson. and appeals to the
conscience and intelligence of every
senator is, will congress heed the voice
OF the people and stop the influx of
silver, or will it not? This is the plain,
simple question. 1t has been debated
and decided elsewhere by higher tri-
bunal than this. After a careful review
OF all the amendments thus far present
ed, find nothing but surrender offered
to friends OF repeal. Whatever of fault
or misfortune attaches 10 delay or fail
ure belongs alone to the Democratic
majority, who have been entrusted with
the power and TO whom belongs the re-
sponslbility. The president of the Uni
ted States, continued Mr.. Mcpherson, is
entitled to all commentator, not only
Tor summOning congress here, but for
what he said to congress. The country
was in great panic, and the people
believed that the repeal of the Sher-
man law would mitigate, if not en-
tIreIy remove. the apprehension. The
president coDcurred in this belief, and
hence his recommendation. After the
repeal of the Sherman law, the reforma-
tion of the laws relating to coinage be-
comes duty devoi7ing upon congress.
and is not at present subject for exec
utive action or interference. Itremains
to be seen whether congress will act as
wisely as the president has done.
Promptly repeal the Sherman law. Give
nature chance to get back to its
NORMAL CONDITION.
Restore confidence in the ability of
the government to maintain its tnan-
cial policy; help the crippled bauks to
resume; light again the fires in our
furnaces, and start anew the wheels in
our factories. Then let congress pause
and reflect. In conclusion, Mr. Nc
PhersOn said: "Of what use is a legisla-
tive body that cannot act as the major
ity desires? That a minority of this
body should be allowed to stand as an
obstacle TO the other branch of the leg
islature iu giving effect to the will
of the majority of the people
is not to be endured. and the senate
must find way to exercise its constitu-
tionaI functions or cover itself with
contempt"
When Mr.. Mcpherson concluded his
speech, Mr.. Stewart rep. New asked
whether he accused the minority in the
senate on the repeal bill of attempting
to thwart the will of the majority other
than by legitimate debate.
Mr. Mcpherson replied that he had
not yet made such an accusation, but
he did not know what he would do be
fore the debate closed.
Mr.. Stewart then argued as to the i'm
pOrtance OF unrestrained debate in the
senate. expressing the belief that this
government would be a monarchy today
had it not been for the senate. Mr..
Stewart drltted to a general free coin
age speech, but Mr.. COckrell, who had
yielded the floor to Mr.. Mcpherson, be-
came impatient, and Mr.. Stewart, OBJ
serving it, soon took his seat.
Mr.. Cockrell Dem, Mo- then resumed
his argument begun yesterday in oppo-
sitiOn to the bill. He started with the
statement that any international agree
ment with European governments was
now impossible. After Mr. Cockrell
bad been speaking nearly two hours Mr..
Allen, of Nebraska, called attention to
the fact that
ONLY EIGHT SENATORS.
we're present, and the presiding officer
directed that the roll be called. Just a
Id
continued his speech.
Mr.. COckrell read extensively from
reports of the international monetary
conference of 1867 to show the part
taken by Senator Sherman, who. he
said, had never been given proper credit
Tor his efficient work in aid of the estab-
lishment of the single gold standard.
To that conference the United States
sent Samuel Ruggles as its representa-
tive, but Senator Sherman was in Paris
at the time, unauthorized. and he was
introduced TO the conference as the
chairman of the finance committee of
the United States senate. That was the
only opportunity the United States ever
had to secure an international bimetallic
agreement, but it was rejected, and
| Senator Sherman was more responsible
for its rejection than any other man.
international bimeIallism is a mere
dream" he declared. You might Just
as well seek an international language.
nternatiOnal bimetalliSm was prevent
ed when the language Of the world was
confused at the Tower of Babel.
DO l understand, ''asked Mr.. Hawley
rep, Conn that the senator from
Missouri claims that the nations of the
world generally are opposed to an in
ternatlonaI agreement"
81 have not VET fOuDd solitary nation
| in all the international conferences"
| replied MIR. COckrell, which was willing
to give up its
MONETARY SYSTEM
for any other that was proposed" Mr..
| Cockrell produced statistics to show that
| the depreciation of silver was not due to
| oYerproduction of that metal. On
! the contrary, the depreciation
| had been caused, he said. by
| legislation closing the mints
| against silver. In substantiatiou of
this statement, Mr. Cockrell. apparently
with great satisfaction. read from a
speech of Senator Sherman made April.
! 1876. in which that senator said that il
was not SO much the fall of silver, but
the rise OF gold. Mr.. Cockrell, without
| concluding his speech, yielded the floor.
| The house amendment to the senate
| bill granting settlers on certain lands in
! Oklahoma territory the right to COM
mute their homestead entries was laid
before the senate and concurred in.
The bill will now go to the executive.
The house bill repeating the federal
election laws, which passed the house
today, was laid before the senate.
Mr.. Pugh, chairmanof the judiciary
committee, was in the chair at the time
and was about to refer it to that COM
mittee. Mr.. Hoar suggested that the
bill should go to the committee on privi-
Ieges and elections. Senators of all
shades of opinion now agree that the
night session experiment will be neces-
sary to bring the senate to any agree
ment on the financial question. OpiD-
ions differ as much TO the probable
length of the continuous session as to
| what the result of it will be. Pending
| determination as TO ifs raferanna the