The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1893-09-08

The Colorado Senator Champions
the White Metal
A Strong Argumest from the Free Coin
age Standpoint Present DO
preston Laid 1T the Doors OF
Eastern bankers.

WASHINGTON. Aug. 3i.-At the con-
clusion Of the morning Mr.. Walcott. OF
Colorado. addressed the senate in oppo-
sition TO the house bill for the repeal
OF the sherman act. lie was listened
10 with the closest attention by sena-
tors on the floor and the audience
which packed the galleries. The speech
occupied nearly an hour in delivery,
and the remarks OF the senator were
frequently applauded by his colleagues
on both sides of the chamber.
Mr.. wolcoit began by saving that Il was un-
fortunate that this financial panic was unac-
companied by the widespread religious revival
which invariably. il was said followed panics.
The ready and complete change OF heart. how
ever ON the financial question which had been
Witnessed IN the senate chamber gave evidence
that II WAS time when men were especially
open To conviction. And IL the administration.
with its petty spells and patronage. had been
able TO make many converts. what might
we not hope when the assurance OF future
happiness would not be for four short
years. but for eternity. The misfortune under
which the silver men suffered was that the adj
ministration conversion came first. for II the
hearts OF senators had first been impressed
with the littlcness Of the things Of this world
and the glory OF things supernatural. the peo
| pie. who were 10 tc the sufferers. would not
have been deserted by their representatives
Except as patronage might he used 10 AFFECT
congress. there was no criticism TO be made re-
speeting the policy OF the administration.
/ Criticism OF the secretary OF the treasury was
almost misplaced. because he was n member of
the presidents household and committed TO
/ his policy. Nor was the president open 10
stri,ture tecarse OF his MESSAGE. for he had al
WAYS lccn consistent and persistent op-
ronent ~ silver COINAGE. The west knew last
year that whoever was elected its reliance
must De placed i'm congress. viii had more
than once risen above the personal wishes OF
the executive
Senator Wolcoti sarcastical'y referred TO
the great numtcr IL senators who. PROCESSING
10 be IA mettallisis held that an International
agreement was necessary. and pointed out that
Thereby they accepted the single gold policy OF
England. lie said that the friends Of sil-er
were not carried away by such utterances a.
those % senator Hill the other day. Who was
not for them was against thcm, and his speech
would have reen logical II made against silver
and in favor 81 unconditional repeal The sen
ator knew that free coinage by separate act
was impossible during this administration, and
that any assistance he desired 10 render must
come now or never at all Silver had been
compelled 70 bear everybody burdens for many
months and IL seemed to be involved In
some fashion with the democratic faciional
differences in New York.
As TO VOORHEES,
senator Wolcott next paid his attention 10
Senator Voorhees, and slid that his change OF
front OF the most remarkable ana
ominous Of occurrences. lie attacked the
senator's record on silver and national hanks
and said that all his past utteranccs shown
ly the Record were words writ in water. He
quoted from the senator's article last year in
the North American Review. 10 show his lack
OF consistency. and asserted that now for the
first time he Voorhees, supposed TO repre-
sent the masses. and Sherman. supposed 10
represent the classes. were in complete accord
In financial matters The wolf dwelling
with the lamb and the leopard lying
down with the kid This harmony he feared.
would not continue long. and when they arose
they would be fewer in number. There
could be but one chairman OF the finance
committee. and without undertaking the
abilities OF the senator from Indiana.
he looked forward TO the resnfnp-
ton Of the control OF the committee
by the senator from Ohio. and recalled
Pharaoh's dream OF lean kline. He adjured the
senator to remember Solomon's admonition.
that it is letter that thou shouldst not vow
than that thou shouldst vow and not pay" ire
ferring to his advocacy OF silver. No man
could he bi-metallist in the sense that he be-
lieved in the further coinage of gold and silver
hy the United States and advocate this bill.
The president would undoubtedly veto an in
dependent measure for the free coinage Of sill
yer. and there was not a senator In the body
who did not believe this to be true. Any man
who vouched for Mr.. Cleveland rs a tirietsllist
would vcuch for the man in the moon. Why
not act now on the whole financial question:
II was gliblv said that could have further
legislation later We shall never know any
more about silver than We know now and con
gress was In session 10 deal with the subject.
II might he true. as senator Hill prophesicd
last week. that the purch tsing clau sc would he
Internationally repealed. but II equally
true that he might find II necessary after a
time to revise his prophecy.
SILVER DErHRoSED
II this act should pass and silver he as IL
must. absolutely dethroncd and degraded. he
knew Of no reason why any senator who he
licvad in free coinage should ever cast anoth.
err vote in favor OF protection In any form.
This was an era OF experiment; let Us expert
ment all round Even II II were true that our
abandonment OF silver would In time com pei
other nations to its use. the step would be
rrnous and unnecessary. We could absorb all
the silver offered for coinage without imitation
OF the currency and without impairing our
financial credit AT home or abroad He
had demonstrated. few days a.o. the folly
OF the statement that the repeal OF the Sher-
act would restore confidence. This was
a bankers panic and II you asked banker
today how the repeal was to restore
confidence he could Tot tell you. The de-
positor- who drew out some $50. OOo0O did
not complain OF the fact. and none OF them
drew out money because of the existence Of
that law. II seemed unaccountable that in
panic times banks should not desire an in
creased volume OF the money Their plan was
however after repeal 10 ask for the issue of
t1OO. 900 Of gold bonds. and they had good
reason to believe tina. q complaccnt finance
committee would authorize such bill While
waiting clearinghouse certificates based on re-
discounted paper furnished an excellent sub
stitutc for money. No more remarkable state
ment had ever been made than that by Mr.. Cor
man. With bated breath he urged the senate
not to inform itself OF the facts 10 regard TO the
condition OF the banks. but to let the comp
troller alone.
A western point OF view was not OF much
value these days on Wall street but he ven
turcd to suggest 10 the able financiers OF that
attractive but expensive locality that II they
would prevent repetition OF such frauds as
the whisky trust and such msmanagcment
as had been shown in Cordage and other in.
dustrialS. would remember that the sherman
act, or some kindred measure recognizing silver
coinage must afford them the only avenue pos.
sihlc for an enlargement OF the currency which
they especially needed would look at map OF
the United States and observe that they cover
broad expansc OF country. and contain many