Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1893-08-30

assaled IL
Mr.. Hepburn Crep. la disagreed with NJ.
party colleagues and emphaticaiy declared
against the repeal OF the sherman law ne
protested against the shifting process OF icgct.
demain by which the democrats attempted tc
place The responsibility OF the repeal upon re-
publican shoulders and TO make the republicans
admit that the sherman bill contained all the
iniquitics which the democrats charged
that IL did The banks. the boards OF
trade the chambers OF commerce. the
inoneyed institutions, did not rule the
business % the country. Their business be-
KAN where tho business OF the producer ended
he believed that the sherman ae, In il opera.
ton was beneficial at al times and n was not
harmful to-day The true way 70 solve the
financial Question TO compel by wise and
lndicious legislation the balance OF trade TO be-
IN our favor The republican party was asked
TO admit that al tho evils that aniictcd The
country came from the sherman law For one.
he would not do
Mr.. Brickncr ldem., WisD advocated the re-
peal OF the purchasing clause
Mr. Byuum ldem Ind spoke for the Wilson
bin Ho said the vast majority OF people
believed the sherman law was Responsible Tor
the evils described by the president He high
ly eulogizcd tho action OF Secretary Carlisle for
his refusal 10 issue bonds The United States
could not open its mints TO free coinage az any
ratio. with the minis OF all the other civilized
nations closed against d. Free coinage here
meant a silver monomctnllism. and no one was
~ than the advocates OF The Bland amendment
should free coinage be- decided upon ne would
bid farcycll 20 any hope FOR tariff reform
Nr Jones tdem-. Va opposed the uncondi-
uonal repeal OF the purchasing clause OF the
sherman act aud favored free coinage
Mr. Ellis (dcm., KY spoke in favor OF free
coinage and severely criticised the position
taken BY his colleague AIR NcCreary) upon
the question
Mr.. Cooper Cdem. Toxl admitted thnt th.,
a NTr m Nfff hss a
that the medicine sought 10 De- administered by
the silver biu instead OF curing thu paticut.
would assist the disease
Mr. De Forest tdem. CONN., said that the
necessity for repeal il 80 clearly written on tho
face of public distress the demand Tor a H so
distinctly heard in the voice OF general calamity
that 20 would seem that 40 partisan rancor, no
Individual hobby, 10 speculative theory. no
merely selfish personal scheme or sectional tn
tcrcst would dare toohstruct a. by the slightest
obstacle or the least delay
n ruE SENATE
on the iSth Mr. Voorhees, called up his ma.
uoual bank currency bill md moved h. imme-
date consideration He felt called upon io say
That his bin was not introduced Tor the hensu
OF the national banks. but was rather intended
10 make use % The machinery which those
hanks now employ Tor the benefit Of the -oncr.
al public There was a dreadful situation CON
fronting The American people, ana every rom.
edy suggested could only b. a remedy with iho
prumptpst action.
Mr., Alien Drop, Ncbl advocated The adoption
OF the amendment offered hy him Co suspend in
tcrest on The bonds ou which the Increased cir
culatiou a. based In his Judgment tho lNi
would commit the country 20 a policy OF "a con
unuance OF the national banking systetn ana
lac believed that thc time had como when safety
required the overthrow of that system and the
wiping 10 out OF existence as speedily as possible
Mr. Stewart New said this was no time Tor
the national banks % ask a further subsidy
Lntil every c1ort was made 20 relieve the coun-
try. IL that EFFORT was not made iu good faith
II would not be- the fault Of the silver men
They would agree 90 everything that would
give relief They asked 40 subsidy mo- al
vantage. no change OF policy
Mcssrs Mcpherson ldcm., y. j and Man
dcrson crop. Nch) argued against the ALLEN
amendment
The Allen amendment being rejected. the
next question was on The amendment offered
hy Mr.. CockrCu dem. $40 for tho redemutlon
az their face value and accrued interest of such
por cent bonds as mny bc presented for re-
demptlon aud % issue grcoubacl,s 20 pay for
them This amendment WIS opposed
hy Mr. Mcpherson (oem. ~ ID and
Mr. sherman lrrp, %. The latter char
actcriZcd So as an uubusinessiiEc franSnc-
ton The government of the United States
could not now increase los demand liabilities
IL would hc unsafe o. DO g. Such proposition
would shake The foundations OF the govern.
mcnts credit Nobody doubted That the gov
eminent was strong rich. poccriul aud able 20
gold and silver coin, bot 30 was Eo' able - AZ
sumo new niianti0ns now
on The 2lst Mr Morrill, rep. va said he
had not yet abandoned ull hope 81 bimettiiism
aud therefore he should gladly vote for the re-
peal 90 40 much 81 the act 90 1890 as required
the purchase az silver After It's repeal tho
country would not De dependent upon gold
alone FOR currency. hud thCre would ho much
more Of silver than pi gold and more OF paper
currency than ever before aud as the silver doll
fIH tIas
silver could bc coinOd and utilized without
crowding gold 90 premium 10 would
be done boy universal consents but
the treasury should boz relieved from
Its embarrassment % furnishing gold % pay for
silver bullion. To maintain silver within tho
existing standard on o. parity wish gold while
increasing the public debt hy the daily purchase
81 over five tons of silver bullion. the treasury
notes Tor the payment % which we're practical
~ redeemed Too gold. was too heavy "a task aud
the administration had acted wisely lu appeal
ing 10 congress As 90 she declaration OF the
silver mine owners that thcy would not consent
20 The repeal uf the act 90 1891 without "a
satisfactory substitute indicated by them
free coinage tho very measure
most feared bY tho country. as 80 would briug
with 10 the single silver standard. No govern
mont can De sustained which does not fuinu its
pledges in good faith Tho public debt ma
tional and state. and au other contracts. hy our
recorded pledges. are payable ga legal tender
on a parity with gold Whatever policy will
relieve the public distress would bc his policy
Whatever favOrs the public credit would have
his favor Whatever measures support public
honor would have bis support
On the 2sd Mr Voorhees, dem. Ind advo-
Gated the bin reputcd hy him dlscontinuinv the
purchase % silver bullion He favored uucon-
diti0nal repeal and assaulted the present ua-
uoual banking system, concl uding b. sub
hitting 1--WE points basis for the rs-
taDllshmcut 90 sound financial system
First sumcIclt volume o. currency
at ali times state and national
on practically specie basis guar
antced also by public honor with which
90 transact the growing aud expanding. bus mess
dcvclc pmuuts OF the country. Second the
absolute denial and destruction OF all power lu
thc hands az Individuals. corporations or syndl-
Gates Co cause fluctuations in amount III the
different curreucics in circulation. thus rem
dcring panics and business distress inn
Jar in circulation. whether gold or au.
yer. state bank paper or United states
notes on a strict party and INTERCHANGEABLE
with every other dollar -Four. the settlement
Of che veEed question o. silver money at once
and forever. by authorizing u fo form its por.
SION ~ tho specie basis required by thr c0nsfi.
tuition Tor every chartered bank iu tho Union.
bT rncoFnilirg % when defining the powers 81
fn" Ffates to mako lcgnl tender money. OBJ is
making tfe u-r of silver coined into
money, as imraratve as win be useful
tp tho great body ri fhe people Eve.
me total and complete overthrow % the
dangerous Capitalization OF tae money power
no~ existing 10 "a fev money ranfcra ana ir us
hands of u frw individuals bv giving t0 the neo-
pIr 20 tne states fue Urht % horne ruio ou tne