Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-08-30
CAUSE OF THE PANIC
REFUSED TO PAY DEPOsIIoRs
Cisssl~sd Charged with saying the
Peopie Needed an oh5ecs Lesson
Asd Woaid Gee Ia

WkssIxozos. Ang 9-fn the senate
tnisy Ar. Foorksss. chairman Of the
hnaDcs eommiklse. rspartsd back the
hoazs bsa rsp>silnz psrtot ths sherman
act. sith sn 1k1cndmsnt In the nature
of sskssltsis RE sskri that the bin be
placed % iAs czledzr and be gAFe notice
that Ne .hoaid ask the serste @ take 10
- z1d co1sits< Il imme1nutals after the
nofninx bo&1c@s from tbs time oa
rnlif nbal 1c<ion bc taken. The suhsti-
tutr ~ <41t sls sxactly the bill hereto
fors reported fron the finance commit
-.
kr. Ieli>r's objection 10 Mr. Voorhees,
tili being taksn up today. II went over.
under tie rules until tomorrow.
The Fesolutlon offered yesterday by
Ar. Stewart lfepublicank of Nevada.
air>ctinz the secretary of the treasury
- inform the sen2te whether there 10
danger Of deficiency In the revenues Of
the government during the current year
and Z 80 What IL the probable amount
q such deiicicncy and whether leglrla-
Ton IL necessary % supply such de
helsacy, vas eall-d up.
woaId Cause Alarm
The resolatinn gave rise 10 long dis
rusaion. Senators Sherman. Oates. Nc
Pherson and Harris opposed the reso-
luton a. calling tor prob.ematical state
menfs. and calculated 10 create need
less aiaFn or reelection on the secretary
II the treasury. A motion "a refer the
resolution 20 the nnance commlttee was
made by Mr.. Voorhees,
Mr.. Hill and Mr.. Stewart opposed the
motion. Mr.. Hili declared that he had
az much confidence IN the secretary of
the treasury as the senator from Indiana
had. but he could see no danger 20 the
county from The adoption of the reso-
luton
Mr.. Stewart defended the resolution.
There xzs rumor. be said. that there
was a deficiency in the revenue now,
aud that the treasury had difficulty In
paying current expenses There was a
rumor that the old reserve was being
paid out for cuFrent expenses. and he
did not suppose that the senate desired
that 20 be done.
FINALLY the resolution was referred 10
the finance committee; yeas. 40; Maya l6.
Mr.. Dolph introduced a bill which
was referred TO the committee on for
eign relations tappropriating 10000 20
snable the secretary ~ the treasury TO
snforce the Chinese exclusion actl
Democrat Promises
Mr.. Gordon addressed the senate Ia
'svor % the unconditional repeal Of the
purchasing clauses Of the Sherman act.
The democrat party. he said. had made
- the people four distinct emphatic and
reform the tariff. 10 repeal the sherman
Law. 70 place gold and silver on an equal
footing and 10 remove the tar on state
hanks
Coupled with these promises there
had been the one condition that the
people shocid turu out the republicans
aud turn the government over Co the
democrats The people had met the
condition. and nov. with anxioua even
ayouixirg suspense. looked % democrats
q So what they were going 10 do.
There vas no escape FOR the party. it
had either % redeem or 20 r-putiiate its
pledges The pledge as % taFif reform
would doubtless be f0lhlled Ia tine, not
- - to place Instructions in the path.
way either x infant or Of AGED indus
tries. but by a better disposition. a
Nt4EA 49, a'ttAHhts k&t--tttt - AlrE IAW'
material. 20 help manufacturers. 60 lift
lie burdens of labor. 90 protect the
common people. and thus 20 benefit all
For the sake II the great party 10 which
Be belonged ~ aancerely trusted that as
much might b. truthfuiIy said II the
pledge 81 financial reform: and ne be
iesed that a. much nigh; be said.
Repeal or sherman Law Promised.
TIE party lad promised % repeal the
Hhernar law Why. be asked halt be
tseer two op.riorsf II the friends ~
bi nctaillea we're strong enough In the
Esnste - impose conditions upon the
repeating piii. that sane strenkth would
suffice q enact b. netaliisn IN an inde
pendent ball Asa true fri-ad ~ ti
mrtallsm. 6rmly corsinc-,l o. ia vital.
h % inhueoCe 90 tae isnzuishinr irdus-
tires q ths whols cuuatry. hs app>aict.
for the uuconditionaf r~pea! = tbs Ster
fnan .aV he declared that he sha4ld
support nnhcsitatfnaly a prompt cen
errrerce IN TIE house hilL With the
uuccmrr asnising attitude n the hoess
against ~ netaliism ard for immediate
repeal q the Snrrmaa iae an ia.isfanre
b. toe seaate Dy ths hsti.ste reported
from ibe committee on finance would
inrolvs ind>fnits possronement. sna pr
.hat rss-on ne coaid not support TIC
subsfitute.
While eoarre-s delayed. .oufhero cot
toa was ssekiag q market With few buy
ers. save fofsign houses and ther arents.
sa.i ths pfioe tap 20 a few hours ago'
hat descended far below the cost of
pso3action. n the senate should now
lock the wheels of prtxress. which has
been aet IA motion ia tho other end 81
TIE espitoi. tho price q cotton soald
asein Descend below the cost q psoc0e-
ten. He ccuid n1t vote for any measure
that invoive3 sd.htional delay. Mr.
ticrt'cr. r. thr couciut NJ portion - be
srcech. advocated the repeal II the 10
per cent tax m stste hsnkA
~ensse Calamity Hav~ler.
Nr. Teller ssisirr..-.i the senate in an
arrament - prove taat the sherman
law = not rr-ron<ihie Tor tn fnancial
tfonhiee - ihe conntry Air,o-f With.
cut sxc-ptica. be saia es-ryons uho
hs5 addressed the senat. hsi spokeu a.
n there wzs some graf calamity IN
pending over the Eeapis - ths tiuited
StafeE Hs esnted - ent-- a. prosa@t
esfainsf thr calamity howl-rs u the
sennpe Ihera ausicnttesliv wss :
fnareisi sfringency But was thia the
5rst tin'e that the ps.cpie = ia tnfta.l
4. -. n