Waterbury evening Democrat., 1893-08-26

WAsHINGToN. Aug. 26.-The speech made by Mir. Hill in the senate was remarkable in many respects and is today the chief topic of comment in congressional circles. Mir. Hill began by saying that there were those who did not wholly agree with the president in his diagnosis of the malady now affecting the body polite and who did not heartily join with him in the rosy con- cIusion that the financial millennium is to come the moment the sherman law is re moved There were some who had given the subject attention who believed the cause of the present depression was deeper and beyond the sherman bill and that its foundations were laid in the evil hours of 1873, when the country unwittingly laid aside the financial policy that had been its guide since the foundation of the govern ment.
 Three Distinct Causes.
 The existing financial disturbance, Mir. Hill found, was attributable to three dis tinct causes:
 First-It was the natural and inevitable result of many years of real or fictitious prosperity.
 Second-Some portion of the present panic could be traced to concerted effort on the part of the monometallists to pro duce it in order to discredit silver.
 Third-But no matter what else may have contributed to the present financial condition, it would not be denied that the silver purchase law had been, at least in part and possibly the most largely, instru- mental in producing existing complica- tions.
 NIT. Hill did not believe that simple re- peal of the sherman law would at once re- store abundant prosperity, but that many years would be required to recover from the present disturbance. He compared his course in declaring for repeal with the presidents course in failing to refer to it until this late day
 He was 8 bimetallist and stood for free coinage at a proper ratio. Had the Sher- man law been repealed at the last session or in special session on March ,, the United States would have escaped the present panic and precluded the closure of the h. dian hints.
 Independent, free bimetallic coinage of the United States was not consistent with | the counsels of monetary science. While repeal would not bring parity, it would fla cilitate it by bringing that new fangled monetary theory-gold monometallism, be gott en in the emb braces of ignorance with | rapacity-at last 10 an unequivocal and crucial test. The permanent remedy for our financial difficulty was to return to the bimetallism that exalted prior to 1873. Favors a Reduced Ratio. Mir Hill favored the increase of the na- tional bank circulation as proposed in the pending bill. Continuing. he said he re garded the question of ratio as not time | ly aLd as of the least consequence but if changed at all it should not be enlarged, | but diminished to l5' ;, the Latin union | ratio. He should refuse to follow in the | footsteps of any administration that sought to place the Democratic party in false po- | sition and lead il into the very camp of the | enemy. The president must rely upon Re publican votes to carry out any such sui cidal policy.
 | He did not believe. however, that any such course would be taken by the presi- | dent by his own volition or even under the inspiration of indiscreet advisers until clearer evidence shall be furnished than now exists. He deprecated nasty action in | the formation of definite financial plan and predicted the failure of the attempt tc | impose gold standard on India. l Meanwhile the prompt repeal of the sherman law was demanded as a measure of temporary relief, Let us leSislate upon | the financial question. said Mir Hill, and | then return to our homes. next December | resuminG the consideration of q permanent | system.
 His distinguished colleague and himsel | would cheerfully VoJe for the repeal bill l ''uuawed by power and interrupted by federal patronage He predicted the pas l sage of the bill by the senate and that th, l republic would weather the present storm
 When he declared that the president. i he deserted bimetallism, could not rely upon support from him or from Demo cratic senators and would have to relI upon the votes of Republican senators, significant smile of amusement and sel | complacency passed through the whol, Repu blican group, while on the Democrati side of the cham Der there were looks rathe of annoyance than of pleasure. | He announced that the wishes, view and suggestions of the administration would have no influence on him, but tha he himself and his colleagues would vot for the bill unawed by power and uncor rupted by federal patronage.
 The speech occupied in its delivery lit tie over an hour and half and attractet close attention on the floor and in the wei filled galleries. For the next hour ther was a far different scene in the chamber Not a score of senators were present. Tn galleries were almost empty, and MT Stew art was on the floor making a speech ol the silver question.
 Afterward the house joint resolution a to town site selections in the Cherokee out let was taken up, discussed and passed
 
 lie lands requiring the trustees to be bon ide residents of Oklahoma territory bein defeated by a large majority.
 Notice was given that one of the f1nau cial measures (Mr. McPherson could nc 5 particularize which, would be pressed to vote next week, and the senate adjourne until Monday.
 Five Minute Speeches In the House.
 Nothing sensational transpired in th house. Aside from the speeches delivere ' by Messrs. Burrows and Springer, ther ) was none that commanded the attentio of the members, and indeed these tw speeches were not listened to with the il terest they deserved.
 The day was day of calm-the pr, cursor of the storm that will come toda, A large number of members addressed th house but for the greater part they waste their eloquence on empty benches.
 The Colored Baptists' Convention.
 CARLISLE, Pa, Aug 26.-The sessions the colored Baptists' convention are bein largely attended.
 The Jubilee's Crew Strike.