The Providence news. (Providence [R.I.]) 1891-1906, 1893-08-31
Mr. SH[RMAl'S VIEWS.
Be Talks to the Senate on the
Financial Situation.
SAYS TIE CAUSES WERE MANY.
Conditions Responsible for the Trouble
Outlined, and the Democrats Re
minded That They Are Very Recent
Converts to the silver Repeal Theory.
SAYS TIE CAUSES WERE MANY.

WASHINGTON, Aug. 31.-After the rou-
tine morning business, the bill for the re-
peal of the Sherman act was taken up'
and Mr.. Sherman Rep, o. proceeded to
address the senate.
He said that II the repeal of the pur
chasing clauses of the act of July. 1890,
were the only reasSi for the extraordinary
session, it would seem to him insufficient.
1t was, however, justified by the existing
financial stringency.
On one thing, he said, congress and the
people agreed, and that was that both gold
and silver should be continued In use as
money. Monometallism pure and simple
had never gained foothold In the United
States. II senator's wanted cheap money
and an advance in prices, free coinage OF
silver was the way to do 1t; but they
should not call 1t bimetallism.
Mr.. Sherman then proceeded to discuss
the history of the act that bears his name.
He was not In favor of the free coinage Of
silver and regarded IL as but another name
for the monometallism of silver, and was
only In favor of the purchase Of silver for
the purposes of coming. The conferees of
the two houses agreed upon their two diff
ferences, aud In that agreement secured
the repeal Of the Bland-Allison act. Mr..
Sherman reminded senators that when
they criticised the law that was misnamed
after him, they should remember that
this law now on the statute books was far
better than either the house bill or that
passed by the senate
England = Big Creditor.
The president had, Mr.. Sherman said,
Get forth the decline in the value Of silver,
but had failed to give the causes of that
decline. II be had taken broader view OF
the causes of that decline he could have
explained Il all 1t was due. Mr.. Sherman
said, to the fact that we were called upon
TO pay our debts, debts payable In gold.
England was the great creditor country,
and We should neither be ashamed Of nor
hate her. We are her children and par
take much Of the characteristics of the
parent stock.
England's losses in the Argentine Re
public had to be made good. and she re-
turned our securities and demanded the
gold needed to save her own institutions
from going down. For the first time also
In q number of years the balance of trade
was against US and we had to make the
difference good.
After discussing other matters con-
eKADuetuk W tuo pKcSouO Couuitiou,
Sherman declared that an erroneous inn
preston had been created when it was
claimed that the Sherman law was the
cause Of the trouble, and this he said with
all due Difference to Mr.. Cleveland. Still
the fact was that congress must dea, with
q situation and not measure. He be-
licved in giving the devil his DUE" and
was ready 70 stand by the law, not as q
measure in which he took any special
pride, for he was compelled to yield In or
der to prevent disastrous legislation.
Not . Convert.
But without this law, what would the
country have done in 1891 and 1892 had it
been called upon then to meet the difficult
ties now staggering usi He was not q
new convert TO the repeal OF the law, and
year ago he had introduced bill to sus-
pend the operations Of the law. 1t was
woraed almost exactly like that of Mr.
Voorhees, Why did not the Democratic
senators then SEE the dangers they now
see and come 70 the help OF the Republi-
cans when they sought to suspend the
law. Not Democratic vote was had
then, and Democrats must answer why.
This WAS currency famine, not the fear
that the money of the country was not
good, and the people should not be de-
ceived s to the reasons for the repeal. Mr..
Sherman did not believe the repeal Of the
law would in any considerable degree re-
lieve the country from the existing stag
nation. It's repeal would ease the money
market from the dreaded fear of the free
coinage OF silver. The law was denounced
by the Democratic party as A miserable
makeshifk 1t was makeshift, and good
one, intended tn prevent the evils growing
out Of the free coinage of silver.
Concerning the Future.
The Democratic party was now charged
with grave responsibility, and Mr.. Sher-
man warned them that if they attempted
20 alter the existing tariff laws they would
plunge the country into deeper distress
than now exists.
Taking it for granted that the Sherman
law would be repealed, what of the fu-
turei Mr.. Sherman, while not the ad-
wiser OF the Democratic party. said he was
entitled TO give his opinion as an Ameri-
can citizen. First OF all, we must pre-
serve intact the purity OF our money. 1t
might be necessary to issue our securities
to secure gold to maintain the purity, the
only way by which we can summary Sc
cure gold.
The balance OF trade may be against MS
again next year. and IL such q condition
should arise the secretary of the treasury
ought TO have the authority to make the
deficit good All parties have heretofore
given the secretaries this authority. This
expectation Of American products ought
20 he encouraged by legislation. The sur
plus In the treasury. IL there was one
and Mr.. Sherman supposed there was,
for Democratic senators said so should be
coined and used for all legal purposes
Mr. Sherman said be did not believe in
buying silver from our own people and
making profit out Of the proceeding II
Il was profit, IL was an intrigue, II not
profit. IL was a fraud He believed it a
fraud Mr.. Sherman then began discus
sion on the various coinage laws OF the
United States with special reference TO the
act Of 1874. which had, be said. been the
subject OF - much misrepresentation and
fAlsehood in this debate. He denied Mr..
IU42R' s!AisRsDs tAa. tAft sGt -i.hs