The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1893-08-26
ccrned. The eoplc had become confident that

cerneu, The people nau become connuent tnN |
the law OF 1899 should be repealed
Mr.. Cooper dem, Fla.) would vote for the
Wilson bill; and against each and every one OF
the propositions presented by the silver men, |
He argued that the Sherman law was the cause
OF the present depression. The want OF public
confidence mad caused the runs upon banks. |
had caused the failure of substantial bank.
ing institutions and had bruugS. about
the present financial strinEency. The demo
cratic platform at Chicago had declared
for the coinage OF gold and silver nj an equal
intrinsic value and the man who stood now for
free silver undertook 10 override the demo
cratic platform. He was ready 10 support any
measure which would bring tGc money OF tho
people out OF Its hiding place and would place |
the currency on stable basis but he did not |
believe that the country could safely provide |
for the free coinage of silver at the ratio OF 20
to |.
Mr.. Goldzier tdem. Ill.) paid considerable at |
tention to the millions of savings bank dc. |
positors OF the country who he said, were
creditor class just rs much as the despised
Wall street bankers He took issue with those
financial experts who presented figures show
ing the contraction OF the currency.
Mr.. Goldzier said that II was
not the contraction Of the currcn.
cy, but the contraction OF public
confidence which created the present business
depression The great volume OF business was
done credit, and the only basis OF credit was
confidence. For this reason he argued that II
was more incumbent on congress to increase
confidence, and thus increase credit, than TO
increase the money circulation. He was en-
phatically in favor OF repeal
IN THE SENATE.
In the senate on the l4th Mr. Vest dem, MOI.
called up tho resolution offered by him in favor
of bimetalism and the free and unlimited coin
age OF both gold and silver and addressed the
senate on the subject He liliened the Sher-
man act to u houseless and homeless dog, with
no one to give II a bone and without kennel
to hide its dshonored head bat declared,
nevertheless that he would not vote
for its repeal without q guarantee OF
| silver as o money metal He had been known
az the firm and unshrinking friend of the presi
dent of the United States and had in all his
| campaign speeches in Missouri declared Mr.
Cleveland to be a bimetallst like himself, and
that they only differed in reference to the ratio.
| He had a right to make that statement because
| Mr. Cleveland had accepted the nomination on
| u platform which pledged the democratic party
| 10 bimetaism. 1t was not, he asserted,
! tho overproduction of silver that had
| brought down its value. 1t was legisla.
| ton that had done it - legislation
| in Germany and the United States. How could
it be expected that silver would retain its value
| when those two great nations took away the
monetary use Of silver? With the resources
| and population OF the United States, it was
only necessary for the United States to fix a
policy and stand by it The trouble to-day was
caused by the open and sedulous incucaton OF
the idea that the country was about to so to tho
gold standard. and that the silver money OF tho
country would be worthless
On the 18th Mr.. Voorhees, dem, Indy
argued IN favor Of his bill proposing to allow
national banks to issue currency to the full
amount Of face value Of bonds deposited by
them This would to some extent help the pco-
pie. 1t authorized an increase OF $4,000 900 on
the bonds already deposited, and there was
not doubt that it would result In an increase
OF from $40 900 900 to t5O 900 o0O-an increase Of
currency that would be at this time solace
and comfort to the people in every quarter OF
the United States. The national banks were no
favorites Of his He had not been enamored OF
them, nor they of him, but that was no reason
why they should not be used to bring about a
measure Of relief If they are capable of it.
Mr.. Lodge (rep, Mass) advocated the
adoption of his resolution to repeal the
purchasing clause Of the Sherman act, the vote
} to be taken or the 22d. He said what the peo.
Pile wanted was prompt action. He had no
mind for party politics or delay. He asked
simply for action.
Mr.. Wolcott (rep., Col) said he agreed with
the Massachusetts senator that this was not a
party question He had yet to hear u single in
tclligent man state, on his conscience, that he
believed that tho Sherman act had wrought tn,
injury under which the country now
suffered. Everyone would admit thai
the Sherman act was vicious in prin
ciple and illogical 1t was vicious
1t was illogical and vicious in that it left tht
silver bullion in the treasury uncoined, left i
4 where it might be dumped on the European
markets at any time. These were the disad
a vantages; but it had some advantages. 1t
quasi.recognition of silver had been of nfnit,
value in the hope which it had inspired OF bi
! metallism, and in the fact that it had afforded
an enlarged currency from month TO month fo
, the past three years The present tlnancia
panic had come partly because OF European
| in Ar,n nrin and Ave lia &,
because Russia and Austria were buying golc
q and partly because the United States had pur
: chased more goods abroad than it had sole
abroad. All these causes were utterly inde
pendent of and irrespective OF silver and th'
Sherman act Prophecy was futile, but h,
" might be permitted to record his conviction
. that when prosperous days came back to th
u country it would be after 1t had announced t,
= the world that this was nation OF bimetallist
believing in hard money-both gold and silver
> Mr. Hoar (rep., Mass) said that while mel
y on each side Of tho chamber might differ as I,
the cause Of the present financial depression h,
= , hoped that all could agree upon the remedy
= The republicans stood ready to hold up tn
hands Of the president and restore that pros
q perity which the country enjoyed dow
d to March 4. 1893 The people of hi
d own section, New England, held tn
+ prosperity Of the people of the west as dea
Q as their own, and believed that what wa
$ wanted all over the country was not fuctu
- atlnB StaHuuTu VI N6lue, UuL u u4cu one ItaDl
utterances on the financial question, whe the
o from tho east or the west. came from ur
u American and unpatriotic sources. Upon bot
s. sides mon were equally honest and SINGER
% and. he believed, desired the same thing. Ser
g ator Hoar then entered upon q long discussio
Q concerning the production OF gold ana silver
n during which he announced himself in favor @
J. both these metals US currency on parity
On the 10Th Mr.. Sherman rep, o. charat
II terized as unwise and unbusinesslike propos
It tion by Mr. Cockrell authorizing the secretar
c OF the treasury to redeem (at par and accrue
70 interesD such Of the per cent. bonds as may b
l. presented for redemption, and TO pay for ther
n In new legal tender notes. A discussion followed
If in which Mr. Cockrel ridiculed the idea lettin
Is the national banks increase their circulation
II while his proposition to increase the greenbac
" circulation was opposed ~ the senator fro,
e Ohio, the friend and supporter of ma ational bank
70 and the great gold monometallist.
q Mr. Berry dem, Ark spoke in advocacy
n the double standard Of gold and silver.
Il SlLvERlTES TO MEET AGAIN.
N. | Cal UaauaN Frn,,, llauycr for "a Pan ~, nj