Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-07-07

General Fields Midlothian Speech.
The speech Of General FIELD at Midlo-
THAN .on Wednesday last. as epitomlzed
In the papers Of yesterday, was based upon
an entire misapprehsnsion of the facts OF
the case HIS incorporate language IN de-
elAring that Mr.. CLEVELAND ought TO be
impeached Will not result 20 the adYan-
race of lis party. His speech was de-
voted m its entirety 70 the consideration
OF the question ~ TO what tho SHERMAN
law provides as 10 silver and as 10 how
that law has been executed II would be
ludicrous TO say that General FIELD calls
for the impeachment of the President on
tho ground that he differs With him as TO
the meaning Of the SHERMAN silver law.
And vet this is exactly the truth. Mr..
SnrKNAS. the author Of the law. and Mr..
HAnmsoE, whose approval made 1T law,
and Mr. CLEVELAND. who for the last few
months has had to execute the law. all
ncree that General FfrLDs construction of
the law is not justified by its language.
What is the law?
"Soction .. That the Treasury notes issued
u accordance with tbs provisions OF this act
hal DO roiecmaDle on demand in coin at the
Ircasury Of the United Sia;cs' THAT
anon demand OF the holder Of any OF the
Trsnsuty notes herein provided for the socre-
tary of tho Treasury shall under such regnla-
tons a. hc may prescribe redeem snch notes In
COLI or silver coin, at bis discretion, Il being tho
established policy Of tho United states TO main
tain the t8J metals on a parity with each Other
upon tho present legal ratio or such ratio as may
De provided for 10y law
We notice first. that these Treasury notes
are rodeomnblo in coin. not necessarily IN
gold or silver. The Secretary of the Urea
sury has discretion in the matter, and
the President will hardly be impeaChei
because the Secretary Of the Treasury ex-
eTcIses his discretion.
We notice secondly, that General FIELD
rays the law required the Treasury notes
20 be redeemed ia silver. Not so. Tho
law is first enacted, and then the reason is
given for its enactment. What Is the rea-
son? Because IL Is the established policy
pfthe United States to keep gold and sill
yer of parity DC TO j.. SO the Secretary
was bound 80 TO execute the law as to
bring about that parity If possible.
But the law prov at after July !,
asgl. the Secretary o. the Treasury shall
coin of the silvor bullion purchased under
The law only 20 much a. NAV be necessary
20 provide for the Treasury notes therein
provided for But tins feature was added
10 the law after providing that gold and
silver were 10 be kept of equal value ,O6
itoD. Yet General FIELD Interprets this
Feature as requiring the Secretary Of the
Treasury TO redeem Treasury notes or
Z Creenbacks IN silver coin. Clearly, 1t was
.not intended for that purpose. The words
z SO much silver as might DO necessary to re-
deem the Treasury notes mean so much
SILVER as may be necessary to redeem them
under the rulings of the Secretary, aud
pfter he has otherwise complied with the
,law.
But let us suppose that Mr.. HARRIsoN's
= Secretary of the Treasury had refused to
redeem these Treasury notes in gold, and
had forced the note holders TO accept sill
f, yer dollars what would have resulted?
Z Why, silver would have fallen immediate
ly in price, and the slump which has
sjust taken place would have taken place in
yls9l. The sole silver standard of values
would have followed at once, or the sole
gold standard Of values, for the one Is the
same as the other when they coexist. That
Is to say, silver coins would ere now have
tbeen sold by weight instead of by tale,
mud UNCLE SAM would be one OF the most
unfortunate of fnsnciers.
General FIELD would dosbettor to fall
Saek upon the Ocala platform.