The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-31

solute necessities OF the people re
quire. Nevertheless, he did believ,
the sherman act and the accumula
tlon IT silver in the treasury was al
Indicator OF disaster approaching.
Referring to the new political condi
ton which exists, Mr.. Reed said II
was perfectly true that the Demo
cratic party was responsible for what
ever occurs in the future and what
ever does not occur For the first time
in 80 years they have been lifted tC
the high level of responsibility, but
only the lapse OF time can give then
proper sense of their responsibility
and the necessities of the country
Until that period of responsibility
shall fairly rest upon their shoulders
and also afterwards they can rely up.
on the assistance of the Repu blican
party in the minority as they have
relied upon them in the majority in
the direction of sound government,
responsibility and honest administra.
ton of affairs.
Expressing regret that the Repub.
licans had not the power of submit.
ting amendments to the pending bill,
Mr.. Reed passed to the consideration
of repeal. While he is in favor If it
he did not think it would be the i'm
mediate cause of a revival of the pros
perity of the country. Nevertheless
he would vote for repeal for tworea.
sons.
First-Because, whether justly or
not, the Sherman law is believed to
be the cauae of unreasonable boarding
of currency throughout the country.
In his connec ion, Mr. Reed paid a
compliment to the managers of banks
generally, saying in his judgment
they were doing an honorable and
patriotic work and were the mainstay
of the country against failure and
future disaster.
Second That only by repeal could
the nation hope to attract foreign
capital, without which it was vain to
hope for an upward turn of the coun-
try's business.
Mr.. Reed paid his respects to the
objection that the proposed repeal was
a renewed demonstration of silver
and characterized the charge that the
most stupend0us fabrications which
ever existed in political life. If there
were any Improbable difference IN the
value of the two metals, even as much
as two OF three per cent, it would
drive out the other, as the history of
the United States showed.
Upon the assertion that the repeal
of the Sherman law would increase
che burden Of the borrower Mr.. Reed
said there would always be borrow
ing and loaning il the world, and 1t Is
OF first importance not less to the bor-
rover than to the lender, that the
laws on this subject be made in the
spirit of tirmness and justice to both
classes.
In conclusion Mr.. Reed said, after
regretting the delay of action, We
stand in a very peculiar position, we
Republicans today. A representative
OF the Democratic party has ju been
chosen president Of the United States
and finds himself powerless in his first
great recommendation to his own
party. Were he lett to their tender
mercies, the country would witness
the spectacle of the resident of its
choice overthrOwn by the party
charged with the country's govern
ment. What wonder that he appeals
to the patriotism of another party
whose patriotism has never been
to in vain. Never, L
say, in vain. The proudest part of the
proud record of the Republican party
has been it's teadfast devotion to the
cause of sound finance. What we
were in our days of victory we are in
our days of defeat, the champion of
true and solid finance, and when the
DAY comes, as surely it will come, for
us to lead this land back to
paths of prosperity and fine, which
were trodden under Republican rule
for so many years, we shall take back
with us our ancient glory undimmed
by adversely, our ancient honor un
sullied by defeat"
With the closing sentence loud and
continued applause burst out from the
Republican side of the chamber and
from the galleries, and even the DEM
ocraGs, all unwonted spectacle, con-
tributed their share OF applause.
Mr.. Dearmond was the next speaker,
having halt an hour assigned to him.
He opposed repeal, favored tree COIN
age and INDUCED in criticisms upon
the secretary or The treasury, going
no higher than to copy and follow the
ruinous financial pulley of his pre-
decessors. Had the Sherman
law been properly executed,
parity would have been main
tanned.
Mr.. Williams Qll.) opposed repeal
and contended the Sherman law Lad
not been responsible for the present
panic. To repeal the Sherman act
would be TO break the last liLk OF the
chain that bound gold and silver to-
gether. The people of tie Democratic
party were in favor of the repeal of
the Sherman law by the enactment in
lieu thereof the Bland-AllisOn bill.
Mr.. Allen Miss said the country
Was ill, but the remedy proposed was
lot the proper one. He would like to