The Meeker herald., 1893-09-09
THE GREET DEBATE.
SILVER SENATORS STAND FIRM
Beaten In the Hous the Cause of SILVER
Is now Transferred to the
sshnte.


SESArE.-Mr. Voorhees, chairman of the
finance committee, reported back the house
Dill repeating part oflhe Sherman act, with
an amendment In thehature OF substitute
lie asked that the bill be placed on the caen-
dsr, and gave notice that he should ask the
senate to take it up tter the morning bust
ness from this time o. until final action be
taken. The substitute, he said, was exactly
the bill heretofore reported from the finance
committee. He understood notice OF an In
tention TO address thssenate had been given by
the senator from GeocSia (Gordon) and the sen
ator from Ohio (Shernan), and he suggest ted
their remarks might De made on the bill which
he had just reported He explained further
that the bill as reported from the finance
committee was identical with that passed by
the house so far as Concerned the repeal OF
the purchasing claus, of the Sherman act,
and that from that pslnt on there was GER
tain matter In the substitute which was not ia
the house bill, and which 10 his judgment i'm
proved IL aud made more acceptable. Mr..
Teller objected TO tht bill being made special
order and It went Over until Wednesday
Mr.. Gordon OF Getrgia spoke in favor of
the unconditional rpeal OF the purchasing
clause OF the shermin act a0d against the
substitute, which he aid would involve addi-
tional delay, and In thc meantime the condi-
ton of the country would grow more and
more alarming. The senate nhould not now
lock the wheels OF progress which had been
set in motion in the CHER end of the capitol
Mr.. Gordon, In the concluding portion Of hl-
speech, advocated the repeal of the 10 per
cent tax on state banks. He said II was absO-
lutely certain the states might be wisely and
properly trusted with larger share of re-
spoons ibility In financial operations. sys-
TEN of'siate bank issues cnnid be made sound.
safe, stable and capable of accomplishing all
purposes of douiestic trade
Mr.. Teller addressed the senate IN an argu-
ment TO prove the sherman Law Is no; respon-
sible for the financial trouble OF the
country. Almost without exception, he
said everyone who bad addressed the Senate
had spoken as II there was some great calami-
ty impending. He wanted to make protest
against calamity howlers'' The people of
the United States were stu alive The sun
was stlll shining. The country was as rich
Today as when Congress adjourned last
March. There was no reason for any man to
say Ia the Senate chamber that the times
portcndcd any unusual or extraordinary dis
aster. There ought to be and there uudoubr-
eddy was financial stringency. But was this
the first time that the people of the United
States had faced financial stringency. or In
common terms, q panic' Was It of longer
duration than any previous onel Was It more
frlghtful In character than ordinary panicsi
He denied It, There was disturbed finan-
cial condition OF unusual character and II
seemed TO him the first thing to do would be
to inquire what brought It about, and yet,
during the three weeks of the session, he had
not heard anybody suggest nn Intelligent
reason for the present financial condition.
Nobody had analyzcd the question A.
to whether the cause was or wa
not the sherman act. lie could not
see how the Issue Of sl50.OO0,0O0
treasury notes Tor the purchase Of
silver could have brought about the existing
hard times. IL the government had bought
the silver and dumped 1t In the sea it would
have had no influences on the finances of the
world and the existing disturbances was a
wide as the world. There has been no log
zeal attempt on the part of the senators and
there would not be. TO show what caused the
evil. lie challenged any senator To tell, and
10 tell the American people, he believed the
people Ind brought about the panic because
they were afraid Of their money. II he did
he would be under obligations to cite some
instance where people had exhibited fear OF
their money.
Mr.. Teller went on at great length to dis
cuss the cour-e taken by the New York banks
in refusing to pay their depositors' checks
in currency and IN trying to work up public
act lie n6teu rcfJfted rrpircfcts- >e1rnfn~
President and Secretary Carlisle and crlti-
csed the views attributed to the President
and which he said had never been denied
that the people Of the country needed an ob-
jet lesson and We're going 10 get 1t. With.
out concluding hi. remark, Mr. Teller yielded
for motion TO proceed to executive business
and afterwards the Senate adjourned.
In a debate over the rules, participated in
principally by Speaker Crisp and Mr. Reed.
"Wednesday. August 3Oth.
sENArE.-1hc bill to repeal the Sherman
act was laid before the Senate and Mr. >hcr-
man proceeded 10 address the Senate. lie
said the immediate question was whether the
United States should suspend the purchas, Of
silver bullion under the act of July. 1890. It
was to so decide that question that the Prrsi-
dent had called Congress together. II that
were the only reason for the extra session Il
would seem to him insufficient
The mere addition OF 1900, 900 ounces Of
silver to the mass of silver in the treasury, and
the addition of $40, 600, 900 treasury notes to
those outstanding, would hardly Justify the
call. The call was justified however, BIS the
existing financial stringency growing out OF
the fear that the country would open its
mlnts to the free coinage of silver, This was
the real issue. The gravity OF IL could not be
stated In words. II the single standard OF
gold were had without the aid of silver. the
relations between capital and labor would be
disturbed. The industries of the country
would be crippled, and the value of silver still
further reduced. On the other hand, If the
purchase OF 53,0p0,OoO ounces of silver were
continued, the country would eventually be
brought to single standard of silver ON
one thing Congress and the country agreed
that was that these two extreme conditions
should be avoided, and that both gold and sil-
N'l NC tpuklubtl III use NJ money a-
measures of value. The problem which sen
ators had 10 solve was how to procure the
largest use OF gold and silver without demon
etizing either
Mr.. Sherman went on to give history Of
the circumstances which led up the passage
OF the act of 1880. II was far better law. he
said, than the bill which the House had then
passed. Senators who criticised 1t ought 10
remember it was substitute for a bill OF the
House and for a bill OF the Senate, either of
which would have been more dangerous in It's
results than the law Of 1890 was
Since 1890, the banking houses of England
had become involved In difficulties. England
had investments amounting to hundreds OF
millions in the Argentine confederation. BY
some sudden collapse in those investments
the great banking house of the Barings was
topping to It's fall, when the Bank of Eng
land and the other banking houses came 10
the rescue and obtained money from France
and other countries OF Europe. The imme-
diate result of that was that American eecuri-
ties were sent home for sale and their pro-
ceeds in gold were shipped back to pay the
Losses of Great Britain in the South American
republic
There had been still another trouble For
the first time in many years the balance of
trade had turned against the United States
last year. Hitherto, the balance had been in
favor OF this country to the amount of $500
100000. The last fiscal year the balance was
against the United States. Whether it would
be so next year no one could tell. He thought
with the crops now ripcning the balances
would probably be in favor of the United
States this year: and he thought the forced
economy which followed panic would be Il
protection against unusual and unnecessary
imports. So he hoped that next year there
would be no difficulty In the matter of balance
Of trade.
49,