Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1893-08-30
CLEVELAND SCORED.
Senator Hill Attacks the Chief Executive
in a Sensational Silver Speech

Vest, Of Missouri, to-day sent to the
clerks desk and had read before the
Senate a communication from the d.
rector of the mint sent in response to
an inquiry giving statistics as
to the quantity of silver bull
ion purchased since 1873 = the
date of the Bland-Allison act-its cost,
the amount coined, etc. Mr.. Vest
summed up these figures in order to
show that if all the silver dollars
and subsidiary silver coin were
coined at the ratio proposed
in his bill GO to J. there
would still be a profit to the treasury
on the whole silver transaction since
1873 of SIS ,267 1893. He intimated pretty
broadly that Mr.. Carlisle, in his letter
to Senator Voorhees, on the same sub
ject, had not treated the question fairly.
Mr.. HILL of New York, then took the
floor and began his speech, the opening
paragraphs of which attracted much at
tention. There were those, Mr.. Hill
said, who do not who'll agree
with the President in his
diagnosis now affecting the body
polite and who did not hastily join
with him in the rosy conclusion that
the financial millennium is to come the
moment the Sherman law is removed.
There were some who had given the
subject attention who believed the cause
Of the present depression was deeper
and beyond the Sherman bill and that
its foundations were laid in the evil
hours of 1873, when the country unwlt-
tinglv laid aside the financial policy
that had been its guide since the foun-
datiOn Of the government. The existing
financial disturbance, Mr.. Hill found,
was attributable to three distinct
causes: First, it was the natural and
inevitable result of many years of real
or fictitious prosperity; second, some
portion of the present panic could
be traced to concerted effort
on the part of the monometalists
to produce it in order to discredit silver;
third, but no matter what else may
have contributed to the present fnan-
cial condition, it would not be denied
that the silver purchase law had been,
at least in part, and possibly the most
largely, instrumental in producing eX-
listing complications.
Mr. Hill did not believe that simple
repeal of the Sherman law would at
once restore abundant prosperity, but
that many years would be re-
CURED to recover from the
present disturbance. He COM
pared his own course in declaring
for repeal, with the Presidents course
in failing to refer to it uni this late
day. He was a bimetallist and stood
for free coinage at proper ratio. Had
the Sherman law been repealed
session on the 9th of March the
United States would have escaped the
present panic and precluded the closure
of the Indian minis. Independent free
bimetalic coinage in the United States
was not consistent with the counsels Of
monetary science. While repeal would
not bring parity, it would facilitate
ii by bringing in that neW-fan
gled monetary theory-gold mono
metalism, begotten in the embraces of
ignorance with rapacity-at last to an
unequivocal and crucial test. The per-
manent remedy for our financial diff
Guilty was to return to the bimetaism
that existed prior to 1873.
Mr.. Hill favored the increase of the
national bank circulation as proposed in
the pending bill. Continuing, he said
he regarded the question of
ratio as not timely and as
of the least consequence, but if
changed at all it should not
be enlarged but diminished to Isl, the
Latin Union ratio. He should refuse
to follow in the footsteps of any
administration that sought to place
the Democratic party in false
position and lead it into the
very camp of the enemy. The
President must rely upon Republican
voters to carry out any such suicidal
policy. He did not believe, however,
taken by the President by his
own volition, or even under the
inspiration Of indiscreet advisers,
until clearer evidence shall be fur
nished than now exists. He deplored
hasty action in the formation of def
mite financial plan and predicted
the failure Of the attempt to
impose a gold standard on India.
Meanwhile the prompt repeal of the
Sherman law was demanded as meas
ure Of temporary relief. "Let us legis-
late upon the financial question"
said. Mr. Hill, "and then return
Stunning the consideration of a per-
manent system" His distinguished
colleague and himself would cheertully
vote for the repeal bill, "unaWed by
power apd upcorrupted by federal pat
fonage" He predicted the passage Of
the bill by the Senate and that the re-
public would weather the present storm.
The paragraph in which Mr.. Hill de-
clared that if the President turned his
back on bimetall;sts on the established
policy ofthe country, and on the pledges
of the Democratic party he (Mr. HilD
would not follow him and that the
President would have to rely upon Re-
publican senators to carry out his idea,
was spoken with much bitterness of
tone, Democratic senators looked
gloomy and unhappy; but smile Of
amused satisfaction irradiated the faces
of the Republicans.
At P. NJ. Mr.. Hill was interrupted
and the Mantle case laid before the
Senate as the regular order of bust
ness. However, it was laid aside
informally On motion OF Mr.. Harris,
of Tennessee, and Mr. Hill went
on with his speech. When he
declared that himself and his colleague
would vote for the pending bill, I'M