The Bessemer indicator., 1893-09-02

/ uHeteafter,u said Mr.. sherman, when any
man makes such statement about this iegis-
lation, shall simply say that II IS ini7o
hood and brand 1t so.
There was nothing surrcptltous about IL,
said Mr.. Sherman, with much warmth, NJ, nnu
no fact can be proven more clearly nv
statement 80 often made to the contrary IA
falsehood aud lie i care not by whom innur'
lie quoted from speeches made hy ME
Stewart In the Senate in 1873 and 1874 these
words
II wart the standard gold and no paper
money that IA not redccmahie In gold. By
this process we shall come to "a tpcc tc basis
and when the laborer shall receive his dollar
II will be OF the same purchasing power as a
dollar. Gold is the universal standard OF the
world Everybody knows that
The reading of these quotations showing
such n remarkable change OF opinion on the
part of Mr.. Stewart provoked general laugh
ter at the expense of that gentleman, who
looked somewhat bcwillercd, but only sttokcd
his long beard. Subsequently, however he
promised to reply TO Mr. Sherman on Friday
next Mr.. Sherman followed up his advan-
tagc over the Nevada senator by exhibiting a
newspaper published In that state, one whole
side Of which was occupied with notices OF
assessments on silver mining stock all payable
In United States gold coinage
Then be came back to the subject OF lie
speech aui said 81 do not think that the
stoppagc Of silver coinage was the end cf
silver. We have proven that the mere pur-
chase OF silver by us on n declining market
is an improvldcnt use OF the public money
and ought to be abandoned or Mt least sus-
pended, until n time may come when, by an
international agreement or by some provision
OF law, we may guard against the possibility
of coming Into single standard of silver
This Is not question of mere Interest to Ne
vada or Colorado 1t Is not n question OF
what Wall street will do. Wall street Will
always be doing some devllment or other, IL
makes no difference who is up or down. |
take that as matter Of course. The qucs-
ton IT, what should be done for the people OF
the United States In all It's length and
breadth, and therefore II Congress will say
that In Its opinion IT Is not wise now to con-
tinue the purchase OF silver bullion there viii
be no injustice done to Colorado or Nevada. 4"
Recurring to the subject OF authorizing the
Issue OF bonds Mr.. Sherman sad
81 am willing to trust to your executive
officers. II you are not It IS n strange atti-
tude In political affairs. ! would give them
power to project the credit of the government
against all enemies at home and abroad. II
the fight must be for the possession of gold, |
would use our cotton and our corn and our
wheat. and would protect our credit against
all mankind, AS to silver. ! would say that
we prefer 10 walt while until the skies are
clear, until We see the effects of the suspen-
sion OF silver coinage in India and see what
arrangements can be made for another Inter
national monetary conference. In the mean
time, let the United States stand on It's
strength and credit. think that soon all
these clouds will be dlsslpated, aud We may
20 home to our friends with the conviction
that We have done good work for our coun-
try at large" Applause
When he had concluded, the repeating bill
ION which he had spoken was laid aside and
the national bank bill was taken up To allow
Mr.. Teller To finish the speech which he had
begun yesterday.
Fr.1l.r 81
cles which he quoted that a scheme had bee N
organized CARLY in the season In New York
for a purpose OF creating financial panic that
would compel an extra scssion-the repeal of
the purchasing clause OF the Sherman act.
He would not have anyone infer that the bak-
crs had intended TO create the condition of
affairs that now existed, but he did believe
that they had Intended to create distrGst that
would compel the president to call Congress
In extraordinary session and thus secure ac-
tIon first on the repeal OF the purchasing clause,
and second on the question OF Issuing large
amount of government bonds But the panic
had got away from them. They had rather
overdonc the business, and had frightened
the people more than thcv iulcndcd TO do
Vow they had nobody but themselves to
blame, and they should not complain. He
attacked the national banks, declaring that as
banks of Issue they had been As great failure.
they had shown themselves to be as banks OF
deposit aud banks of exchange. II was the
prerogaiive OF the United States TO issue its
own currency, and this was good time 10
reform its banking system. lie would not
By his vote put any more power into the
hands of the banks OF the country lie
would not enable them any longer TO pnralyze
the business of the country, as they were
doing today. lie had fair opportunity To
wipe them out, and he would wipe them out
quickly as he could. lie wa. opposed to
the present system. He desired to withdraw
from the banks the privileges they now pos
-esscl.
At the conclusion of Mr.. Tcller's speech
the Senate went into executive session, and
when the doors were reopencd adjourned.