The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-16

made a speech in support of Mr.. Mantle's
right TO the seat.
LEADS OFF FOR REPEAL.
AT The close os Mr.. Hunton's speech the
resolution offered last Tuesday by MIR
Lodge, rep. Mass, directing the COM
mlttee on finance to report at once bill
to repeal the purchasing clause of the
Sherman act, and that q vote be taken on
such repeal on Tuesday the 22d, was laid
before the Senate and Mr. Lodge made
an argument IN advocacy of it. He was
far from thinking that the Sher-
man act was the only cause
of the existing state OF things
he believed the practical effect of its re-
peal would be tendency to lower tho
rates of interest on money, make money
easier, and relieve the existing strin-
gency.
LOWER THE RATES OF INTEREST.
The first step in restoring confidence
was to lower the present excessive rates
OF interest. English money did not come
here because Englishmen had the belief
that the United States might aJany time go
on the single silver standard. He did not
forget, however, that affirmative and pos
tive legislation in reference to the cur
rency would have to be enacted; but that
legislation would take time, thorough
consideration and Udiscussion. He be-
lieved that now more important than
any financial or economical discussion,
was prompt action.
THE PEOPLE WANT ACTION.
What the people wanted above every
thing was to see some sort of action in
congress. If the country was to have
free coinage, let the country know it; If
it was to have limited coinage, let the
country know it; and if there was to be
an unconditional repeal of the silver act,
let the country know it.
MANY CAUSES FOR THE TROUBLE.
Mr.. Wolcott agreed with Mr. Lodge
that this was not party question. He
did not agree with him that the present
disturbed state of finances of the country
were in any way attributable TO the Sher-
man law. 1t had come partly because of
European losses in South America and
Australia partly because Russia and
Austria were buying gold, and partly be-
cause the United States had purchased
more goods abroad than it had sold
abroad.
INDEPENDENTLY OF SILVER.
All these ca uses were utterly independ-
ent of and irrespective of silver and the
Sherman act If there had not been a
dollars worth of silver in the country,
and if there had never been a line Of sill
yer legislation the blight would have
come exactly the same. Silver was not
responsible for it,
At the close of Mr.. Wolcott's speech
the Lodge resolution was laid aside with
out action and Mr.. Hoar addressed the
Senate on Mr.. Vests resolution, as to BIZ
metallism. His speech was general dis
cussion of the whole question Of the rela-
tion of silver and gold and was plea for
conservative speech and action.
Mr.. HoAR FOR BOTH METALS.
He announced himself in favor Of both
these metals as currency on aparity. He
had always been a bi-metallist, but it was
the bi-metallism of Washington and JEFF
ferson, which recognized gold as the finer
metal and necessary standard of value
At the close of Mr.. Hoar's speech dis
cussion started as to the old question of
responsibility for the demonetization of
silver, and was carried on for some time
by Messrs. Cockrell, Aldrich, Hoar and
Sherman.
Finally, at $40 o'clock, after brief ex-
ecutive session. the Senate adjourned IN
til tomorrow.