Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1893-11-04
SPEAKS AGAINST MS BILL
Senator Sherman Says the Sher-
man Law Must Stop.
He Think, Further Legislation viii Be
Neeessary..SeveraI Amendments to
the Repeal Bill Defeated
Congressional Doings.

Congressional Doings.
WASHINGTON, Oct. 2s.-The senate gal
leries are crowded this morning In antici.
patton Of scenes in the final stage of the
silver struggle and most OF the senators
are in their seats. Before taking up the
silver repeal purchase bill the urgent de.
icloLcy bill was reported. with amend
ments. The amendments were agreed to
and the bill was passed. The Joint reso-
luton for the transfer of the model bat.
tleship Illinois TO the state of Illinois was
passed. The silver question was then
taken mp and Mr.. Wolcott, rep, Colorado,
addressed tho senate.
Al the conclusion of Mr.. Wolcott's
speech, which brea thed defiance TO the
senate, Mr.. sherman. arose to address the
senate. The people of Colorado. he said,
had his most profound respect. IL this
was u question that did not seriously af-
feet the interests of the whole country, re-
publicans would GLADLY yield to all they
asked. IL was only because the further
purchase OF silver tended to degrade our
money and lower its purchasing power
that their request could not be granted.
To grant them would be TO sac
rifice all the interests of the people of the
United States. The silver mining indus
try did not compare with the great inter
ests In cotton, grain. manufactures, etc,
which the government was compelled to
protect. Mr.. Sherman begged senators
from the silver states to feel as he did. He
Sid not think 1t wise TO adopt silver as the
only standard value in this country. The
one experiment in purchasing silver had
cost the government sl60. 000, 600. He had
hoped that the sherman act would pre-
vent the depreciation of silver, but il had
not and aftaP fNpn % ha . a a. ~ y,nct
be stopped or the country would be
stranded on "A single silver basis. The re-
publicans stood ia their position before
Cleveland became president. Cleve-
land said the first thing to be
done was to stop the purchase of sill
yer bullion. Republicans thought so too,
years ago and were ready 10 act with the
president. To follow the theories Of the
senator from Nevada. Mr.. Jones, would
inevitably lead to monometaljsm and al
though republicans sympathized with
them they could go no further. He be.
heved that with the repeal OF the Sher.
man law silver would be used more
and more. BY "a free issue of
fractional coin he believed many more
millions of silver bullion could be noated,
because 1T could not 20 out of the country.
He prophesied that the silver states would
still be prosperous and If the silver min
ing industries could be carried on with.
oui thudhEtTinB tbt SldDuaTuS or Ndlut
he would be glad to see it done.
Speaking to democrats, he said
he doubted if the bill when
passed would meet expectations; it was
necessary TO add other measures more
important; he had thought over it and
did not think it wise to offer IL ras al
amendment, but it was absolutely neces-
sary that some legislation should be had
with respect to the fund IN hand created
under the resumption act. He believed
this fund was now being used contrary to
law.
1t was manifest, Mr.. Sherman said, that
If this fund was encroached upon for cur.
rent eX penses Ii would soon be destroyed.
When asked how IL was To be replenished
Mr.. Sherman answered promptly. BY
the sale of bonds A popular sale OF
bonds at 3 per cent would be readily taken
up by the American people. Mr.. Vest
wanted TO know if II became necessary
to use this gold reserve to maintain
the parity between gold and silver could
the secretary OF the treasury so use IL.
Mr.. Sherman denied that there had ever
been any change IN the law aud insisted
that the only use of the bonds issued un.
der the act of 1875 was to maintain re
sumption in the notes Of the United
States. II the secretary of the treas
ury in this emergency was left
unarmed the senate would be
negligent in its duty, after
its attention had been called TO il. Mr..
Butler wanted to know IL the secretary
OF the treasury had asked for bonds. Mr.
sherman said he did not care to answer
that question: hut a~fierwards said he be-
loved he had not SO asked. Mr.. Black
burn asked IL ex-Attorney General Miller.
during the last administration Lad givcr
an opinion, holding that bonds could
be issued and whether the plate,
were not made at the bureau of engraving
and printing. Mr.. Sherman did not know
all that and denied that he had been con
suited. Mr.. Blackburn said the plates
could be produced in the senate within an
hour. Mr.. Sherman said that congress,
must do something to help tht
secretary OF the treasury and do
1t at once. He did not offer al
amendment but sent to the clerks desl
had intended to offer. 1t authorized the
issue OF not to exceed 200. 00J, 90 8 per cen,
bonds redeemable in three wears in coit
In DENOMINATIONS Of $50 or multiple.
thereof. These bonds. he said
would not DO bought by syn
%dicates, but by the great mass o.
the people. The issue of such bonds, Mr.
sherman said, must be considered imme
diately after the passing Of the pendinS
Dill. Mr.. German criticised Mr.. Sher
mans attitude as remarkable and salt
that he was seeking party advantage
The republicans held the key to the stu
alton and the president had been
obliged to accept Sherman's con
ditions. The delay In the senate was be
canse repeal had been in the minority and
II required time TO turn that into a major
ity. Mr.. German recalled Shermani
statement in IA public interview that un
conditional repeal was impossible. Mr.
sherman replied that ii wonld have beer
except for the collapse Of the compro
mise Mr. Gnrman SaiA fha da,.anvat - Ia |
been Obliged TO set aside life time con
%victions to meet the emergency and save
the administration With them he be
lieved IL was bad to strike down withou'
notice any industry. lie did not object te
the bond proposition, but to the time anG
manner OF preaching 1t. Had the
republicans shown less partisan
ship a better bill could have beer
passed. Mr.. sherman stated thai
republicans had been given to understand
that all propositions Incorporating an Is
sne of bonds had been rel ctcd. Mr.. Cor
man declined to repeat confidential talks
but added that Ii was exceedingly unfor
tunate that democrats had been misunder
stood. Mr.. Gorman expected further finan.
cial trouble for the treasury. 1t would
be caused by kextrayagant appropriations
in recent congresses. but he asserted thai
the democratic party now controlling the
entire government would assume the re.
sponsioility OF meeting ~. Dir. Stewart
followed Mr. German.
BY . vote OF 80 to 20, the senate rejected
Mr.. Stewards substitute for Mr.. Perkins
which authorized free coin.
age In any denomination, instead of speci.
nc coins AS stipulated In the Perkins
amendment.
The vote was taken on Mr.. Perkins
with the monetary commits.
sion provision %expunged. This amend.
ment provides for free coinage, the
government retaining 20 cents ~seignorage
and other minor provisions. The amend.
ment was rejected by n vote of II to 30.
Mr.. Berry, dem, Arkansas, offered an
amendment intended 10 revive .so Bland. !
Allison act and proceeded TO address the
senate upon tt.