The state herald., 1893-09-08
THE GREAT DEBATE.
SILVER SENATORS STAND FiRM
BeAteh III the House the Cause Of SILVER
ID now Transferred to the
Senate.


SENATE.-Mr voorhees,, chairman Of the
finance committee, reported back the house
bill repeating part Of the Sherman act with
an amendment In the nature Of 4 substitute.
lie asked that the bill be placed on the calen-
dan and gave notice that he should AJAX the
senate to take 1t up after the morning busl-
ness from this time on until final action be
taken. The substitute, he said, was exactly
the bill heretofore reported from the finance
committee. lie understood notice OF an In
tention to address the senate had been given by
the senator from Georgia Gordon and the sen.
ntor from Ohio tSherman), and he suggested
their remarks might be made on the bill which
he had Just reported lie explained further
that the bill rs reported from the finance
committee was identical with that passed by
the house so far as concerned the repeal of
the purchasing clause Of the Sherman act,
and that from that point on there Vas d GER
tain matter In the substitute which was not In
the house bill, and which In his judgment I'm
proved II and made 1t more acceptable Mr..
Teller objected to the bill being made special
order and 1t went over until Wednesday.
Mr. Gordon Of Georgia spoke In favor Of
the unconditional repeal Of the purchasing
clause OF the Sherman act and against the
substitute which he said would involve addi-
tlonal delay, and In the meantime the condi-
tlon OF the country would grow more md
more alarming. The senate should not now
ioCh thc VI piokiCro UNI bcti
set In motion In the other end Of The. capitol.
Mr.. Gordos, In the concluding pOslIpG Il SIS
speech, advocated the repeal OF tho ~ per
cent tax on state banks. lie said II was ALSO
lutcly certain the states might be wisely and
properly trusted with u larger share Of re-
sponsibility in financial operations. A sys-
TEN Of state bank issues could be made sound.
safe, stable and capable Of accomplishing all
purposes Of domestic trade.
Mr.. Teller addressed the senate In an argu-
mcnt to prove the Sherman law Is not rcspon-
sble for the financial trouble Of the
country. Almost without exception. he
said everyone who had addressed the Senate
had spoken as II there was some great calami.
~ impending. lie wanted to make q protest
against calamity howlers.' The people of
the United States were still alive. The sun
was still shining. The country was rs rich
to-day AS when Congress adjourned last
March There was no reason for any man to
say In the Senate chamber that the times
portcnded any unusual or extraordinary dis
astcr. There ought to be and there undoubt-
edly was financial stringcncy. But was this
the first time that the people OF the United
States had faced a financial strlngency, or in
common terms, panici Was Il Of longer
duration than any previous one! Was II more
frightful In character than ordinary panics'
He denied It. There was a disturbed ilnan-
cial condition OF unusual character and II
seemed to him the first thing TO do would be
to inquire what brought II about, and yet,
during the three weeks Of the session, he had
not heard anybody suggest an intelligent
reason for the present financial condition.
Nobody had analysed the question as
to whether the cause was or was
not the Sherman act. lie could not
see how the issue OF si50.00O, 900
treasury notes for the purchase OF
silver could have brought about the existing
hard times II the government had bought
the silver and dumped II In the sea Il would
have had no influences on the finances Of the
world and the existing disturbances WAS rs
wide ms the world. There has been no log
ical attempt on the part OF the senator's and
there would not be, To show what caused the
evil He challenged any senator TO tell aud
to tell the American people, he believed the
people had brought about the paric 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 wen, on at grca, length 10 dis
cuss the course taken by the New York banks
In refusing TO pay their dcpostors' checks
In currency and In trying TO work up public
opinion IN favor OF the repeal Of the sherman
act lie noted reported Interviews with the
President aud Secretary Carlisle and critl-
ciscd the views attributed TO the President
land which he said had never been denied
that the people OF the country needed an Oh
ject Lesson and were going to get II. With
out concluding hi. remarks Mr.. Teller yielded
for u motion to proceed 10 executive bustucas
and afterwards the Senate adjourned.
Horsr.-The entire scssion WA occupied
In debate over the rules, participated In
principally by Speaker Crisp aud Mr.. Reed.
Wednesday. August 5oth.
sENsTE.-The bill To repeal the sherman
act WINS laid before the Senate and NJ. sher-
man proceeded to address tho Senatc. lie
said the Immediate question wAs whether the
| Ditrd States should suspend the purchase Of
silver bullion under the act Of July, 1880. II
was 10 20 decide that question that the Pres-
dent had called Congress together. u that
were the only reason for the extra session Il
would seem To HIN insufficient
The mere addition Of ls,000,0O0 ounces Of
silver to the mas Of silver IN the treasury, aud
the addition OF sitO, 00o, 900 treasury uolcs to
those outstanding, would hardly justify The
call The call was justified howevef, by the
existing financial atringency growing out Of
the fear that the country would open It's
mints 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 We're had without the aid Of silver, the
relations between capital and labor would be
disturbed. The industries Of the country
further reduced. on the other hand, II the
purchase Of 5+,0o0, 600 ounces Of silver were
continued, the country would eventually be
brought to single standard Of silver. TN
one thing Congress and the country agreed
that was that these Two extreme conditions
should he avoided, and that both gold aud III.
yer should be continued IN use ~ money, as
measures Of value. The problem which sen.
ators had to solve was hos TO procure tn,
largest use Of gold and silver without demon.
eilking either.
Mr.. sherman went on to give d history Of
the circumstances which led up The passage
Of the act OF 1870. II WAS far better Law, he
said, than the bill which the House had then
passed. Senators who criticised II ought 10
remember II WAS n substitute for bill Of the
House and for bill Of the Senate. either OF
which would have been more dangefou, In i,-
results than the law Of 1890 wHs
Since 1880, the banking houses OF England
had become Involved In difficulties. England
had Investments amounting 10 hundreds 81
millions In the Argentine confederation. by
some sudden collapse In those Investments
the great banking house Of the Bsrngs wa,
toppling 10 its fall, when tho bank 81 Eng.
land and the other banking house, came Ia
the rescue aud obtained money from France
and other countries Of Europe. The imnie-
dlA,c result OF that was that American .ccuri'
tea wefc sent bone for snlc and their pro.
cccds In gold were shipped back 10 pay The
Losses Of Great Britain 10 the South American
republic.
There had been still another trouble foI
the hrst time In many years the balance ol
trade had turned against the United .staiei
last year. Hitherto, the balance had been II
favor of this country To the amount Of 500.
oOO,DDc The last fscal yrnr the balance WI,
against N. United stntes. Whether Il wouit
lie 20 next year no one could toll Ito though
with the crops now ripenlng the balance
would probably be IN favor of the tnltet
states this year. and he thought tho force,
economy which followed panic would he
protection against unusual aud unnrcessar,
imports. so he hoped that next yrar Their
would be no difficulty In ihr matter of balane'
| OF trade.
Something had been said yesterday by thu
senator from Colorado trcllcfl about the los
In the bullion purchased under the net Of 1870
| Tho average price paid for It wps N,s cont
| per ounce and tho loss calculated on th
| value Of silver today was tg9,Bh,IB. ]
would be- remembered tho treasury notes In.
| been I.snrd for the 100 ODD, 900 ouncrs Of Ill