St. Paul daily globe., 1893-08-27

sell TO the Idea thdt he would 0lScharge
his duty properly if he voted to repeal
the Sherman law and left John l. Dav-
export where he found him. ''snug as
bug in rug" Laughter
Mr.. McMillIn declared his belief that
Democrats had been sent to congress to
deal with the currency question, with
the tariff question and with the ques-
tion of the force bill. They were called
upon TO revise the pension roll, which
had million pensioners on il. They
were called upon to revise the tariff.
and they were called upon to reform the
currency. The latter ought to be done
without unnecessary delay. "And
after it is DONE" he said, "let us take
up the other questions which we see
eye to eye, and speak with the same
voice. Let US once more lock shields,
let US once more touch elbows; let US
once more show an opposition 10 force
at the polls and with one voice and one
step march on to
s.GIOriOus Victory,
Mr. Wilson CIV. Va.) the author of the
bill, closed the debate with a speech in
support of the measure. By universal
consent, he said, the SO-called Sherman
act had failed to justify the expectations
of those who framed ii. 1t had been eX-
pected to raise the price of silver bullion
throughout the world. That eXpecta-
tion has proved a false one. 1t had
been expected that an expansion OF the
currency and renewed prosperity would
follow the enactment OF the law. That
expectation has been equally falsitied.
Inst Il Of aSy
the currency, it had produced contrac-
tion OF It, because FOR every million of
treasury notes that had been paid out
million of gold had disappeared. No
one could doubt but that the Sherman
law was largely responsible for the
panic that had suddenly Oyerspread the
country 1t had been argued from the
first speech to the last made against the
pending bill that it Ould, while stop
ping the purchase of silver, throw the
country upon
AGOld Basis.
The countryman on the plain who
was asUonisned to learn that he had
been speaking prose all his life was not
more surprised than certain gentlemen
would be to find that the country had
been upon a gold basis since 1914 under
economic laws which the laws of con-
gress could not Overruie. We had been
on gold standard since 1884 by eco
nomic law; since 1873 we had been on a
gold basis by the express statute of con-
gress. The trouble was that as silver
mad gone down the greater stress and
test was put upon the government.
Gentlemen had said that it we would
stop now the purchase of silver un der
the Sherman act. we would demOnetlZe
silver. The oill proposed here would
not demOnetice single silver dollar
today circulating in any part OF the
country. The bill had come, not to de-
Stroy, but to save. Applause-] 1t had
come not to strike down silver, but to
place it at once and forever ON an i'm
pregnable basis with gold in the circula-
ton OF the country. Applause.
Air. Martin inquired whether The pas
sage of the bill would necessitate the
sale of bonds in order to secure gold.
Mr.. Wilson said that question of
that kind must be answered in the light
of experience, not in the light of prOph-
ecy. In the light of the experience OF
France, of the scandinavian nations, of
Canada, of Holland, OF Java, he would
| merely repeat his remarks that the
passage of this bill would at once and
forever
Restore Silver
to parity with gold, ana there would
| be no necessity for the government to
issue bonds for any purpose. A p
| plause.
1t carried with it not only promise
| of maintenance of parity between gold
! and and silver, but it carried parity.
| [Applause.l
Mr.. McMillin inquired whether the
| gentleman proposed to follow this bill
for frnQ a
| Mr.. Wilson reioined that he was salts
| fed that it was the earnest desire Of the
| Democratic administration not only to
support the existing silver circulation
| In this country, but to increase the issue
! of silver currency to the utmost extent
| it was safe to do so and to keep silver on
a parity with gold. Applause.]
Gentlemen complained that prices
| had fallen. Why should gentlemen
complain of this when the price of labor
had gone up? Was not that the eman-
| cipation of man from constant pressure?
| If men could get their time for their
own cultivation. if they could surround
themselves with luxury, were gentle
men going to declaim against them?
| IApplause.l Now for the benefits which
| would accrue from this bill: The first
| benefit was The restoration of con-
| fidence among the people in their
| own money. Just as soon as
we draw the line and said that
| for the present at least we would pur-
| chase no more silver. every dollar now
| in existence in this country would be as
| good as any other dollar,a and men would
not care in what dollar-goid, silver or
| paper-his debts would be paid. There
! could be no expansion of the currency
| that would work so quickly and so sat
| isfactorily as to let loose from its hiding
place the 81, 100000 now in this
| country. 1t was not SO much the
| quantity of money as the quality that
would restore confidence. Restore con-
| fidence in the currency. Let every man
| understand that every piece of money
| in the United States was as good as any
other piece, and the money in the coun-
try would sup port the credit which 1t
| represented, would move the crops and
| would have-what we had not had re-
! cently-all blessings and encourage
| ment of a good Stable currency that
would increase the prosperity OF the
| nation and give employment its labor.
| Applause.
The house then took recess until s
| O'clock.
| At the evening session Mr.. Tracey, of
/ New York; Mr.. Stone. of Kentucky
| Mr.. BouteIie, OF Maine; Mr.. Fellows. OF
| New York, and Mr.. Hendrix. OF New
| York, advocated the repeal of the Sher-
! man act.
| At 11:05 the house adjourned until
| Monday, Aug. %, at II O'Clock, W hen
! tie first vote will be taken.
| South State Postmasters.
| special to the Globe.
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