St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-31

home for sale. aud their proceeds in
gold were shipped back to pay the losses
of Great Britain in the Argentine con-
federation. There had been still an
other trouble. For the first time in
many years the balance of trade had
turned against the United States last
year. Hitherto the balance had been
in favor of the United States to the
amount of S50.00O,000 l00.000.900. and
sometimes $4,000 ZOO. The last fiscal
year the
Balance of Trade
was against the United States 20 the
amount OF SIS. $4,000. Whether it
would be SO next year no one could tell.
He believed that with the crops now
ripening the balance of trade would
probably be in favor OF the u nited
States this year. and he believed that
the forced economy which always fol-
10 we'd a panic would be of itself a pro-
lection against unusual and unneces-
sary imports. So he hoped that next
year there would be no difficulty in the
matter Of balance of trade. Som ethIng
had been said yesterday by the senator
from Colorado Mr.. Teller) about the loss
on the bullion purchased under the act
OF 1890. The average price paid for it
was 94Ac per ounce, and the loss
calculated OH the value Of silver today
was s22,S45.S56. 1t would be remem-
bered that the treasury notes had been
issued for the l50.000,000 ounces Of sill
yer purchased to amount of its cost;
| that no interest was paid on these notes,
and that they had been used by the peo-
pie as current money. Suppose, said
Mr.. Sherman. that this provision had
not been made in 1899. Suppose that
we had been compelled to face the
storms which followed 1890; tile losses
by investments in the Argentine Re-
public; the failures of Australian banks.
and all these other troubles. without
having any increase OF currency. Who
can tell what the result might have
been? Suppose the Sherman law had
not been OH
The Statute Book,
"Who can tell what would have been
the consequence TO the country from
the great depressing facts l have meu-
toned?
''Sir. give the devi! his due. The law
of 1890 may have many faults; but L
stand by it yet aud l will defend 1t. not
as measure Of good public policy, not
as measure in which l take any pride
| because was yielding TO dire neces-
sityj, but because without it we would
have met difficulties in 1891 and 1892
which would have staggered us much
more than the passing breeze Of the
hour. L am not blind IN regard to the
operations of the law of 1890. Long
before our Democratic friends ever
thought of providing any measure of
relief, l proposed relief in bill
which [ introduced, In almost the
| same words as the bill of the senator
from Indiana (Mr. Voorhees,. But did
our friends on the other side see the
danger then and help us to suspend the
operation of the law of 1890? They can
not answer that question. did thiuk,
| after two years trial, that it was better
to suspend it; and we Oh this side Of
| the chamber tried to do it, but we had
| no support on the other side. 1t is
| therefore manifest that | am not new
convert to 2he repeal of the purchasing
clause of the act of 1890. ] do not, how
ever. vote for the repeal with any ex-
pectatiOn that it will, in any considera-
ble degree, relieve US from the indus
! trial stagnation that has fallen on all
| kinds of industries, and that
HAS Thrown Out
of employment hundreds of thousands
| of men and women.
The president, in the midst of the
| panic, appeals to us to repeal this law,
| and he will not make this appeal 10 me
in vain. have no sympathy with him
in politics, but | believe that in this
matter he is right and that it is my duty
! to respond to his call. Twill cooperate
| in any measure that will tend to main
| tain the harmonious use of silver and
| gold as standards Of value. hope that
the next measure eff relief which my
friend from Indiana (Mr. Voorhees, will
! provide will be a broad, liberal measure
| authorizing the president or the secre-
| tary of the treasury. whichever he pre-
fers, to exercise the power, if neces-
sary, to sell securities in order
to smaintain the parity of all our cur
rency. There is another thing. We
must not overlook the fact that possibly
the balance of trade may be against us
next year. The appropriations made at
the last congress, though made after
the scrutiny of careful economists, may
exceed the revenues of the government;
and some authority to make good the
deficit (whatever it may be) ought to
he provided by law. Some power should
be given to the executive in the matter.
If that be not done, and the revenues be
not sufficient to meet the expenses, the
executive would have no power to meet
the deficit.
at this point of his speech!
EIr Sherman Deviated
from the direct path of his argument to
reply to and clear away all the charges
and aspersi0nS made by senators and
others in connection with his so-called
act demonetizing silver III 1873, and he
! confessed to some annoyance at the
statement made the other day by Mr..
Voorhees,, that action of those who had
managed the legislation had been
stealthy and treacherous. Mr.. Voorhees,
declared that nothing could be farther
to say an unkind or disrespectful word
about the senator from Ohio. The SEN
ator was not in his mind at all when he
uttered those words, but as they were
dlsagreeable or offensive to him he eX-
pressed his regret a. having uttered
them, and declared himself incapable
of inflicting atfront on any gentleman
i'm the senate or elsewhere.
Mr. Sherman said that certainly he
did not desire to say anything more on
the matter, being entirely satisfied. He
reviewed, however, the legislation OF
>1S73 and denounced the manner in
which Ernest Seyd, the English econom.
ist, had been denounced in connection
wish the matter. Seyd played no parl
infamously false than Seyd or any one
else paid $500, 900 to congress to secure
the characterization Of silver. Seyd was
a bimetallist,as was shown by reference