Daily independent. [volume] (Elko, Nev.) 188?-1915, 1893-08-26
HM O. Repeal.

- - NSooSO SOOSOeNSSS Wv OOut
70 the Clerks desk and had read
couDunioation from tho Director OF
tho Mint giving statistics OF the guam
tity Of silver bullion purchased since
1873, tho date of the Bland-Allisou
act, its cost, amount coined, etc.
Vest@u@med up all these figures to
show il all the silver dollars and sub
sidHry silver were rescinded at tho
ratio proposed in the bill co to u
there would still b = profit to the
treasury on tho whole silver. transact
ion since 1873 OF over fifteen and q
quarter millions Of dollars. He init
mated pretty broadly that Carlisle,
in bis letter to Senator voorhees, on
the subject, had not treated tho sub
jact fairly. t..
Hill Of Now York then made his
speech. '.There were those" Hill
said, who do not fully agree With tho
President in his diagnosis OF the NAL
ady now affecting the body polite,
and who did not hastily join with
hin in the rosy conclusion that tho
financial millennium ia TO come the
moment tie Sherman law is removed
There were some who had given the
subject attention who believed tho
Cause ct tho present depression was
deeper and beyond tie Sherman bill;
that its foundations were laid in the
evil hours OF 1873, when the country
I'm Rittipelv laid aside q financial
policy that had been it's guide since
the foundation OF the Government.
Tho existing financial disturbance"
Hill said "was Attributable TO three
distinct causes. First-It was the
natural and inevitable refult of the
many years Of real or fictitious pros.
peIity. Second-Some portion of
the present panic could be traced to
the concerted effort on tho part OF
mouometallists to produce it in order
to disc redit silver. Third--But no
matter what else may have contrib
uted to the present financial condition
it would not be denied that the Sill
YER purchase law had been, at least,
in part, and possibly most largely, in
strumental, in producing existing
complications"
Hill did not believe q simple repeal
OF the Sherman law would at once
restore abundant prosperity, but that
many years would be required TO re-
cover from the present disturbance.
He compared his own course, in de-
claripg for the repeal with the Presl-
dents course in failing to refer to it
untilthis late day. He was q hi
metallist, and stood for FREQ coinage
at proper ratio. Had the Sherman
law been repealed at tho last session
or IN the special session on the 9Th OF
March, the United States would have
escaped the present panic aud pre-.
ciuded the closure Of the India mints;
the Independent and free bi-metallio
coinage in the United States was not
consistent With the counsels Of none
tary science. While repeal would not
bring parity, it would facilitate it
by bringing that new tangled none
tary theory Of tho gold monometaIl-
ism, begotten 10 the embraces of ig-
norance with rapacity, at lesat to an
unequivocal crucial test. The perma-
neut remedy for our financial ditfi-
Guilty was hi .metallism az IL existed
prior to 1873. Hill favored the in
Grease OF National bnnk circulation as
proposed in the pending bill. Con-
tinuiDg, he said he regarded the
question Of ratio a. not timely, and
as Of the lesst consequence, but il
changed'at all 1t should not be- on.
lsrged, but diminished to l51l, the