St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-02

yer Money for This Generation
Unless a Revolution of the Peo-
pie Restore It.
WASHINGTON, Sept. 1. - The vigor
with which Mr.. Cockrell in the senate
today objected to Mr.. Voorhees, request
for unanimous consent that the senate
bill be substituted for the house bill re-
pealing the purchasing clause of the
Sherman act, recalled the stubborn con-
test made bv those on the Democratic
side OF the chamber to the force bill,
against which every obstacle known to
parliament was invoked. There was,
however, none of the Indifference to
speeches displayed i'll the senate today
in the discussion of the repeal bill that
was so frequently noted during the de-
bate On the force bill. Mr.. Vance,
III his speech today. had a large
majority of the senate and we'll
filed galleries as his auditors
and was followed with marked atten-
ton. MIR. Cockrell, at the conclusion of
Mr. Vance's speech, criticized the Re-
publican party for its inconsistencies
two years ago III its campaign hand
book, claiming credit for the beneficent
Sherman act. now denouncing it as the
cause of the present distressed condition
of the country. Mr.. PETER wanted to
know whether the campaign book had
been sent through the mail under a
frank, and was told by Mr.. Cockrell that
he did not know. The tact that the
senate will meet tomorrow indicates
that the majority of the committee on
finance intend to press the repeal bill to
vote at the earliest opportunity; in
fact, MIR. Voorhees, today called for a
vote on the bill during temporary
cessation of the debate. and for a few
moments greatly excited the silver SEN
ators.
MIR. Vance began his speech with the
statement that the great law of supply
and demand operated in regard to money
just as it did to everything else; when
money was abundant, prices were
higher; when it was scarce. the prices
of all products were low. Therefore,
he that increased the abundance of
money benefited production and en-
HANGED prices and wages, and he that
contracted or diminished the amount of
this money deprecated everything that
is for sale, including wages, though by
reason of combinations and defensive
measures in many parts of the world
wages are affected less than many prod
ucts. The effect upon mankind which
would follow the destruction of one
half the currency of the word-amount-
ing in the aggregate to $500. 900, ,000-it
would be impossible accurately to de-
scribe. Still, this process of destruc-
ton has been going on quietly since
1872, and its result is seen in prices
lower in many things than have ever
been known In the memory of men,.
Mr.. Vance then began a discussion of
the history of the characterization of sill
yer, taking as his starting point the
action of Great Britain as early as 1916.
which action on her part was necessary
to enable her to pay in gold her great
debts to the Jew RothschildS. He then
touched upon the adoption by Germany
of the gold standard after the Franco
PrusSlan war; its effect upon the Latin
union, and said that about the same
time the United States ceased coming,
by a
Fraud in Legislation,
when silver was at that moment at a
premium over gold. began to decline
and has continued TO decline ever since.
In 1878 the indignation of the people
forced its RECOMMENDATION, and under
the operations of the Bland-Allison act,
coinage was resumed with a certain
amount of discretion placed in the
hands of the secretary of the treasury,
discretion that was used, as it always
had been, against the coinage of silver.
Still it stayed the downward course of
silver, and the people received it
gladly.
Every government that had demone-
tiZed silver had done so when 1t was at
premium; and when the coinage was
stopped in India. the effort to have it
stopped altogether in the United States
began, aided by the influence of the
mOneyed power of all the world, ,and our
own government. If coinage stopped
here, silver ceased to live throughout the
commercial nations of the earth. The
repeal of the law without any substi-
tute meant the end of silver money
for this generation, unless revolution
of the people Shonld restore, as 1t did
after the fraudulent demonetization OF
1873. Let no man doubt that this move
| ment for the repeal of the She rman act
was the result of a conspiracy among
the money holders of the world. Our
own secretary of the treasury had said
so. 1t had been repeatedly announced
in the British house of commons and
nowhere denied that the intent of this
combination was to increase the
Value of the Gold
in the hands of those who held 1t, and
increase the value of all securities by
making them payable in gold. The
method of the attack was by the crea-
ton of panic. Mr.. Vance criticised
| the action OF the secretary of the treas
| ury in redeeming the notes issued in
| payment for bullion in gold, and said
that any intelligent man would construe
that law to mean that discretion WAS to
be used in favor of silver when the con-
| dition of the treasury required it.
Most Of the gold shipped abroad was
| obtained from these notes, although
any other obligation of the government
was payable in the same coin. The OBJ
| ject of the conspirators was, however, to
show that the departure of gold was
attributable to the Sherman law, and
/ for that purpose they choose TO redeem
those notes. Some foreigners believed
the cry that we intended to 60 to sill
yer basis. and sent back some of our
securities, and the clamor that began in
false pretense ended i'll howl of real
terror.
Giving and taking was fair, but when
one side did all the giving and the other
| side all the taking, it amounted to a
surrender. Thirty days from this time
all distractions to the business of the
world would have passed away, and
today, according to the leading financial