The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-08-16
WOLCOTT AT The BAT
He Challenges Anybody 10 Show that ths
Panic is Due 10 Silver.
OLD HOAR TALKS BACK
Another Day OF Financial Argu-
ment-Hunton OF Virginia
Speaks on Nantes Right
to His Seat.

the plank IN the last democratic plat
form by presenting a measure to suspend
for % days the law imposing 10 per cent.
tax on state bank issues. He declared il
would give rolief Ia the country in IS days
and make il possible to move the cotton
crop In the South. The proposition was
not received with any particular warmth
by the senate and it was referred to the
financial committee.
Voorhees, reported back from that COM
mittee the bill introduced by him yester-
day rs measure OF relief. IL had, he
said, tho approval of the committee aud
the secretary of the treasury and he hoped
the senate would take the matter up.
National banks were no favorites OF his
but that was no reason why they should
not he used 10 bring about measure of
relief If they were capable.
Cockrell OF Missouri objected. saying
that several senators desired to be heard
on the proposition. The bill went over
aud Cockre!l then asked the senate to pass
the house joint resolution for the pay
ment OF mileage TO senators aud repre-
scntatives for the present session. Frye
of Maine ridicu.ed the idea Of a public
duty which would postpone relief for the
people and make haste TO provide relief
for senators aud members. The resolu-
tion went TO the calendar.
The Lee Mantle case, involving the ques-
tion of the right OF the governors of states
TO appoint senators under certain circum-
stances, was taken up and Hunton OF
Virginia spoke briefly in support OF Man
ties right to his seat. Voorhees, intro.
duced joint resolution extending for
months the bonded riod for whskcy in
government warehouses.
Lodge then made an address i'm aivoca-
cy of his resolution offered Tuesday last,
directing the committee of finance 10 re-
port at once The bill to repeal the purchas-
ing clause of tho Sherman act. What tho
people wanted. he said, was prompt
action. He had no mind for party policy
or delay.
Wolcott OF Colorado replied at length.
He had yet to hear any intelligent man
state that lie firmly believed the Sherman n
| act had wrought the injury under which
the country now suffers. The Sherman
act was illogical and vicious in that it
made of silver a commodity and left
| silver bullion in the treasury un.
coined. 1t had some advantages, however.
As a quasi-recognition of silver, il had
been OF infinite value in the hope II had
inspired in bmetallism and, in fact, il
| had afforded an enlarged currency from
month to month for the past three years.
| Ii had given the country n currency
backed by the credit of the government
| aud BY silver at it's bullion value, That
was pretty good currency, better than
| s3T .OoO. 900 of clearing house certificates
now i'm circulation i'm New York, The
| only tangible statement he could get as ia
the injury wrought BY the Sherman act
was that there was a lack of confidence
| in Europe. But he did not find that
statement borne out by the facts.
American securities had been held
| enormously in Great Britain, That
country suffered seriously i'm Argentine
| and her own colonies and had been forced
| to sell her securities. Great liouidation
had come, not because there was a lack of
confidence I'm American finances i'm G. rea,
| Britain, but because the holders of Ameri.
can securities were compelled to sell. The
| sherman act was no, RESPONSIBLE for the
| Reading iiasco, or the whiskey trus,
trouble, or the cordagc trust trouble. and
vet the New York papers striking n bal.
| ance between the quotations of now and a
| ye,r ,yo ,r,ued ,ha, s;Ivar aud ,h. Sho,
man nct wero resnopsibI. for nil ,h,s,
Ji.ns,ers. Tho roai cause or the nro..n,
| financial ,,nic is to he Iooked for cIso
where. \, came nartlv because of Furo
, ne.n Ioss.s i'm Sou,h lm.rican ,nd A..
,rali,. nar,lv bec,use Russia and Aus,ria
wero buyipg Gold and n,r,Iv because ,h,
limited States bad nurchasad mora GOOD.
nbroad than !, had sold ,bro,d An ,h,s,
cnuses were ut,orly indcnenden, of an,
irrcsncc,;yn NJ silver nnJ Tho Sborrn,,
nct. All The Iogisla,iop liza, micbt h. ON
acted would not briny hack coni,d.nc, .,
,be mon who have withdravn ,b,.ir ,n,n.,
from IN, hanks
| Wolcott cxnrcssed the cony;c,io, ,,,
vb,n prosncrous d,vs c,m. b,,L 4. ,b,,
coun,-v II wo,,IJ ho ,f,e- /, b,,
,nnn,,nc.J ,o ria, world TIA, ,b;s ,,s ,
n,,ion ,f him.,,lIis,s hoIio,,in, !, N, o.
n,onny. ho,b cid and silver and ,h.t /,
nr,nosod 40 have ira sh,r, ~ tho ,o,,, %
tho world. ,ba, 1, w,s rich .,ough 10 hoi,
n and ans entitled he i,s r.sn,,rcos , n,
conIi,iops ,o have II. that AZ tho sam,