The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-09-06

-
On one thing. he said. congress and the
people agreed, that was, that both gold
and silver should be continued in use as
money. Monometallism, pure and sim
pie. had never gained foothold in the
United States. If senators wanted cheap
money and an advance in prices, free
coinage Of silver was the way to do it;
but they should not call it bimetallism.
Mr.. Sherman then proceeded to dis
cuss the history Of the act that bears
his name. He was not in favor of free
coinage of silver, and regarded IL as but
another name for the mOnometallism of
silver, and was only in favor of the pur-
chase of silver for the purposes of coming.
The conferrees Of the two houses agreed
upon their differences, and in that agree
ment secured the repeal of the Bland
Allison act. Mr.. Sherman reminded SEN
ators that when they criticised the law
that was misnamed after him they
should remember that this law, now on
the statute books, was far better than
either the house bill or that passed by
the senate. The president had, Mr. Sher-
man said, set forth the decline in the
value Of silver but had failed to give
the causes of that decline. If he had
taken a broader view Of the causes of
that decline he could have explained it
all. 1t was due, Mr.. Sherman said, to
the fact that we were called upon TO
pay our debts, debts payable in gold.
England was the great creditor country,
and we should neither be ashamed of
nor hate her; we are her children ana
partake much of the characteristic of
the parent stock. Englands losses in
the Argentine Republic had to be made
good, and she returns our securities and
demands the gOid needed to save her
own institutions from going down. For
the first time also in a number of years
the balance of trade was against us, and
we had TO make the differences good.
The Cause of the Trouble
After discussing other matters contrib
uting to the present condition, Mr.. Sher-
man declared that an erroneous i'm
preston had been created when it was
claimed that the Sherman law was the
cause of all the trouble, and this, he
said, with all due Difference to Mr.. Cleve-
land. Still the fact was that congress
must deal with a situation and not a
measure. He believed in giving the devil
his due and was ready 10 stand by the
law, not as a measure in which he took
any special pride. for he was compelled
10 yield in order to prevent disastrous
lesislat ion. But without this law what
would the country have done in 1891 and
1892 had it been called upon then to meet
The difficulties now staggering US? He
was not d new convert TO the repeal Of
he law, for year ago he introduced
OIL 10 suspend its operations. 1t was
worded almost exactly like that of Mr.
Noorhees's. Why did not the democratic
senator's then see the dangers they now
see, and come to the help of the repub-
licans when they sought to suspend the
iaWE Not democratic vote was had
men and democrats must answer why
mis- was currency famine; not the
tear that the money of the country was
deceived as TO the reasons for the repeal
Mr. Sherman did not believe the re-
peal or the law would in any consider
lbie degree relieve the country from
the existing stagnatiOn. Its repeal
would ease the money market from the
dreaded fear Of the free coinage of sill
yer. The law was denounced by the
democratic party as a miserable make
'hift II was a makeshift and a good
ne, intended to prevent the ills grow
ng out Of the free coinage Of silver
the democratic party was now charged
With great responsibility and Mr.
Herman warned them that if they at
tempted TO alter the existing tariff
avs they would plunge the country
INTO deeper distress than now exists
Taking ii for granted that the Sherman
'aw would be repealed what Of the
future? Mr. Sherman, while not the
adviser Of the democratic party, said
he was entitled to give his opinion as
m American citizen. First Of all. we
must preserve intact the parity of All
our money. It. might be necessary t.
issue our securities to secure gold T.
maintain this parity, the only way by
which we can Summarily secure gold
The balance Of trade may be against
rs again next year. and if such a con-
1itiOn should arise. the secretary Of the
treasury ought 10 have the authority
20 make the deficit good.
Senator Voorhees, Interrupts.
Mr.. VOORHEES, replied that he never
intended 10 refer 10 the senator from
Ohio. for four years ago he had effect
lally cleared himself from any partici-
patton in that matter Hereafter"
said Mr.. Sherman. when any man
makes such a statement about this
legislation shall simply say that it
IS a falsehood and brand it So It is
strange that on the vote OF this biz
that the distinguished senator from
Nevada. Mr.. Stewart. voted for IL and
I, the devil fish. voted against it,"
The last rock was in reference to an
epithet applied to Mr.. Sherman during
the debate in the house last week
Mr.. Stewart retorted that in due
time he would explain how he came to
vote for the bill
There was nothing surreptitious
about it," said Mr. Sherman with much
warmth. "and no fact can be proven
more clearly. The statement so often
made to the contrary is a falsehovd
and a lie; l care not by whom made
1T was sometimes said that Gen
Grant knew nothing of this demonetiza-
tion," Continued Mr.. Sherman. what
Nof it? General grant was not a fnan-
cier, but his secretary Of the treasury
wrote a report urging the passage Of
such a bill. In the face of such a re-
port how could members of congress
plead ignorance?"
Mr.. Sherman would rather stand here
and say he voted knowingly and under
standingly than shirk responsibility by
pleading the baby act.
Goes After stewart.
He caused general laughter among
senators and in the galleries when he
quoted from one of Mr.. Stewards
speeches in the debate on the bill he
was discussing. in which he (NIr. Stew
arD said: Gold is the universal stand
ard of the world" and argued in favor
Of the gold dollar as removing every
element of doubt in fixing values and
enabling the working man to know ex-
ectly what his labor was worth 1t
was not until silver became a cheaper
dollar than gold that anyone demanded
il, and then il was to take advantage
of a creditor. The purchase of silver
by the United States when all others
had stopped it was an improvident
striking down silver he wanted to build
- hsrf a. could NOT ba dopa nv the