Daily Kennebec journal., 1893-08-31
SD CONGRESS.
Senator Sherman Speaks on
the Silver Question
And Corrects Some Erroneous In
pressions Of Il.
uAy DidaV Dsaeesats Msip Aspshlieass 6s-
psal ~ Lasl

wAsHrxoros, Aug. 30.-The House this
| morning resumed consideration OF the
rules. The general debate will close at
o'clock.
In the Senate the bill for the repeal Of
the Sherman act was taken up and Mr..
Sherman proceeded TO address the Senate.
He said if the repeal of the purchasing
clause of the act of July, 1890 we're the on
ly reason for the extraordinary session il
would seem TO him sufficient. Ii was, how
ever. justified by the existing financial
suingency. On one thing, he said, Con-
sress and the people agreed, that Was tba,
both gold and silver should be continued in
use ~ money.
After discussing other matters contribut-
in9 TO the present condition. Mr.. Sherman
declared an erroneous impression had been
created. when it vas claimed the sherman
law was the cause of all the trouble and
this he said with all due Difference to Mr..
Cleveland. Still the fact was that Con-
gress must deal with . situation and not
measure.
He believed in giving the devil his due
and was ready to stand by the law, not a. =
measure in which he took any special pride,
for he was compelled to yield in order to
prevent disastrous legislation.
But without the law. what would the
country have done in 1891 and 1899, had il
been called upon then to meet the difficult
ties now staggering us? He was not = new
convert to the repeal of the law and year
q 10 he had introduced bill to suspend the
operations Of the law. 1t was worded al
most exactly like that of Mr.. VOORHEES,.
Why did not the Democratic senators then
see the dangers they now see and come to
the help of the Republicans when they
sought to suspend the law. Not q Demo-
cratic vote was had then and the Democrats
must answer why.
This was currency famine, not that the
fear that the money of the country was not
good. The people should not be deceived
As to the repeal. Mr.. Sherman did not be-
lieve the repeal of the law would in any
considerable degree relieve the country
from the existing stagnatiOn. Its repeal
would ease the money market from the
dreaded fear of the free coinage of silver.
The law was denounced by the Demo-
cratic party as miserable makeshift, and a
good one, intended to prevent the ills grow
ing out of the free coinage Of silver. The
Democratic party was now charged with q
great responsibility, and Mr.. Sherman
warned them that if they attempted to alter
the existing tariff laws they would plunge
the country into deeper distress than now
exists.
Taking it for granted that the Sherman
law would be repealed, what Of the future9
Mr.. Sherman, while not the advisor Of
the Democratic party, said ne was entitled
to give his opinion as an American citizen.
First of ali we must preserve intact the
parity Of all our money. 1t might be neces-
sary to issue our securities to secure gold
to maintain this parity, the only way by
which We can summArily secure gold.
The balance of trade may be against Us
again ne 1t year. If such condition should
arise the secretary of the treasury ought to
have the authority to make the deficit good.
Mr.. Sherman then proceeded to discuss
the history of the act that that bears his
name. He was not in favor of free coin
age silver and regarded it as bill of an
other name for the mono metallism of sill
yer. He was only in favor of the purchase
of silver for the purpose Of coming. The
conferees of the two houses agreed upon
their differe nces and in that agreement Sc
cured the repeal of the Bland-Allison act.
Mr.. Sherman reminded the senators that
when they criticized the law that was miss
named 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.. Sherman said. set forth the decline in
value of silver but failed to give the causes
of that decline. he had taken broader
view he could have explained it all. 1t
WAS due to the fact that we were all called
upon to pay our debts, debts payable in
gold.