River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1893-08-24
HE SILVER DEBATE.
synopsis Of the Discussion In the United
States Congress.
IN THE HOUSE

IN IHE hOUSE
On the 18th Mr. Hutchinson dem, Tex)
concluded his speech. and Mr.. Blanchard fdem.,
La spoke in favor of free coinage. He said
the Chicago platform had declared for the
peal OF the Sherman law and had declared for
bimetailismL That portion of the platform
ought TO be carried out in a single bill and on
bimetallie standard II the friends OF silver
yielded 10 this demand OF the gold people they
yielded that which nothing but revolution could
regain The United States had reached point
In wealth, prosperity and industry that IL could
afford to lead and not follow.
Mr. Hall (dem Mo- made an argument in
favor OF free coinage and Of some legislation
that might increase the volume of circulating
medium TO the same quantity it had been when
the debts of the country were contracted.
MIR Grosvenor rep, o. said 4, was unfor-
tunate that the president in his message had
justly proclaim to the people that the present
peril OF the country grew out OF the legislation
OF the republican party. The president had de-
clared that republicans had been responsible
for the present condition OF affairs and this
declaration would be the origin OF political dis
eussion. IL political discussion there should be.
Very little OF the present trouble could be
traced to the Sherman act The difficulty in
which the country now found itself was attrib-
utable to the fact that the people feared tink-
ering with the protective tariff By the demo
cratiC party
not vote for the Wilson BILL which attacked
but one sentence OF the Sherman act aud did
not carry out the intention OF the Chicago plat
form That platform pledged the democratic
party not only to repeal the entire Infamous
act but 10 coin gold and silver at parity,
The cry OF the people was for more money, and
the best way to secure that end was TO provide
FOR the free coinage Of silver. The present fight
was between the debtor and creditor classes.
On the 10th Mr.. Bryan dem, Neb) said that
the Recommendations OF the president meant
the burial of silver with no promise OF resurrec
ton. They we're an argument for the single
gold standard. They led to gold monometal-
lism, over whose door was written: Abandon
hope all We who enter here" The advocates Of
silver stood on solid ground and denounced this
cry that a gold dollar was the only solid dollar
The most dishonest dollar ever proposed is that
child OF Ivarice and ignorance called the
gold dollar for IL would constantly rise in value
and cheat the debtor While we cannot secure
an absolutely honest dollar we should approach
IL nearly possible, and the bimetallic
standard ought to be adopted, because with BIZ
metallism the money unit fuctuates less than
under a single standard The miner is not I'M
fair in asking for free coinage, for such a law
cannot give back TO him any more than de-
monetization took away But the miners in
terest is an incidental one. The Sherman
law is not the OF our financial
stringency. The moneyed men of the east,
without intention, Of course, started the
panic By exaggerating the dangers OF gold ex-
portation. When the panic came they were in
jured as much as anybody else. The trouble
now Is that depositors have withdrawn their
money from fear of the banks, and repeal OF
the Sherman law viii not increase the solvency
Of banks. Mr. Bryan spoke In favor of the
retention OF the ratio of 10 to I, arguing that an
increase of that ratio would be detrimental TO
an international agreement as to the coinage OF
the two metals The question was not whether
fhE tgaZ
whether he right The president had
won the confidence of the people; but he had
been deceived as TO what they demanded. He
was elected upon a platform thrice pledged 10
the gold and silver coinage of the constitution.
Nine-tenths OF the people OF the United States
are ready to sustain him in the fight, but In the
face of an enemy bold and insolent he has or
dered a retreat VIII the party stand by the
principles of jefferson ana Jackson or will ii
abandon its right TO its manner Win il choose
life or death-which?
Mr.. Henderson rep, La said that in his
opinion the free coinage Of silver would drive
this country to a silver basis and would elifl
mate from our circulation the 1904, 100000 of
gold now circulating in the United States
Nj. Moses tdem, Ga) spoke against the re-
peal biz and opposed the proposition 10 raise
the standard from Is TO 10 20 10
On the t7tn Mr.. Daniels rep, X. " spoke in
favor of the repeal OF the purchasing clause of
the II act The error, he said, had taken
hold Of the public mind that disaster was bound
to follow frim the accumulation of silver bul
lion In the treasury. This fear had been sup
plemented and voiced by the president Con
gress should intervene 10 give some measure
Of relief to the people by changing the financial
policy. For the last fourteen years this
emulation of silver had been going on Instead
OF silver going into circulation il had gone into
the treasury and there ii had remained a
useless article as far as currency was con-
cerned The people had become confident that
the law OF 1880 should be repealed.
Mr. Cooper (dem., Fla.) would vote for the
Wilson bill and against each and every one of
the propositions presented by the silver men.
tie argued that the Sherman law the cause
OF the present depression. The want of public
confidence mad caused the upon banks,
had caused the failure OF substantial bank.
ing institutions and had brought about
the present financial stTingency The demo
cratic platform at Chicago had declared
for the coinage OF gold and silver at an equal
intrinsic valve and the man who stood now for
free silver undertook to override the demo
cratic pls form He was ready TO support any
measure which would bring the money OF the
people out of its hiding place and would place
the currency on a stable basis, but he did not
believe that the country could safely provide
for the free coinage OF silver at the ratio of -
toll
Mr. Godzer (dem.. MI paid considerable at
tpntipn u the millions OF savings bank de
creditor class just much the despised
Wall street bankers He t3ol issue with those
financial experts who presented figures show
ing the contraction of the currency.
Mr. uoldzer said that IL was
not the contraction OF the cnrren
ey, but the contraction of public
confidence which created the present business
depression. The great volume OF business was
done on credit, and the only basis OF credit was
confidence. For this reason he argued that IL
pa Incumbent ar a increase
confidence. and thus increase credit, than TO
Increase the money circulation. He was en-
phatically in favor of repeal
On the 18th Mr.. Sibley dem, Pa Spoke in favor
OF bimetallisrh and the johnson interconvertible
bond proposition He said the time had come
when the clearing houses Of the great cities
should no longer dominate and control the pol
icy of the 81 900, 900 workers of this land The b
metallists were as anxious were the gentle
men the other side to put speedy end TO the
present depression, and this end could be
attained here and now by enacting in law the
johnson proposition. One cause OF the present
panic was the Reform club. of New York, which
had attempted TO fix up the tarin before the
meeting OF congress The New York bankers
were also responsible for the panic. The de-
mand for the extra session Of congrese had not
come from agriculturers or laborers. but
from the absorbers of the c6untry's
wealth; not from the 100000 Of
American citizens. but from the AO0
who had acquired half OF the national wealth.
and wanted as soon as they could the balance
OF IT, The decentralization act of 1873 as
traitorous act and along with the names
Judas Iscariot and Benedict Arnold would he
placed the names Of those who were guilty OF
the crime OF 1873 IN the speakers opinion the
salvation OF the country depended upon the peo-
pie who were living west Of the AlegheDies and
south OF Mason and Dixon's line,
Mr. Everett tdem., Mass } spoke In favor OF
repeal tie said the democratic party was
called upon to meet great crisis. Mt. Cleve-
land was a great leader. and he was ready to
support that leader. He did not care who
was responsible for these present difficulties.
When a great city was on fire no one cared
whose old woman's COW had kicked over the
lamp Every one wanted 10 put out the fire,
but the responsibility TO extinguish the fire
rested with the democrats. II the republican
party chose tn help them, ~ II was willing to
come forward on the lines which Mr.. Cleveland
had indicated. they would accept its help
and be grateful for its support IL 1t shared
the risk il would also share in the glory
Mr.. Haines (dem, NY said he was amazed
at the attacks made upon Wall street They
were pure demagogism attacks on The
financial system of the country. Wall
street was the savings bank OF The ma
ton: IL was 20 Wall street that the arious
sections of the country sent their loanable sur
plus, and from there that surplus was dissrih-
uted throughout the country where capital vas
needed for the development of every industry
Mr. English (dem., \, j. took the same
ground, But while he would vote for the re-
peal Of the purchasing clause he did not hold
that that repeal would be panacea for all our
sN.ansIE