Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1893-10-10
MIR. camden,s Speech.

wAsHISGroN, Sept. 3O.-Senator
Camden made strong and business
like speech in the Senate to-day on
the financial question. He occupied
about an hour and half in its de-
livery, and during that time he held
the close attention of his colleagues
from the outset.
He favored the repeal of the Sher-
man law, for while it was true some
gentlemen secuted the idea that the
Law was responsible for the panic, it
could not be questioned that the
great body of business men and finan-
ciers regarded it as the chief cause
and demanded that it be wiped from
the statute books.
Taking up the question of silver
Senator Camden went at some length
into the history of the coinage of that
metal in the last hundred years, both
in this country and in Europe. He
show ed that in the early years of this
government, the able and patriotic
financiers who directed our financial
policy though it necessary in fixing
the ratio between silver and gold to
eX ercise the utmost care and pursue
the most thorough investigation, so as
to be absolutely certain that they got
at the true commercial ratio between
the two metals before they decided
what the legal ratio should be. They
realized the danger to the stability of
our finances that would he involved
in over-valuing either metal and fore
saw tue results of fluctuations in the
value of silver or gold. They knew
that genuine bimetalism could only
he attained aud maintained by max
ing the legal and commercial ratio
exactly the same. So. in fixing the
ratio of silver to gold in our currency
they took the most elaborate measures
of precaution, although at that time
the minis of almost all Europe as
we'll as our own were open to the free
coinage of silver, and therefore, the
danger of fluctuations were vastly
less than they are now, and the pos
sible consequence to us of such fine
tuation must have been of relatively
slight Importance. To-day, tue SEN
ator went on tC point out, the condi-
tions as TO silver are vastly changed.
The minis of all Europe were closed
to il and we ourselves have been on
gold basis since 1875. Within the
last three months we have seen the
widest fluctuations in the price of
the metal with the conditions so
changed. Therefore, the Senator
concluded that it was unwise, i'm
practicable and dangerous for us to
attempt at this time and under these
circumstances TO undertake, single
handed and alone, the free coinage of
silver. In the face of all we had
done for it by the Bland act and the
Sherman act from 1873 down to the
present, the price of silver steadily
declined.
He was bimetalist and believed
the world could not do its business
without the aid of silver as well as
gold, but it was dangerous for us to
undertake free coinage alone. We
would have to wait until events COM
PEELED the nations of Europe TO join
us in an international agreement.
That time would come. he believed,
by the end of this decade, and he
hoped sooner.
In conclusion, the Senator said
he favored legislation which would
give the country an increased cur
rency and believed we could with
safety increase the amount of silver
we now have. Legislation of this
kind shall supplement the repeal of
the Sherman law. Senators had ex-
pressed doubts that such legislation
would be passed by Congress, or
signed by the President, if the Sher-
man law were once repealed; as for
himself, he had no such doubts either
regarding Congress or the executive {;
he had full confidence in the good
faith, wisdom and patriotism of the
President.