The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-08-31
He Makes a laughing Stock of
Nine Owner Stewart.
The NEVADA MAN sgwlLoEREo.
Covered With Confusion. He Sits
Stroking His Long whiskers.
He Was . Gold Bug Before silver BE-
came Chesp-Mfnisg Stock Assess-
msnts Payable ia Cold Hearings on
the rsrin 10 Begin Monday.

WAsHIs6Tos CITr, Aug. 3n-Tmmedi-
ateiy after the senate met this morning
Henderson presented memorial from all
the national banks Of Omaha for immedi-
ate passage OF the bill repeating the pur-
chase clause of the Sherman act.
Stewart offered a resolution. which was
on his own motion referred to the finance
committee, directing the secretary of the
treasury to inform the senate how the
revenues since the commencement of the
present fiscal year compare with the esti-
mates.
. AT l2.35 .. m. the bill TO repeal the Sher-
man act was laid before the senate. and
Sherman proceeded TO address the senate.
He said if repeal of the act was the only
reason for the extra session, ii seemed to
him insufficient It was justified. how
ever. by the existing financial stringency.
Congress and the people agreed that both
gold and silver should be continued as
money. Ii cheap money Is wanted, free
coinage of SILVER is the way to do it. but il
must not be called bi-mesallIsm. 1t would
be mono-metaiiism Of silver. The presi-
dent had failed TO give the cause OF the
decline of silver. II was due to the
fact that We had to paw our
debts. debts payable in gold. England
had to make her loss in the Argentine
Republic good to prevent her own insti-
tutions from going down, so she returned
our securities and demanded payment in
gold. The balance Of trade was also
against Us, and We had 10 make the differ
ence good. This, not the Sherman law.
let to the present condition. He consented
to the passage OF the Law to prevent free
coinage, and 10 that extent it benefited
the country. but a year ago he introduced
bill, almost in the same words as the
Voorhees, bill, to repeal 1t. Not Demo-
crat voted for it. They must answer why.
The trouble was currency famine, not
fears as 10 the soundness Of the country's
money. He did not believe the repeal
would overcome the stagnation. but would
ease the money market from the dread of
free coinage. He warned them that II the
Democrats attempted TO alter the existing
tariff 1t would plunge the country into
deeper distress. As to the future, we must
preserve paritv of ell our money. The
balance of trade might be against Us next
year. and 1t might b necessary to issue
securities to secure gold to maintain
parity. The secrstary of the treasury
ought to have authority to make fhe de-
ficit good. Aii parties heretofore gave the
secretary authority that the surplus in the
treasury should be coined and used for all
legal purposes. Sherman denied voor-
hees' statement that the act oil 1873 was
.steaIthy demonstration"
Voorhees, said the remark was not
meant TO apply to Sherman, as he had
cleared himself OF participation in il tour
years ago.
sherman. continuing. said il was strange
that on the vote on this,biil Stewart of
Nevada voted for ii. Sherman against 1t.
Stewart said in due time he could ex-
plain how he came to vote for the bill.
Sherman caused laugh by quoting
from one of Stewards speeches in the de-
bate on the bill of 1873, in which he de-
clared that gold Is the universal standard
of the world. I" and urged the gold dollar
as Ii King standard by which the work
man knew exactly what his labor was
worth. 1t was not until silver became
cheaper dollar than gold that any one de-
manded il. and then IL was to take adyan-
tsge of creditors. The purchase OF silver
by the United States when all Others had
stopped il was an improviden. use of the
public money. Instead OF striking down
silver he wanted TO build 1t un. but IL
could not be done by the United States
alone. He believed the best thing 10 do
was to suspend the purchase of silver and
devote attention TO the needs of the hour.
He would give authority to protect the
credit of the government at home and
abroad. and after waiting to see what the
effect of the Indian policy was and fur
ther efforts at international conference.
the present clouds of gloom would dis
appear
The reading of the quotations about
gold showing such q remarkable change OF
opinion on the Iart OF Stewart provoked
general laughter at the expense OF that
senator. W no looked somewhat bewildered.
but only stroked his beard. Subseauently
he promised to reply TO Sherman on Fri
day next. Sherman followed up his ad-
vantage over the Nevada senator bv ex-
hibiiing a newspaper published In that
state. one whole side of which was occu-
pied with notices of assessments on silver
mining stock, all payable In United States
gold coin. Sherman concluded at z:fo.
having occupied two hours aud ten min
NASS. 1t sItcNA were feau
from manuscripts, but the greater part of il
was delivered extempore and with great
rapitlity aud force. lie was listened 10
throughout with unhagging attention and
interest.
When he had concluded the repeating
bill. on which he had spoken. was laid
aside and the national bank circulation
bin taken up to ALLOW Teller 20 finish the
speech which ne began yesterday. yoor-
hees gave notice, however. that after
morning business tomorrow he would ask
the senate TO take up the repeal bill, and
would do so from day to day.
Teller then proceeded with his speech.
He said: II is the preFogasiye Of the
United States 10 issue its own currency,
and this is q good time 70 reform its bank
ing system. He would not by his vote put
any more power into the hands Of the
banks of the eonntry. He would not en-.
able them any longer TO paralyzc the busi-
ness of the country IS they we're doing to-
GAY. he had tair opportunity 10 wipe
them out. and he would wipe them out as
quickly as he eoaid. He was opposed 10
the present system. He desired 10 with
draw from the banks the privileges they
now possessed. At the conclusion of Tel
leris sneech the senate weni into executive
session, and when the doors reopsned ad-
journed.
I'm the House