The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-10-10

II ruin Is impending over it, the ruin
will come without our aid
am therefore reluctantly obliged TO
dissent from my friends on this ground
Here again I might stop, and leave to
Senators on the other side the task of
Justlfylrg their votes, Of establishing
the proof Of their case which do not
| need for mine; but the State which l
| have the honor in part to represent hes
a right to ask more than this from the
men she has chosen to express her feel
lngs and watch over her interests here.
Pennsylvania has not as a rule, been
ignored in national legislation. Her
opinions have weighed for much; her
interests have counted for still more.
How docs this much abused Sherm IN
act injure Pennsylvania? In no way
whatever. Under this act we increase
the currency now about $36 coo, 900 a
year, barely enough to meet the needs
Of the natural increase of population.
In very few years this act will be a
measure Of absolute contra .ti0n. Il
viii unduly restrict the coinage. TIE
people Of Pennsylvania want evann
and expressly require, a greater in
crease tlan this and ask for il in oaner
But what advantage has paDar over
silver. which has at Ie4st an intrinsic
value equal to 50 per cent. Of It's nom
inal value in gold and also guaranteed
by our gold reserve, whereas he pa3tr
would ba Guaranteed by the cold alone.
Nv friends admit this but thew saw
that this silver. hanging over the mar
ket tsrrii2s caDitaI: prevents f3reign-
erz from investing in our securities:
drives out gold, and paralyzes enter
prise Granting That we repeal this
act, ard granting even that YOU discard
silver altogether, if We can find two or
three Or four hundred millions Of gold
to take it's place, does any Senator ven
ture to maintain that the s~nse of
security will be greatcr2 On the con
trary, are we not all agreed that the
danger Of panic will ba increased? |
take no account now Of the possible
Increase in the relative value Of gold
which might allow the increased de-
mand for it ask you only to look at
the present condition of Germany and
Austria, ard tell me whether any sane
man, who sees the nervous apprehen-
sion caused there by the export cf
every few thousand Of gOl3 COINS can
possibly maint in that we III America
should feel safer under such a constant
terror?
The condition of Europe is, in every
point of view, much worse, far more
complicated, and infinitely more alarm
ing than ours. am not, I admit, as
mere matter Of personal opinion,
especially anxious to see much foreign
capital como here; but the probability
of is. ccn0ino 6pnon1s far les. on c17r
silver than on their politicaI and social
prospects. This leads me to another
necessary point in the situation. What
is to be the effect Of stoppirg silver
coinage on our political and social con
dition5? Does any Senator think it
will quiet them? On this point I might
sav much, but [ want to be brief. I
am not used to occupying YOUR time
A few minutes will be enough.
We all know the history of the Sher
man act. In effect it was a COMPROMISE
between somewhat violent interests; q
compromise in which the silver miners.
the manufacturers, and the gold men
acquiesced. The miners got a market
for their silver; the manufacturers got
q r,,arbnt f07, +bniy oyoO1o. o+hor iytc,-