The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1893-09-02
Balance IN favor OF silver.


Balance In favor Of silver ....:.::s Is. 261. a13
Il the secretary az Inc treasury. Mr.. Vest
continued, meant to put the QUESTION fairly TO
the American people, why had h. not told the
senate what he proposed to do with the vast
amount Of silver now uncoined in the treasury
when the purv hasing clause OF the Sherman
act were repealed? Was that silver to be there
q menace TO bimetallism for all time to come,
Or did the secretary propose to coin It and
hold 1t IN the treasury as dollars.
Mr.. Hill then resumed the floor and adj
dressed the senate. There was perfect quiet
the CLOSEST attention was plii TO the speech
10th on the floor and in the galleries.
Commencing his remarks ty an allusion to
the presidents much commended and Criti-
cised special message TO congress-" Senator
Hill supplemented the presidents quotation
from Daniel We ster by the opening rentence
of another famous speech OF the same disiin-
guished statesman in with he uF sed upon the
senate Before We float further on the waves
of this del late let US refer 10 the point from
which we departed
Adopting Wehsters prudent suggestion. let
Us FIRST recall the peculiar circumstances I'M
der which we meet. and the important charac-
ter OF the duty which surely cOnfronts Us az
this hour.
The existing financial disturbance may be At
tributed TO three causes:
First: 1t Is a natural Or Inevitable result or
incident OF many years of real or fictitious
prosperity. The nation Is not unlike an i2di-
y:dual- Sickness is incident 10 humanity. and
commercial panics arc incidentto trade.
The student Of history knows that financial
panics occur atout every twenty years. and
our country has pot been an exception to the
general rule. The panics OF 1918, 1887 and 1857
should have led US 10 anticipate one in about
1893.
In addition to these causes. which, for the
purpose Of this argument. l dcnominate nat
ural' causes, against which il is probable that
no prudence could guard or prevent. there was
much reason to apprehend financial troubles
at this time owing to the violation OF correct
business principles on the part of our business
men in their haste to become suddenly rich.
Our financial centers have been flooded with
watered stocks OF every description. in which
innocent people have been induced to invest
their means 10y the glitterlng promises OF enor.
nous dividends which arc not forthcoming.
Candor compels me to say that these trans
actions have usually ori intel with that class
OF fnanciers who infest our marts of trade and
are to-day ostentatiously attracting public at
tention hy their parrot-like clamor for an hon
est" dollar and against the continued use OF
silver money.
Besides we are suffering from the evils OF
overproduction The Ialance of trade has IN
fortunately been a :ainst US. We have sold our
railroad and other securities abroad instead OF
at home and the interest as well as portions of
the principal have been coming due and must
he paid in gold. because it was so nominated
in the tond, and hence our gold has naturally
been leaving us for foreign shores.
Un9uestionably some of the present diff
Guilty may he attributed 10 the uneasiness OF
our protected industries which have been &C.
customed 10 rely to a certain extent upon gov
ernmental favoritism 10 support them. They
do not disguise the fact that such uneasincss
exists and that IL contributes its share to the
general existing disturbance of financial az
fairs.
But there is no relief for this situation IN
less the dominant party abandons its princi-
pies and surrenders in advance to the inter
csts whiSh were defeated at the last election.
The democratic party is pledged to tariff re-
form, and 1t must redeem its pledge come what
may. OF course II must ! e expected there will
he SOM friction. 1t is unavoidable. 1t is in
cidcnt to the anticipated withdrawal OF public
aid from private enterprises: and it can not be
prevented. but must be endured. The people
perfectly understood the question last fall. and
they voted with their eyes wide open. Our
c~oursefs onward. and we shall not retreat.
~Second-Some portion OF the present panic
may he traced TO a concerted effort on the part
OF numerous monometallists TO produce it, in
order to further discredit silver as a part OF
the standard money OF the country. With
u hEAtc NLSg " NNSAN bebh iAaA
ure. especially in the silver states. little dream
ing that such failures would soon occur at their
own doors THY encouraged the boarding
OF money; they inaugurated the policy OF
refusing loans TO the people even
upon the best Of security; they
circulated false petitions. passed absurd
and alarming resolutions. predicted dire dIsas-
ter. attacked the credit of the government.
sought to exact 4 premium on currency. and
attempted in every way TO spread distrust
broadcast throughout the land.
The hest financial system In tho world could
not stand such an organized and vicious at
tack Upon it. These disturbers-these pro-
motors OF public peril-represent largely tho
creditor class: IL, men who desire TO appre-
Ciate the gold dollar in order to subscrvc their
own selfish interests; men who reyel in hard
times; men who drive harsh bargains with
their feilUw men in times of financial distress.
and men wholly unfamiliar with the true rrin-
ciples OF monetary science
Third-The Sherman sIlver-purchasc law
has been at least IN part and possibly the mrSt
largely instrumental in producing the exist
ing complications No one now d"fra-s it.
Few apolo-ize fox 1t. III; p~oIti-al party that
enacted 1t sseE;s Low the most anxious for its
repeal. Il was q violation OF every correct
principle OF monetary science. II was not
even an honorable compromise. IL was \
m~akeshift. q subtcrfuge, a mere temporary ex-
re1ient The president, in his message. not
desiring at this time, for obvious reasons, to
offend the sensibilities OF those who had voted
for Il. politely called Il o truce"
Ii has been asserted that tbs president n
self. in his hostility to independeutfree coinage
was disposed ct one time 70 regard with favor
or acquiesce In the provisions Of the Sherman
law. which had been the instrument or means
by which such free coinage hal teen defeated.
Whether this be so or not, the fact remains,
md has not escaped observation, that while
the democratic national platform denounced
she Sherman law aud demanded its repeal
denounced IL. not as the result OF a truce" but
as 4 cowardly makesbft-yet Mr.. Cleveland.
neither in his speech delivered at Madison
Square garden, New YORK. in answer TO the
notification OF his nomination. nor In his sub
seQuent letter Of acceptance, NOR 10 bis In