Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-08-10
Senator Fryss Analysis.

Letter in the New York Press
TIE first trouble. the mercst shadow of
suspicion, came from the assertion OF some
Democratic leaders that the law of 10,
gave the secretary no power To sell bonds
and buy gold. THIS was subsequent to the
election but before the adjournment Of
Congress To remove this, Ia restore com
plete confidence senator sherman pro
posed to senator Carlisle. then understood
TO be Mr. flcyeian1s choice for the trcas-
urY an anne ndmeHt to the sundry C4yll bill. IN
about these WORT. To maintain our cur
rsnry sta parity vith gold. The sec
rotary Of the treasury IL hereby author
ised 10 sell bonds, purchase gold, etc Mr.
Carlisle d.ligbtelly approved. the Senate
hnanep committee report Il favursbIY, AMI
the Senate. ~ithnut DIVISION adopted IT
In the Democrat House the currency
Democrat. made such = savage attack on It
that MIR. Carlisle was alarmed aud changed
his position, writing hitter to the tanhfui
declaring he did not approve the amend
men, The result. of course. was It's defeat,
and much worse. II 1t bad become law II
would have been proclamation to the
world that Congress, with the approval of
the fresident, int nied to redeem all money
promises in gold and for this purpose
would approve the issue and sale OF all the
bonds necessary.
Suspicion, then A cloud no larger than n
mans hand would hsve disappeared and
the financial sky been perfectly clear. But
the refusal of Congress to make such a
declaration was of course. construed AS
disapproysi of any such course, and the
cloud gathered Then. 1t was SAID, Mr.
Cleveland in an iatervi,w declared himself
against the purchase of gold by the sale OF
bonds AMI MIR Carlisle. then A full fledged
secretary, took the sam position, aud aug
gested further that our silver e rtihcates
might he redeemed IN silver. The a. ion
If = Democratic House. Democratic
President anil secretary Of the treasury.
coupled with the fail AMI COM lete power
In the COUNTRY of that party, reasonably
and logically caused intense excitement,
tuss Of confidence all over Europe. and our
socks and bonds held there fastened home,
mic our gold h@d abroad nur money
re took fright. withdrew Itself from use
AID buried Itself ia the ground
II Congress had elupted that amendment
. the sundry civil hill there there would
; We been ne m buey psnIc. II. when one
~ started. our democratic secretary of
treasury had issued proclamation that
government construed the law
'umand TO keep up parity Of ali of onr
rencv with gold and hal promptly sold
~ ,oel. 90 of bonds for its purchase the
.ated panic would have promptly ended.
The Sherman act "a not responsible for
our financial woes, but Democratic con-
structiou and administration of its provi-
sions are.
What is the remedy A joint resolution
hs this Congress declaring that no radical
changes shall he made in the tariff during
y. hte would restore business. 4 repeal of
Nh purchasing sections of the Shermsn act
" ,th authority &c the national banks 10 is
sue bills to the par vslae of the deposited
b nds. Within repeal of the taxes now levied
~. them to encourage them to increase their
issues. and thus aispel any fear Of contrac-
sen by reason Of the four and q half mil
huns sithhsld from circulation monthly
would, in my opinion, restore confidence
aud promptly disclose the fact that money
Wa really plenty. IL there any hope of
.aeh solution by this Congress: Not the
slightest. The entire South, which several
s,ates In the West. in fact large msjorit,
ot Democrats IN Congress, will insist upon
a,me measure much more dangerous than
the Sherman Act. badly administered, and
under the present rulcs of the House, with
want OF previous question IN the Senate,
nothing viii be accomplished.