Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-08-31

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Senator HSH. Of New York.
TO bring the two metals together In order to
redeem the pledges of the two great national
parties and of tbs administration there should
he coinage Of gold and silver on parity. Nowit
seemed. said Mr. Vest In . contemptuous tone,
that the question of the expense was to be In
jccted into the discussion, and that. leaving
the great and absolute necessity OF parity.
number OF dollars that the change Of ratio
would cost He had made ashort analytical
statement OF the account between silver and
tho government at this, time It showed the
profit to the government under the Bland-Alli-
son act OF 1873 as lin round numbers) so, co.,
Gee. and the profit Of the Sherman act
OF 1890 IS e8.000000. the total profit be-
ing 128.000.000. The uncoined silver
In the treasury was 100000 ounces.
and the proft on that 81. 100000. The number
fars now coined was 81, 000. 0O0 and the number
necessary to recon the subsidiary silver coins
100000. II this quantity Of silver bullion
were taken from the uncoined silver in the
treasury on the 9Th of August there would be
still left Of uncoined silver in the treasury 49,
100000 ounces.
His summing up Of the silver account was:
Credit Side -S12s. 1884
OeDtofs ioe- llZeooSSi
II the secretary Of the treasury, Mr.. Vest
continued. meant to put the question fairly to
the American people, why had he not told the
senate What he proposed to do with the vast
amount OF silver now uncoined In the treasury
when the purchasing clause of the Sherman
act were repealed? Was that silver to be there
menace to bimetallism for all time to come,
Or did the secretary propose to coin 1t and
hold 1t In the treasury as dollars
Mr.. Hill then resumed the door and ad-
dressed the senate. There was perfect quiet
and stiffness In the chamber while he spoke and
the closest attention was paid to the speech
both on the floor and in the galleries.
Commencing his remarks by an allusion to
the presidents much commended and criti-
cised special message to congress-" Senator
Hin supplemented the presidents quotation
from Daniel Webster by the opening sentence
OF another famous speech OF the same distin-
gutshed statesman in which he urged upon the
senate Before we float further on the waves
OF this debate let US refer to the point from
which wc departed
Adopting webster's prudent suggestion. let
~ first recall the peculiar circumstances un-
der which we meet. and the important charac-
ter Of the duty which surely confronts US at
this hour.
srif.,sei 10 th,ae cansea. --' ~ ."
First: 1t Is q natural or inevitable result or
1ncSdent ~ MANI wars ~ raj ~ ecti,io,.
urosreritv me nation IA mot urske an jndj.
ViduaI Sickness IL Incident To humanity and
commercial ponics are incident to trade
The student of history knows that financial
panics occur about every twenty years. and
our country has not been an exception to the
general rule The panics of 1914 1ss7 and 1887
sbould have Lad ma IN anticipate one In ahou,
1901 -. -
In addition To these causes. which. for the
,,urnose NJ this arg,nent 7 denominate .nat-
prai., Cause assinst vnich =. n nrnhabIe tha,
NO prudence could guard or prevent there Was
much ne ason to appreheud financial troubles
at this time owing To the violation of correct
business principles on the part of our business
mon in their haste TO become suddenly rich
Onr financial centers have heen fooded NTH
,r.scred etoctr. ~ everv descr,nt;on In yvhich
tnnocert noonis hava bean induccd To inves,
their means bv the olitterino nromises q, enor
Ccnaor comne,. me IN saw that these trans.
actions have usually oriuinted With that class
of ananciers mo infes. our marts of traas and
arc to-day ostentatious,y attracting public at
tendon bv their parros- like cIanor for an .hon.
.,sst" ao,lar and against the continued use of
silver money
Besides We are suffering from the evils of
over production. The balance Of trade has un-
fortunately been against 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
be paid in gold because 1t was so nominated
In the bond" and hence our gold has naturally
been leaving Us for foreign shores
Internationally some of the present dim
c,,Itv NAV be attributed to the uneasiness of
<tr protected fndustries which have been ac-
cussomed TO rely to o certain extent upon gov
Ornamental fayoritism to support them They
do not disguise the fact that, such uneasiness
exists and that it contributes its share to the
general existing disturbance of financial af-
fairs.
But there Is no relief for this situation un-
less the dominant party abandons its priucf-
ples and surrenders In advance to the inter-
csts which were defeated mt the last election.
The democratic party is pledged to tariff re-
form. and IL must redeem its pledge come what
may. OF course II must he expected there will
be some friction. 1t is unavoidable. It Is in
cident to the anticipated withdrawal OF public
aid from private enterprises: and Il can not DO
prevented. but must be endured The people
perfectly understood the question last fall. and
they voted with their eyes wide open. Our
course Is onward. and We shall not retreat.
Secoud-Some portion OF the present panic
may DO traced to . concerted effort on the part