New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-05

cause it was but temporary expedent, ana the
Government could not afford to buy silver and coin
Il or issue paper upon it. when the dollar rep
resented is less than 60 cents worth oil SILVER ""''
a performance long continued would embarIaSs any
Government. The Sherman act was conproni'se
measure to avert what his Democratic lr'e"u'
would now admit would have been calafnlty-ue
free and unlimited coinage Of silver. He iaVoteu
the free use of silver upon agreed RATIO eoio
had no money function which silver did not possess
Both metals were the creation OF nature "he
money was the creation of law. He belieVeu .'a' II
the silver purchases were suspended 1t wouid ho'
be long before some satisfactory plan for It's
use would be devised. Repeal would not make goid
the standard Of value. Unless we were prepared
TO 20 to a silver basis could not alone support
bimetallism.
At this point Mr. Cullom entered upon an argu-
ment to demonstrate the unsoundness OF the prop
osition that a fixed ratio could not be maintained
between gold and silver.
In 1893 a party into possession OF all
branches of the Government. pledged TO repeal the
protective tariff under which the country had peeh
developed and to overturn the National pahh s!s-
tenn which had furnished the best money the peo-
pie had ever had. and replace 1t by State bank
money at discount everywhere except IN 'he
neighborhood of its issue. What wonder that doubt
and want of confidence seized upon the people
which resulted in the almost complete paralysis oi
business and the hiding away of money, ana this
extra session?
MIR. Coke was the next speaker. His speech was
based more on the Presidents message than on the
repeal bill. He declared that the people never
would be content until the wrong of 1879 by when
one-half of the cOuntrys money was stamped out
| I'm order to double the purchasing power OF ''e
other half. undone and reversed. H. saiu ne
this bill passes the free men of America Will have
/ bowed their necks to the yoke OF European uoiH-
nation in their foreign and domestic financial az
fairs The people of the United States he SAID were
all bimetallists He knew that bimetaisn was
promised in the future. but dependent on an inter-
national agreement. But there could DE no ih'e'-
/ national agreement to which England was not d
party and England had repeatedly. over ana over
again. refused to be a party. Gold is now uhder-
valued at about 40 per cent and a subtraction Of a
part of that overvaluation by reducing the weight
of the gold coins, would restore the proper eqW'ies
between debtor and creditor. and would result IN
1 restoring the prices of all commodities to far
and conservative level.
! Mr. Coke having drfted on to the efforts OF New
York bankers TO influence financial legislation. he
was interrupted by Mr.. Vance Dem. ~ CD VINO
| said he had received letter this morning bearing
| on that point and with Mr.. Cokes PERMISSION ne
| would read il TO the Senate. 1t was reuter- r.
| ceived by ]. II. Foust OF Salisbury. y C.. from H.
/ d. Shepard G. CO.. bankers Of No. ; Broad-st'
! Noryork The letter declines the Offer OF
\ loan and adds: "The Senator's from your country
are not looked upon promoters OF the Sthera'
welfare. If their stand represents the views o'
! YOUR people on financial matters, il Will be very
difficult for YOU any accommodation IRON
! capitalists In this section until there Is a hecdeu
| change. , ,,o c.r,t.
| Al the close Of Mr.. Cokes speech the Srhap
went into executive session. The doors Wei ~,
opened at 4 D. M. and the Senate proCr"nsi ~.
the consideration of the House repeal pl,l. y,
| amendment offered by Mr. PETER was caller ny w
that senator and read II consists oi he IL,
!. lions fixing a standard for both eold anu S"'
coins. ..oai 81 III. sherman
Mir PETER declared that repeal OF the IN va a.
act without a provision for recolhaBe' "vi' ~,
strov the Two old political parues anu 'ha' Wv
idea of the abandonment Of silver money wa -"
iecte6 nv an the people The people whom ne ITP'
sented 'spurned the imperial decree ana u,
gave they were IN "p"i. ~,
against it, He would bid godspcch To ,hr 1871 tu
ton which was coming, and when %oui, ~
! those people from power and restore me ' oNsin
mont OF the United States TO the people ~ ""''
II belongs -, ~. v,rl. NOUS
nauers he declared that the nsOieice OF I'M. nIeu "
noiItan press was to him intolerable ana that w
! freonIe Of the West had no patience WIN II. ~
This pOint Of the speech there were not fnv'c ma
n dozen Senators left in the CHAMBER ana amo,ll
! these were many indications OF WEAKNESS ~
PETER showed no sign of IL. however anu Hllsh
7 / have gone on indefinitely. Bat after whIspere'
colloaIy with Mr. Cockre dem, MOI. the Nahsa
Senator agreed to let the Senate ADJOURN on con
dition that he should have hair an hOuT to-ihpilo
The Senate thereupon at 80 ADJOURNED UNI" "oo'
tomorrow.