The state herald. (Holyoke, Logan County, Colo.) 1887-1921, 1893-08-25
A STRANGE ALLIANCE.
WHAT Mr.. woLoorr THINKS.

WHAT Mr.. woLooTT THINKS.
ne Ridieules the statement that the
Sherman Law Caused the Panis,.
and Foxes Fun at Lodge
and Cleveland.
A special from Warrington 10 the Denver,
Repubitean gives the following synopsis Of.
Senator Wolcott's speech ON Senator Lodgs's.
resolution fixing the 22ud day August a. the
limo for voting for the repeal Of tho Sherman
law. The speech waa iupromptu, but like all
Of Senator Wolcotts speeches. was Ib+sned 70
with close attention.
lie agreed with the Senator frola Massachu.-
setu that this was not party question. Hs
felt great relief lin view Of some unpleasant
relations In tie Senate within the past few
years. that question had arisono on which tho
Democratic executive aud the Massachusetts,
Senators might agree. 1t was y most auspir
cious and most significant occasio~. 1t was ~
most delightful foreshadow Of tho days whom
party rancor should cease and when all notes.
Of dIscord should be blended in Que harmon
ious melody. [Laughter] He believed that
the next thing 10 order would be for the;
President Of tho United States, who wAs for
tunately untrammcled and unembarrasscd by
any previous utteraucea on the subject, to-
frame somo election law which would per
Massachusetts, and the reconciliation would
be complete. ll.sughter.l
In order, however, that the repeal Of an ex-
listing law should bring relief, II would boz
necessary TO show that that law had inflicted,
Injury. lie had yet To hear asingle Intelligent
man state, on his conscience, that he believed
that the Sherman net had wrought the injury
under which the country now suffered. Hoi
had yet to hear single man OF experience IN
financial matters, or In public Affairs, say that
the unfortunate financial crisis through
which tho country was pAasing had anything
TO do with the Sherman act. Everyone would
admit that tho Sherman act was vicious I'M
principle and Illogical. 1t was vicious In that
i made Of silver q commodity. 1t was illogi-
cal and vicious In that II left the silver bullion
in tho treasury uncoined; left u where ~
might BIO dumped on the EuropexH markets.
Mt any time.
some advantages. ln quasi recognition OF
silver had been Of Infinite value In the hope
which 1t had inspired Of b-metallism and In
the fact that It had Afforded an enlarged cur
rency from month To month for the past three
years. Even In the lastfe months the Sher-
man act had saved the country from infinitely
greater disasters than It had undergone. II
had given the country currency, ~ stated
| by Senator Chandler, backed by the credit Of
the government and by the silver at its bull
1t was, perhaps, little better currency than.
the &S7 200, 600 Of clearing house certificates
now In circulation In New York, backed only
by 4 i'ediscounted paper and held by people
who WIRE now ciAmoring for tho repeal OF the.
| Shcrma u act.
The only tangible statement which he (Mr.
Velocity could get - 10 the Injury wrought
by the She rman act was that there was lack
OF conldcn,.c In Europe. but he did not find
that the sta, cment.was borne out by the facts.
American securities had been held enormous
ly In Great Britain, perhaps TO the extent Of
&C. 600 900 OO0. Great Britain had suffered
seriously In Argel tine and In her own colo
mics, and had be, N forced to sell her securi
les, and the cheat est securities had come
frat, 1t was impua dblc to say what proper.
| tion ot American scs ,urities were held abroad
-payablc some in 4, I'D and some In lawful
money: II was never theless true and suscepti
bic Of PROOF that the securities s which came
| this payment No be tier Illustration OF that
| could he given I, van Il g fact that the New
York 4 New Ha ven railroad stock and the
Pennsylvania rallro. I'd stock which had per
manent value had not come paek, ane.S aas,
in gold These secu. ii les were still held
abroad.
The cheapest and wcakeNt securities came
back first and they came I r,espeeuve OF tht
fact whether they were payaA Va SILVER Q!
| gold The great Liquidation nad come, NO.
| confidence in American 1nance. but because
the holders Of American securitk swefe COM
| PEELED to sell.
Then the trouble with The vAlsky trust had
come on and the trust had gone IL P,eees.
Had the Sherman act been rcsposA 'o'c 'ot
| thati
Then came the breaking up Of the "a Gss s
trust, organized and managed by the ~ "ns
nnancirrs Of New York Had the sAsYA an
act been responsible for thati And yeS u
New York newspapers figured up daily ~
market quotations Of year ago and those %
to-day, struck the balance between them AnT
argued that silver and the sherman act were,
responsible for all those disasters. IL II WAS
not responsible for the condition OF ahslrs
abroad, II was still less responsible for the
condition Of affairs Mt home
The Senator from Massachusetts fLodge)
had said that after the repeal OF the Sherman
act confidence would come back to the coan-
try. How would 1t come back and whe,ef
Would II come from the laboring classes, from
tho farmers from the mincrss
The repeal OF the sherman act would not
bring confidence To them. Would II bring
confidence to the banksl The banks did not
want confidence In the moncy Of the country,
but they wanted tho money OF other people.
The banks wanted some legislation that
would induce the poor people who had with.
drawn their money from the banks TO bring
Il back. That brought him, he said, To tho
| real cause OF the existing financial panic. II.
had come partly because OF European losses
| In South America and Australia: psruy bc.
cause Russia and Austria were buying gold.
aud partly because the United Ststtv had
purchased moro goods abroad than II bad
sold abroad.
| All these causes were utterly independent
OF aud irrespective Of silver aud the sherman,
act. II there mad not been dollars worth
Of silver in the country; II there had never
been line Of silver legislation. the blight
would have come exactly tho same. Sllvct
wss not responsible for It, Confidence was Of
slow growth. and all the legislation that
might be enacted would not bring back con.
ndcncc tothc men who had withdrawn their
money from the banks.
For his own part he intended to conduct
himself not alone Ms citizen of = section,
but Rs a citizen Of great republic. Prophecy
was futile, but no might be permitted to
record his conviction that when prosperous
days came back 10 this country II would bc
nftrr II had announced TO the world that this
wns nation Of bimctallists believing In hard
money. both gold and silver, md that Il pro-
posed TO havo ia share OF tho gold Of the
world, WA rich enough 10 hold. and WIS en-
titled by Its resources and conditions to have
| II; that nj the same tim1 the United staics
proposed TO open ita mints To the free and
nnliniitri coinage Of silver. and that We had
returned 10 tho paihs OF the founders OF tho
republic-pnths which, 40 long ns they were
followed. had brought financial prosperity
and happiness, and deviation from which hrs
always brought panic and financial disaster.