New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-27


,,o,u,ln declared his bell, that Democrats
' -, sent 20 Congress &. deal with the cur
ouastion, with the tariff question and with
Question OF the Force t!ll. They called
- IN revise the pension roll. which had a million
,orors on 1t. They were called upon to revise
riff and they were called upon to revise the
'e The latter ought to be done without
ooss,ry delay. land after Il is done" he said.
n, ne take up the other questions which we
as ere 10 eye and speak with the same voice. Let
- ,nce more lock shields. let more touch
.,hovs let us more show our opposition TO
force at the polls and with voice and one step
march on TO a glorious victory" democratic ar-
Mr. Gear dep. Iowa. said that in his Judgment
me sherman law had been enacted to prevent the
Enactment by the Democrats OF frce-conase bill.
lie had voted Cor the Sherman act ana me Coy H,
ion Issuing legal-tender notes In payment an" pay
Continued the time would come when the Govern
ment would have to suspend specie payment re
s se' Many people. he said seemed to believe that
free coinage was the panacca for all me hnancaI
the new Democratic dispensation the coun'I! was
invited to new fields and pastures green ~ W VI
or RICH, TO the la6orers Of the country that they
be paid ve at eT He could not vote
free coinage with ratio OF l6 to n ra, ,p o' IN
70 would be s1 tb nTId me silver dollar would
be SO per cent below par
MIR. WILSON'S SPEECH.
Mr.. Wilson Dem. w. Va), the author OIL the
BILL closed the afternoon debate with speec" III
support of the bill
1t seemed impossible, he said' AFTER the aoe
speeches made on each side of the question: Tor
him ION whom the details Of the management mao
,aan 60 much thrown to lend force or novelty TO
the discussion. 1t had been inevitable that the
debate should range freely over the whole held
of financial theory and financial experience. lhev
had all felt when they had listened to the speeches
Amor
ting an education. and that their minds were being
cleared on that infinitely important subject He
should not attempt TO follow that line OF discus
sion He should attempt nothing more than
plain converse tional statement of the nature OF
the bill. its purpose and the imperative reasons
which in his judgment called now for uhcoh-
di,ional repeal. BY universal consent the so-caied
sherman act had failed Justify the expectations
of those who framed II. 1t had been expected 10
raise the value of silver bullion in this country,
and consequently. throughout the world IL hau
been believed by wise men in the United states
and abroad. by those familiar with financial SUD-
jects. that when the United States went INTO the
market and purchased. every month. at the mar
ket price. virtually the entire product OF SILVER
VIRTUALLY one-third of the whole worlds produc'
OF silver that the price of that metal must pe
raised everywhere, and that that fact would go
toward restoring its before-time parity with gold
That expectation had proved to be false one.
Almost from the first enactment OF the sherman
law from the very ending of the first period OF
speculation which followed its enactment the price
of silver had been plunging lower and lower unui
finally 1t had reached such depth in the market
that the people of the whole world were being kept
in an agony OF financial suspense and distress ana
some victims had been obliged TO close their mihts
10 the free coinage of silver
NJ EXPANSION OF THE CURRENCY FOLLOWED
II had been expected that when the United States
poured into the channels of trade nearly A'V"'vr ,
Of its legal-tender notes every month there "ouu
be an expansion of the currency of the country
and that from that expansion there would be re-
newed prosperity in trade and business That ex-
pectation had been equally falsihed. lhs'euo Vi
producing an expansion of the currency IL had
nroduced a contraction of it. because for every
million OF Treasury notes that had been paid ou'
million of gold had disappeared No one eond
doubt whatever of philosophy there might be IN
the remarks of the Senator from Maine this MORN
ing that one of the great secondary causes III not
of itself an efficient primary cause) OF the as
tress in the country to-day was the Sherman law
No one could doubt that that law was largely
responsible for the panic that had suddenly over
spread the country.
II had been argued from the first speech TO the
last made against the pending bill That II would
while stopping the purchase of silver thro" 'he
country upon a gold basis. The countryman on
the plains. who astonished to learn That nc
had been speaking prose all his life. was not more
surprised than certain gentlemen would be TO
find out that this country had been upon gold
basis since 1894. under economic laws which the
laws of Congress could not override We had been
on a gold standard since 1874 by economic law
since 1913 had been the gold basis by the
express statute Of Congress. The trouble was that
silver had gone down. the greater stress and
test was put upon the Government Gentlemen
had said that If we would stop now the purchase OF
silver under the sherman act. we would demonetize
silver The bill proposed here woud not dernonetze
single silver dollar to-day circulating IN any part
of the country. The bill had come. not to destroy
but to save lApplause.) IL had come not 10 STRIKE
down silver, but to place II at once and forever
on an inpregnable basis with gold in the circula-
ton OF the country. (Appause.)
Mr.. Martin dem. Ind) inquired whether the pas
in order TO secure gold Air. Wilson said that a
question of that kind be answered in the
In the light of the experience Of France. Of the
Scandinavian nations. Of Canada. of Holland and
OF Java, he could merely repeat his remark that
the passage Of this bill would at and forever
We be- ne " nT Sn g" and 10 ire
sue bonds for any purpose applause. 1t carried
between gold and silver. but it carried parity.
Mir. Mcmillan inquired whether the gentleman
proposed 10 follow this bill up with a proposition
for free coinage
FOR INCREASED SILVER CURRENCY
Mr.. Wilson rejoincd that he was satisfied that
1t was the earnest desire of the Democratic Admin
istration not only to support the existing silver
circulation in this country, but increase the is-
sue OF silver currency to the utmost extent that 1t
was safe to do So and TO keep silver on q parity
with gold Appause)
Gentlemen complained that prices had fallen
Why should they complain OF this when the prices
OF labor had gone up? Was not that the enancipa-
ton of man from constant pressure? II men
could gather time for their own cultivation, if
they could surround themselves with Injuries were
gentlemen going to decaim against them? zap
plause.D
Now for the benefits which would accrue from
his bill. The first benefit was the restoration Of
confidence among the people In their own money.
just as soon a. drew the line ana said that, Tor
III. present at least would purchase no more
silver. every dollar now in existence Ia TINS couh-
try would lie as good any other dollar ana men
World not care In what dollar gold silver or
patci-his debt would be paid There could he no
expansion OF the currency thai wDuIr Work 80
Hiding place the 81. 10000 800 now in this country