The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-31
Mr.. SHERMAN URGES REPEAL
SAYS THE SHERMAN ACT rs NOT THE
SOLE CAUSE or TROUBLES.

SOLE CAUSE or TROUBLES
Tie brands as q Faisehood the Statement.
By whom.oever Made, that the so.cniied
Decentralization Act OF 1879 Was t5urrep-
| utiousiy Passed - He shows By the
| Record that silver Senator Stewart OF
| Nevada Not eniy Voted for that Act, but
In q Speech AdvoentinE IL Declared that
cod Was the Only Real Standard OF
| yaiue-He Favors the Issue or honds IL
| Necessary 10 Maintain the Cold Reserve.
WASHINGTON. Aug. 3o.-After the transaction
OF some routine business the Senate toe
| took UP the bill to repeal the sherman act. anu
Mr. Sherman tlep.. o. rose to ADDRESS inc
| Senate. He held tho close attention OF senators
| and OF n largo audience in tho galleries Tor
| over two hours as no set forth In terso ana
| vigorous language. very rapidly ueh'ereu
| the reasons why he supported tho OIL To repea
| tho purchasing clause OF the act OIL July. io''o'
| and why Il should he repealed with ae little de-
| lay rs possible Incidentally he recommended
| giving authority to tho President or the Sec
| re,ary OF tho Treasury to issue BOMBS
| bearing not over four per cent. interest,"
| in order to procure gold with winch
! to maintain q sufficient reserve; ana
| he commented upon the fact that ~hie
| he had proposed such measure ut the last
| session. tho opposition to 1t came from Demo-
| crntio Senators. although 1t was to their own
| Administration that power was to be connaeo.
| He also referred to the remarkable attitude Oh
| Dem ocratic Senators In opposing the repeai o.
| tho act OF July. 1870. although they haa Vo.eu
against It and still denounced It, while the he
nnblicans. nv whose votes exclusively that law
| was passed. were now anxious to vote Tor ts
repeal
Mr. Sherman said that the imm ediate cues.
| ton before the Senate was whether the niteo
| States should suspend the purchase OF silver
| bullion under the act OF July lSeo. IL was 70
decide that question that the President hao
| called Congress together IN special session.
! II that we're the only reason for the extraoroi-
| nary session 1t would seem to him insutneleht.
| The mere addition OF lSOOO,OOO ounces OF
| silver to tho mass OF silver In the treasury
and the addition OF l4o.ooo.ooo iIeasury
notes to tho thousand millions outstanding
would hardly justify tho call. The call
was justified. however. by the existing
financial stringency. growing out OF the
| foar that the United States would open It's
| mints to the free coinage OF silver. This was
| the real issue. The gravity OF 1t could NOT DC
| stated in words. II the single standard OF
| cold were had without the aid u silver the re-
| lations between capital and labor would DO
| disturbed the industries OF the country Grip
| pled. and the value OF silver still further re-
| duced. On the other hand II the purchase OF
| "a. 600. 900 ounces OF silver per year we're con-
| tinued, tho United States would be even
| tually brought to single standard OF
silver. On ono thing Congress and tho
country agreed: that was that these
two extreme conditions should be avoided
| and that both gold and silver should be con-
| tipued in use as money. as measures OF value.
alonometalism pure and simple has never
gained a foothold in the United States. The
| FREQ coinage OF silver meant single standard
Of silver. 1t meant reduction OF the wages OF
| quantity of bread and meat and other neces.
saries OF life that 1t would purchase It meant
q f boa an to s the
| banks and savings institutions and trust COM
pnnies. The problem which senators haa 70 70
cold and MD silver without dem onetizlnG either
Mr. Sherman then gave history OF the cir
set 81 jay. wHsn 81 Senators Who
ought to rem EN- Der that 1t was substitute Tor
sitter e re- OF which would have been more danger
in its results than The iaT q s ao Was Was
the present financial strIngency. II the
had taken broader view wou II
have va. been sae to H. essd
England was the great creditor country, and
we SHOULD Mother be ashamed Of nor hate
ssd.eo OF a the paFsRt sosk
Englands losses in the Argentine REPUBLIC
e be made good sId she dd 19
Following the Argentine trouble. the failures
p pro 'ns s Of senInS securities
for sale went on. and more g9ld was Withdrawn
combined to produce the existing trouble. At
the time that those experiences were going on
Austria n ana
| a Laper and silver standard to a gold standard.
had made ms foF Tod r.
Here had been still another trouble. For
tra e ff had . tarned against tho nitsd States
last yoar. Hithert9 tie balance ;s had been IN
iitty. one hundred. and sometimes two hun
dred milton dollars. But he last tis cal year tho
of a4 Of the rhe
the Hct Of 1880 had produced results with
had got to isai with that situation not with
Something had been said yesterday by the
Senator from Colorado Mr. Teller ABOUT the
The prc psd nr st
cS S1u per RI ounce. and the loss. salealaled on
the value OF silver today. was So; 3D. 800 y
|
been issued for tho 5o.OOO, 4On ounces Of silver
| purch sed. to the amount of its cost: that no
| had been used By tho people AS current m oney.
| "Suppose." said MrShernnn. that this pro-
| vision had not been made in 1890. Suppose
| that we had been compelled to face the storms
| which followed lS9O-the losses by investments
| in tho Argentine Republic. tho failures OF
Australian banks. and all these other troubles
without having any increase OF currency.
| Who can tell what the result might have been :?
| Suppose tho sherman law had not been put on
| the statute book. who can tell what would
have been the consequence to this country
| from the great depressing facts which have
mentioued? 1900
| may have many faults: but stand by It yet,
| and ! will defend 1t. not as measure Of good
public policy, not as measure IN which take
| ceSsityl. but because, without II. we would
| have met difficulties in 1891 and 1892 which
would have staggered us much more than the
passing hrecze OF the hour. We might have
| had o Gnnucia! storm for a month or even a
year, growing out OF causes entirely different
| from tnu causes assigned by the President.
| l am not blind IN regard to the operations Of
| the law OF 1850 Long before our Democratic
| friends ever thought OF providing any measure
| Of relief. / proposed relief in bill which l
introduced In almost the same words as the
| bill OF the Senator from Indiana MIR. Noor
| I'm "A fri ha pfh ar sid Ia