The record-union., 1893-08-26
System.
Special to the REcoRD-UNIoN.

6peclal 10 LHe hECOHD-ONlON.
WASHINGTON, Aug. 25.-Chief interest
in the Senate to-day centered in the
speech of Senator Hill, who defended his
position on the financial question in an
address of nearly two hours duration.
Nearly every member of the Senate was
in his seat and an attentive listener, and
many members of the House crowded
over to hear the Senator. II am Dem
ocrat" which has now become pro-
verbal, was recalled to-day by his forci-
BILE declaration on the financial question
when, as usual, he epitomized his silver
views in the single sentence, Il am BIZ
metallist." Said he: 81 do not believe
in a single gold standard or single sill
Yer standard, but do believe in the use
OF both gold and silver as standard
money of the country, and in their free
coinage in our Mints at a proper ratio,
and without discrimination in favor of
one or the other"
The chief surprise of the speech of
Senator Hill was the position he assumed
minimizing the importance OF the revis-
ion OF the coinage ratio, and his sugges-
Lion that international bimetallism might
be sought by holding out an inducement
to the Latin Union countries to recoin at
profit rather than at loss, gave greater
satisfaction to Western free coinage peo-
pie than even the most sanguine had eX-
pected from his argument.
There was dead silence in the Senate
when the speaker referred to the state
ments of President Cleveland attempting
to lead the country to recommendation,
and made his comment thereon, conclud-
ing his defiance TO Presidential domina-
ton: Il shall refuse' said he, ITO follow
in tho nf Administration
that seems to place the Democratic party
in = false position; that seeks to lead 1t
away from Democratic principles and
platforms, and into the very camp of the
enemy. The President must rely upon
Republican votes to carry out any such
suicidal policy" The Democratic Sena-
tors looked gloomy and unhappy, but a
smile of amused satisfaction covered the
faces of the Republicans.
In opening his speech Senator Hill said
there were those who did not agree with
the President in his diagnosis of the mall
ady now affecting the body polite, and
who did not hastily Join with him in his
rosy conclusion that financial millen-
MUM is to come the moment the Sher-
man law is removed. There were some
who had given the subject attention who
believed the cause of the present depres-
sion was deeper and beyond the Sherman
bill; that its foundation was laid in the
willingly laid aside a financial policy that
had been its guide since the foundation of
the Government. The existing financial
disturbance Hill found, was attributable
to three distinct causes: Eirst-It was the
natural and inevitable result of many
years of real or fictitious prosperity.
Second-Some portion of the present
panic could be traced 10 concerted effort
on the part of monometallists to produce
1t in order to diScredit silver. Third
But no matter what else may have con-
tributed to the present financial condi-
ton, it could not be denied that the sill
ver-purchase law had been, at least in
part, and possibly most largely, instru-
mental in producing the existing compli-
cations.
Hill did not believe the simple repeal of
the Sherman law would at once restore
abundant prosperity, but that many
years would be required to recover from
the present disturbance. He compared
his own course in declaring for repeal
with the Presidents course in falling to
refer TO it until this late day. He was a
bimetallist and stood for free coinage at a
proper ratio. Had the Sherman law been
repealed al the last session or in the spe-
cial session on the 9TH of March, the
United States would have escaped the
present panic and preeluded the closure
of the Indian mints. An Independent,
free, bimetallic coinage in the United
States is not consistent with the counsels
of monetary science. While repeal
would not bring parity, it would facili-
tate 1t by bringing that new-fangled
monetary theory-gold monometallism,
begotten in the embraces of ignorance
with rapacity-at last to an unequivocal
crucial test. The permanent remedy for
our financial difficulty was to return to
that bimetallism that existed prior to 1873.
Hill favored an increase of the national
bank circulation as proposed in the
pending bill. Continuing, he said he re-
garded the question of ratio as not timely
and as of the least consequence, but if
changed at all it should not be enlarged
but diminished to l51, the Latin Union
ratio. He should refuse TO follow in the
footsteps of any administration that
sought TO place the Democratic party in a
false position and lead it into the very
camp of the enemy. The President must
rely upon Republican votes to carry out
any such suicidal policy. He did not be-
lieve, however, any such course would be
taken by the President by his own voli-
tion, or even under the inspiration of in
discreet advisers until clearer evidence
shall be furnished than now exists. He
deprecated hasty action in the formation
ofa definite financial plan and predicted
the failure of the attempt to impose gold
standard on India.
Senator Hill then said: "The tempo
rary relief which the country needs at
this hour is the prompt repeal of the
Sherman law. We can discuss our mon
etary theories afterward. Our duty now
Is to stop further silver purchases, and
relieve au almost bankrupt treasury
from the drain of gold out of its vaults
Let us legislate upon the financial ques-
lion, and then return to our homes. At
the regular session next December we
can resume consideration of the estab-
hsnment OF permanent financial sys-
lem required by the necessities of our
great and growing country. The goal
Tor which the country should steadily
strive Is, first, an international bimetallic
agreement with at least a few leading
nations, and If that is absolutely impos-
siDle of achievement. then independent
bimetallism at the earliest moment when
the condition OF our finances and con-
ditions abroad will safely warrant it,i
Referring TO the tariff, the sneaker
said: 1.-The Democratic party is n1edred
TO tariff reform, and 1t must redeem its
pledges, come what may. The people
perfectly understood the question last
iali, and they voted with their eyes wide
open. Our course is onward, and we
shall not retreat"
In conclusion, Senator Hill said: "No
one, be he Democrat, Republican or
Populist, should be deferred from voting
for this bill simply because il is hailed as
an Administration measure, that fur
nishes no argument either for or against
it Mr.. President, this bill is going to
pass this Senate. believe ii; predict