Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1893-09-09

gold and silver IN nl the hhtloHs oi
the world from 1873 to 1893, the recap
itulution being as follows: Gold, pro-
duction S22lO 900, ,OOO coinage s2, 7sT 900, 900;
silver, production, S2, 400 600 900; coinage, S232e
100000 And Senator Cocsrell laid stress upon
the fact that the coinage OF gold exceeded its
production by s5T7 900 900, while the coinage OF
silver was S7s 600, 900 less than production.
On the 4th Mr. Cullom (rep., IllO spoke in
favor of unconditional repeal. He said, among
other things
"Opinon is unanimous that the condition OF
affairs in this country demands immediate at
tention and prompt action by congress. unfor-
tunately for the country there is no agreement
of opinion among the people or in congress as
to the cause of the distress that has so swiftly
and unexpectedly come upon us, or as to what
is of paramount importance-the remedy for it.
~ am not one of those who believe that
the act of 1890 is in great degree responsible
for the existing financial condition. Other
causes have aided in producing the distrust,
l am for its repeal, however, because, in my
opinion the government cannot afford to buy
silver and coin or issue paper on it, and call it
u dollar when in fact the silver in the dol
lar or eposited as security for the dollar, is
worth less than sixty cents. SvGh u perform
ance long continued would embar7ass any gov
ernment
"If the national bank bill were enacted it
would result in increase of our circulating
medium with as good money as the world
affords. 1t was recommended by the Sec
retary OF the treasury, yet before vote
could be had upon it it was found to
| be necessary to discuss all over again
the whole national banking system in the
same old strain and with the same old argu
ments that had been heard over and over again
| since it was established twenty-five years ago.
| Why not give the country the relief ii demands
and afterwards, when the people have emerged
| from their present distressed condition, take
| up and amend the bank note act?
1.-THE Cockrell amendment is the entering
| wedge that win result in the retirement of the
| entire national bank circulation-the issue of
| greenbacks redeemable in coin, in addition to
| the thousand millions OF paper already issued
which the government is pledged to redeem,
| Where is the country driftingg Is it not time
to stop and take bearings:
"The people want silver But first of all
| they want to have all OF the circulating
| medium of equal value without regard to
| material. We now have per capita circula-
| tion of S24. o., which is about as much as we
ever had. Therefore, there is no ground
for believing that the present situa
ton has been brought about by q
| scarcity of money. The trouble is the lack of
confidence which caused the boarding Of
money Men are afraid to leave their money
in banks or TO use 1t in business believe that
if the silver purchases were suspended it would
not be long before some more satisfactory
plan for its use would be devised So
long as the Sherman act remains we will come
no nearer free coinage Repeal will not make
gold the standard of value Unless we are pre-
pared to 90 to a silver basis we cannot alone
support bimetallsm. Repeal will bring about
an agreement among nations"
AT this point Senator Cullom entered upon
an argument to demonstrate the unsoundness
of the proposition that a fixed ratio could not
be malntained between gold,and silver, ana,
Il continuing, he said:
"The United States must adopt a policy
which will do justice to all classes and all
sections of the country Universal bankruptcy
would be as fatal to the creditor class as to the
debtor class l sympathze with the people OF
the silver states, but it is necessary to have in
l mind the interests of all the people and to Sc
cure free coinage, If ut all, upon an enduring
. basis"
Turning his attention to other causes than
the Sherman act for the present depression
: Senator Cullom said that he doubted if the
: credit of the United States was good to-day
as ii was a year ago, and continued
'Then the value of our international and
; foreign commerce was larger than ever before
= known; manufactures and mining were turning
out larger products; more labor was employed
> and wages were higher Now the credit OF the
, nation is called in question for the first timt
= since the war; factories are closed, mines art
: shut down and million men are idle"
, Senator Cullom cited the financial history o
. the country before and since Lincoln's admins
. traton to show the enormous recuperativ'
i power OF the government when its finance
were properly administered. He showed how
. under protective tarif, money poure'
= into the national treasury. The peopl
= | bore taxation they bore arm
. TO save the union. The nation entered upon
> | career OF commercial and industrial vigor neve
. before experienced The total value of III
property devoted to manufactures and minin
in 1892 amounted TO nearly nine thousand mi
= = lion dollars the result, he declared in larg
u measure OF the financial policy OF the govern
y ment prevailing for the last thirty years.
. In fSjS, he said, y party came into possessio
y of all branches of the government pledged t
~ repeal the protective tariff under which tn
~ country had been developed and to overtur
q the national bank system which had ful
a rished the best money the people have eve
10 had and replace it by state bank none
,s at q discount everywhere except
70 the neighborhood OF its issue. What wonde
,f that doubt and want of confidence seized upo
~ the people which resulted in the almost con
a. plete paralysis of business and the hiding ava
&c OF money and this extra session, He hope
=, that he was mistaken, but he believed that W
II would not again have good times if the pledge
20 Of the democratic party were TO be observed.
-, In conclusion Senator Cullom compared III
~ financial planks of both parties, holding thi
NJ they were much alike, at least in respect
10 the maintenance of the value of the money
,e circulation. He showed that the Sherman Ia
,d had closed the mines and that under its furtht
is operation the United States would use on
no foreign silver The people wanted no ii;
in money, but they did want dollar intrinsicall
ra worth 100 cents Said Senator Cullom:
no 1.-The business men of all classes appeal to
nt 10 pass the bill for the repeal OF the silver a.
at of 1890 Multitudes of laborers are pleadiI
of for work. If there is anything we as legisl
he tors can do consistent with national honor al
rn fr2cial safety TO lift the clouds that darlst
NJ the situation, remove the difficulties and sta
IN the wheels OF commerce which are now rustil
on the railroad tracks, in the shops factors
-. and mills let us do it at once"
f. Mr.. Coke dem, Tex mGdt speech base
or more on the presidents message than on u
or repeal bill He said:
nix "If this bill passes the free men of Ameri
he will have bowed their necks to I
re- yoke of European domination in ne
w. foreign and domestic financial affaiI
at Rothschd and the Bank of Englan
et. with their connections, dictate the fina
it. cial policies of Europe, and If the single go
or standard is established in America, then Rott
At. child and the Bank Of England with their NJ
ire York associates, will become the arbiters
IL American finance and the dictators of o