The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-08-28

necessities of the country demand
Until that period of responsibility shall
fairly rest upon their shoulders and also
| afterwards, they can rely upon the as
sistance of the Republican party in the
minority as they have relied upon. them
in the majority, in the direction of sound
government, OF responsibility, ana OIL
Honest Administration of Affairs.
While we leave the question of tariff,
there remains for us to consider the
proposition which has been submitted to
us by the President of the United States
| as to the method of dealing with the
financial question. The action OF the
President, and the action of the majority
of the Democratic party, acting together,
has limited our scope of action. am
sorry we have not been permitted to ex-
hibit our wisdom in the way of amend
| ments; that we have not been allowed
to take the vote of the House as to the
various propositions to meet this affair."
which would seem satisfactory to US.
We are confined to those propositions
which the whole Democratic party have
finally determined to submit to us.
l shall spend no time in pointing out
the ontrast between this action on the
part of the Democratic party and their
claims during the 51st Congress. l
shall waste no time in citations showing
how the rights of the minority are out
| ragged, according to them, for recognize
now, as | recognized then, the necessity
and duty of the party in power assum-
ing the responsibility of its actions.
am only sorry that this question cannot
be settled, and settled righteously, with
itself; but, as know, and every man IN
this country knows, the majority OF the
Democratic party would decide against
the good sense of the nation.
l am very glad for even the poor prlv1-
leges of recording our votes in the direc-
ton of our thoughts and beliefs and
ideas. While / am in favor of the repeal
of the purchasing clause of the Sherman
act, and have always been, since the fall
ure of that act to realize the hopes OF the
men who believed in silver currency,
/ do not think that the repeal Of that act
will be an immediate cause of the revival
of the prosperity of this country. am
in favor of its repeal, however, for two
| reasons. First, it seems to me to be
| deeply settled in the public mind, from
causes which can be easily understood,
| that the Sherman law is the cause of the
unreasonable boarding of currency
throughout this country. 1t has been
made the foundation of distrust by a
variety of causes. The President of the
OulUou oUdUcS QCCluOu IL W UO LID ouUy.
and make no question with regard
to it, in the most public manner to APP
peal to the last Congress to repeal the
Sherman act, announcing in every way
in which he was capable of announcing
his belief that the continuance of that
act was the forerunner of disaster.
Coming from such a source as that, it is
no wonder that the people of foreign
coutries believed that the danger from
the Sherman act was as great as it posi-
bly, could be. Then, in addition to that,
the bankers who desired to call a halt
in the condition of affairs which existed
last year, who believed that the time of
settlement had arrived, Joined in that
| objection Then, the Democratic papers,
| seeming out the disaster that was upon
them, and being DESTROYS of charging it
to some other party than their own,
trained all their guns upon the Sherman
act.
| The Sherman act itself had no defend
ers. The silver men, although they were
glad to get it, stood prepared to declare
| that it was not what they wanted.
Those that had yielded to the demand for
that act, in the earnest hope that what
they desired might turn out to be just
and right, were in no condition to defend
| it at all. 1t had not answered their
hopes Wherever there is an attack upon
one side and no defense on the other,
/ .
Hence, the popular mind is SO filed with
! the idea that the existence of the pur-
! chasing clause of the Sherman law is an
| element of disorder, that if we remove it
we shall do more to restore confidence
| than anything we can do..in the world.
| What would a restoration of confidence
| in this country mean just now? 1t would
not mean, in my judgment, revival at
| once of business prosperity, but it would
be tremendous relief to those who are
| endeavoring to carry on the business of
| the. country without bankruptcy and dis
aster. 1t would, in my judgment, and
I do not intend TO be in the least degree
| bigoted with regard to such a matter-I
| do not pretend to be overconident that
nv Judgment is right-but in my judg-
| ment it would have such reassuring
| effect that we should be temporarily as
| sisted by capital from beyond the seas,
| and that that very assistance would re-
| suit in loosening of boarded money,
which is now to be found in stockings
and in every possible receptacle; and the
result would be ease of money. And
| those who are carrying on sound and
| safe business would be rescued from the
! disaster which threatens them and the
| county would be saved from many I'M
necessary failures.
| 1t is sometimes customary here Ito
make remarks indicative of great COLI
tempt ana ndUFeu OIL udillAS anu " CoIPo-
rations expect during the next year or
| two to hear great many declarations.
In this country corporations are some
times brutal. They are difficult to ap-
| proach. You cannot reason with them,
and they have to have iron-clad rules,
! and very few men have dealings with
corporations without having their tenn
pers rutfied and their feelings hurt.
Nevertheless, a fundamental purposesand
object of all corporations is to. gather
| together the odds and ends of money
in such quantities that large business
| operations can oe carried on, by wealth
which is agg1e gated out Of small sums;
| and, in the. main, large corporations
represent little holders. This is especial
| ly true in regard to banks; and what
ever vituperation may be visited upon
those institutions in the future, say to
you now that in my judgment the banks
| of this country are doing patriotic ane
honorable work, and are, at this
moment, the mainstay of this country
| against failure and future disaster
| Ii, therefore, this proceeding will relieve
! them and will give them confidence, if it
will send back the depositors to their
| counters, if it will ease the rates OF
money, we shall be able to get over this
disaster with less harm, less misfortune.
! But I am in favor of the repeal of this
! act for another reason. I am DESTROYS