The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-08-26
HILLS SILVER SPEECH.
The New York Senator Speaks for
Bimotallism.
"A SLAP AT THE ADMINISTRATION.
He VIII Vote for the Repeal Bill "Un-
awed by Power and Uncorrupted by
Federal Patronago"-.ie Is for Free
Coinage at u Diminished Ratio.


Federal Patronage"-:ie Is for Free
Coinage at u Diminished Ratio.
WASHINGTON, Aug. 26.-At the close OF
the routine business in the senate, which
comprised no matter Of public interest ex.
cept the presentation of communications
from the treasury department adverse to
any special legislation in regard to penal
ties on the whisky tax, Mr.. Hill addressed
the chair and was recognized.
There were those, Mr.. Hill said, who did
not wholly agree with the president in his
diagnosis of the malady now affecting the
body polite, and who did not hastily join
with him in the rosy conclusions that the
financial millennium Is to come the mo-
ment the Sherman law is removed.
There were some who had given the SUBJ
feet attention who believed the cause OF
the present depression WAS deeper and be-
yond the Sherman bill. and that its found
ations were laid in the evil hours Of 1873,
when the country unwittingly laid aside
the financial policy thatia been its guide
since the foundation of the government.
The existing financial disturbance, Mr..
Hill found, was attributable to three dis
tinct causes.
First-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 TO concerted effort
on the part Of the monometallists to pro-
duce it in order TO discredt silver.
Third--But no matter what else may
have contributed TO the present financial
condition 1t would not he denied that the
silver purchase law had been, at least in
part, and possibly the most largely in
strum entail in producing existing compli-
cations.
Mr.. Hill did not believe that simple re-
peal of the Sherman law would at once
restore abundant prosperity, but that
many years would he required to recover
from the present disturbance. lie com
pared his course in declaring for repeal
with the presidents course in failing to
refer to it until this late day.
He was bimetallist and stood for free
coinage at a proper ratio. Had the Sher
man law been repealed at the last session.
or in special session on the 9Th of March,
the United States would have escaped the
present panic and preeluded the closure of
the Indian mints, Independent, free BIZ
metallic coinage of the United States was
not consistent with the counsels of none
tary science. While repeal would not
bring parity, it would facilitate it by
bringing that new tangled monetary
IL
the embraces Of ignorance with rapacfty-
mt last to an unequivocal and crucial test
The permanent remedy for our financial
dificulty was TO return to the bimetallsm
thht existed prior to 1873.
Mr.. Hill favored the increase of the ma
Honal bank currency 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 il
changed at all it should not be enlarged
but diminished to 15]S, the Latin union
ratio.
He would refuse to follow in the foot
steps If any administration that sought to
place the Democratic party in a false po.
sition and lead it into the very camp of
She enemy. The president must rely on
votes to carry out any such
suicidal policy. He did not believe, how
fyer. that any such course would be taken
blythe president by his own volition or
even under the inspiration Of indiscreet ad-
v1Sers, until clearer evidence shall be fur.
nished than now exists lie deprecated
hssty action in the formation of a definite
financial plan, and predicted the failure of
the attempt to impose gold standard ON
India
Meanwhile the prompt repeal of the
Sherman law was demanded as measure
of temporary relief. Let us legislate upon
the financial question, said MIR. Hill. and
then return to our homes next December
resuming the consideration of perma.
Dent system. His distinguished colleague
and himself would cheerfully vote for the
repeal bill 'unAwed by power and uncor-
rnpted by the federal patronage"
He predicted the passage of the bill by
The senate, and that the republic would
weather the present storm
When he declared that himself and his
colleague would vote for the pending bill.
unawed by power and uncomupted by
federal patronage, there was an outburst
Of applause in the galleries. which the vice
president suppressed, declaring that if
any other manifestations occurred the
galleries would be cleared.
Mr. Hill retired into one of the cloak
rooms. where he was surrounded by sena-
tors and others offering congratulations
As soon as order was restored Mr. Stewart
took the floor and addressed the senate,
denouucing the pending bill as measure
destructive Of silver.