The record-union., 1893-08-26

it; there will be no filibustering upon
such subject as this: let our business
men who are laboriDg under fearful bur-
dens and against great obstacles and en-
barraSsment, take courage at the prospect.
The present clouds of adversely which SO
heavily overhang these dark and gloomy
Gays VIII soon pass away, and relief will
surely Gomez
Hill closed his speech at 2:15 o'clock,
when there was some slight applause,
which was restrained by the Vice-Presi-
dent. AS soon as order was restored
Stewart took the floor and addressed the
Senate.
At the suggestion of Vance, unanimous
consent was given that vote on the Lee
Mantle case shall be taken at 2 P. NJ, on
Monday next
After short executive session the Sem
ate adjourned until Monday.
IN THE HOUSE.
WASHINGTON, Aug. 25.-The first un-
pleasantness over the silver debate in the
House occurred this morning when Bur-
rows OF Michigan asked for an extension
of his time to forty minutes. Bland of
Missouri objected to this, but after some
debate the Speaker acceded to the request.
The Speaker appointed committee to
represent the House at the proceedings at
the Tooth anniversary of the laying of the
cornerstone of the Capitol.
The second day of the five-minute de-
bate in the House on the silver bill began
this morning, and will probably last till
midnight, Pendleton of Texas and Bow
ers of California spoke in favor of free
coinage; DOckery of Missouri and Noon of
Michigan, Tor bimetallism; Cobb of Ala
bama opposed unconditional repeal; Bur-
rows of Michigan advocated repeal, op-
posed free coinage and laid the blame for
the present financial distress at the door
fRRF-
dlstrust was the result of fears of manu-
facturers regarding tariff legislation. He
contraSted the condition of the country as
shown in President Harrison's last NESS
ssage and in President Cleveland's mes
sage to the extra session.
Durborow of Illinois favored repeal.
he was followed by Springer.
Springer began with a review of exist
ing financial conditions, and set forth the
duty which lay on Congress to apply the
remedy. He declared there were three
leading, controlling causes of the present
conditions - tariff legislation since the
war, the demonetiZation of silver in 1873.
and silver purchases under the authority
of the Sherman Act. The Treasury rul-
lings in regard to silver certificates, is
sued for silver bullion purchased, made
them redeemable in gold, as it thus was
the only way in which the Government
could make good its pledge to maintain
Lu0 parity OF gOlQ anu silver.
The fact that silver bullion is held as
collateral for the redemption of silver
certificates added nothing to their face
value. That value depended on the
pledge of the maintenance of its parity
with gold and the fact that the certificates
were full legal tender. The demonetiza-
ton of silver in 1873 did not destroy
silver as much as the Sherman Act. In
the sixteen years from its passage silver
has deprecated "A 4-l0 per cent; in three
years since the passage of the Sherman
Act in had fallen Is per cent.
The speaker continued, stating the
President had called Congress in extra
session for the sole purpose of repeating
the purchasing clause of the Sherman
Act. Would Congress refuse to comply
with the universal demand till an agree
ment has been made to do something else
in some other matter? 1t was just as rea-
sonable to demand that tariff bill be in
cluded in the bill for the repeal of the
Sherman Act as the reconciliation of sill
yer. The remonetization of silver in this
country at ratio of l6 to l would either
bring the Nation down to gold standard
or advance the price of silver bullion to
coinage value with the silver dollar. If
the former, it would result in financial
crisis, compared with which the present
depression would be as zephyr to cy-
clone. Hundreds OF millions of foreign
capital invested in this country would be
withdrawn, our credit destroyed and we
would sink to the condition of Mexico,
India and China, and we would be
thrown out of harmony with the great
commercial Powers which buy nearly
$4,000, 600 worth of our products. There
is no ground for the declaration that un-
less free coinage is incorporated in this
measure, silver would he deserted alike
by Congress and the President. The
Presidents record is not such as to justi-
pledges.
The Speaker believed the President and
Senate alike would join in keeping the
pledges to the people by an agreement to
such a measure for the use of silver as
will justify the expectations of the
American people.
Debate on the silver question will close
in the House to- o-morrow.