New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-27
NETWORK DAILY TRIBUNE SUNDAY AUGUST a. PAGES
D fappause) there was question about the ne
cessity OF immediate action in order to restore con-

ps,,, =, Immediate action in order to restore con-
fdence.
THOMAS b. REEDS SPEECH.
Mr. C1arke's time was called at 1890, and the
floor assigned TO Mr.. Reed (Rep.. Me). The HOUSE
came n a sudden and complete condition OF
ouietude AS Mr. Reed stood up, in the most eas'e''
a,s,a NJ the Republican side OF the chamber' anu
began to address the House In strong SLOW hied'
ured tones He said in part:
..Nr Sneaker am not certain OF the WISDOM vi
a,,, roenber of this House, and least OF all my
own am quite conscious also how diincuit II Is
tor anvbodv to know anything about currency IN
general and how especially dificult IL Is 10 pro-
| vide a remedy for a arrangement OF currency at
any particular time Nevertheless. while na'e
erova doubts OF the wisdom of each individual
! Including myself and no doubt whatever Oh inc
| difficulty of the task, 1t Is comfort LOT me ~
fall back upon a wel-established belief In the WIS
dom of all, even when shown by decisions oi INC
| Congress Of the United States. 1t may not DC an
absolutely righteous decision which we snail reach'
| nevertheless it is a comforting assurance 10 De-
l,eve that the decision will be sufficient 1or the
| emergency especially since 1t Is accompanied by
tho certainty that no other wisdom IL possible AT
the present time. Upon and the people VINO are
influencing our votes rests the decision OF this anu
of other very important questions
"In the year 1890 a variety of circumstances, Whlcn
u Is not necessary now I'd discuss for the country
cares very little to-day whether anybody was or was
not to blame for the passage OF the sherman Act
conspred make the passage OF that act an absolute
necessity The passage of that act pledged the
United States to purchase every month"; ana Issue
its value in currency. 100000 ounces in silver Al
tho time when that act passed every patriot
sincerely hoped that the expectation OF the friends
of silver that that purchase would result IN SOWING
the problem Of bmetalsm for this country ana
placing silver on a par with gold would be realized
At the time the passage OF the ACT causeu very
little fear on the part of the wisest but ser
| cofe which
| every man who hears me that need not recapn-
ulate them caused a drain of gold from the united
| States to Europe. That drain Of gold sounded the
alarm TO the American people that the period OF
| prosperity through which they had passed ana
| which was then In existence. which was shown by
| the employment of capital and the employment OF
labor had reached a period Of suspcion-a period
| ALWAYS reached in such forward movements of the
| human race and always to be anticipated
BEGINNING OF THE DIsTRUsT
Last May it became apparent that we had
| reached a period when wise and judicious man
would be careful curail the amount OF MS QUIZ
cations Some wise men had done so peforehamu'
other wise men had waited until that period. Inc
banks then began to examine their coiia'e'ais ~
call In their loans and to put themselves !"
position of safety far as possible Ihe HIST ee
ment of dissatisfaction and doubt which pressed IL
| self upon the people was the fact that there "a'
a continuous and unaccorntable drain OF gold lhat
| drain of gold amounted in round figures 10 yer!
| great sum, so nearly equalling the amount vi inc
issue under the Sherman law that 1t seemed almost
conclusive that the displacement OF currency "'',o'
was happenng was on account OF the issue ui"ei
| .ho chorr,an Law because II seemed to be driving
| ont tho same proportion of gold which was te
| equivalent OF its own amount Ihen Ioho"eu "'"'
seems to be one of the CHARACTERISTICS vi SUI"
neriod-universal disrust. The hrst distrust aiose
| from the doubt whether the United States was not
| ranidv approaching system which would lneVi'a-
|
| the value of a dollar as compared with the god
| standard upon which the United states was '"e'
| undertaking to base itself. The United states a'
| ,ho roome,t was making gold its standard. and any
| nuestion as to whether II was to faii or not l"
| silver standard question when Instantly
aroused the desire Of the people to hoard hrst go'
then as the distress spread, all KINDS OF monty.
for we not only began to doubt the Government vi
the United States and its policy but also 10 uouo'
tho so,vency-not the present solvency. but the
future sovencyof all the institutions OF the coun-
| try WI. n suspicion and doubt OF that knd once
enters tie minds of 100000 of people there Is no
| knowing where II will end
THE UNDERLYING CAUSE or TROUBLE
"rb,s then. at the present moment is the situa-
| ton in which we find ourselves nave III thu'
narrating the outward circumstances when nave
attended our present position failed to state fny
what is after ALL according to my judgment. the
underlying cause OF present condition OF al
| fairs At the last election the Democratic party
was brought into power by a curious combination OF
| circumstances, the result OF hundred causes'
not with careful and candid deliberation. but as
the result in large measure OF the apathy OF the
American people. The vote shows what de-
clare and the recollection of every individual to
whom I am speaking be safely appealed to.
What the Democratic party propose to DO win the
power which is in their hands nobody can say
They do not even know themselves, and hence they
not able to impart it to others For my part,
ia thn ITO n hD
bad | do not believe they will be permitted TO be
so if they should desire Such Is the restraining
influence Of the people even after election, that /
believe that through all the dsgulses through all the
masks which this election has thrown over the
wishes of the people nevertheless those wishes will
be carried out. But at this present moment no man
can know what will be the result Of the action
OF this Congress upon the manufactures OF this
country. Prominent among the symptoms of the
present condition Of affairs Is the closing of mills
in all parts of the country. The currency question
has something to do with that but that which is
of Importance is the uncertainty to the basis
spon which manufactures are to 90 on. Manufac-
lures to-day In respect the subjects Of
chance miscalculation All the ele-
ments of cost ere 80 thoroughly under
stood. all the elements which enter into pro-
duction thoroughly Comprehended that 1t Is
impossible for manufacturers to except
upon the basis of small but sure profits. Unless
the manufacturer can his way directly to that
he has object in running his mill, and unless
in the future he see that that mill can go on
satisfactorily there Is no object earth for him
to continue his manufactures 2rd his organization
Therefore. you may depend upon 1t, that until
the question ~ settled, until men know the terms
upon which they are 10 compete with foreign com
petitors loom will be In motion more than is
necessary and no wheel will turn except with the
prospect of immediate profit.
1T will he from what have said that do
not regard the Sherman act as in itself alone
sponsble for present condition of affairs; that
| / believe that the causes of present disaster
underle that; that the necessary stoppage Of hun
dreds and thousands Of mills all over this coun-
try Is at the bottom of our disaster. Nevertheless
/ do believe that the accumulation of silver In the
Treasury the earliest indicator OF the disa ster
which approaching. and that 1t has played