The state herald., 1893-09-08

W had no support Oh the other aide, II IL,
therefore, manifest am hot new convert TO
the repeal Of the purchasing clause Of the
act o. 1880. do not, however, vote for the
repeal with any anticipation that It will, In
any considerable degree, relieve us from the
that has thrown out Of employment hundreds
| Of thousands OF people.
"The President 10 the midst Of the panic
appeals to us to repeal this law, and hs will
not make this Appeal To me In vain. have
no .ya p Win htn ID P9itISs bht be.
duty to respond 10 his call will cooperate
ii any measure that will tend ID maintain
the harmonious use Of silver and gold as
standards OF value. hope the next measure
OF relief which my friend from Indiana
(voorhees) will provide will be broad lib
erai measure, authorizing the President or
the secretary OF the treasury to sell securities
In order TO maintain the parity Of our cur
rcncy. There Is another thing; we must not
overlook the fact that possibly the balance of
trade may be against us next year. The up
preparations made at the last Congress,
though made after the scrutiny OF careful
economists may exceed the revenues Of the
government, and some authority TO make
good the deficit whatever II might bel ought
to DO provided. Some power should be given
TO the executive in the matter. II that be
not done and the revenues be too small to
meet expenses. the executive would have no
power TO meet the deficit"
AT this point OF his speech Mr. Sherman
replied to and cleared away all the charges
and aspersions made by senators and others
In connection with his so-called act demone-
tizing silver In 1873, and he confessed to some
annoyance at the statement made the other
day by Mr.. Voorhees, that the action OF those
who had managed the Legislation had been
stealthy and treacherous.
Mr.. NOOrlpps upclnrpH thnt uDthinU cOiilI
be farther from his purpose or his Intention
than 10 say an tinliDd or disrespeclful word
about the senator from Ohio. The senator
wns not In his mind ut al when he uttered
those words, but as they were disagreeable or
offensive TO him be expressed his regret at
having uttered them aud declared himself In
capable OF affecting affront on any gentle
man In the Senate or elsewhere.
Mr.. sherman said that certainly he did not
desire to say anything more on the matter,
being entirely satisfied. lie reviewed. how
ever the legislation OF 1873 and denounced
the manner Ia which Ernst scyd, the English
economist, had been denounced In connec-
ton with the matter. seyd played no part In
the legislation. The statement was Infamous
~ false that Scyd or anyone else paid s5Oj,-
600 to Congress TO secure the decentralization
Of silver. Scyd was bl-metalllsi, as showed
by reference 10 hi. published books;
le was one Of the leading financial
u
an honorable position In London and an hon
ored one wherever he was known and he be-
lIeved him TO have been an honest, sincere.
incorruptible man. Scyd had never visited
America until the bill was almost through
Congress and II was Infamous that the charge
should be frequently made that public men
had been bribcd Into passing the bill OF 1871
thereafter" said Mr. sherman, swhen any
man makes such n statement about this lcgis-
lation, shall simply say that II Is a false
hood aud brand II 70.
There was nothing surrcptItous about IT,"
said Mr.. Sherman, with much warmth, ''and
no fact can be proven more clearly. The
statement so often made 10 the contrary Is a
fal.ehood and lie; Il care not by whom made.
He quoted from speeches made by Mr..
Stewart In the Senate In 1873 aud 1874 these
words:
~ want the standard gold and no paper
money that Is not redeeinable In gold. BY
this process We shall come to a specific basis,
and when the laborer shall receive his dollar
II will be OF the same purchasing power as
dollar. Gold is the universal standard Of the
world. Everybody knows that
The reading OF these quotations showing
such remarkable change OF opinion on the
part Of Mr.. Stewart provoked general laugh
ter at the expense OF that gentleman, who
looked somewhat bewildercd, but only stroked
his long beard. Subsequently, however, he
promised to reply 10 Mr.. Sherman on Friday
next. Mr.. Sherman followed up his advan-
tage over the Nevada senator by exhibiting n
newspaper published IN tina, state, one whole
side OF which was occupied with notices OF
assessment. on silver mining stock all payable
IN United States gold coinage.
Then he came back to the subject OF his
speech aud sald: ~ do not think that the
sioppagc OF silver coinage va. the end of
silver. We have proven that the nero pur-
chase OF silver by us on n declining market
10 an improyldcnt use Of the public money
aud ought To be abandoned or at least aus
pended. until time may come when, by M
International agreement or by souic provision
Of law. VIZ may guard against the possibility
Of coming Into single standard Of silver.
This Is not question of mere Interest To Ne.
vadn or Colorado. II Is not II question Of
what Wall street will do. Wall street will
always he doing come devilmcnt or other, Il
makes no difference who Is up or down.
take that as matter OF course. The aues-
ton is, what should bc done for the people Of
the United States In all IL icngth aud
breadth. and therefore u Congress will ray
that In Its 0pluion II l. not wise nov to con-
tlnue the purchase 81 silver bullion there will
be no Injustice done TO Colorado or Ncyrda."
Recurring To the subject Of authorizing the
Issue Of bonds. Mr.. Sherman said'
~ am willing to trust 10 your executive
officers. II you are not II Is u strange aitI-
tule In political affairs. | would give them
power To protect the credit Of the government
against all enemies ut home aud abroad. II
the fight must be for the possession Of gold,
would use our cotton and our corn aud our
wheat, and would protect our credit against
all mankind. As To silver, would say tia,
Ne prefer 10 walt while until the skies are
clear, until We sec the effects Of the suspcn-
sion OF silver coinage ia India and sec what
arrangements cTD lie made for another inter
national monetary conference. la the mean.
Is... Lat Ia. lR..I t.a- ia
strength and credit | think that soon all
these cloud. will lie dlssipated. aud We may
20 home To our friends with the conviction
that We have done good work for our coun-
try at large Applause.
When he had concluded, the repeating bin
ION which be had spoken was lad aside aud
the national bank bill WINS taken up To allow
Mr.. Teller to finish tho speech which he bad
begun yesterday.
Mr. Teller assumed iron newspaper art-
eics which he quoted) that a scheme had been
organized EARLY In the season In New York
for = purpose Of creating financial panic that
would compel an extra session--the repeal OF
tho purchasing clause OF the Sherman act.
He would not have anyone Infer that the bnk.
crs had Intended 10 create the condition Of
affairs that now existed, but be did believe
that they had intended to create dIs,rust tina,
would compel the president to call Congress
| In extraordinary session aud thus secure ne.
ton, first on the repeal Of the purchasing clause,
and second on III, question OF i.uing large
amount Of goSrnmcnt bonds, But the panic
Ind got away IRON them. They had rather
oycrdonc the business, and had frightened
I the people more than they intended To do
/ Now they had nobody hut themselves Ia
blame. and they should not complain. H.,
attacked the national barks, declaring that as
banks 81 issue they had been a, grest failure,
~. they had shown themselves 10 be n. hanl sol
deposit and hanks Of exchange. II WA the
preroyatlyc Of tho United States 10 i..ue IT.
own currency. and this was u good time "a
reform It. banking system. lie would mol
| by hi. yoi. pat nny more power Into ihc
hands Of the banks Of the country. lie
would not enable them amy longer 10 parniySc
the business oi the country, ~ they s.r'
doing to-day. lie hal falr opportunity I,
wipe them out, aud he would wipe them ou
as quickly as b, could. lie was opposed I,
tho present system. lie desired tn Withdraw
from the hanks the privilege. they now 20.