St. Paul daily globe., 1893-08-26

circulation, thus utilizing both gold and
silver and keeping 1t at parity. In
the face of this legislation on the part
OF the Republican party, said Mr. Bur-
rows, he had no doubt that the gentle
man from Nebraska had Joined his
party in the last election in denouncing
this policy in the party as ''cowardly
makeshift," and appealed to the people
to overthrow that party in the interest
of a party pledged to establish wiser
and safer financial policy. The oppor-
tunity is HOW with the Democrats to
redeem their pledges, and continue TO
etary system, and maintain bimetallism
as tine Republican party had safely es-
tablished it.
The following members spoke in favor
of free coinage: Pendleton. of Texas;
Bowers, of Colorado; Cable. Marsh, Of
Illinois; Money. of Mississippi; Rich
ardson, of Tennessee; Taylor and Mr..
Joseph
For reneal were the following: Pig
Oft, Dockery. Moon. Durborrow, Sick
Ter, Breckenridge, McRae. Dolliyer and
Sipe.
Springer's speech.
Mr.. Springer spoke as follows: Now
that we are assembled as representatives
of the people in this body, and rep
reSenlatives of the states in the other
chamber, 1t is our duty TO consider
calmly and dispassionately the present
condition of our country. TO take into
consideration the causes of depression,
and to apply, if possible. a remedy.
The present depression, amounting at
times to panic, and at present to a
complete paralysis of business, demands
and Ghnnln rpaniUn fhn n0tIpnf
careful and patriotic consideration
Whatever may he the cause of the pres
ent depression. the-evil hour is upon us,
the disaster is widespread, the ruin
alIuoSt universal. The business in
terests in every part of the country are
Frustrated and even paralyzed, thou
sands of men are out of employment,
factories are closed, riots are the
rule, and the red flag of
the anarchist is f1aunted in the
presence OF public assemblies. Whether
these conditions be fancied or real !;
whether 1t is due i'll part to the fault of
those who would coerce Legislation by
threatened financial disaster, whether
brought about by legislation heretofore,
or merely imaginary, still they do exist,
whatever the causes may be, Whatever
the object may be, and we are called
upon, as representatives of the people,
10 afford such Legislative remedies as
may be in our power TO do.
attribute the actual condition
which Now Exists
in the country to three controlling and
fundamental causes. First, the tariff
legislation since the war, the protective
tariff laws which are imposing enormous
burdens upon the people of the country
TO protect favorite interests. There has
been oyerproduction by this unnatural
Stimulant. There has been over-bor-
rowing, over-trading, over-drafting, and
thus inevitable disaster.
The second cause, i'll my Judgment,
for the present financial condition is
found in the decentralization of silver in
1873, and the third cause, the authority
given by the Sherman act to purchase
1900 600 ounces of silver each month,
and issue treasury notes thereon, which
treasury notes, under the ruling of the
treasury department, were redeemable
i'll gold. There are, of course, other
causes which might be referred to; but
these three, it seems 10 me, are those
nose responsible. The effect of the act
of 1873, WhSch demOnetiZed one-halt of
the money of the people, was not real
lied until 1878. when the United States
resumed specie payments. Silver has
been denonetized for twenty years, and
acts that have been passed since that
time have had but little or no effect as
measures Of decentralization. The
fact that silver is held as col
lateral for their redemption has
added nothing to the face value of the
silver certificate, it passing at par with
the paper obligations of the government
and depending for its money power and
purchasing capacity OH the pledge of
the United States that its parity should
be maintained with gold. and that it
should be received for all dues to the
government and be legal tender in
the
Payment of Debts.
The decentralization of silver by this
country and the other countries of the
world has deprived the people of half
the money which would otherwise have
been obtainable in the payment OF
debts. The demone tiZation Of silver in
1878 did not destroy silver as money as
much as the Sherman law. The depre-
Grafton of silver in the three years since
the passage of the Sherman act has
been greater than it was during the SIX
teen years which cover the period from
the demonetiZation until the passage of
the Sherman law. The depreciation
during the first sixteen years was 24.4,
and for the second period of three years
it was % per cent. We have been called
together by the president in eXtraor-
dinary session for the sole purpose of
effecting the repeal of the purchasing
| clause Of the Sherman act. Shall we
answer this demand for repeal, de-
mand which meets no negative response
throughout the length and breadth of
the land, with the statement that We
will not repeal the purchasing clause of
the Sherman act until congress agrees
to do something else on some other
matter?
1t is just as parliamentary, just as
reasonable. to insist that the tariff bill
shall be included in the bill for the re-
peal OF the Sherman act as to insist
that the measure for the reconciliation
of silver shall also be incorporated in
! that act.
The depreciation of silver has, in my
| Judgment, resulted from TWO causes
First, its decentralization by the United
States and other great powers of the
world; and secondly, by the enormously
| increased production of silver bullion
since decentralization took place. If we
! should remOnetiZe silver in this cOun-
try upon the ratio of 16 to l. one of two
conditions would inevitably follow
Either the United States would at once,