The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-31
FIFTY-THIRD CONGRESS.
SENATOR Hills SPEECH PACKS THE
FLOOR AND GALLERIES.
He Advocates the Presidents Recommends
tions but the Old Enmity Crops Out
Members firing Of the Debate
and Anxious for Vote.

a communication from the director O
the mint, sent in response to an in,
quiry, giving statistics on the quantity
of silver bullion purchased since 1878
the date of the Bland-Allison act
Senator Vest summed up these figures
in order to show that if all the silver
dollars aud subsidiary silver coin were
recoined at the ratio proposed in hi
bill go to y there would still be prof
to the treasury on the whole silver
transaction since 1873 of 15,967, $685.
He intimated pretty broadly that Mr.
Carlisle in his letter to Senator Voor
hees on the same subject had not
treated the question fairly.
Senator Hill Dem, N. ~ then
took the floor and begau his speech,
the opening paragraphs of which at
tracted much attention on the floor
and in the crowded galleries. There
were those, Senator Hill said, who did
not wholly agree with the president in
his diagnosis of the malady now af-
fecting the body polite and who did
not hastily join him in his conclusion
that the financial millennium is to
come the moment the Sherman law is
removed. There were some who had
given the subject attention who be-
lieved the cause of the present depres-
sion was deeper and beyond the Sher-
man bill and that its foundation was
laid in the evil hours of 1873, when
the country unwittingly laid aside the
financial policy that had been its
guide since the foundation of the gov
eminent. The existing financial dis
turbance, Senator Hill found, was at
tributable to three distinct causes.
First-It was a natural and inevita-
BILE result of many years real or tictic.
ious prosperity.
Second-Some portion of the pres
ent panic could be traced to the con-
certed effort on the part of monometal
lists to produce it in order to discredit
silver.
Third-But no matter what else
may have contributed to the present
financial condition it would not be
denied that the silver purchase law
had been at least in part and possibly
most largely instrumental in pro
ducing the existing complications
Senator Hill did not believe the simple
repeal of the Sherman law would at
once restore abundant prosperity, but
that many years would be required to
recover from the present disturbance
He compared his own course in de-
claring for repeal with the presidents
course in falling to refer to it until
this late day. He was a bimetalist
and stood for free coinage at a proper
ratio. Had the Sherman law been re-
pealed at the last session or in the spe-
cial session on the 9Th of March the
United States would have escaped the
present panic and precluded the
closure of the Indian minis
Independent, free bimetalic coinage
in the United States was not consistent
with the counsels of monetary science
While repeal would not bring a parity
it would facilitate it by bringing thai
new tangled idea, gold monometallism
begotten in the embraces of ignorance
and rapacity at last to an unequivoca
and crucial test. The permanent rem
edy for our financial difficulty was tc
return to the bimetallism that existed
prior to 1878. Senator Hill favored al
increase of national bank circulation
as proposed in the pending bill.
Continuing, he said he regarded the
question of ratio as not timely and az
of the least consequence, but j
changed at all it should not be en-
larped. but diminished to Is 1-2, the
Latin Union ratio. He deprecated the
hastv action in the formation o
definite financial plan ant
nredicted the failure of thu
attempt to impose gold standard il
India Meanwhile, the prompt repea
of the Sherman law was demanded a
a measure of temporary relief.
LET ms legislate upon the financia
question, said Senator Hill, and thel
return to our homes. next Decembe
resuming consideration OF a perma
nent system. His distinguished col
league and himself would cheerful.
vote for the repeal of the bill "unawet
by power, interrupted by, fedora
patronage" He predicted the pas
sage of the bill by the senate and tina
the Republicans would weather tn
present storm. "
One paragraph, in which Senate
Hill declared that if the preslden
turned his back on the bimetalllst'
and on the established policy OF tn
country and on the pledges CT tn
Democratic party he (HilD would no
follow him and that the presiden
would have to rely upon Republican
senators to carry out his idea, wa
spoken with much bitterness OF tone
Democratic senators looked gloom
and unhappy, but smile Of amuse
satisfaction was seen on the faces Q
Republicans.
At 2 o. m. the speech was inter
rupted and the Lee Mantle case lai'
before the senate as the regular orde
of business. 1t was, however, lai'
aside formally on motion of Senate
Harris and Senator Hill wen
on with his speech. When he declared
that himself and his colleague woulc
vote for the pending bill unawed b.
power and uncorrupted by, fedora
patronage, there was an outburst. o
applause in the galleries. The vice
president suppressed it, declaring tina
the galleries would be cleared.
It is said the presidents message, D.
its significant omissions, and espec
ially its closing lines, contemplates tn
establishment of a gold standard a
the policy of the country and LOOK
upon the repeal of the Sherman LAY
means tn that end. 1t is regrette