The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-23
VOORHEES, FAVORS REPEAL
The Tall Sycamore of the Wa
bash Against Silver.
He ENDORSES CLEVELAND.
Senator Allen Gives Notice Of an
Amendment to the Bill.
Dubois Appeal to the Senate to Stand by
the White Metal = The Montana sena-
torial Question Again Goes Over
The Currency Bill Discussed.

WASHINGTON, Aug. 22.-IDtere in the
financial discussion in Congress was
transferred to the Senate today, when
Senator VOORHEES, made a great speech
iustifying his position in voting for the
unconditional repeal of the Sherman act.
Nearly one-third OF the entire member
ship of the House gathered in the rear
part, and the galleries above were packed
TO suffocation. The speech of Senator
VOORHEES, was one OF his greatest efforts,
and while the senator did not abate one
5ot his past bimetallic record, the burden
OF his argument was dire cted to proving
that the repeal of the Sherman act was a
proposition which, as necessity, conld
have no material effect on the merits OF
bimetallism as public policy.
Senate Allen gave notice OF an amend
ment that he would offer to the Voorhees,
bill. II proposes to add to the repeating
ella use of that bill a provision that here
after standard silver shall be coined into
dollars, halves, quarters and dimes, at
the present ratio of 16 to 1. under the
same conditions as to mintage and other
charges enforced IN relation to coinage of
ury shall without unnecessary delay
cause ali the silver bullion owned by the
government to be coined into standard
silver dollars to be legal tender.
Mr. VOORHEES, then took the floor and
addressed the Senate in advocacy of the
bill reported by him, disseminating the
purchase of silver bullion.
He began by explaining the action OF
the president in converting the extra ses-
sion owing to the lost confidence in the
financial world. This loss of confidence,
he said was not in the credit of the gov
eminent, which was better today than
that of any other country on the globe.
He praised the administration for the re-
fusal to crafty the demand of the caplt9l-
lists for the issue of $500, 0C0. 900 more
bonds. He summarized the element of
the nations financial strength within its
own borders and regretted that legisla
ton had checked our foreign trade and
had left us today without a commercial
friend in the world. He had faith that
the giant evil which crippled the COM
merce of the country would be removed
with other evils which challenged atten-
ton and action. If the true greatness of
the country was studied it would be seen
that the financial pauics and alarms could
have no foundation here.
There was another exceedingly power
full test of the govern ment's credit.
Money was simply a medium for exchange
Of values; money was creature, Con-
gress its creator. Gold and its alleged in
trinsic value went for caught as a circu-
lation medium, unless the coin bore the
stamp of the government. The same Off
cial stamp on silver or on paper at once
ennobles them and gives them the same
quality as gold in purchasing power, no
matter how cebased or valuelesS the ma
terial may have become as commodities
by sinister or unwise legislation.
There were nine different currenci0S
used in transacting business in this coun-
try which should be SO uniform in pur-
chasing and debt paying power SIS TO make
them interchangeable Never but once
had these currencies been discredited by
the government and that would never
happen again. 1t was the duty Of the
government to furnish sound, reliable, |
constitutional money for the people. We !
are now confronted by law without !
precedent or parallel in American history; |
a law which had resulted in financial
panic. alarm and distress and for whose |
appeal Congress had been convened.
He characterized it as a compromise |
born in an evil hour, the worst and !
darkest that ever Sefell the cause of BIZ |
metaliism or tt ao o. and existence of |
silver money. He characterized it as q |
Republican assure to induce producers |
of silver to r2nder their rights TO free |
coinage. 1t creators now stood ready to
leave their victims Of mis- placed confidence |
empty hardeo, withous the privilege of |
coming their silver " selling it as mer-
camille commodity to the government. J
Silver degraded to commodity could no |
longer hold its place with gold as part of
the specie basis of this country, and it |
was now Keeling, staggering under the
blow until its enemies predicted with Joy |
its speedy destruction. He congratulated |
Democracy that not a single Democratic |
uote had been cast in favor of the act. As |
q bimetallist he voted against the passage |
of the Sherman act and for the same rea- |
son would now vote for its repeal.
He avowed his unshaking faith that |
silver would remain forever one of the |
worlds great and potent factors of the |
finance, commerce and traffic in the daily |
business transactions. It would neither
be demonetized nor driven away from the /
habitations OF the great masses of man
kind.
The question had been asked whether
votes would be given for the uncon- |
ditional repeal OF the law before substi-
tute had been agreed upon. He was in
favor of graduating this confessed evil |
from the body of our laws with no other I
condition than his right and free agency |
tosupport and secure in connection with |
its repeal afterwards by independent I
measures a sound financial system, en-
bracing the coinage of silver on an equal
ity with gold, which had been the declar-
alton of the Chicago Democratic plat
form.
Mr.. Voorhees, defended the president
from the charge of insincerity in connec-
ticn with the silver plank of the party.
He said the president had never recalled, |
re.racted or explained single word of his
letter OF acceptance. which was Just as I
binding as when first given to the world.
lie was willing to stake his faith in the
truth and honor of Grover Cleveland and
his well known fidelity to pledges when
once made. He paid high tribute to
Secretary Carlisle and said: tGod help
the Democratic party, if we are to turn
our backs on such men as the President
and his secretary of the treasury
He spoke of he ratio as a matter of
detail which Congress would establish on
q fair basis. He said the people would
not tolerate single gold standard. Then
he addressed himself to the denounce-
1aent of the selfishness and greed of the
money power which had done so much to
aggravate the financial situation, and
spoke in favor of the present pension
system as helpful in the distribution of
money; urged the necessity of the gov
eminent providing new circulating +
medium in the place of that furnished at
present by the national banks. He
favored, in addition to the money issued
BY the government, currency properly
guarded and issued by the state banks.
He urged the necessity of financial
legislation
(which would furnish a sufficient
volume OF currency on practically specie
basis guaranteed by pucsic honor.
2-To deprive individuals, corporations
or syndicates Of the power to cause fuctu-