The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1893-06-01
DEFINES HIS POSITION.
SENA1 OR BUTLER TELLS WHERE HE
STANDS ON NATIONAL LEGISLATION.

Repeal Of the Sherman Lxw, Provided
the State Bank Tax is Repealed.
COLUMBIA, S. G., May 24.-The Jour.
nal, of this city, published the follow
Ing interview las5 week with Senator
Butler:
do you think an extra session of
Congress will be called by the Presj
dent :" asked u Journal reporter of Sena-
tor Butler, who was in the city yester-
day.
yes. The understanding when |
LETT Washington. two DAYS ago, was
that Congress Will be convened The first
or middle Of September Whether the
late decision OF the Supreme Court
declaring the Chinese exclusion act
constitutional and the complications
which may arise from it will require an
earlier session, cannot now hU deter
mined, but my impression is tha. it
will not"
DO you anticipate any friction or
divisions in the Democratic party over
the taritT?'
NO; not worth speaking of. Now
That the Democratic party is, for the
first time since the war, in possession of
all the branches of the governments, |
think We shall be able to make a salts
factory readJustment Of the tariff, and
relieve the people of excessive and un-
necessary taxation"
"Has IL been decided what plan of re-
adjustment will be adopted" 2"
II think not, definitely. [ am in
clined to the opinion, however, that the
general scheme Will be the lines of the
Mills bill, with perhaps heavier reduc-
tlon in most OF the schedules, and an en-
largement OF the free LIST ="
but. Senator, will not the Democrat
lc Congress be much embarrassed by the
eXtrayagance of the Republican admin
lstratlon, depletion Of the treasury and
increased expenditures ?"
"Unquestionably, and it will require
all the wisdom of all the thoughtful
Democrats in every branch of the gov
trnment to meet successfully the terri
bic burdens left upon the country by the
Harrison administration. The enor-
nous appropriations for pensions, run
ming anywhere from $l5OOOO,OOo to
$loO,OOO,OOO, with the other necessary
expenses of the government, will strain
the resources of the country, but you
know reduction of the tariff will in
crease the revenues and l have hopes
we shall impose all income tax, so that
with prudence and economy in conduct
ing the affairs of the government we
may TeaSonably expect 10 get al,ng
without much trouble"
"HoW about the financial legisla-
tion? ?"
"Ah! There is the stumbling block.
Both parties are divided OH financial
legislation and | tear serious Difficult
ties
"llave You views you care to express
on the financial problem What would
be your solution Of t."
"Well, that's {. very 'sarchin' ques-
tion,' as Vance would say, but if you
can stand the deliverance of my views,
l think / can, although l must aBbrc-
Viate. In the first place, let me say |
am in favor Of the free and unlimited
coinage of silver. When | entered the
Senate, and the subject WAS new to me,
my lnclinatiOnS were the other way,
but after investigation L became salts
lied That bimetallSm in its fullest sense
was the proper thing for this country
and have since acted Oh that theory.
1t is proper to say in this connection,
bate--that many of the advocates Of
free coinage greatly eXagerate from
their standpoint the advantages and
benefits of unlimited free coinage Of
silver; and, on the other hand, the Op-
ponentS greatly eXaggerate, from their
point OF view, the evils to flow from it.
In my Judgment the free coinage of
silver would afford partial financial re-
lief, by increaSin the circulating medi-
um somewhat but it, could not posi-
bly, amount TO Il gT@Ht dts IeCII.p Of
the limit upon tic supply Of bullion
and the limited capacity of the mints
for coinage. ! say, thel efore, the relief
in the direction indicated would be
scarcely appreciable under our present
financial system. | have never given
any weight to the alarms periodically
sounded by mOnometali3ts that we
shall be sent to financial perdilion if
we adopt free coinage. Their prognos-
ticatiOns of rum and disaster have too
often proven falltcious to entitle them
to much consideration. The sherman
law has lately Eeen used as a club by
Wall street TO fore the Secretary Of the
Treasury, Mr.. Carlisle, to issue bonds
to maintain the On" hundred million
gold reserve required by law to be kept
in the treasury as security for the
three hundred and jCrIy.SiX million
gre enbacks, but little wholesome pluck
and Independence on the Spcrvtary'S
part has taught a valuable lesson and
set q most Instructive Precedent. The
Secretary would not become panic
stricken, SO Nall street COlCluQcQ IL
would not pay to push the panic bust
ness TOO far aud has got to behaving
itself again"
"Would you vote for the repeal of
the Sherman laW?'
81 care nothing about the Sherman
law; am in no sense respOns bic for it,
but / would not consent to its repeal
and thereby totally demonitize silver
agatn. If those who are so anxious to
get rid of the purchase of silver under
the Sherman law will couple with its
repeal a section to repeal the ten per
cent. tax on the State bank circulation
L would We o for it. The repeal of the
ten per cent. tax on State bank circu-
latlon would settle the financial Ques-
tion for a quarter of century. We
might then coin all the silver in the
world and our State banks could absorb
1t as security for their circulation and
the maintenance of whatever bank re-
serve that might be required. We
should have all the currency, II local
currency If you please, to transact the
business OF the country. This curren-
cy may 5e made as sound and safe as