Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-16

unpleasant relations In the Senate
within the past few years that ques-
tion has arisen on which the Demo-
cratic executive aud the Massachu-
setts senators might agree. 1t was
most auspicious and most significant
occasion. 1t was a most delightful
foreshadowing Of the dsys when party
rancor should cease, and when all
notes OF discord should be blended In
one harmonious melody. Laughter. ]
He believed that the next thing In
order would be for the President OF the
United States, who was fortunately
uptrammeled aud unembArrassed by any
previous utterance on the subject, TO
frame some election law which would
perhaps meet the views Of the Senators
from Massachusetts,, and then the re-
conciliation would be complete.
Laughter.
In order that the repeal OF an exist
ing law should bring relief, 1t would be
necessary to show that law had innicted
injury. 1t had given the country cur
rency, as stated by Senator Chandler,
OF n. a., backed by the credit OF the
government and by the silver at its
bullion value. That was a pretty good
currency.
1t was better currency than the thirty
seven millions of Clearing House certih-
Gates in circulation in New York backed
only by redlscounted paper, and held
by the people who were now clamorlng
for the repeal OF the Sherman act. The
only tangible statement which he Mr..
Wolcott) could get as to the injury
wrought by the Sherman act was that
there was
LACK OF CONFIDENCE IN EUROPE.
American securities had been held
In Great Britain TO the extent Of 81, OOO,-
OOO, 900. Great Britain had suffered
seriously In Argentine and in her own
colonies and had been forced to sell her
sec urlties. There had been a little
breathing spell, and then again had
come a healthy demand abroad for
American securities.
But that demand has been checked
by the Reading iasco. Then the
trouble with the whisky trust had
come on. Had the Sherman act been
responsible for that? The senator OF
Massachusetts,, Mr.. Lodge, had said
chat with the repeal Of the Sherman
act confidence would come back to the
country. How would it come back,
and from where?
Would it come from the laooring
classes. from the farmers and the MI
nersp The repeal Of the Sherman act
would not bring confidence to them.
Would it bring confidence to the banks?
THE banks did not want confidence In
the money of the country, but they
wanted the money OF other people. Inc
banks wanted some legislation that
would induce the poor people who had
withdrawn their money from the banks
to bring 1t back.
That brought him, he said, to the real
cause OF the present existing financial
panic. 1t had come partly because OF
European losses in South America and
Australia; partly because Russia and
Austria were buying gold, and partly
because the United States had pur-
chased more goods abroad than 1t had
sold abroad. All these causes were ut
terly independent of and irrespective OF
silver and the Sherman act.
At the close Of Mr.. Wolcott's speech
the Lodge resolution was laid aside
without action, and Mr.. Hoar addressed
the Senate on Mr.. Vests resolution as
TO bi-metalism.
Mr.. Hoar, proceeding to general
discussion Of the question, said that
while men on each side OF the chamber
might differ as to the cause OF the pres
ent financial depression, he hoped that
all could agree upon this remedy. He
had
ALWAYS BEEN A BI-METALLIsT,
but IL was the bimetalism OF Wash
ington and Jefferson which recognized
gold as the finer metal and necessarily
the standard OF value. The silver to-
day circulated everywhere as the money
of the people, and would continue TO do
so until time should be no more.
do not believe that the great COM
mercial nations Of the world will long
submit to be deprived OF the great ad-
vantage which seems to me TO come
from the use OF both the precious
metals.
| look still for an international agree
ment upon that subject Within twenty
years silver has been discarded as
measure OF value in every country OF
Importance but Mexico. There Is no
human probability that II will ever be
restored to that function unless some
time the supply OF gold shall become
ject to great fuctuatiou and the supply
OF silver become steady.
do not believe that policy OF eter-
nal monometalism adopted In time OF
panic could stand. II is enough for the
present occasion to say there should be
no further coinage Of silver, except 5y
the unanimous consent OF commercial
nation.
At the close Of Mr.. Hoar's speech, a
discussion started as to the old question
of responsibility for the demonstration
OF silver, and was carried on for some
time by Senators Stewart, Cockrell,
Aldrlch, Hoar and Sherman. Finally
after brief executive session the SEN
ate adjourned.