The herald., 1893-08-23
The FINANCIAL DEBATE.
Senator Voorhees, Defines His
Position.
He Favors the Repeal of the
Sherman Act.
At the Same Time He Processes to
Be O Bimetallist.
A Crowded Senate Hears the Hoosler
Statesman Expound His Views.
Monotonous Discussion in
the House,

WASHINGTON, Aug. 22.-Interest in the
financial discussion in congress- was
transferred to the senate today when
Senator Voorhees, made a great speech
justifying his position in voting for the
unconditional repeal of the Sherman
act. Nearly one-third of the entire
membership of the house gathered in
the rear OF the seats, and the galleries
above were packed to suffocation. The
speech Of Senator Voorhees, was one of
his greatest efforts, and while the sem
ator did not abate one jot his past BIZ
metallic record, the burden OF his argu-
ment was directed to proving that the
repeal of the Sherman act was propo-
sition which,a necessity, could have no
material effect on the merits OF bimetal-
liem as public policy.
Allen gave notice OF an amendment he
would offer to the Voorhees, bill. 1t
proposes to add to the repeating clause
of that bill a provision that hereafter
standard silver shall be coined into dol
lars. halves, quarters and dimes, at the
present ratio of 16 to /, under the same
conditions, as to mintage and other
charges, enforced in relation to the coin
age of gold, and that the secretary OF the
treasury shall, without unnecessary de-
lay, cause all the silver bullion owned
by the government to be coined into
standard silver dollars, to be legal ten
der.
Voorhees, then took the floor and ad-
dressed the senate in advocacy of the
bill reported by him discontinuing the
purchase of silver bullion.
He explained the action of the presi-
dent in converting congress in extra seS-
aion, saying it was owing to the loss of
confidence in the financial world. This
loss of confidence, he said. was not in
the credit of the government, which wac
better today than that OF any other on
the globe. He praised the administra-
stion sor its refusal to crafty the demand
of capitalistA for the issue OF $500, ,000,-
600 more bonds. He summarized the
element of the nations financial strength
within it's own borders. and regretted
that legislation had checked our foreign
commercial friend in the world. He
had faith that the giant evil
which had crippled the commerce
of the country would be removed
with other evils which challenged at
tention and action. If the true great
ness of the country were studied it
would be seen that financial panics and
alarms could have no foundation. There
was another exceedingly powerful test
OF the governments credit. Money was
simply medium for the exchange of
value. Money was creature; congress
it's creator. Gold and its alleged intrin-
eic value went for naught as circulate
ing medium unless the coin bore the
stamp of the government. The same
official stamp on silver or paper at once
ennobled them with the same quality az
gold in purchasing power, no matter
how debased or valueleHs the material
may have become as commodities
by sinister or unwiee legislation. There
were nine different currencies used in
transacting business in this country
which were 30 uniform in purchasing
and debt-paying power, as made them
interchangeable. Never but once had
these currencies been discredited by the
government, and that would never hap
pen again. 1t was the duty of the gov
ernment to furnish sound, reliable, con-
stitutional money for the people. F
Continuing, Voorhees, said: "We are
now confronted by law without prece-
dent or parallel in American history-a
law which has resulted in financial
panic, alarm and distress and for whose
repeal congress has been convened" He
characterized it as a compromise born
in an evil hour-the worst and darkest
that ever bsfell the cause of bimetallism
or honor and the existence of silver
money. He characterized it as Repub-
lican measure to induce the producers of
silver to surrender their rights to free
Tfc of
to leave their victims of misplaced con-
fdence empty-handed, without the
privilege OF the coinage of their silver,
or selling it as a mercantile commodity
to the government. Silver, degraded to
a commodity, could no longer hold it's
place with gold as part of the specie
basis of this country, and was now reel
ing and staggering under the blow, until
it's enemies predicted with joy its speedy
destruction.
He congratulated the Democracy that
not single Democratic vote had been
cast in favor of the act. As bimetal-
list he voted against the passage
of the Sherman act, and for
the same reason would now vote for its
repeal. He avowed his unHhaken faith
that silver would remain forever one OF
the worlds great and potent factors of
the worlds commerce and traffic. In
the daily business transactions it would
neither be demonetized nor driven
away from the habitation of the greater
masses of mankind. The question had
been asked whether votes should be
given for unconditional repeal OF the
law, before substitute had been agreed
upon. He was in favor of eradicsting
this confessed evil from the body of our
laws, with no other conditions than his
right ard free agency to support and se-
cure in connection with its repeal. or
afterwards by independent measures. =
sound financial system, embracing the
coinage Of silver on an equality with
gold which had been the declaration Of
the Chicago Democratic platform.
Voorhees, defended the president from
the charge of insincerity IN connection
with the silver plank of the party. He