New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-13
PROCEEDINGS IN THE SENATE
Mr.. MITCHELL. OF OREGON. TALKS AGAINST RI
PEAL. AND MEssRS HAwLEY AND TELLER
rNrER INrO SPIRITED DISCrSSI0N

Mr. MITCHELL. OF OREGON. TALKS AGAINST RE-
PEAL. AND MEssRS. HAwLEY AND TELLER
ENTER INTO SPIRITED DISCUSSION.
Washington. Sept Ex-senator Mitchell. Of Oregon.
occupied the attention Of the Senate to-day ''r
three hours in elaborate argument against inc
bill to repeal the purchasing clauses OF the sherman
act After he got through. there sprung up DEW ch
Senator's Teller. Of Colorado. and Hawley OF Cor
necticut a spirited discussion. into which. hnaiIy'
Mr. Stewart OF Nevada, entered. Then. as the
hour was late. and Senator's were weary OF me
DAYS debate a motion TO proceed 10 "N'-""'e
business was welcomed on all sides
The Repeal bill was taken up at 12;9o ana MI
Mitchell addressed the Senate lie said Unit we
fundamental problem TO be solved was Are we 10
become a nation of monometallists and If So
,,s,ber go,d or silver monometallsts?' II couId
not be denied that the absolute demonet! anon Oh
silver as proposed by the uncondition1l r'i'aI
OF the purchasing clause of the sherman "c' ~
iSo the perpetuation OF the gold standard anu Tue
establishment of a policy that gold and GOLD alone
.hau no tho sole medium of ultimate redemption
~,onld no completely and absolutely 10 'vsr,urn
and DESTROY the policy OF the founders OF he Gov
eminent on that question and cons'gn silver "S d
money metal to indefinite overthrow lie oeh'eu
tina, the Sherman act had been the cause OIL inc
panic The causes leading up to 1t were IN part
worldwide and had their origin not In ms oouh-
try hut in speculativ dealings between Lohuon
khkers and the people OF South America ~hich
resulted Through the Argentine bankruptcies ana
the fall Of securites IN bringing ruin 10 inc noo'S
Of the Barings and other noneycu 'hs"tu''''
The same causes overtrading and Ian spec"'"-
ton later on and during the present year DroUeh'
universal bankruptcy TO Australia These srea,
and unexpected shocks TO the business "oi w.
these explosions at the very doors ana un lei ''e
very vaults OF the great money brokers OF Ffg-
land by which some of them were enquire" III
ruin, had sent a shudder OF Apprehension 'h'oue"
out the financial world, which caused su'',
boarding not alone Of gold but OF goid SILVER anu
paper general calling In of loans on the part OF
bankers a refusal not only TO make new loans Du.
to extend Old ones while general distrust seizeo
upon every financial community. The Sherman act
had no more In his Judgment TO do with II IMAM n'u
The man in the moon or the recent ".
comet On the contrary. but for the fact tha' 'he
Sherman act had in the past three years auieu ~
the circulating medium about s-o-'''J'VV Oh iesa'
tsna.r rr.as,,ry ro,es the panic would have come
quicker and been more aggravated thah IL no"
The fear of tariff revision ana o' '"@ III"
augurstion OF a free trade policy had also 'au
much TO do with the panic 49,.
Mr Mitchell devoted some time 10 s"o"'"e ~
1t would be impossible to secure international d.
metalIisnn and o,,o,ed from the speeches made by
the desgs,ss fror, Great Britain to the Brussels
Conference to nroye that England was Weuueu ~
the gold standard and not Wiling u e'e" ~
ccss the question OF bimetallism
Mr. Hawey (Rep Comm declared nimset 'o' 'e
pending bill first last and always. but the's was
one general statement which had been itera'eo anu
reiterated until ne tired OF H. anu '''''
that there was somebody who believed IN '"e 'o,"
Obstruction OF one-half Of the currency Vi '"e
world. His friend from Oregon CMr Mitcheip Hau
talked about the dsappearance-the per"a"."'
osuse-of silver. There not senator w '"'
chamber who believed that IL was iase ''a
ment Everybody knew that silver had pee" U.s.
these thousands OF years with gold; ana u "o''u
continue to be 30 used and OF that all Seha'o's w"
IN favor Everybody knew that although ".a'
Britain was the champion monometaliist na'o"' wv
people OF that country carried more silver "'o
m their pockets than the people OF the '"''eN
states did He added: 1.-THE Senator from oreso"
quotes from Mr. Blaine and other distinguished men
IN euiogy OF silver money. That Is all true.
ssree with all that they say that subject D".
wnen II came to voting specifically Mr.. Blaine ""u
ms choice. When the Bland bill brought up IL
was bill for the free coinage OF silver. !"
x.ison moved what known the banu-
unison bn--providing for the coinage OF two mn,
In IN shVsr dollars month. and Mr.. Blaine 'o ~
tncr,i II That free coinage. And then NE p:
Cs,,ne nterward moved TO amend by making 40
bnins to the dollar
Hr Mitcheil-That free coinage -
UT hawley-It did not say a word about free
n.ge That amendment was disagreed to- 20
tS,n s"o then Mr.. Blaine voted against the whoo
NJ Tellsr-The senator announces that every