New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-31
PRICE THREE CENTS.
MIR. SHERMAN ON REPEAL.
THE OHIO SENATOR'S SPEECH.
FOR TWO HOURS HE HELD THE ABSORBED
ATTENTION OF HIS AUDIENCE.
HE ASSERTS THAT THE ACT OF 1S)o Is BY NO
MEANS THE SOLE CAUSE or FlNASCIAL
DEPRESsION-INCiSIVE wARNINGS
AGAINST DANGEROUS EXPEEI.
MENTs-GOvERNMENT BOND
ISSUES ADVO.
GATED.
tBY TELEGRAPH TO THE TRTBUNE.1

GATED.
tBY TELEGRAPH TO THE TRTBUNE1
Washington, Aug. 3O.-llr. Shermans speech
this afternoon in advocacy of the repeal Of tho
silver purchase act of 1890 with which hS
name has been universally associated, was
the chief incident of the Scnatcs SESSION, which
indeed otherwise unusually colorless and
uncventful 4 notice from the Ohio Senator
that he will make a set speech OH any political
topic Of general interest never fails TO attract
Widespread attention and to draw to the Capitol
! at the hour designated an aIprecatve and
I eager audience From the Senate Itself Mr..
sherman receives the close and attentive hear
ing which L. his due both : the unconteSted
financial leader of that body and as its member
cf longest legislative service and largest ey-
prrience. BY the audience which gathers in the
galleries Mr.. sherman il regarded as the uniail-
ing oracle of sound financial policy and the
eptome, far any single public man can
well he, of financial wisdom, and his speeches
on financial questions carry more weight, 1t can
BE- fairly said. with both hi- colleagues and the
public than those of any other man now in
political life.
Though speaking to-day OH a rather shop worn
topic, and being forced for the sake of personal
explanation, to make long DEPRESSION into the
old, Mr. Sherman, for the two hours he held the
floor. easily retained the absorbed attention of his
audience whose minds the buoyant vigor and
drcctn,es of his arguments and TIE intense prac-
ticallty of his financial knowledge left their
usual impression Of oyermasterng conviction.
Mr. Shermans views on the naked questions OF
free coinage at the ratio Of to |, and of silver
purchase at the present commercial ratio, with
all the incidental issues involved in the discus
sions of the last four years, have been too well
known TO make any comment Eeccssary now on
the general rcaflirmation of them contained in his
speech Of this afternoon few Of his sugges-
tions on the novel phases of the present situation
may be briefly referred to, however.
REPEAL WILL NOT BE \ PANACEA.
Mr. Sherman, for instance, ag-ces with Mr. Hill
and other recent speakers in the Senate in the
opinion that the act of 1890 il by means the
sole moving cause of the present financial
depression: and he considers the Presidents re-
cent message defective in ignoring other equally
potent causes home and abroad, for the disturb
anccs which have come in the last ten or twelve
months Nor does lie consider the repeal OF the
present purchase law panacea for all existing
and threatening ills. Radical tariff legislation
will, in Mr.. Shernans opinion, plunge the country
into tenfold more distress than the law OF 1890
has 90 far, ever could have -entailed Re-
peal 10 he effective, should De supplemented by
the assurance of industrial security, and by ad-
ditional financial legislation which will allow tho
Secretary of the Treasury To 20 into the worlds
markets with United States bonds and
increase 10 any necessary limit the
Governments stock Of gold The 3 per cent bond
bill of last winter. Mr. Sherman thinks, should
be passed 10 strengthen the hands OF the Admin
straton. and some similar authorization should bs
I.tic i'm tIi
nucs by the sale of bonds IT, besides these two
measures some steps should be taken to swell the
volume of American exports and TO create again
"A favorable baanc" of trade, this country could
easily weather the present financial stress and put
its currency system on Il lasis which would insure
a return of general confidence and general pros
pcrity As for the remedies which have 80 far
been proposed on the majority side of the Senate
th, increase Of gIeonback issues. the return TO
State Bank notes and the u>e of intcrconvertible
bonds-thcse would all, in Alr. Sherman, opinion.
prove simply aggravations Of present ills, l"ss
endurable even than continuance OF the present
system of silver purchases
The part of Mr.. Shermans speech which dealt
with the legislation oe 1873 was intended to he
I'm absolute and final rctuiation of the many
silly statements continually set dfoat to the
effect that Mr.. sherman and other public men
con,pircd in 1871? and s73 10 demonetize the
silver dollar by stealth and surreptitiousy. Tho
convincing array Of facts and quotations pre-
srnted was directed more especially at senator
Stewart who mas recently been returning 10
these often exploded c,arg,r OF the dcmonetiza-
ton of silver in 1873 by trickcry and conni-
vance. The Ohio senator scored the Nevada
Senator sharply and the latter. after taking his
punishment rather ungraciou,ly. promised to
nlict a still newer version of the acts of 1872
and 1873 OH the Senate on Tuesday
INCIsINE WARNINGS AGAINST DANGER.
The clcar-sighted and patriotic sH gestions in
Senator Shcrman's ~prccl and ncisve warnings
against the dangerous experiments in financial
| .gislation. which even now he,ct the path of
repeal in H." Senate, will of course attract tho
widest public attention as an analysis OF the
present legislative situation by perhaps the
most competent authority in either branch OF
COngrcss.
senator Teller. who began yesterday speech
against the repeal OF the sherman act. finished
this afternoon after Nr. sherman had spoken
The Colorado Senator's r,inIrks today were di
ncted more especially to the Cocl>rell amendments.
now vcnding. to the National Bank Circulation
bill providing for larger ssiles OF greenbacks.
Mr. Teller, under some skiliul questioning from
Mr. Aldrch. made the bold admission that he in
tended to support both Nir. Cockrells hat money
schemes and Mr. Buffers State bank tax amend-
nent These propositions he did not wholly ap-
orove of themselves, but he would be most happy,
40 said TO sad H. them on any bill which sought to
ION the purchase of silver. Mr. Teller's admis-
.ion though significant, was not uncX pected, for
Z had been clear that the silver State Sen itOrs
would upite with the southern Democrats at any
lme TO embalrass the Repeal bill If possible. with
m amendment aboshing the 10 per cent tax on
state bank circulation. As the abolition of this
;,x l. favored by MIR voorhees,, Mr. Mills, Mr. Cor
lon and many other Administration Senator's and
/, specifically promised III the Chicago platform it
difficult 10 how il can he kept OF the Repesu
ill as rider, especially if the ten or twelve
,cpuhlicans unite with the Democratic majority
o fastcn il on.
The parliamentary fght aeaint the repeal hill.
must be candidly conceded. will be long and
ighly ingenious one, and many difficult situations