Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1893-08-30
arr. WILSON'S closing speech.

after the able speeches made on eacn siuo "a
the question. for him, on whom the details
of management had been so much thrown,
IN lend force or novelty to the discussion
Il had been inevitable that the debate
should range freely over the whole field OF
financial theory and financial experience.
They had all felt when they had listened to
the speeches on each side that the Amerl-
can people we're getting an education, aud
that their minds were being cleared on that
infinitely important subject. He should
NOT attempt 10 follow that line Of discussion.
he should attempt nothing more than
plain conversational statement OF the nature
Of the bill its purpose and the imperative
reasons which. in his judgment, called now
for its unconditional repeal. BY universal
consent the so called Sherman act had fail
ed to Justify the expectations Of those who
framed il. Il had been expected to raise
the value Of silver bullion in this country
and, consequently, Throughout the world
Il had been believed by wise men IN the
United States aud abroad, by those familiar
with financial subjects, that when the
United States went into the market and
purchased every month at the market price
virtually the entire product OF silver lvIr-
tually one-third Of the whole worlds pro-
duct Of silver that the price OF that metal
must be raised everywhere and that that
fact would 60 toward restoring its before
time parity with gold. The expectation
had proved TO be a false one. Almost from
the first enactment Of the Sherman law,
from the very ending of the first period OF
speculation which followed its enactment,
the price of silver had been plunging lower
aud lower, until finally it had reached such
depth in the market that the people OF
the whole world were being kept in an
agony Of financial suspense aud distress and
some victims had been obliged 10 close their
minis to the free coinage Of silver. 1t had
been expected that when the Uuited States
poured into the channels Of trade nearly
four millions of its legal-tender notes every
moa,h there would be an expansion OF the
currency of the country, aud that from that
expansion there would be renewed prosper
itv i'm trade and business. That expectation
had been equally falsided. Instead Of pro-
dueing an expansion of the currency 1t had
produced a contraction Of it, because for
every million of treasury notes that had
been paid out a million of gold had disap-
peared. No one could doubt, whatever OF
philosophy there might be in the remarks
of the gentleman from Maine this morning
that one of the secondary causes (if not OF
itself an efficient primary causel OF the dis
tress in the country to-day was the Sher-
man law. No one could doubt that that
law was largely responsible for the panic
that bad suddenly oyerspread the country.
It had been argued from the first speech
to the last made against the pending bill
that it would, while stopping the purchase
of silver. throw the country upon gold
basis. The countrymau on the plains who
was astonished 10 learn that he had been
speaking prose all his life was not not more
surprised than certain gentlemen would be
70 ind on. that this country had been upon
a gold basis since 1884 under economic laws
which the laws of Congress could not over
ride. We have been on a gold standard
since 1884 under economic law; since 1873
il had been on a gold basis by the express
statute of Congress. The trouble was that
AS silver had gone down the greater stress
aud test was put upon the government
Gentlemen had said that if We would stop
now the purchase Of silver under the Sher-
man act we would demonetize silver. The
bills proposed here would not demonetize a
single silver dollar to-day circulating in
snv part Of the couuHy. The bill had come,
not TO destroy, but to save. Applause -
Il had come. not to strike down silver, but
TO place it once and forever on an impreg'
nable basis with gold in the circulation Of
the country. Applause.
Mr.. Martin, democrat, of Indiana,l in.
ouired whether the passage of the bill would
necessitate the sale of bonds in order to
secure gold.
Mr.. Wilson said that a question of that
kind must be answered in the light of ex'
perience, not in the light of prophecy. In
the light Of the experience of France, of the
Scandinavian nations, of Canada, Of Hol-
land aud of Java, he could merely repeal
his remark that the passage of this bill
would at once and forever restore silver tC
q parity with gold, and there would be mt
necessity for the government to issue bond;
for any purpose. Applause. 1t carried
with it not only promise of maintenance
of parity between gold and silver, but il
carried parity. Applause.
NJ. McMnliu inquired whether the gen
tleman proposed to follow this bill up with
a proposition for free coinage.
Mr.. Wilson rejoined that he was satisfied
that it was the earnest desire of the Demo
cratic administration not only to support TIT
existing silver circulation in this country
but TO increase the issue Of silver currency
to the utmost extent il was safe to do so
aud to keep silver on parity with gold
/ [Applause.l