The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1893-09-01

ETH[2ee%FflnSs 80 ssryY/I Ns.LAlW
IN ~NWI/II97~
Senator mn Of New York
to bring the two metals together Ia order 10
redeem the pledges Of the two great national
parties and OF the administration there should
be coinage Of gold and silver on parity. Nowit
ssemed. said Mr.. Vest in a cOntempiuous tone.
that the question OF the expense 10 be in
iected into the discussion. ana that leaving
the great AMI absolute necessity Of parity,
senators were led into an examination OF the
number OF dollars that the change OF ratio
would cost. He had made short analytical
statement OF the account between silver and
fAo government at this time II showed the
proht 20 the government under the Bland ALI
son act of iss3 as lin round numiersl s5OOD.-
90 and the profit OF the sherman act
81 1880 as Sas.cooOoo. the total profit be
fng si.s 010OJ0 The uaeoined silver
In the treasury was i1SoD,Oo ounces.
and the profit on that s57 O00OOl The number
of ounces necessary 10 recoin the silver dol
fais now coined was sl0o0.ec. and the number
necessary TO recon the subsidiary silver coins
i9nnO.0Oo II this quantity OF silver bullion
WIRE taken from the uncoined silver ia the
treasury on the 9Th OF August there would be
stfil left of uncoinee silver in the treasury 3d..
On0O ounces.
tis summing UP of the silver account was
Credit side sles is-s aii
Dettor side ACKNOWLEDGEMENT. lie so 32
Balance in favor OF silver .........t IS 261 800
II the secretary of the treasury. Mr.. Vest
continued. meant TO put the question fairly 10
the American people. why had he not told the
senate what be proposed 20 do with the vast
amount OF silver now uncoIned In the treasury
when the purchasing clause OF the Sherman
act were repealed' Was that silver 10 be there
menace TO bimetallism for all time to come
Or did the secretary propose to coin ii and
hold II IN the treasury as dollars.
Mr.. Hill then resumed the floor and ad-
dressed the senate. There was perfect quiet
and stiffness In the chamber while he spoke and
the closest attention was paid TO the speech
both on the floor and in the galleries.
Commencing his remarks by an alluson 70
The presidents much commended and crii-
cised special message TO congress" Senator
Hill supplemented the presidents quotation
from Daniel Webster by the opening sentence
1s another famous speech OF the same distin.
guished statesman In which he urged upon the
senate Before we float further on the waves
OF this debate let refer to the point from
which we departed
Adopting Weoster's prudent suggestion. let
AS first recall the peculiar circumstances I'M
der which meet and the important charac-
ter Of the duty which surely confronts al
this hour.
The existing financial disturbance may be AT.
tribuied 20 three causes.
First; 1t Is a natural or inevitable result or
incident Of many years Of real or fictitious
prosperity. The nation Is not unlike an indi-
viduaL Sickness Is incident to humanity. and
commercial panics are incident TO trade
The student Of history knows that financial
panics occur about every twenty years. and
our country has no, been an exception TO the
general rule. The panics Of 1873 1887 and 1857
should have led Us TO anticipate one IL etov
Ise8
In addition to these causes. which for the
purpose Of this argument, deuominate mat
ural" causes. against which It is probable that
no prudence could guard or prevent, there was
much reason 10 apprehend financial troubles
nt this time owing TO the violation OF correct
business principles on the part % our business
men In their haste 70 become suddenly rich.
Our financial centers have been flooded with
watcrcd stocks OF every description. In which
innocent people have been induced TO invest
their means by the rliitcring promises OF enor-
NOUS dividends which are not forthcoming.
Candor compcls me 10 say that these trans.
actions have usually origintci with that class
OF fnanciers who infest our marts OF trade and
arr to-day SYSTEMATICALLY attracting public at.
tention Nv their parrot.like clamor for an hon
est dollar and against the continued use OF
silver money.
Besides we are suffering from the evils OF
reproduction. The balance Of trade has un.
Fortunately been AGAINST us We have sold our
at home and the interest as well as portions OF
the principal have been coming due and must
bc paid In gold because Il was so nominated
In the bond" and hence our gold has naturally
been leaving ~ for foreign shores.
PROFESSIONALLY some OF the present dim
Guilty may be attributed to the uneasiness OF
CIR protected industries which have been &C
customed 70 rely TO a certain extent upon gov
ornamental favoritisrn 10 support them. They
do not disguise the fact that such uneasincss
exists and that 1t contributes its share to the
general existing disturbance OF financial az
fairs
But there is no relief for this situation un.
less the dominant party ahandons its princi-
ries and surrenders In advance to the inter
rsts which were defeated at the last election.
The democratic party Is pledged to tariff re-
form. and IL must redeem its pledge come what
may. OF course II must te expected there will
he some friction IN Is unavoidable. IL " in
ciient TO the anticipated withdrawal OF public
aid from private enterprises: and IL can not he
prevented, but must hc endured The people
pcrfcctly understood the question last fall. and
they voted with their eyes wide open. Our
course is onward and we shall not retreat
Second-Somc portion OF the present panic
may be traced 10 a concerted effort on the part
OF numerous monomctnilists to produce II. In
order TO further discredit silver as part OF
the standard money Of the country with
rhonlish rlec they welcomed every hank fail.
ltre especially IN the silver states. little dream
Ing that such failures would soon occtr nj their
own doors They ENCOURAGED the boarding
OF money they inauguraicd the policy OF
refusing loans TO the people even
rpon the best OF security. they
circulated false petitions. passed absurd
and alarming resolutions. predicted dire dis as
Ter. attacked the credit OF the government
sought 70 exact . premium on currency. and
attempted in every way to spread distrusl
broadcast Throughout the land