New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-01

he believed In the further coinage OF gold ana SIT
YER by the United States and advocate TINS p,'''
The President would undoubtedly vet" any '""'
pendent measure for the free coinage vi S'"e' a'
there was not a Senator in the BODY VINO uiu '.o'
believe this to be true. Any man VINO soaoree ~.
AIR. Cleveland a bmetast would vouc ,he ao Whole
man in the moon. Why not act now on ' Sat we
financial Question. ,ess, %as gate later. We Should
never know any about silver than nan, W. Vii, h' NV.
no , ara tab, be True as senator Hin prophe
sled last week, that the Pure.isis e",,allv trne
,h.a ne might lind il necessary after time to re-.
wise his prophecy.
A PANIC OF TIE BANKERS. .
II this act should pass and silver De- az ]" mus
absolutely dethroned and degraded ne NM" y, -
reason why anv Senator VINO peheNeu ~
coinage should ever cast another vote III law"
protection in any form. This was an ~" Va :,
nerirnent: let us experiment all around hVeh IL -
were true that our abandonment OF SILVER "ou'u -
,,r. comne, other nations to its USE the step woud
no ruinous and unnecessary We could absorb a'I
tho silver offered for coinage without lilha''" -
the currency and without impairing our "'a","
credit at home abroad. lie had ueihc's'"
few days ago the folly of the statement ma
peal of the Sherman act would restore yo, asked
This WAS bankers panic ana u y you CONT
banker to-day how the repeal va 10 stsrs Who
dence he could not tell YOU 1he .depJs n Of the
drew out some NsOQQ.099 did not complain Das.pS,
act and none Of them drew out money peeau, ,hIa
the existence of that law 1t seemed SotTe an
increase in the volume of the money lhe iss p'a of
was however after repeal TO ask FOR ane d rea son
to believe that complacen Finance comply sar
would authorize such bill While wS1,ns paper
furnished an excellent substitute for money. 40
remarkable statement mad , ever v prI bated
breath he urged the Senate not TO inform ns zen
of the facts with regard to the condition oil Inc
banks. but to let the Controller alone.
SOME ADVICE poR WALL STREET.
Western point Of view not of much value
In these days in Wall Street. but he ventureo 10
suggest to the able fnanciers Of that attractive
and expensive locality that IL they would prevent
a repetition Of such frauds as the WhisKey rust
and such mismanagement as had been SHOWN III
Cordage and other industrials; wouid reme"oei
that the Sherman act or some klhdreo measure
recognizing silver coinage must afford the only
avenue possible for an enlargement or the cur
rency which they especially needed; would look at
a man of the United States and observe that they
cover broad expanse of country and contain many
people with many views. and would so moohy the'r
opinion as not to believe that every man VINO
differed from them respecting financial matters
must be either a villain or crapk. we would ihc
sooner arrive at that condition Eof mutual. sonf-
dence and regard which. ought to obtain between
citizens Of the country.
Mr. Wolcott then went on to controvert the ar
guments that there was an overproduction OF Sill
much less than its present market price com
modify. and that upon return TO Tree coinage AT
largely increased. He held that not one OF. these
statements was true and that the fasity of each
The people of the far Northwest favored the re-
sumption Of free silver coinage because they be
lists; they did not advocate fiat money. They op-.
the So nse e Of the world and
furnish its inhabitants with the currency they
Se expersnce Of Centuries Silver had not de-
preciated. but gold had appreciated. ...
THE QUESTION A NATIONAL ONE. ..g
The question to whether silver should be
demonetized by this bill National and not
local. II he represented any other section, with
his knowledge of the possibilities of the great
West, he would be equally tenacious for the
preservation of the white metal as a standard of
value. No removed from the money centres
and realizing the illimtable resources of this Re
public and its constantly increasing needs would
ever stand for the contraction OF a currency
already insufficient. Their interests were identical
with those of the other sections Of the country,
which were borrowers and not lenders. They
demanded the coinage OF both metals because the
history of all countries had taught them that they
afforded the safest and most sy oas o iDr
fuenced by their environment 1t was true that
suffer If this bin became a law, but they could
endure It, The strong woua survive. and the weak
the history Of the world that a people devoted TO
of the noblest industries-to he search for
their fellow-men because they produced too much
for them. They should be proud that within the
our people had developed silver enough and nearly
gold enough TO satisfy the constantly increasing
needs for those metals for coinage purposes. There
could be no stronger buwark of country,s safety
that that she produces her own coin for her own
people. and ia not dependent for 1t on foreign
nations II the mining States alone were to suffer
by unconditional repeal they would suffer without
conditional repeal they would suffer without a
word in the interest of a mistaken policy for the
public good; but there was no section Of the coun-
try that was not likewise being devoted to dis
aster and tmpoveriShment.
SOUTH AND WEST AGAINST TIE EAST.
The Senate endeavoring to remove OF
the cornerstones Of the Government fabrC: to tear
perty. They would find to their sorrow that when
the Western and Southern walls had crumbed
the Eastern facade would not remain unmutiated
and The results Of this action would al
feet every home and freside In this broad land.
Measured against the welfare of a great people
threatened with the misery and suffering which
must follow the abandonment of silver. of how
slight Importance were party lines, and how palry
and sordd did patronage and favor Of the Exec
utive appear. The battle must be fought to the
end in this forum. on other occasions the Senate,
in opposition to the wishes Of the Executive and
hostile majority In another body, had stood
1rm and unyielding against party and Eastern
II the contest for the people was to be won it
must be because against the selfish demands OF
South and the west It was standing together oa
this great question to save the common country
even the horrors of war could niict. and by their
united votes to maintain, not alone the standard of
both gold and silver contemplated by the Consti.
to maintain well, the standard of American in
dependence and American manhood
PROCEEDINGS IN THE SENATE. q.