The times. [volume] (Richmond, Va.) 1890-1903, 1893-02-07


formal business to be concluded first;
that would probably be better and would
be more in accordance with the usage OF
the Senate"
Mr.. Hill. resuming his seat: "There is
no objection to that"
The routine business being resumed and
concluded without making motion 10
take up the bill, Mr. Hin again took the
floor but before beginning his remarks
Mr.. Hoar Rep., Mass) inquired as 10
the status Of the bill to repeal the Sher-
man act.
Mr. Hill said he had stated last week
that during the morning hour to-day he
would make motion to take up the bill.
and he contemplated making such no
ton. IL was true. however, that he had
been informed that other senator's de-
sired to speak on the subject and he
thought he ought not 10 submit a speech
and then TO press the question to a vote.
He should make the motion which he had
contemplated, but he should ask to have
the bill laid on the table for a few days
and then made a special order, so that
other senator's who desired TO speak might
have an opportunity TO do So
Mr.. Frye: What becomes Of the rule?
The rule says that any motion made in
the morning hour TO proceed to the con-
SlUtlHNlbI VI a bili Sidll DE dtltu on
without debate.
The Vice-President: The senator from
New York has not made any motion.
Mr.. Hill took the floor and began his
speech.
He said that when the Sherman act
was passed two and q half years ago
he had been exec sdiagly shocked and
alarmed. and that four months before his
return to the Senate he had gone 20 the
city Of New York and there publicly
taken issue against the principle IF the
policy embodied in that law end deavorIng
TO arouse a public sentiment that would
demand its repeal So that instead Of
silence and apathy, there was now in New
York an entire unanimity in favor of the
repeal Of the Sherman act.
Mr.. Hill quoted from the platforms Of
the two great national parties at Chicago
and Minneapolis. both of which, he said
demanded the use of both gold and sill
yer as standard money. 1t was his duty
he said. to the city and State Of New
York 10 ask in their behalf the immediate
unconditional repeal of the Sherman law.
which repeal would bring season of
financial calm instead Of widespread fear
of a monetary panic. 1t was his higher
duty considering the state of opinion In
the Senate), with respectful Difference to
his colleagues Of both parties. in whose
hands were wisdom and decision to ad-
vance and substantiate one controlling
reason Of the repeal Of the Sherman act
and that was that its repeal was ne
cessary, safe and 0or the day) sufficient
step toward free bi-metallic coinage.
The interest Of New York in the gold
and silver question was identical with
the interests of every other State. but
the real community Of interest between
the money-metal States and every Other
state was likewise undeniable Silver
purchases, he said, could never prove
their professed object. 1t was clear that
silver purchases were the polar opposite
OF free silver coinage But they were
worse than opposite. They were effective
contfaries to free bi-mctallic coinage
whether they were minted or not. What
earthly relations, he asked. had the Dur
chase OF silver TO it's parity with gold.
or what earthly relation had the purchase
OF gold TO its party with silver?
-Four years ago. he said the Treasury
had $zl6,OVo,WO in gold now that sum had
dwindled to Sl00. .0O0OpO-a revival of the
Bland-Alllson act would keep up the
shrnkage. The Sherman law was under
mining the power Of the Treasury. il
not 10 continue the discharge Of the
national debt, at least to meet the paritv
obligation Of the Governments and was
operating an enormous shrinkage i'm the
business OF the country and in its total
circulating medium. Blight Of enter
prise the dread of financial disaster and
consequent shrinkage had caused the
export OF gold. What other part of
American currency. he asked. had been
exported? Everything had been done dur
ing the last nineteen years except the
old and only coupling Of the two metals
by free coinage. When free bi-metallic
coinage ceased in 1873 parity ceased. and
the gold half Of the worlds money be-
came dislocated from the silver half.
When their coupling would be renewed
their stable parity would be renewed.
Nothing could establish parity except
free bi-metallic coinage-that which had
created and maintained their parity in
the past. He should prefer that solution
of the question to any entangling al
lance by means of an international ar
rangement People did not realize the
overwhelming of the United States. BY
means Of free bi-metallic coinage the
United States had been able to confer
upon all nations the boundless benefits
of the gold Of California, and by means
of it again the United States would be
able to confer upon all nations the un-
bounded benefits Of the silver and gold
Of Colorado Nevada. New Mexico and
Arizona The time for conference was
passed. the time for Independent action
had come. The repeal of the Sherman
law. was. in his opinion, the only action
needed to then test and fulfill the en-
deavOr to reach free bi-metallic coinage
by the route of an international agree
ment That was the point which all his
We're meant to convey.
BV the reDpal of the Sherman law ac-
lion by Great Britain would at once be-
come inevitu other European nations
might take their time but not so with
Great Britain. The United States Treas
lry too, would then be relieved of its
great danger Of run on the Treasury
gold.
At l o'clock the Vice-President inter
rupted Mr.. Hnl TO lay before the Senate
The unfinished business-beng the Chero-
kee outlet bill, hut on motion of Mr..
Henderson that bill was temporarily laid
aside and Mr.. Hill proceeded with his
speech. The Democratic party. he said,
vas pledged to the repeal Of the Sherman
aw, and the party should live up TO its
pledges. He knew that there would be
some revulsion. some discomfort: he knew
hat the interests Of silver miners might
De disturbed, but the price would have
o be paid. In closing his speech Mr.
Hill said that In compliance with nuile-
Gus requests made TO him he desired
o have the bill made a special order for
omc day that might suit the convenience
# the Senate.
Mr.. Hoar: Let the bill be taken up first.
Mr.. Morrill, said that he had listened
.ttentively TO the very interesting speech
# the senator from New York. but lad
" % a