The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-09-07

ming of President Cieveiand's first
term. He made special mention Of
the efforts during Arthur's presi-
dency to avert disaster TO the
treasury, and related that Hugh McCul-
loch was induced to take charge OF the
treasury and that Mr.. MeCuIloch stated
that the most he could do was 10 postpone
the disaster until after the close of Arthur's
administration. Then followed a state
ment Of how Mr.. McCulloch's successor.
Daniel Manning. had sacrificed his health
ia "a successful effort to straighten out
the finances and handed over to tho
Harrison administration a large cash
balance, and how the Repubii-
cans then returned 20 power and
dissipated the wealth. The evils that had
fallen upon the country Senator Villas at
tribnted chiefly TO the FittY-iirst, or So
called biiIion-dollar congress. with all its
inisdeeds. its silver purchasing law, It's
Mckinley protection act, and it's unex-
amrled extravsgance. not only in direct
appropriations. bat entailing future obli-
cations yet 10 be disch arged.
The sherman law Was next taken up.
The national Democratic convention OF
fs92 had accepted the designation given 10
by the Democrats Of Wisconsin. and de-
elared IL . cowaraiy makeshift to ward of
the loss OF the electoral votes of the West
ern silver states. The latter had first
made q demand for free coinage of silver
At the ratio of sixteen grains of silver TO
equal one oi gold, while excessive
production and other causes had eontinu-
ally decreased the value of the white metal
until in isS9 IL required twenty-five grains
OF silver 10 buy one OF gold. with further
fall in prospect The proposition that the
government should coin dollars at i8 20
and give them 10 the mine owner who
furnished the bullion implied that the
value OF the dollar should fall 10 the value
OF silver in 'it, or, ii the governments
credit was 20 support it. that the
government should give the silver
producers the gains OF coming, some
S5 Der cent or more. The Flfsy-irst con-
gress. fearing TO grant or refuse this de-
mand, devised a compounds equally per-
nicious. by which the government Was
compelled TO purchase fifteen tons of sill
yer bullion month, though ID had no use
for IL. thus forcing the issue of Federal
promissofy notes at the rate of 100000
month. By this means the Western Re-
publican silver states were furnished
customer at the expense OF the people Of
the whole country. The inevitabie conse-
auence followed. The government was
set to work initiating and tmpairing the
currency Of the country. Distrust crept
into the channels Of business, capitalists
abroad quietly pushed their American
securities upon the market and gold negsn
10 make its way TO foreign lands.
IL vas in another form the triumph Of
greenbaokism. The silver dollar was
made legal tender. but silver continued
10 decline. A thousand million dollars of
silver certificate. had been issued. which
the government practically bound Itself to
redeem in gold. because, If IL redeemed II
in silver, II would drop the currency at
once 20 a basis OF silver mono-metailism,
while their redemption in gold would not
only imoss a ruinoEs loss. but vas prscti-
caliy impossible.
Mr.. Cleveland, on his return 90 the presi-
deney. was confronted with a treasury
with so Co, GO less money in IL; with de-
ferred ard sccumaiating demands TO be
met and appropriations 20 be paid during
the ensuing sixteen months 100000
greater ia amount than there vas revenus
% meet them. in place OF the fair pros
perity and universal eonddence be had
le4t hentna nius FBthE MAath@ts
a disordersd currency. with law con-
Eaanding a monthly increase OF its risks (;
gold disappeared from ths county, tinan-
clers taking alarm. and the storm already
gathered and ready to burst The prssi-
dent and the Democratic party. entering
upon their trnsss under such eireum-
stances. should hare had the support of
all patriotic citizens.
Senator Villas then reviewed at length
ths difficulties that have been placed Ia
the way OF repeating the psrnleious causes
ef the disasters by the Republican minor
nv In congress, beginning With the sheF-
man act down 90 the Mckinley iaw. The
Wilson bill would have required bat mod.
crate amendment TO have made Is an eff
ssept measure Of reform. There was much
in il. however, % give rejoicing that Il has
become law Notwithstanding the success
fal assaults that bad been made upon II
| by the protect Ionists.
on the third belios Cor. George w.
Peck was renornfnatei. receiving is6 votes
10 S. for John HunneF and iiS Tor John
Wlnsl. Treasurer Hammer, Secretary Gun
ningham and Attorney General OCon