Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-01-30
EXCITED
A Financial Discussion Precipitated
by Mr.. Vest.
NO LEGISLATION Is EXPECTED
Mr.. Sherman's Views on the Cause
Of Gold Depletion.
INTERESTING PROCEEDINGS


A very animated consideration of the
financial question took place In the Senate
as soon as the session opened today.
Mr.. Cullom Qll) presented a dispatch
from all the leading banks of Chicago urg-
ing that the Presidents recommendations
be carried out at the earliest day possible.
Mr.. Vest CMo) followed with a similar
dispatch from the st. Louis chamber of
commerce. This was the text for one of
the most stirring scenes that the Senate
has heard in many days.
Mr.. Vests Speech.
Mr.. Vest said that the chamber Of COM
merce of st. Louis did not represent the
feeling of the people of Missouri or of the
country on the financial question. He did
not believe the people favored a retirement
of s5OO,OOO,OOO of greenbacks and treasury
notes and the substitution of no currency
at all. He did not believe they favored
gold obligations running nifty years. with
interest, aggregating $75O.OOO.OOO at the end
of that time. 1t was a selfish suggestion
that posterity should be left to pay this
bad debt The obligations of this Senate
were as binding toward posterity as toward
the present generation. 1t was as much the
duty of the Senate to protect the future as
to adopt the suggestion of the President to
look after the present and let the future
look after itself.
Mr. Vest was by this time putting such
energy and dramatic force in his words
that he was given eager attention from the
Senators and from the crowded galleries:
1.-The President has declared war on ill
ver," proceeded Mr.. Vest. He would make
us accessories to this effort to fix the gold
standard upon u.s. The Senator asked If
any man really believed the supposed
emergency could not be met by treasury
payments in silver. And yet the impress
sion was being conveyed to the public that
the country was on the brink Of ruin. If
the President had the power he would
force us to the single gold standard. But"
said Mr.. Vest, impressively and raising his
right hand in emphasis. so far as l am
concerned I will never vote to issue bonds
to secure gold and place US on single
gold Standard
Question and an Answer.
Mr.. Cullom rose at this point with a ques-
ton as to what the finance committee, Of
which Mr.. Vest is member intended do
ing toward securing some definite policy.
Mr.. Vest paused for a moment before re-
plying. then said:
1T might be more proper to let the
chairman of the committee answer that
ql eston. But in his absence l will say
that 1 do not believe there is the slightest
possibility of the finance committee agree
ing ON any measure to report to the Sen
ate"
This announC ement the first that had
openly been made as to the situation in the
finance committee, was received with mark
ed attention and evident surprise.
Mr.. Vest proceeded to say that the talk
about lack of revenue as suggested by Mr..
Cullom was a waste of words. He had
talked with the Secretary of the Treasury
only day before yesterday, and had been
assured that the revenues for meeting ex-
penseS were ample.
All the Revenue Wanted.
Mr.. Cullom-"So the Secretary of the
Treasury is ready to assure us he has all
the revenue he wants?'
Mr. Vest-"Yes; It is increasing from day
to day to such an extent that there prom
ises to be large surplus
Mr.. Cullom-"Do you state this, or Is it
the statement of the Secretary Of the
Treasury?
Mr. Vest-"I make the statement on d.
rect information from the Secretary Of the
Treasury"
Rasuming his speech Mr.. Vest said he
was against the gold standard. 1t was a
badge Of oppression.
And am l to be made accessory to the
perpetuation of this gold system?'' asked
the Senator. 1T is not pleasant, he con-
tinued, ito differ with the head of my
party. 1 have remained silent for many
months in order not to add to the discord
within our great party. But We have now
reached the parting of the ways. 1 will go
no further"
Mr. Vest closed with the emphatic declar-
alton that party fealty could never lead
him to aid in fastening the gold standard
on the country. If the st. Louis chamber
ward that end they would have to find some
one else than him.
MIR. WoIcott's Remarks.
Mr. Wolcott (Col) followed Mr.. Vest. He
said this just such another plan as
that adopted more than year and half
ago to force the repeal Of the silver pur-
chasing act At that time the banks began
their campaign with kilograms to Senator's
followed by instructions to all the business
men who had loans from them that unless
the silver law was repealed the loans would
rot be renewed. Now, as then, lying re-
ports of prosperity to follow congressional
action were being circulated with view
to influence the Senate ard force the gold
standard more securely upon the people.
Mr.. Wolcott called attention to a state
ment in a paper containing summary OF
the British views Of the Presidents mes
sage. He said that the attack upon the
Sherman act was preceded by the collapse
of the cordage trust and the questionable
transactions in Reading railroad stock
What the country wants is more personal
character, less dishonesty, more honorable
methods among the financiers. There is
no Senator who stands for silver who has
Lot behind him loyal, firm. true constitu-
ency. They are ready to act. If the east
ern banks, with their dishonest business
methods, seek to control the legislation Of
the country, they must precede the effort
by the adoption of more honorable ways
than those that now mark their program
of coercion.
Senator Shermnn's Views.
When the tall, gaunt form of Senator
Sherman. rose to give his views the
financial situation-the first he has ex-
pressed in the Senate for some time-there
was buzz of expectation and interest.
Mr. Sherman stepped forward, and seemed
to address himself particularly to the
democratic side, emphasizing his remarks
with frequent gestures.
He said he had refrained thus far from
giving expression to his views, as he had
hoped a solution might be presented. But
he felt that it was now his duty to state
to the Senate the conditions as he viewed
them. We had reached the point where we
were being told that relief whatever
would be given to tie country unless we
conceded the free coinage of silver. He
believed such absolute concession would
he a greater disaster to the country than
any other course that could be adopted
And vet the Senate was being brought face
to face with tine alternative of taking free
silver or nothing. If there was to be a
choice between the two coin Standards
then the Senator believed in taking the one
which was recognized the world over as