The times. [volume] (Richmond, Va.) 1890-1903, 1896-01-04
SHERMAN ON FINANCE.
THE SENATOR FROU OHfO UOULD
DEFEE THE D4T or RECKONING.
He Advances No New Argumer Silver
Men in High Giee ee-senItor Butler
Makes a Poor Impression.

hnances in the Senate to-day was given
the closest attention by senators upon
both sides OF the chamber, while the
interest of the public was demonstrated
| by crowded galleries.
Even the silver men, usually unwilling
to listen to any argument regarding
money not based upon the assumption
that silver and not gold, should be the
! basis of any monetary system, gave Mir.
Sherman respectful hearing.
Speaker Reeu Representatives Hill,
Dalzell, and other Republican leaders oc-
cuped seats upon the floor, and listened
closely.
Much Of the interest shown was due
10 the feeling that AR Sherman might say
something 10 pursue a line of reasoning
not strictly IN accord with that laid
down by the House leaders.
The resolution. which he had ntroduc-
ed providing that greenbacks. redeem
ed IN gold. should be paid out again by
the Treasury only M exchange for gold
coin or bullion. had startled the RcpUbli-
cans by lts close resemblance to the
| Presidents suggestions I'm favor Of retir-
| ing the l1cenhacks
Whatever of alarm was mingled with
| the feclinss oi those Republicans who
| gathered in the Senate chamber, was 10
some extent dissipated by Mr.. Sherman's
opening declarations.
80 NEW ARGUMENT.
It was apDarciii from the very begin
ming Of his address. however, that the
Senator would not advance any new ar
| guments. although his application Of the
| old ones was novel and interesting.
insufficient revenues, IN Mr.. Sherman's
opinion. We're wholly responsible for the
continual drain upon the gold reserve
and he. Therefore, justified ell his criti-
| cism Of the administration and the Demo-
| cratic party by the narrow line he had
established for himself 10 was, there
| fore. with little difficulty he found 1t
| possible 20 attribute the deficiency In the
revenues, while the Mckinley bill was
| in opere ton, 10 It's threatened repeal by
| the Democrats. 10 find fault with the
| Presidents persistent effort 10 maintain
| .he integrity OF the government by paying
| its obligations ia sold, by insisting that
| the expenditures of the government
! should have been kept within IT'S income
even II necessary 20 refuse TO pay out
| appropriations. and finally 20 charge that
| Mr. Clevelan5's recommendation TO re-
! tire the greeuhacks and Treasury notes
| would but cause a contraction OF the
! currency, unnecessary and unwise. II re-
| quircd great ingenuity on MIR. Sher-
mans part 10 reach all these conclu-
! sions. from the very fllmsy premises
/ with which he started Out
/ There was one conclusion, however.
that he iailed TO mention, and yet which
! is certain to impress itself upon any per-
| son who gives the SLIGHTEST study 10
the subject. and that IS, that If, as Mr..
| Sherman charges. a deficiency in the
| revenues amounting TO $4,000 m the
J current year, can be such general dis
| trcss. and cause q loss OF confidence I'M
the stability of the currency, IT Is high
/ time that rome change OF methods De
adopted.
III q slight deficiency. which could not
| as the Republicans admit cast the slight
esq doubt upon the s0ivency of the Gov
ernment. can threaten the whole currency
system Of the Government it must Doe
| very himsy system indeed. Nor did Mr..
Sherman show with any degree Of con-
| clusiveness that increased revenues VIII
prove an efficient remedy for all imam
cial Ills
He claims il will. and cites past i'm
stances Of apparent prosperity 10 prove
! his conclusions But as an the Repub-
| lcans who have discussed the present
situation have done Mr.. Sherman re-
| fused absolutely 10 take the slightest
account of the accumulation OF evils cul-
/ mirating now I'm the embarrassment or
! the Government. but which had their
cause I'm the make-shift financial policy
oil the Republicans, since the beginning
| of the war
A FORCED LOAN.
Starting with a forced loan. which
brought the greenbacks into existence
the resumption a., was but a ruse 10
give these notes value. Every other act
| has been i'm the nature Of temporary
| expedient 10 keep the Government as
banking institution from insolvency.
! In the very nature Of things the radi-
/ cal defects i'm the system We're bound
10 make themselves felt sooner or later,
and present conditions are as clearly
| the result @ fsuch patchwork hnanehil
legislation as the complex currency sys-
tenn IS based upon as effect can be at
| tributable TO cause
In some respects the propositions or
| the silver men are not more absurd than
| that Of the Republicans.
| TO follow Mr. Sherman's advice would
| he 10 defer the dag Of reckoning and not
relieve the country i'm the slightest de-
| gree from the Responsibilities Whieh
| now bear so heavily upon It. The signiH-
| canoe OF Mr.. Shermans speech lay IN
| his emphatic declarations In opposition
10 the retirement Of the greenbacks and
I'm favor OF the House bond BILL
| Coming from the senator from ono.
such expressions are authoritative and
show clearly that TO financial legisla-
| tioD which could be expected 10 pro-
duce a general Improvement on the cur
| rencv system would lo passed by this
| Congress even If the snti-silver men had
| adsolute control OF both house, This IS
| the bopelessness o. the situation
| The bitterly partisan portion of Mr.
| cherman's address was ably replied 20
! Nv Senator Mills who showed that the
| Mckinley bill had caused deficiency be-
| fore the German h'll was even thought
| OF. and to the more significant fact, that
| IL was enacted TO reduce revenues and 70
| prohibit imports.
This is so generally understood by the
country that the same answer TO the
charges made by Senator sherman against
| the Democracy should suggest itself TO
| all intelligent mes.
SILVERITES IN HIGH GLEE.
While the country IS waiting Tor the
| announcement Of the next bond issue ana
! spectators are estimo'inS their prospec-
| tive profits. the silver men OF the Senate
| are slapplnR each other on the pacK ana
growing mirthful over the gravity OF the
| situation.
II is a striking aggregation OF talent.
| this silver majority In the Senate. With
| a few exceptions il is composed OF men
representing sparsely settled States or
| States that have practically repudiated
| their representatives
There Is Vest Harris. Voorhees,. Tur-
| pie. Cockrell and others on the Demo
| cratic side whose States have gone Re-
| publican. There Is Morgan. Pugh Gail,
| Chiffon. Gordon. and Bacon from States
where the sound-money sentiment Is con-
fdently expected to prevail in the next
ola m