People's Pilot, Volume 3, Number 11, Rensselaer, Jasper County, 1 September 1893 — THE SILVER DEBATE. [ARTICLE]

THE SILVER DEBATE.

Synopsis of tho Discussion In tho Uni tod Sts too Congress. IK TEX HOUSE On the 34th, under tho flve-mlnnto rale. Mr. Waugh (rep, Ind.) said he would vote for the repeal of the Sherman btli although ho did not believe It was the cause of the present depression. Mr. Somers (dem., Wla.) favored bimetallism, but would not vote for unconditional repeal. Mr. Johnson (rep, N. D.) spoke for silver. Mr. Pickier (rep, S. D.) criticised President Cleveland as being under English Influence. Mr. Dingley (rep, Me.) contended that the present business depression was not directly attributable to the act of 18PD. It went further back than that and was more due to the legislation of 197& Mr. Lucas (rep , S. D.) and Mr. Hartman (rep, Mont) spoke for free coinage, the latter intimating that his people would not remain protectionists if the party failed to observe the bimetallic plank. Mr. Bartholdt (rep. Mo.) declared for repeal and the extension of bank circulation. Mr. Houk (dem.. O.) spoke for unconditional repeal, and Mr. Heard (dem, Mo.) against the Wilson bill, holding that the people were entitled to something more. Mr. Caruth (dem., Ky.) indorsed the president's declaration that the people were entitled to a sound and stable currency. From all classes comes the assertion that the present widespread disaster was due to the purchasing clause of the Sherman act Mr. Wilson (rep., O.) acknowl edged the difficulty of keeping gold and silver at a parity, hut he was in favor of tho government maintaining the double standard. He would cast his vote for any measure that would keep gold and silver on a parity. Mr. Van Voorhis (rep., N. Y.) said that if congress had passed two weeks ago a bill repealing the purchasing clause the panic would be off to-day. Mr. Russe)l (dem., Ga.) was in favor of fr*s coinage. This, he said, was not a fight between political parties. It was a fight between the money classes and the laboring classes. Mr. Johnson (dem., O.) proposed to vote for the Wilson bill because he was opposed to the purchase of silver. He believed that one unit and only one unit could be maintained at a time. Mr. Crawford (dem, N. C.) believed that when the vote was taken the majority of the democrats would be found voting for free coinage. Mr. Pence (pop., Col.) criticised in a humorous vein Mr. Bynum (Ind.) for his present attitude on the silver question He had heard him declare In 1891 that he (Bynum) had always been in favor of the free coinage ot silver; had voted for free coinage from the'time the question had been before congress, and would do so every time the question came up He (Pence) ventured to tell him that tho question had now come up Mr. Bynum replied to Mr. Pence's strictures upon his seeming inconsistency, confessed his sins and asked for forgiveness. Mr. Johnson (rep, Ind.) and Avery (rep, Mich.) spoke In favor of repeal. Mr. Swanson (dem., Va.) said the people that he had the honor to reprosen t had ins truoted him to vote for the free and unqualified coinage of silver. Mr. Maddox (dem., Ga.) opposed the Wilson bill and declared that the free silver democrats did not know how to surrender; thoy knew how to retire Mr. Grady (dem., N. C.) spoke in favor of free oolnago. Mr. Milliken (rep.. Me.) declared that the purchasing clause should be repealed, but he did not wish to be understood as believing that It was the cause of the present trouble Mr. Kem (pop, Neb.) was in favor of free coinage. Mr. Murray (colored, S. C.) said he represented a constituency of 278,000 and he represented a race of 8,000,000; he did not believe that the great troubles existing were attributable to the Sherman law, but to the contraction of the circulating mediums,an* in his opinion it could be relieved only by the enlargement of tho volume of money. His race believed that there was not enough money In ihe world to act as currency. It was.in favor of making up the deficiency with silver, and to that extent ho was in favor of free coinage and bimetallism.

On the 25th Mr. Bowers (rep., CaL) said: “Pass a free coinage bill and we will find the nations of the world begging us to join in an international agreement for the coinage of both gold and sliver.” Mr. Pendleton (dem., Tex) and Mr. Bowers (rep.. Cal.) wero in favor of free coinage, and Mr. Dockery (dem., Mo.) spoke in favor of bimetallism. Mr. Moon (red, Mich.) Bpoke for bimetallism, and Mr. Cobb (dem., Ala.) opposed unconditional repeaL Mr. Marsh (rep., Ill:.)' opposed the Wilson bill and favored the free coinage of stiver. Mr. Compton (dem.. Md.) spoke for unconditional repeal, and Mr. Money (dem., Miss.) 1 against the repeal. Mr. Sickles (dem., N. Y.) spoke for unconditional repeal Other remarks favoring repeal were made by Messrs. Payne (rep., N. Y.), Brawley (dem.,. S. C.), Breckinridge (dem., Ark.). Dolliver (rap., la.), Grout (rep., Vt>, Campbell, (dem., If. Y.). McEttriok (dem., Mass.), Sipe (dem., Pa.), Geissenheiner (dem., N. J.), McKeighan (Ind. Neb.), Doolittle (rep.. Wash.) and Wanger (rep, Pa.)'. Remarks in opposition to the Wilson hill were made by Messrs. Taylor (dem., Indi), Enloe (dem.. Tern), Herman (rep. Ore.); Branch (dem., N. C.)i and Hulick (rep., O.). Mr. Burrows (rep, Mich.) said, while he waa frank to admit that the Sherman law in its practical workings had been a disappointment t» its friends, yet he did: not believe that It was responsible to any considerable degree for the present deplorable condition. He was constrained to believe that the real cause of this widespread business depression was attributable chiefly to the hostility of the democratic party toward our protective polioy, under which for the last thirty years,the nation has wrought Its marvelous industrial independence. He should have no hesitancy, in voting for the repeal es the Sherman law. The policy must be abandoned sooner or later, and the sooner it was abandoned the less would be the loss sustained by the government He declared that if the democratic party did not continue both gold and sliver in- our monetary system and maintain that money at a parity, then they would be false to party pledges and would be rebuked by the people. The republican party was in favor of bimetallism Mr. Springer (dem., I1L) favored the Unconditional! repeal of the purchasing clause of the Sherman law. He attributed the oondltion now existing in the country to three controlling and fundamental causes, viz.: First, the tariff legislation since the war, Imposing enormous burdens upon the people to protect favorite interests, and by which unnatural stimulant there Have been over borrowing, over trading, and thus inevitable disaster. The second cause is found in the demonetization of silver in 1873; and the third cause, the Sherman act for tho purchase of 4,580,000 ounces of silver each month. It is just as parliamentary, just as reasonable to insist that the tariff bill shall be included in the bill for the repeal of the Sherman act as to insist that a measure for the demonetization of silver shall also be Incorporated in that act.

On the 26th, the last day of debate; Mr. Reed (rep., Me.), declared his belief that, while the Sherman act was not responsible for the present depression, the silver purchasing clause should be repealed, first,beoause, whether justly or not, the Sherman law is believed to be the cause of the unreasonable hoarding! of currency throughout the country, and, secoad, because only by repeal oould the nation hope to attract foreign capital, without which it were vain to hope for as upward turn of the country’s business. Mr. Reed thought that danger to the protective tariff was the foundation for all of our troubles. He said that in his Judgment bank managers generally were doing an honorable and patriotic work, and were the mainstay of the country against failure and future disaster. He concluded aafollows: “What, then, is the pathway of duty? The uncondi tlonal repeal. That will, either give relief osnot. If not, then we must try something els-ii, and the sooner the better; It is a matter efr deep regret to all sensible men that we have tfb* layed so long. Men are to-day strugglingalmost against fate and praying for refief. The banks are strained almost to the* point of breaking It is such a pity that we had to waste so much time in this weary welter of talk. We siand in a very peculiar position, we republicans, today. The representative of the deraocratfe party, just chose* president of the United States, finds himself powerless in his first great recommendation to his own party. Were ; he left to their tender mercies the country would witness the spectacle of the president ot its choice overthrown by the party chargod 'with this country’3 government. What wonder, then, that he appeals to the patriotism of another party whose patriotism has never been appealed to in vain.” i ■

Mr. Cockran (dem., N. Y.) spoke at aonslderable length In favor of repeal. He maid the remedy for the present condition of things ought to be sought for. free from any spirit of partisanship He oould not agree with the gentleman from Maine that these periods of depression were inseparable from the advancement of civilization, but held that eaoh was due to a special cause which might be readily discovered. Mr. Cockran said that the platform of the democratic party did not declare for free coinage of silver; that an attempt was made is the convention by a delegate from Colorado to commit the party to that principle, but failed to secure ten votes on the floor of the convention in support of the proposition He asserted that there wss never sn Instance in the history of civilization where gold and silver ever circulated side by side at any ratio. It was impossible that they should do so, and he defied the gentleman from Missouri (Mr. Bland) to name an exception The fluctuations of the values of the two coins were sufficient to constantly drive out the dearer metal, and this, said Mr. Cockran, was the inevitable result France was compelled to import *600.000,000 sf gold to maintain the parity of the silver which she had coined. That was what the United States would have to do If It was desired to maintain the parity r)t the silver we have coined. Referring to the assertion in the speech of the gentleman from Nebraska (Mr. Bryan) that silver was still the basis of value of farmers’ products, Mr Cockran inquired: “If that be so why do you sot give him the full value of it? You would give the farmer 817)4 grains of pure stiver while I should give him 661)4 grains.” The debasement of the com proposed, Mr. Cockran said, would hare the result of reducing debts to the amount of 46 per cent. The gentleman from Nebraska (Mr. Bryan) assumed that the loss would fall on the banks. But the fact was that in the very nature of things the banks and corporations are the debtors of the country and the workingmen are the creditors. “Gentlemen tell us that gold has appreciated. I deny it,’’ said Mr. Cockran. "The Aldrich report shows that never before In the history of the world did tho laboring man of America receive so much in gold for his labor. But the gentleman from Nebraska and the gentleman from Missouri prcfiose by their plans to make the bankers of New York alone a present of 121,000,000 in the settlement of accounts with their depositors, and to deprive the workingmen of 45 per cent of the value of his work.” In conclusion Mr. Cookran said the trouble in this country was not due to lack of money, but to lack of redundancy. Money was not wealth. It was that with which trade was worked. Mr. Bland (dem., Mo.) followed Mr. Cockran. He said: All the dogmatic utterances of the gentleman from New York were made in the face ot history and in the face of truth. He (Bland) did not defend tho Shorman act, but he saw no reason whatever for changing the existing ratio of 10 to 1. As to Mr. Cookran’s argument that ouo of the causes of the financial trouble was a redundancy of money, that gentleman would in all probability bo found voting for the senate bill allowing national banks to Increase their oiroulation to the amount of 821,000,090. The silver men in the house had offered several compromises. If those compromises wore rejected there would never be another compromise offered. The Wilson bill asked the United States congress so to legislate as to add to the prosperity of England and Australia and to the distress and adversity of the farmers and miners of America. To strike down silver would mean a political revolution would strike down both great political parties. For one he was willing to join tho people, even though democracy would have to go to the wall.

Mr. McMillia (deni., Tenn.) said he had voted for bimetallism in the past and would vote for it in the future. Other speeches were made opposing repeal by Messrs. De Armond (dem., Mo.); Williams (dem., Ill.); Fitliiau (dem., Ill.); Hudson (dam., Kan.). In favor of repeal by Mr. (Sear (rep., Iowa), and Mr. Wilson (dem., W. Va.) who closed the debate. Mr. Wilson said there could be no expansion of the currency that could work so quickly and so satisfactorily as to let loose from it» hiding place the 81,700,000,000 now in this country. It was not so much the quantity of mone/as the quality that would restore confidence. Let every man understand that every piece of ino'oy in the United States was as good as any other piece, and the money in the country would support the credit which, it represented, would move the crops, and we would have—what we had not had recently—all) blessings and encouragement of a good, stable currency that would Increase the prosperity o! the natinxi and give employment to its labor. IN THE SENATE. On the 23d Mr. Hoar (rep, Mass.) argued against the amendment to the national bank, circulation act repealing the 10 per cent, tax on state bank circulation. He said he was opposed', to restoring to state banks the power ol issuing, cincuaating and furnishing currency. The people- of the country were entitled! to have a currency, every dollar of which should be casual to every other, and which 1 should be unchanging in value, so far as the 1 wit of man 00-jOd bring that to pass. That currency should! be national. It was the function! of the national government to see that it was provided. It. never had been and never would be provided by the states. On the 2SthiMr. Hill (dem., N. Y.) addressed! the senate at great length on the silver question. He charged the president with being a gold monometallist, and said that in his recent message ha overdrew the picture of financial distress imthe interest of the creditor classes. Mr. Hill announced himself to be a bimetallist, and urged, the-repeal of the Sherman law because it stoodiin the way of bimetallism. He said President Cleveland was not a bimetallist Hh said he should “refuse to follow im tho foorsteps of any administration. that seeks to place the democratic party, in a lalse position, that seeki to lead it away from its traditions, away from the currency of our fathers, away from the path of safety, away from the democratic principles and! platforms and into the very camp of the enemy. The president must rely upon republican votes to carry out any such suicidal policy; I shall not believe, however, that any suoh course will be taken by the president pf Ms-own volition, or even under the inspiration of: indiscreet advisers, until clearer evidence shall be furnished than now exists.” Ho continued: *• “No one. be he a democrat,, nepublican or populist, should be detenreefc from voting for this bill simpljvbecause it is hailed as an administration measure; That furnishes no argument either forror against it” Mr. Hill said further that “the president is entitled to my supporl and that- of every other democratic senatoi when he recommends a meritorious measure which is expressly approved in the platform ol the party which nominated and elected him to the high office which he holds. He could do no less than recommend the repeal oi ; the Shennma bill, because such, repeal was made a,pant of the democratic creed at Chica- ! go. It was. bis duty to do so, and he has simply discharged, hss duty and that is ail.” Mr. Hill did not. heloieve that simple repeal of the Sher- • man law- would at once restore abundant pros- i purity., but that many years would be required i to recover from the present diahurbance. He favored, the increase of the nadtonal bank ci» culation, as proposed in the pending bill. He r» ganled, the question of ratio as; sot timely aad as.of. the least consequence; .but if changed, at all!it should not be but diminished!to 16)4, the Latin union ratio. Mn Stewart (rep., Nev.), declared that, the i bill of the finance committee was a, bill i practically to demonetize salver. No man should be deceived on that point. The prontise in the hill was an insult to* the Intelligence ot the American people. The ' peofile, he said, had conae to tho- forks ot the road, where they had estshsr to use* their own money or submit to a system of extortion, through the national banks. The Sherman act has not been executed according to its spirit. If it hod been, tt might , have done good; it certainly would, not have , done harm. All that had been done under it : had been the issue of 8140,000.000 oi legal tender notes, which had done much to, sustain the business of the country. Without it the panio would have happened long before. Near Mayetta, Ran., James McCullough lost hia right arm by. having it caught in a oorn-sheller. The member to the elbow was mashed lute a pulp, . , ~. Tu « • * f'*<