People's Pilot, Volume 3, Number 20, Rensselaer, Jasper County, 3 November 1893 — THE SILVER DEBATE. [ARTICLE]

THE SILVER DEBATE.

SyiopiU of the DlscuMlon In the Halted States Senate. On the 24th Mr Stewart (rep., Nev.) renewed his speech against repeal He denied that those who were opposing the pending bill were thwarting the will of the majority. The administration had filibustered for twenty-five years against legislation allowing the will of the majority to be expressed. They had used the most corrupt, the most aggressive, the most outrageous means, secret at first, public now. to enslave the majority. "Let the administration take off its hands and let the majority express itself in the senate,” said Stewart, “and we have nearly two to one” Mr. Jones (rep., Nev.) in continuation of his speech said he desired a dollar that kept at a parity with a pound of cotton or a bushel of wheat, and not with a metal that was constantly increasing In value. A dollar which increased in value made the rich richer and the poor poorer. He thought that he had shown to the satisfaction of every man who Lstened to him that one of the highest proofs of an increase ta the value of money ot any kind, especially in a new and unfinished country, was a decline in the rates of interest When money was Increasing in value and prices were falling money congested in the centers; there was no demand for it in real legitimate business enterprises. The result was a tremendous contest and competition to get hold of gilt-edged securities It had been said the silver dollar would find its way immediately into the pocket of the laboring man. He would be glad if it did. Certainly the gold dollar never did. It found its way into Wall street At 4 o’clock a recess was taken until Ham. on the 25th. On the 25th Mr. Stewart (rep., Nev.) who was entitled to the floor, yielded to Mr. Pugh (detn., Ala), who spotce against repeal. He said he was satisfied that nine-tenths of the unconditional repealers did not desire the free coinage of silver by an international agreement, nor did he believe that President Cleveland desired it or would make an earnest effort to secure It He thought the fact was not considered doubtful that forty-three democratic senators would have sanctioned the recently proposed compromise had not President Cleveland interposed objection and demanded unconditional repeal at all hazards. Mr. Pugh said he was willing, if he had sufficient support, to resort to any and all means to defeat the pending bill. He was proud to be called a filibuster in defeating a conspiracy equal, tn the ruinous consequence of its success, to war, pestilence and famine. Mr. Stewart (rep, Nev.) resumed his speech, and spoke of the gold combination as having agents in the capital to dictate legislation and as having elected a president determined to carry out their policy. The president was now in the saddle and congress was helpless. The time might come when the haughty tyrants would meet a rebuke from the people. Mr. Stewart yielded to Mr. Jones (rep. Nev.), who desired to say a few words in behalf of the silver miners of the United States. They were a brave and hardy people, tried by every gauge of manhood add patriotism. Mr. Jones concluded his speech by saying that the Roman republic did not lose its liberties until the senate had degenerated into a mere instrument for recording the will of the chief magistrate. He said: “I, for one, will not believe that the senate of the United States is ever to become a subservient senate. If, however, there is a majority in this senate in favor of repeal let me admonish those senators to pause and reflect that there is no exigency whatever demanding its passage; that no condition requires it, and that it is excellent to have a giant's strength, but it is tyrannous to use it like a giant." At 5:15 a recess was taken until 11 a. m. the 26th

On the 26th Senator Teller (rep., Col.) resumed his speech against repeat Referring to the recent proposed compromise he said it was rumored that a very large and respectable portion of the senate had agreed to some adjustment of the difficulty. It had been said, in a way that justified him in speaking of it, that he who had no right to speak to the senate had declared that no compromise should take place; that it should be unconditional repeal or nothing. It was said that prosperity would follow the repeal of the Sherman law. This country was not to see prosperity immediately. The world was disjointed and out ot shape on account of the monetary conditions, and there would be distress, stagnation and paralysis of business wherever the gold standard prevailed, and nowhere else. Senator Teller retired in favor of Senator Squire (rep., Wash.) who addressed the senate in advocacy ot the amendment of which he gave notice pctobgr 10. This amendment proposes to allow the owners of silver bullion to have it coined into standard silver dollars at the present ratio of 16 to 1, receiving standard silver dollars for it to the amount ot the commercial value of the bullion—the difference to be retained as a reserve fund by the treasury. This coinage is not to exceed 52,000,000 a month and is to stop when the aggregate amounts to 5100,000,000. The purchase clause of the Sherman act is to tee repealed. At the conclusion of his remarks Senator Stewart (rep, Nev.) resumed the floor. The proceedings were enlivened by a colloquy between Senators Stewart and Palmer (dem., III). Senator Stewart had been rehearsing his well-known theme that our financial affairs were about to pass under the management of England. Senator Palmer took occasion to fire a volley of questions at Stewart as to what be meant by this constant reference to English domination. The Illinois senator said that it was humiliating to him and other senators, as well as to the American people, to have the assertion made in the American congress that the United States was becoming the financial puppet of England. He added that such talk might do in the ardor of a stump speech, but it was astonishing to hear an intelligent senator keep repeating it as though he believed it On the 27th the vice president laid before the senate the “unfinished business”—the silver repeal bill. Senator Stewart (rep., Nev.) took up his speech where he left off the day before He attacked the president, calling him a Wall street lawyer and saying the people would never again trust him in the presidential ehair. Senator Stewart yielded the floor to his colleague, saying that he would go on with his speech afterward, and Senator Jones (rep., Nev.), who was supposed to have completed his long speech on the 24th, but who had not done so, proceeded to address the senate, this being the seventh installment of his speech. He said that he rose with the hesitation that a lawyer might have in arguing a case which he knew to be already decided. Mr. Jones spoke for an hour. Then there was a lull, and Senator Voorhees (dem.. Ind.) arose and asked for a vote on the pending amendment—the Peffer amendment providing for the free coinage of silver at the ratio of 16 to 1. The roll was called, the vote resulting in 28 yeas and 39 nays. Nine pairs were announced by the chair. Senator Voorhees then moved that the bill which bore his name should be substituted for the Wilson bill passed by the house of representatives. The motion was carried by a vote of 58 to 9.

Senator Perkins (rep., Kan.) then offered his amendment for the free coinage of American silver at the existing ratio. There was a brief and bitter speech from Senator Allen (pop.. Nek), and then Senator Teller (rep., Col.), the leader of the silver cause, addressed the senate. "To me this is the most terrible moment of my legislative life,” he moaned. He then arraigned his republican colleagues for deserting silver. His closing words were pathetically eloquent, as he said that it filled him vith terror to see the senate commit an act which in his judgment would lead to the enslavery of the American people. Before the vote on the Peffer amendment Senator Peffer (pop., Kan.) said he had discovered in the public prints that he had surrendered and recommended to his political associates to surrender. ■•Mr. president, ” he said, “we haven't surrendered, nor do we intend to. We do not intend to interpose factious opposition, but at every stage we shall interpose determined resistance and determined opposition.” The senate then took a recess until Saturday morning. On the 28th Mr. Wolcott (rep., Ore.) spoke against repeal, and said, in the course of his remarks. that the fight for silver had failed because of democratic support,and republican encouragement had been withdrawn The true

situation had never be ex ‘understood by the public. It bad never developed on the floor of the senate; It had never been exposed to the light The contest was practically ended, and the purchasing clause of the Sherman act would be unconditionally repealed. The real struggle had only begun, however, and would not end till silver should rehabilitated as a money metal and a standard of value.

Mr. Sherman (rep., Ohio) expressed the deep sympathy which he felt for the senators and people of the silver producing states. He believed that after the suspension of silver purchases silver would rise in price. There was now 5677,000,000 of silver in sight, and he thought that much of it might be used in subsidiary coin. The good people of Colorado, who are now frightened out of their wits because one of tbeir interests was to be injured, would find ample employment in the development of their soil and of their mines He said the government ought to encourage every industry in every part of the country, but it ought not to encourage those industries at the expense of the interest of the whole people of the United States. If the silver mining industry could be carried on without endangering the standards of value on which all values rested, he would be willing to see it done. He added: "I doubt very much whether the repeal bill in its present shape, will meet the expectation of many people who made a bugaboo of the silverourchase law. I believe that it is necessary to add other measures even more vitally important than repeal; but it is not desired that they should be offered as amendments to the pending bill And after thinking of it fully and care fully, I believe that it is not wise to introduce new propositions or to raise other questions on the pending bill”

Mr. Gorman (dem., Md.) could not help, he said, remarking the remarkable attitude of the senator from Ohio, as to the importance of the pending measure in that it would eliminate the further use of silver as money. Sherman denied that he had said a word to that effect Mr. Gorman replied that he (Mr. S.) had said that the passage of the bill as it was would not give the relief to the country which the country expected. Mr. Gorman went on to say that if he understood the position of the democratic party in the beginning of this controversy it was that :they had pledged themselves to the repeal of the Sherman act—the whole of it He said the president I had been compelled to take the terms offered by the senator from Ohio, who bad dictated terms to the democratic administration. That there was to be further trouble with our financial affairs everybody who had watched the operation of the treasury must know. Mr. Gorman continued, charging that the republicans had appropriated more money than the revenues, and that this must be met. He said the democrats would go as far as possible in relieving the country of bad laws. Several proposed amendments were then voted on and defeated, after which the senate went into executive session. On the 30th ult Mr. Hunton (dem., Va ) said he would vote for unconditional repeal and then stand ready to join with the friends of silver in a figlft for that metal Mr. Cameron (rep, Pa.) said free coinage of American silver was essential to our prosperity. The senate could not with self-respect pass the pending measure. Mr. Morgan (dem., Ala.) thought the situation in the senate a very lamentable one. He said the passage of the repeal bill would be an irrevocable surrender to the demands of the most insolent and overbearing corporations. He thanked God that the senator from Ohio had never had the power to dictate terms to him as a democrat. He may have dictated them to the president, to the committee, to the minority of the democrats, but he could not dictate to him. The senate, the house and the president had determined that the pending measures should prevail. There was nothing now to look to, so far as he could see, but some vague promises made in the senate which were entirely incapable of being realized. Mr. Vest (dem, Mo.) expressed his sympathy with the people of the silver states and said that no czar or kaiser would desolate an Insurrectionary province as congress was about to desolate the silver states of the west He aH* gued that the seigniorage in the treasury should be coined and ridiculed the business method which would allow this vast sum ot 553,000,000 to lie idle in the treasury and sell bonds to secure gold. Mr. Cockrell (dem., Mo.) argued that at the last election the tariff question and not the financial question nad been pressed to the front Leading democrats had expected that if there was to be an extra session it would be called to reform the tariff; but now the election was over tariff was lost sight of and the senior senator from New York (Mr. Hill) was beheld pitching to the front on the silver question. The lion at one end of the avenue and the tiger at the other (facing Mr. Hill) w'ere coming together in a fond embrace. The bill was to pass, said Mr. Cockrell. It had been taken out of the hands of democracy and republican senators had to be consulted before anything could be dene, and the republican party would be infinitely more responsible for unconditional repeal than would the democratic party. He closed with the statement that if the repeal of the Sherman law failed to restore prosperity the republican party must bear the responsibility. Mr. Carey (rep, Wyo.) defended his position on the repeal bill. He said he should vote for unconditional repeal, although he favored a compromise. Mr. Wolcott had-said to him that he desired no compromise, and if the senators from the silver states went home empty-hand-ed it was their own fault Mr. Wolcott (rep., Col) said if the senator from Wyoming was content with his position he (Wolcott) had no objection to make. He left him to his constituents. He left him to deal with the people who sent him to the senate. A controversial colloquy ensued between Messrs. Wolcott Carey and Harris (dem., Tenn.) relative to an alleged understanding between democrats and repealers from the silver states by which votes were to be secured in favor of silver or against the force bill, Mr. Harris, from the standpoint of one of a committee of democratic senators, emphatically denying that any such understanding existed. He branded the statement as an utter falsehood.

Mr. Dubois (rep., Idaho) regretted that the senator from Wyoming did not represent his people, but he knew the senator was following his conscience in doing what he thought was right Mr. Dubois said the temptation to resort to the vendetta in politics was very great inasmuch as the advocates of silver had been stabbed in the house of their friends. But he preferred to hold to his convictions on other questions while maintaining his convictions on the money question, relying on the good sense, judgment and patriotism of the American people. Mr. Jones (rep., Nev.) said the demonetization of silver was but half of the scheme of the banks of the great money centers. The banks wanted a monopoly of the issue of money. They wanted the government, after the issue of money ceased, to turn their prerogative over to them. They will now demand an issue of 8200,000,000 of bonds’ -believing that the distress of the country that will follow as a result of contraction will become so great that the government will he unable to resist Instead of issuing bonds to relieve a currency famine the government in his opinion, should issue greenbacks. This might bo regarded by some of his confreres as the doom of silver, but it was only the commencement of the fight Those who were against constantly Increasing value in the unit of money, proposed to go to the American people and see to it that every man, woman and child in the United States understands fully the meaning of what they intended to do next Mr. Harris (dem., Tenn ) declared that the passage of the repeal bill meant unmistakably the utter demonetization of silver as a money metaL He characterized as supremely absurd that the American senate, representing 70,01)0,000 people, in legislating should consult the ideas or policies of foreign countries. Mr. Stewart (rep., Nev.) said the surreptitious and fraudulent act of 187.1 demonetizing silver was ratified and confirmed, the gold kings were victorious, the labors of their champion, the senator from Ohio (Mr. Sher* man), were crowned with success. The betrayal and capture of the white house and the capture of the two houses of congress was not the end of the-war. Mr. Stewart’s last words were: “Let the vote be taken, let the object lesson be given. We will abide by the result" The repeal bill waa then passed-43 to 32