Rensselaer Republican, Volume 25, Number 52, Rensselaer, Jasper County, 24 August 1893 — THE EXTRA SESSION. [ARTICLE]

THE EXTRA SESSION.

It is believed in Washington that an unconditional repeal of the Sherman law cannot be passed in either House. The Senate will do nothing until some definite action is taken by the House. The debate was resumed in the. House, Tuesday. Mr. Hutchinson, Dem. (Tex,) spoke at length in favor of free coinage. In the Senate, Tuesday, Senator Walcott, of Colorado, spoke on the financial question. ' ne Tieldrffiat “Tack 5t confidence” was not due to the Sherman law, or to silver depreciation. Even in the last few months the Sherman act had saved the country from infinitely greater disasters than it had undergone. It had given the country a currency backed by the credit of the government and the bullion value of silver, at least. He would vote against repeal on any conditions. Mr. JHoar spoke against free coinage and spoke sarcastically of Democratic administration of financial affairs. Mr. Voorhees reported his national bank bill from the committee, and urged its passage, it would result, he said, in an increase of the currency to the amount of $45,000,000 or $50,00 ),0(X). Objection was made by Ms. Cockerell, who said a number of Senators desired to speak on the question, and the bill was laid on the table. Mr. Cockerell said he never would give his vote to a bill that proposed to give to national banks the right to regulate the paper money of ..the country. The silver debate In the House was resumed, Wednesday. Congressman Bryan 1 of Nebraska, spoke in favor of the free coinage of silver. Mr. Bryan said: “Upon the action of this Congress might depend not only the welfare of the South and West, not only the welfare of the United States, but the welfare of humanity itself for ages to come. The only law making any provision for the increased use of silver money is the Sherman law. The President has recommended its unconditionalrepeal. We are being dragged toward a universal gold standard to a realm over whose door is written: “Abandon hope all ye who enter here.” There is no such thing as an honest dollar. The most dishonest dollar eyer proposed is that child of avarice and ignorance called the gold dollar, for it would constantly rise in value and cheat the debtor. The President was elected upon a platform thrice pledged to the gold and silver coinage of the Constitution. Nine-tenths of the people of the United States are r,eady to sustain him in the fight, but in the face of an enemy, bold and insolent, he has ordered a retreat. There is time yet towin the battle if he will but order a charge. Will the party stand by the principles of Jefferson and Jackson or will it abandon its right to the name? Will It choose life or death—which?” [Tremendous applause.] Mr. Bryan was surrounded by his colleagues and warmly congratulated on his great effort. Mr. Henderson, of lowa, spoke in favor of repeal, and Mr. Moses, of Georgia, opposed it. In the Senate, Wednesday, Mr. Sherman opposed the bill of Mr. Voorhees, to allow National banks to issue notes to the full amount of bonds held by them. He said the very moment the treasury notes were paid on these bonds, which were not due, and the interest on which was no burden to the government, the notes, he said, would be presented to the government and payment in coin demanded. That would be an unbusiness-like proposition, and would complicate thesituation. The President of the United States had called attention in forcible language •to the fact that treasury notes. issued under the act of 18.0 were presented for redemption in gold, and that that caused the first falling off of the one-hundred-million gold reserve. The proposed amendment he regarded as a most dangerous financial proposition. Mr. Cockerell ridiculed the objections of Mr. Sherman, whom he called the greatTriend and patron of national banks.

In the Senate, Thursday, but little progress was made with the financial de-, bate. Senators are mostly withholding their views until the repeal of the Sherman law shall be squarely placed before that body- - The discussion in the House was uninteresting. No quorum was present. Mr. Daniels, of New York, (Rep.), Mr. Cooper, of Florida (Dctn.), and Mr. Goldzier, of Illinois (Dem.) all spoke for repeal. In the House, Friday, Mr. Sibley, of Pennsylvania, (Dem.) spoke in favor of free coinage. Ilis remarks created a great sensation. He took a bold stand against a single gold standard. Mr. Sibley said the time had come when the clearing houses of the great cities should no longer dominate the interests of 67,000,000 people. At one time he had been a monometallist, but he had studied the question and had changed his views. Mr. Haynes, of New York, spoke also. He was amazed at the attacks on Wall street. All such attacks were pure demagogism. Wall street was the savings bank of the nation. Mr. Everett, Massachusetts,spoke in] favor of the repeal of the Sherman law. Jerry Simpson severely criticised the Democratic party for its absolute uselessness. Ho favored o free coinage. The Democratic party, he said, never made a law, or repealed a law. There was no Democratic party any more. It was Cleveland’s party. At 10:15 p. m. the House adjourned till Saturday. In the House, Saturday, the silver debate was resumed. Mr. McCreary, tDcm.) of Kentucky, favored the repeal of the Sherman purchasing clause. He was a friend of silver, and favored international bimetal ism, but as a blmetalist he did not wish to see this country relegated to a silver basis. Mr.Catchings,(Dem.) of Mississippi, favored unconditional repeal of the Sherman law. At the evening session Mr. Curtis, (Rep.) of Kansas, favored a ratio of 20 to 1, with a commission empowered to change the ratio at any time when found too large or too small Mr. Broderick (Rep.), of Kansas,favored bi-metallism and prosperity which he regarded as synonymous. Mr. Clark, (Dem.), of Missouri, said the issue was squarely joined. There could be no whipping the devil round the stump. To demonetize silver was to confiscate one-half the property of the United States. At The conclusion of Mr. Clark's speech the House adjourned. Secretary Carlisle, in a letter to Senator Voorhees, demonstrates that a change in the ratio of silver, as proposed by Senator Vest, would cost' over 1100,0A,a 0. 11 seems probable now that a bill for the unconditional repeal of the Sherman law will pass both Houses. >