Rensselaer Republican, Volume 26, Number 1, Rensselaer, Jasper County, 31 August 1893 — THE EXTRA SESSION. [ARTICLE]

THE EXTRA SESSION.

Senator Voorfieea, Tnesday. addressed the Senate tn support of his bill for discontinning the purchase of silver. He said that while the calm, unbiased public opinion of a great mojority of the American people, Irrespective of parties, had justified the action of the President in convening the extra session, the causes for the action were widely and dnngerously misunderstood, and by certain classes purposely mlsrepiescntod. Therefore i;c deem«d fitting a few words in oxiplanetion, spoken in no spirit of strife or ■controversy. For live months tLwe baa .gone up the voice of the prophet of financial evil and from the great money cui'lters had emanated cruel edicts affectiing the currency and resulting in panic. ,There were many reasons why our ered't should be stronger now than ever before. It rested on the absolute unity of purppsc of the American people that it should be ■upheld. Noone but a political madman could deem a political contest in this country over again possible oh lines of sectional animosity. The interstate commerce of the United States alone exceeded in value the entire foreign commerce and carrying trade of Great. Britain,Germany, France, Austria. IJoliand. Russia and Belgium put together. But there was another and exceedingly sensitive and powerfiil test of onr Government credit which assert 'd its claims, not only to the trull, and admiration of the. American people, but also to the busi- . nqss confidence and respect of every civilized nation beneath the sun. Money was simply a medium for the exchange of values; money was a creature and Congress its creator. Continuing, Mr. Voorhees said that the silver purchase clause as the Sherman act was a compromise and emanated from the enemies of silver. It was true that Mr. Sherman had been ready to vote for its repeal every hour since its adoption. Its purpose was to degrade and disgrace this precious metal and make it a merchantable commodity. He denounced the measure as the "most dangerous makeshift ever known’* in our financial history. He (Mr. Voorhees; was willing to stand or fall by his fath in the truth and honor of Grover Cleveland, and in his well-known fidelity to pledges when once they Were made. John G. Carlisle was the peer in Intellect and spotless integrity of any of the illustrious statesmen who had held the folio of ■ finance. including Hamilton, and he made no mistake in placing him as a bimetallist. Said Mr. Voorhees, "As a Democrat and an American citizen, and loving and believing In justice and fair play and common sense, 1 appeal to those around me, and to tho great body of the people, to know whom we can trust, whom we can believe at such a time as this, if we are to turn our backs on such men as Grover Cleveland and John G. Carlisle? God help the Democratic party and the country, if such a stupendous mistake is to take place:” Mr. Voorheeirevlewed the whole financial question at groat length-, and paid an eloquent tribute to the silver-producing States, styling them as the “treasure house of American riches, power and glory,” He never believed that onr silver had driven gold from the country. He disclaimed animosity against national banks, but arraigned the national bank system—not individuals. They held too much power for good or evil, enabling them to control the volume of currency to a dangerous extent. No other nation on earth had ever given such power to private parties. Could anyone be blind to the fact that these banks had without any cause save their own interest, turned their keys on all business prosper!tyMr. Voorhees then discussed the pension question, and summed up his argument by demanding a sufficient volume of currency at all times on a practical specie basis; the absolute destruction of all power in the hands of individuals, corporations or syndicates; every dollar. State or National, to he interchangeable; demanding the Immediate and final settlement of the silver question by making it legal tender; the total overthrow of the dangerous centralization of tho money power now existing in the hands of a few individuals, and demanding a graded income tax. Ln conclusion Voorhees said:

“And now, in the meantime, and in view of the present crisis, full of peril as it is, let the whole people of the United States, of every commonwealth and of every neighborhood, cast out their fears and abide in the unshaken faith that the present disaster, will pass away and be followed, as soon as much needed reforms can be accomplished; by theunbroken sunlight of prosperity and that He who determined the destiny nations will cause the republic of our fathers to win, and not to lose, in the transcendent mission, to which it was dedicated a hundred years ago.” The presiding officer was obliged to threaten to clear the galleries, which were packed, in order to restore order, the applause at times being very enthusiastic. In the Senate, Wednesday, Mr. Hoar spjfco in favor of moderation in financial legislation and advocated a degree of leniency towards national banks by the controller of the currency during times of panic. He held that the banks should not be driven to fulfill the strict letter of the law. Mr. Hoar expressed full confidence in the present controller. The general debate was then participated in by Messrs. Voorhees, Kyle, Vest, Hill, and Gorman. In the House Mr. Stone spoke for repeal, Mr. Fitch said that the Democratic party did not succeed to power on its platform. The real platform was Grover Cleveland. He favored repeal. Mr. Dalzell favored repeal but held that the Sherman law was not responsible for the situation. Mr. Hatch. (Dem.) said no man had a more supremo contempt for the Sherman law than ho had. but while ho was favorable to repeal he felt that something else should bo done for the relief of the country He then spoke in the most eulogistic, terms of the brotherhood of locomotive engineers, and quoted a newspaper report of one of their meetings, when one of the engineers was called upon to offer prayer. His prayer was an eloquent one. He said that the locomotive was on the track; the fires were lighted, the boiler was full, the men were in their places, the track was clear. “But, oh, Lord, give us more sand to help us go up an incline or come down a hill in safety.” And, oh, Lord, continued Mr. Hatch, what the Democratic party wants is more sand. (Applause and laughter.) The debate was then general. Mr. Cummings spoke to the full limit of bis time In favor of unconditional repeal of the Sherman law. Messrs. Turner, Coffin and Taylor, spoke in favor of free coinage. Cannon,of Illinois spoke against repeal. The debate was continued at the evening session. Ip the Senate, Thursday, Mr. Stewart was accorded the floor by the Vice-Presi-dent. Mr. Peffer had announced that ho would talk on Thursday. Mr. Stewart had arranged his manuscript and begun: . “We have now reached, the fork in the road. - ’ Mr. Peffer sprang to to his feet.

A wrangle ensued as to who had cue right to the ftoor. The Vice-President adhered to hi* decision, but Mr, Stewart yielded the floor to the Populist leader. Mr. I‘efTer thereupon spoke for three hours on the silver question, favoring free trade and free coinage and was of the usual Kansas calamity style of oratory, Mr. Peffer was followed by Mr. Allen who supported his ammendment to the Voor bees bill -favoring free coinage at a ratio of 16 to 1. The Senate then adjourned. In the House Mr. Waugh, of Indiana, led off the debate. There were but fifteen or twenty members on the floor. Mr. Waugh spoke against the repeal of the Sherman law. Mr. Pence, of Colorado, humorously referred to Mr. Bynum’s record on the Silver question, and attacked w hat he termed the inconsistencies of Senat',r Voorhees on tho same question. Mr. Pence said the actions of Messrs. Bynum, Voorhees an-i Cooper in deserting the cause of free coinage could only be accounted for by ths fact that they had been offered “pie” by the administration. He scored Bynum mercilessly, and provucad a speech of the Indiana member, delivered is* Denver in IS9I, in which he said: “I have always voted for free coinage and always will.” Mr. Bynum replied to the Strictures »f Mr. Pence. He said he had made a tmir and when he reached Denver had been asked to sav something about silver and had done so. He confessed his sins and asked forgiveness. The debate was then continued Under the five minute rule. At the evening session, Mr. Swanston, of Virginia, and Maddox, of Georgia, spoke against repeal. Millikin, of Maine, and Grady, of North Carolina, for repea l. Washington Murray, the only colored man in Congress, spoke in favor of free coinage. In the Senate silver debate, Friday. Senator Hill, of New Yolk, was,the great attraction^-Therewas a full attendance of members and the galleries were crowded. “lam a bimctalist,” said Mr. Hill. Ido not believe in a single gold standard or* a singlc silver standard, but believe in the use of both gold and silver and in their free coinage at a proper ratio.” The speaker, by implication, criticised the President. He arraigned the gold monometallists of Wall street for their part in precipitating the present crisis. The chief surprise of the speech of Senator Hill was the position he assumed in minimizing the importance of a revision of the coinage ratio; and his suggestion that international bimetalism might be sought by holding out an inducement to tho Latin Union countries to recoin at a profit rather than at a loss, gave greater satisfaction to the western free coinage people than eveu the most sanguine had expected from his argument. Mr. Hili said that he was for tho repeal of the Sherman bill long before the present administration came into power, and that he and his distinguished colleague would vote for repeal unaw'cd by power and uncorrupted by patronage. But ho held that simple repeal would not restore prosperity at once. Many years would be required to recover from the present disturbances. The permanent remedy for our troubles was to return to the bimetallism of 1873. Mr. Hill then deplored hasty action in adopting a permanent financial policy and predicted the failure of the attempt to impose a gold standard on India. In conclusion Mr. Hill said: “Let us legislate on tho financial question and return to onr homes,next December resuming the consideration of a permanent system.” Mr. Stewart took the floor in opposition to the bill under consideration. He said It was an attempt to demonetize silver and was an insult to the country. Mr. Stewart said without the Sherman law the panic would have come long before.

In the House a wrangle ensued between Mr. Burrows and Mr. Bland over the right to the floor. Mr. Burrows finally proceeded and spoke for repeal. Pendleton, of Texas, and Bowers, of Colorado, spoke for free coinage. Mr. Dockery plead for good faith in keeping the pledges made by the Democratic party at Chicago. Mr. Marsh, of Illinois, said he had the greatest respect for the President, but he wanted more than the declaration of the executive bafore he would vote for the repeal of the Sherman act. Mr. Simpson, of Kansas, asked unanimous consent for the consideration of a resolution authorizing the Speaker to appoint a committee of five members to investigate the allegation that certain banks were not paying their checks, and to inquire into the conduct of Secretary Carlisle and Comptroller Eckels in the premises. The Speaker ruled that the resolution was not in order, and the House took a recess until 8 o’clock. At the evening session Henderson, or Oregon, spoke against repeal. Mr. Bynum took the floor and said that Mr. Pence had gone back on the grand old Democratic party, in his speech of Thursday. Mr, Pence retorted that he was sober when he made the speech. Mr. Bynum rose to a question of personal privilege, and said: "Yesterday, jocularly, I made a remark which possibly might have been construed as meaning that I had been entertained in a manner that unfitted me to make a speech. My remarks were jocular and the gentleman knows that I was as sober as any man in Denver that night.” Mr. Pence—“l have said so; and. I went to your friends last night to tell them that you had been sober.” [Laughter.] The House adjourned at 11 o'clock. In the House, Saturday, the Spcakerannounced theorderof theday’sproceedings, stating that the time in favor of the bill would close with Mr. Wilson, of West Virginia, the author of the bill under consideration, and time in opposition with <Mr. Bland, of Missouri. Numerous members occupied the time until 10:20, when the floor was yielded to Mr. Reed, of Mr. Reed expressed doubts as to the ability of the House to deal satisfactorily with the question. The crisis, he said, was one of the inseperable accompaniments of all human progress, which has been a series of upward start*, and falls of almost proportionate length. Because of the drain of gold since the passage of the Sherman act in 1890, a season of depression has resulted, and we are today suffering all the calamities of a restricted circulation in the midst of an abundant supply of money which is hoarded because of a lack of confidence. Mr. Reed disclaimed politics in his statements. But he averred that the system of manufactures in this country have been established on a basis of protection, and that the basis was threatened with a change. For his part he did not believe the Democratic party to be btterly bad. But at this moment no man can know what wlll.be the result of the action of this Congress on manufactures. Passing then to thb consideration of the

■ question of nqieu:, Mr. Reed »ild that I while-he was in favor of ft, he did not • think it would be an immediate cause of a revival of the prosperity of the country. : Nevertheless he would vote for repeal for I two reasons. First, because, whether ■ justly or not. the Sherman law is believed to be the cause of the unreasonable hoarding of currency throughout the country. The secund reason was that only by repeal could the nation hope to attract foreign capital, without which it were vain to hope for an upward turn of the country's business. "We must put ourselves,” he said, “in a position when the time for that upward movement comes, to be able to command tho capital of the world, which shall assist us on, the path to the next period of prosperity and progress.’ In conclusion, Mr. Reed said: “What, then, is the pathway of dttty? The uncondltional repeal. That will either give relief or not. If not, then we must try something else, and the sooner the better. It is a matter of deep regret to all sensible men that we have delayed so long. Men are to-day struggling almost against fate and praying for relief. 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.” Mr. Reed’s speech was received with great enthusiasm by the Republican side of the House. Mr. Allen, (Dem.) said, on taking the floor, after Mr. Reed, that unlike most of the gentlemen who had addressed the House, who had disclaimed being either financiers or partisans he was both. [Laughter.f But ho was not responsible for the monetary stringency, as he had kept his money in circulation, and had done 95 per cent, of his business on credit. His creditors were now demanding that he do something to restore confidence. {Laughter.] The country was ill, but the remedy proposed was not the proper one. It reminded him of the story of the darky who, being left in charge of the farm, wrote to his employer: “De cow has been sick. I think she is well of the disease now, but I think she will die of the remedy I done give her.” Mr. Allen said he had no quarrel with the administration, but was opposed to unconditional repeal. At 1 p. m. Bourke Cockran (Dem.), of New York, took the floor and addressed 7the House. Mr. Cockran said in opening that all who had listened to the gentleman who had just taken his seat would admit that the arguments in favor of free coinage were picturesque rather than convincing. He could not agree with Mr. Reed that these periods of depression were inseperable from the advancement of civilization. They were due to a specific cause which might readily be discovered. Mr. Cockran devoted himself to an historical resume of financial legislation and asserted that there was no 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 (Bland) to name an exception. The fluctuation 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 six hundred millions of 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 of the silver we haVb coined. The present trouble, Mr. Cockran said, was not due to a lac k of money, but to a lack of redundancy of money. Money was not wealth; it was simply the machinery with which trade is worked.

Mr. Bland in reply to Mr. Cockran, said the gentleman should change his diet from the Stock exchange by going to the country. All the dogmatic utterances of the gentleman from New York were made in the face of history and in the face of truth. Mr. Bland did not defend the Sherman act. and if he could put in its place a provision for free coinage he would vote for its repeal. He denied that there was plenty of money. The Wilson biM for the repeal of the Sherman law was legislation in favor of England and Australia, and would add distress to the farmers and miners of America. To strike silver meant apolitical revolution and the death of both great political parties. For one he would stand by the people, even though the Democracy should goto the wall. Mr. McMillin,of Tennessee, and Mr. Fithian, of Illinois, spoke against repeal. They would stand by silver. Mr. Wilson, author of the bill for repeal, then closed the debate at the day session. He denied that the passage of the bill would drive the country to a gold basis. Rather, he said, would it place it in an unassailable position on a parity with gold, from which it could never be driven. The first benefit would be the restoration of the confidence of the people in our own money that would release from hiding places t 1,700,000,000 now in the country. Thete would be no necessity to sell bonds abroad to ge; gold. There was an abundance of gold already in the country. At the evening session Col. Fellows, of New York, spoke for repeal. Ho said the present condition of affairs was due to the maladministration of the Republican party. Speaking of the city of New York Mr. Fellows declared that she had no interest separate from the rest of the country. She demanded for the transaction of iier own business and that of the whole country a sound money currency. She eared nothing whether that currency was gold, silver or paper, provided every dollar was as good as every other dollar. At 11:05 o’clock the House adjourned until Monday. Aug. 28, at It o'clock, when the first vote will be taken.