View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

S I Xj " V E

R .












OF M I S S I S S I P P I ,


Monday, August 21, 1893.

The House haying under consideration the bill (H. R. 1) to repeal a part oX
anact, approved July 14,1890, entitled " A n act directing the purchase of silver
bullion and the issue of Treasury notes thereon, and lor other purposes"—

Mr. SPEAKER: The attitude that we occupy here has been
often commented upon. I do not believe that we were called
here to peform a job assigned us, and then quit. The oath of
office that we took was to discharge the duties of the office upon
which we were about to enter. Our business here, as I believe, is
to try to relieve the stringency of this country in some manner or
other. How that shall be done is for each member to decide for
himself, with that degree of wisdom and faithfulness for the exercise of which he is willing to answer to his constituency. To
them and the country he is responsible.
The money system of anjr nation is that which vitalizes its
prosperity. Either congestion or paucity is injurious. Gluttony" and starvation are injurious. Enough to sustain vigorous
life and health is the food to take. Money is an important factor
in, and necessary to, civilization.
The United States Monetary Commission of 1876 denominated
it " a s essential to the existence of civilization as oxygen to animal life." Like every other great ^ower and resultant force, it
may become an engine of destruction to human liberty or its
greatest bulwark. The joys ^nd sorrows of the world are the
trophies of its proper or improper use.
This vital and delicate question is what we are dealing with
now. It ought to bo handled with care, with caution, with intelligence, and with honesty—moved by the highest patriotism.
T o handle this question with a view to private speculation is
necessarily a crime against humanity, against liberty, against
With due respect to eminent gentlemen who have preceded
me, I submit that the financial policies of three thousand years
ago are hardly proper precedents to follow in this pressing exigency.

Not having time within the hour to present even a synopsis
of the financial legislation of our owfl country and its effects, I
will quote the opinions of two gentlemen who are ne trer our
own time and know more of our needs than Moses or Lycurgus.
I will have read the opinions of two of the brainiest men this
nation has produced, always in opposite political parties, and
powerful and earnest advocates of their respective creeds. I
will ask the Public Printer to put them side by side in the
RECORD if convenient.

They are as follows:



I know the world's stock of precious metals is none too large, and
I see no reason to apprehend that it
will ever become so." Mankind will
toe fortunate indeed it the annual
production of gold and silver coin
shall keep pace with the annual increase 01 population, commerce, and
According to m y view on the subject, the conspiracy which seems to
have been formed here and in Europe
to destroy by legislation and otherwise from three-sevenths to onehalf of the metallic money of the
world is the most gigantic crime of
this or any other age. The consummation of such a scheme would ultimately entail more misery upon the
human race than all the-wars, pestilence, and famine that ever occurred
in the history of the world. The absolute and instantaneous destruction
of half the entire movable property
of the world, including houses, ships,
railroads, and all other appliances
for carrying on commerce, while it
would be felt more sensibly at the
same moment, would not produce
anything like the prolonged distress
and disorganization of society that
must inevitably result from the permanent annihilation of one-half of
the metallic money in the world.

On the much-vexed and longmooted question of a bimetallic or
monometallic standard, m y own
views are sufficiently indicated in
the remarks I have made. I believe
the struggle now going on in this
country and in other countries for a
single gold standard would, if successful, produce widespread disaster
in and throughout the commercial
world. The destruction of silver as
money and establishing gold as the
sole unit of value must have a ruinous effect on all forms of property
except those investments which
yield a fixed return in money.
These would be enormously enhanced in value and would gain a
disproportionate and unfair advantage over every other species of
property. If, as the most reliable
statistics affirm, there are nearly
$7,000,000,000 of coin or bullion in the
world, not very unequally divided
between gold and silver, it is impossible to strike silver out of existence
as money without results which will
prove distressing to millions and
utterly disastrous to tens of thous*
ands. * * *
I believe that gold and silver coin
to be the money of the Constitution,
indeed, the money of the American
people anterior to the Constitution,
which the great organic law recognized as quite independent of its own
existence. " N o power was conferred
on Congress to declare either metal
should not be money. Congress has,
therefore, in m y judgment, no power
to demonetize either any more than
to demonetize both. * * * If,
therefore, silver has been demonetized, I am in favor of remonetizing
it. If its coinage has been prohibited, I am in favor of having it resumed. If it has been restricted, I
am in favor of having it enlargeu.

I do not quote Mr. Carlisle for the purpose of criticising him. I
do not believe that he has changed his opinion upon these questions. He has made no utterance to justif y that assumption. He
is not in a position to take a hai^d in this discussion, and it would
be inconsistent with his high sense of honor for him to undertake to influence members except when approached for information.
I do not call in question the acts of the President of the United

States in this discussion. It does seem to me that he has acted
on as high a plane as any man could act in his high office. He
called Congress together at the request of the nation. He presented to us his message. In that hs expresses his opinion of
what will relieve the stringency in the condition of the country
and then he leaves the city and busies himself about other matters tnat are to come before us later, and im*ecrmting his health.
No voice of his, no act "of his that I know of, has been put forth
to try to influence any member on this floor. He simply said,
Here is my opinion and recommendation; you, the people's representatives, must solve the problem for yourselves. That he is
honest and earnest in all his acts, I think is conceded: that his
intellect is as grand as any man who lives on this continent, I
believe. That he is infallible, he does not claim. Jupiter, it is
said, did sometimes nod. The assertion that he will crucify men
who think differently is, as I believe, without authority.^ He can
not descend to such a plane. And if there are gentlemen—I do not
say there are—whose convictions have led them away from the
ranks of silver coinage to those of absolute gold standard and
have wielded the ax at the throat of silver with conspicuous
vigor, to keep step with the Administration, they may yet be surprised to find themselves far in advance of the line when it shall
be determined, if it shall be, to coin all the bullion in the Treasury at the present ratio of 16 to 1. , They will have to retrace
many steps or mark time until the President advances. Gentlemen who desire to cast loose their moorings from all their own
convictions are not subjects for the censure of their fellow members. Good soldiers •sometimes transfer from the pioneer corps
to that of bridge burners. It is easier and safer sometimes to
follow a trodden path than to blaze the way.'
I have no criticism to make upon gentlemen who strongly advocated silver coinage heretofore and vigorously oppose it now.
They had the courage of their convictions both times. They
know better than anyone else what their constituents want.
I have no quarrel to make with these men of the gold standard. They, too, obey their constituencies. I have no personal
dispute with the East, but rather with the West and South. If
ten States can control thirty-four—if eighteen millions of people can control forty-seven on a great national question like
this—I say they have a perfect right to do so, and we of the
forty-seven millions should sit down in shame and confusion and
say to these people, " Abba, father!"
The Sherman act all told has caused the purchase of silver
and the issuing of Treasury notes to the amount of a little less
than $150,000,000. Now, let us look over this country for one
moment and take the testimony of gentlemen who have come
here from all its parts. ^ There comes from all the Western
States one voice—depression in business, starvation and suffering
in a country of which you have but to touch the soil and it brings
forth fruits in abundance. So from all the States on the South
Atlantic, South Pacific, and upon the Gulf—you hear the same
tale a thousand time$ told; and even in the East, where more
than one-half of the money of the United States is to-day—in the
eleven States east of the Alleghany Mountains and north of the
Potomac River is largely more than one-half of the money—
people are turned out of employment and there are almost bread
riots in the city of New York.

Sixty-five millions of people are suffering on account of a
money stringency that has never been equaled before in this
country. That, too, in a,country so vast in area, so rich in soil,
that the world may be fed from her granaries and clothed by her
staples. With mountains and hills bursting with wealth; begirt
and traversed with j^ilroads; great rivers in her valleys, inhabited by a race whose inventive genius and high endeavor rank it
in the vanguard of civilization; ships from all climes thronging
her ports to bear away her surplus products; with moreseacoast
than all Europe; controlling $70,000,000,000 of property; with a
business so vast and varied that $500,000,000 expenses are annually incurred by her Government; with $1,600,000,000 circulating
medium, and that too small, and $484,000,000 gold coin, a large
amount of gold bullion, and nearly 5,000 tons of silver bullion in
the Treasury to support it; the richest nation of the world, it is
said; a nation which claims that its people are the most intellectual, the most energetic, and the most enterprising in the
world, the most dauntless and courageous in the world—that
great population have done their full duty.
The President's message says truthfully:
Our unfortunate financial plight is not the result of untoward events nor of
conditions related to our natural resources; nor is it traceable to any of the
afflictions which frequently check national growth and prosperity. With
plenteous crops, with abundant promise of remunerative production and
manufacture, with unusual invitation to safe investment, and with satisfactory assurance to business enterprise—

Amid this marvelous concurrence of God's bounties and beneficence, in the presence of this amazing phenomenon that attracts
and fastens upon itself the astonished admiration of the nations of
the earth—

Says the message most truthfully^

suddenly financial distrust and fear have sprung up on every side. Numerous moneyed institutions have suspended because abundant assets were not
Immediately available to meet the demand of frightened depositors.

And he might have added that the food and staple producers
of this country are well nigh in despair at the prospect of selling
below cost the fruits of their farms on account of the mismanaged finances; our vessels reefing sails and banking fires in our
ports, and the erreat fleets that come from every clime to bear
away our surplus production seeking other seas, and a suspicion
engendered among the people that the financial system of the
country is either radically defective or dishonestly managed.
This wondrous race, always so self-reliant, stands awe-stricken
in presence of the situation—a mighty nation on the eve of financial convulsion, prosperity withering as in the simoon's breath,
and values shriveling up. The people who had $2,022,000,000
and still have over $1,800,000,000 on deposit can not get it; the
producers who see no sale for crops ask in consternation'," What
engine of destruction is abroad causing this havoc? What Nemesis broods over the land that business shall stand still in dread?
What Upas roots permeate the soil that agriculture shall be
stifled? What convention of ills is it that the great business men
of America retreat from, and the Administration can not cope
with,but at the nation's earnest demand hastily convenes Congress
to lead the forlorn hope against it. Sixty-five millions of psople
wait with bated breath for the answer?" And their ears will soon

be astonished to hear the voice of the assembled wisdom of the
greatest nation of the world after fourteen mortal days of discussion and consideration issuing from the Halls of the nation's Capitol, that all these stupendous disasters are due to the Sherman
law. The inquiry will follow, " What were its weapons and its
mode of destruction? " There is one response, and only one, and
in that all the gold monometallists concur, and rest their case
upon it, to wit: " T h e Sherman law has destroyed confidence by
driving gold out of the country."
The answer is found in the President's message and a letter
w h i c h ! will insert in my remarks.
The message, speaking of the Treasury notes issued iif pursuance of the act of July 14,1890 (Sherman law), says:
Up to the 15th day of July, 1893, these notes had been Issued In payment
of silver bullion purchases to the amount of more than $147,000,000. white
all but a very small quantity of this bullion remains uncoined and without
usefulness in the Treasury, many of the notes given in its purchase have
been paid in gold. This is illustrated by the statement that between the l s f
day of May, 1892, and the 15th day of July, 1893, the notes of this kind issued
in payment for silver bullion amounted to a little more than $54,000,000, and
that during the same period about $49,000,000 were paid by the Treasury in
gold for the redemption of such notes.

Again the message says:
Between the 1st dayof July, 1890, and the 15th day of July, 1893, the gold
coin and bullion in our Treasury decreased more than 1132,000,000.

Washington, D. <7., August 21,1893.

SIB: I am in receipt of your letter of the 14th instant asking to be informed as to the proportion of the gold that was taken from the Treasury
since March 4,1893, was for payment of Treasury notes of 1890, and in reply
I beg to say that $14,986,170 in gold coin was paid out in exchange for Treasury notes of 1890 from March 1 to July 31,1893.
Respectfully yours,

Treasurer U. 8.
House of Representatives, Washington, D. 0.
Therefore, the whole career of the Sherman law consists in
its having increased the circulating medium of the country
$147,000,000; that $49,000,000 of the notes issued for the purchase of silver have been redeemed in gold, nearly all of which
have been reissued, I think.
That law, then, can not be charged with the decrease of $132,000,000 gold in the Treasury to more than $49,000,000, nor can
it be charged with the exportation of $87,000,000 to any greater
extent, and if it be charged with driving gold out, it must be
credited with 'bringing back the $29,000,000 gold that' has returned and on the way, so that it is only chargeable with $20,^000,000, as was said by the gentleman from Ohio [Mr. GROSVENOR].
Mr, Speaker, it looks like a small thing to swallow a nation's
prosperity and to destroy its business and make the wheels of industry to stand still over a continent. It is hardly a respectable
ambuscade to lure silver to its death.
Next Monday this House, after fourteen days of anxious labor,
will vote its repeal as the only means the assembled wisdom can
devise for a nation's woe, and present that act to the American
people as a specimen of its statesmanship.
The mountain will have labored and a great birth will be recorded.
Hon. 1 . R. STOCKDALE,


It is whispered as a State secret that after we shall have done
that we are to adjourn and go home. Yes, go honie and tell our
constituents who killed cock robin.
The Republicans have a different reason for its repeal, and
are consistent. They not only admit but boast that it was a
trick to defeat free coinage of silver. Having served its purpose, with the aid of Democratic votes they are willing it shall
go to the wastebasket.
That was an admission that a free-coinage bill would have
passed the Congress, and that the Republican party was afraid of
public sentiment in its favor, and dared ilot put the President on
record with a veto of such a measure before the election of 1892.
and therefore they invented this scheme to defeat silver coinage and placate public opinion at the sime time. It did look
like a makeshift to the West and South, knowing as they did
that the majority of the American people were in favor of free
coinage, but it was a skillful advance by the men who had sworn
to destroy silver at any cost, by whatever strategy they could
invent, and if they succeed it will be to them the means of a
triumph that will" put into the hands of the creditor class the
long coveted scepter beneath which all debtors must bow.
That being accomplished, they will not care how much we scout
it as a makeshift.
The Republican party will be one suppressed chuckle at the
spectacle of the heroes of the Revolution of 1892, hastily sum
moned to the nation's Capitol to arrest the nation's ruin, pursuing for fourteen days with seeming great earnestness this poor
little nullius films, and trampling to death in the mimic fray the
cherished friend of the people—silver coinage. You will secure
the scalp of the Liliputian, but you will have performed an
equal feat to the Ohio man who a few months ago burned to the
ground his full barn to kill a snake that had escaped from a
menagerie. He killed the snake: and you will find here when
the smoke clears that you have burned the barns of the West
and the cotton gins of the South, and your trophy will be the
skeleton of the Sherman law.
Let us look into the history of events a little. The letter of the
Secretary shows that only $14,93(3,170 of the notes issued under
the Sherman law were redeemed after March 1,1893; all the balance of the $49,000,000 were redeemed before then. The gold in
the Treasury was reduced before then. On the 9th of February,
lb93, this House refused to repeal the Sherman law, and adjourned March 4 sine die, adhering to that action, and no panic
came then, nor in April, nor in May. The cause for it existed in
the condition of the banks, but depositors did not know of it, nor
did the masses of the people.
Why did not the panic come then? The answer, I think, may
be found in the fact that the Senate had passed a free-coinage
bill—showing a disposition to obey public sentiment—on July 1,
1892, and has not receded from that position. True, the vote in
this House was a tie; but it was thought it was only a precaution,
as the people were soon to make an expression. Soon after that
the Democratic party, in national convention, declared for the
coinage of both gold and silver; the people so declared by electing
the candidates who stood on that platform, and a large majority
in this House and a majority in the Senate, and the country felt
sure—they had no doubt—not only that the circulation would not

be decreased, but that it would be largely increased, and the coinage of silver, which the Sherman law had destroyed, would be
restored. The people not only had confidence, but were buoyant
with hope of better times, which would enable the banks to pay
depositors and relieve business stringency. But, along in May
and June, when the money-owners and bankers, trust companies
and exchanges, and money centers, generally, began to advocate
repeal without any substitute, and thereby destroy half the basis
of the money of the country, the people began to look into the
matter to ascertain the probable effect of such a movement. The great journals of •the East—and it was taken up by some
of the West and South—broke forth almost simultaneously, and
with a similarity of expression that showed preconcertation, in
the clamor that a great financial stringency was upon the country and disaster was approaching. Then the exchanges and
every money institution that was dependent upon the moneyowners met and passed resolutions of such sameness of expression as indicated a common sourcej announcing as oracles the
imminent danger of a financial panic, to avert which the Sherman law must be repealed. The people did not believe the Sherman law, that had lain quiet and harmless for nearly three years,
had awoke into such form and power as to blow its breath upon
and wither the prosperity of a great nation, but that there must be
a greater cause that financiers could see, but not visible to the people j and the scare spread like a storm over the land. In the terse
and graphic language of the President's message, "Suddenly
financial distrust and fear have sprung up on every side. Numerous moneyed institutions have suspended because abundant
assets were not immediately available to meet the demands of
frightened depositors."
In that last expression the whole chapter is written. What
frightened depositors? Not the Sherman law; but the clamor
came from all money centers like a tocsin to the ears of depositors and they began to fear for their savings, and looked into
the situation, and what did they find?
lean not answer that Inquiry better than to quote from a report made by myself as chairman of a subcommittee of the
Committee on the Judiciary of this House in the Fifty-second
Congress to the full committee, and by its request printed as a
minority report.
After showing the status of the United States banks for 1890,
the report proceeds:
The banks owed depositors on the above date $1,485,095,885, and other items
to the amount of nearly $500,000,000 more.
The United States Treasury came to the relief of the banks and put out
over $70,000,000 in a few weeks. Secretary Windom said, in his last speech,
had it not been for this help " t h e stringency would have resulted in widespread financial ruin."
The last report of the Comptroller of the Currency of December, 1891, volume 1, pages 154,155, shows the total volume of money in all the national
hanks in the United States is—
Legal tender
United States certificates
Total held
Eeserve required bylaw
Available working cash



Suppose the United States Treasuiy in 1890 had been in the condition
that it is now, unable to furnish the relief of $70,000,000, a panic such as
would have dwaried all preceding panics would have blighted this country,
and the depositors, who are generally people of moderate means, would
have lost their money; for it is the history of this country that securities
taken for loans of deposit money or other money, by banks, will not sell in
times of panic except at a great discount. The report of the Comptroller
of the Currency for 1892, page 214, shows that the assets of 181 insolvent national banks amounted to $108,633,186; of that sum were estimated as good
$45,046,031, as doubtful $86,862,327, and as worthless $26,724,828. These banks
were liquidated in ordinary times; and then the same report shows that the
loss on claims, compounded or sold by order of court, was $26,372,514. Had
these banks been liquidated in times of panic the assets would have been
practically worthless to creditors after the expenses were deducted.
The bank reserve of the United States banks, as shown by the Report of
the Comptroller of the Currency for 1892, pages 160,161, a r e Specie
Legal tenders
United States certificates



Of that sum the reserve required by law to be always in the banks at that
date is <$252,177,675, leaving in the banks to meet emergencies $75,201,649.
The same report (page 160) shows that there is on deposit in the United
States banks $2,022,479,824. In this condition of the banks suppose a scare
should come (and it would come now if the depositors knew the condition
of the banks) and a run by depositors should be made. The banks have
$75,000,000 available cash to pay depositors, and doubtless have securities to
the amount of deposits loaned out and denominated " cash assets " b y banks,
and may make them available if no crisis comes; but such a scare as came
in 1890, without assistance from the Treasury, would precipitate a run by
depositors and a panic would follow such as this country has never seen.
The failure of a few great firms would precipitate it at any moment.
Amidst such a panic the cash assets of banks would not sell for 50 cents
on the dollar—for a time would not sell at all. Men who own them could
not pay them for lack of money, and depositors would lose their deposits,
and suffering and distress follow, and general depression follow that. It
has been said that the depreciation of stocks and property in New York
alone amounted to $100,000,000, owing to the scare of 1890, and to fabulous
sfims throughout the United States. Such a panic as is now threatened on
account of the faulty system of the currency would cause a depreciation of
property in America that can not be estimated, but would surely reach to
thousands of millions.

That report was written during- the first session of the JTiftjrsecond Congress, though not acted on by the full committee until
late in the second session. W e are now at the place foreshadowed in that report.
There was no panic then, but deeply imbedded in our defective
monetary system and vicious management of banks lay the causes x
that needed only to be seen and known to producc a scare and a
Anyone, however dull, could see that seventy-five millions
could not pay two billions. Of course, the banks could pay out
the pro rata of the deposit reserve as they paid the deposit; but
that would not give them more than $150,000,000 to pay $2,022,000,000—8150 with which to pay $2,022—one dollar with which
to pay thirteen.
That was the balance sheet the depositors found* They were
told they could not get their money because it had been used by
the banks or in speculation or loaned out. They drew out what
they could get, but still the United States banks owe depositors
over $1,800,000,000. No bank will loan money now even on
United States bonds as security. Every one of them will tell
you the reason it can not loan is because it fears a run by depositors. The banks are all gathering every dollar they can rake
and scrape and putting out none, miking money scarcer all the

time, putting it more and more out of the power of those who
have borrowed depositors' money to pay it back. Money-owners
who, have large sums of money to invest are holding it waiting
for property to go to bottom prices—waiting until people are
compelled to sell at 50 cents on the dollar. We are advised by,
these gentlemen to take a recess after the Sherman law shall
be repealed. Certainly, destroy silver coinage, reduce property
to still lower prices, and then, like obedient servants, go home
and leave the panic on the farmers, until speculators can buy
their wheat at 40 and 50 cents a bushel and then come back and
make good times for the speculators to sell it in. Perhaps it
may last long enough to enable them to get the cotton crop at 5
or 6 cents per pound.
The President's message puts it briefly but strongly when it
At times like the present, when the evils of unsound finance threaten us,
the speculator may anticipate a harvest gathered from the misfortune of
others, the capitalist may protect himself by hoarding, or may even find
profit in the fluctuation of values.

The harvest is not yet quite ripe enough for the speculators
and the capitalists. When the scarcity of money shall have reduced prices so that the capitalists can own the* securities and
property upon which they have advanced half the value, and
speculators can buy at their own offers, then the sickle will be
put in and the harvest gathered.
Then, when the silver and silver mines shall laave been purchased by English and American syndicates, these same people
will favor free coinage of silver. England will open the Indian
mints to free coinage, and again the people of both nations will
be robbed by legislation dictated by the Bank of England.
It is not wonderful that depositors become frightened with all
the Eastern bankers and moneyed institutions proclaiming the approach of financial ruin; the great journals of^the country, with
flaming headlines, announcing the same thing, and both in concert assuring the country that all the gold was being exported
to pay foreign debts and because the balance of trade was against
us. It is estimated that deposits average about $100 to the depositor; $1,800,000,000 of deposits still owed by the United States
banks—that means 18,000,000 depositors. These people put away
small savings against a rainy day, against sickness, against hard
times, against such times as these, and now they are starving
with certificates of deposit in their pockets. They are told
they can not get their money until public confidence is restored.
The reply is on every poor sufferer's tongue: " W e had confidence in you when we deposited our earnings with you to guard
against distress, and now deep distress is upon us, and we are
about to die of too much confidence. Men who take our money,
knowing these facta, with the promise to return it on demand,
and then deliberately use it in such a way that they know they can
not return it to us, then tell us to wait until we get confidence in
them by act of Congress, are unworthy of confidence, and no act
of Congress can delude us into it, and it is unworthy of Congress to try to deceive us, and it ought not to be a party to this
'confidence' game."
No matter, say grave legislators and financiers, that the Sherman law is not the cause of the stringency; the people think it
is, and we must repeal it, and they will think it is all right, and

their confidence in the banks will be restored. Then we have
been called here to treat the nation for hysterics by the faith
method, and must be a party to a deception and a fraud.
The Chinese, it is said, beat tom-toms on the house tops to
scare the fiend from the face of the moon when it is eclipsed, and
the people rejoice as it passes off.
But we underrate the intelligence of the American people when
we undertake to inspire their confidence by rattling the Sherman law in these Halls to drive this fiend from the face of this
land. Why not be honest with the people, and go straight to
the root of the evil and eradicate it? To see us honestly at work
in a sensible way will give them confidence, and they will wait
with manly patience in-hope of relief and that some day they
will get their money; but this deception will only increase their
suspicion of Congress as well as of the bankers. They know
there is not money enough nOw to pay them; and we go to work
to destroy half of what there is in order to inspire their confidence, and to that extent put it out of the power of the ver^ people
to whom the banks loaned the depositors' money to pay it back.
What a superb set of financiers*we are, anyhow!
I believe it is within the power of this Congress, aided by the
Administration, to relieve the stringency, revive business, and
restore the country to prosperity within sixty days, by restoring
silver coinage in some form and increasing the circulation $20
per capita, or more, in Treasury notes; which can be done in a
very short time. The day such a bill would become a law business
would commence to revive; enterprises could resume in confidence of getting nioney without paying a premium; workmen
would return to work; farmers would revive their hopes of fair
prices and prepare to ship; freights would move; depositors
would see a chance to get ^ome money from circulation, and cease
to depend upon and clamor for their deposits; money-hoarders
would loosen their grasp, and even hurry their money into circulation, in the hope of stopping the issuance of more; they would
take the lash from over the shoulders of Congress and the Administration, and say they did not mean to hurt the country so
What a spectacle it is for a great government to have complicated its monetary system so that a few men, however wily, can
dictate its legislation and policy. And what a humiliating confession it is that the Government is powerless to relieve this
unexampled distress except by coaxing the money out of the
hands of Shylocks by granting them legislation to first increase
the value of the money they have by destroying that which the
people have. It is the imbecile confession that this Government
is unable to protect the weak against the strong. Money is the
vitalism of prosperity and' the chief element in the machinery
of civilization; the happiness of the people depends upon it: they
have a right to have a sufficient quantity to transact business,
and the government that withholds it, or enables others to do
so violates its duty to the people, to liberty, and to God, and is
unworthy. To admit that it is so enmeshed in a web of its own
weaving that it can neither extricate itself dor its people, is to
admit that centralization ol power has already triumphed. The
Republicans announced that to the people and they undertook
to elect a President and a Congress that could extricate them,
and thought they had done so.

The people sent here the new management to undo the mischief wrought by years of Republican legislation. Let it not suggest its own abdication in confessing its inability to accomplish
the task, by attempting: no departure but hastening to complete
the work of silver demonetization, a feat that the Republicans
failed to accomplish in twenty years' assiduous labor. If the
knot can not be loosed, better to cut it and give to the people
money to do business with and relief and prosperity with it, even
if the great manipulators should fail to reap the anticipated
harvest of their colossal scheme to the full extent of their
plans. Then will business revive, then will the unemployed go
to work, the people will take heart, and depositors will hope
that some day they will get their money, which they want more
than confidence. As I said a while ago, this Congress, aided by
the Administration, can relieve this stringency at once and put
it beyond the power of combinations to further strangle business; and if it fails to do so I fear it will require more than one act
of Congress to restore confidence of the people in its members.
Mr. Speaker, it is a familiar strategical movement fo? a commander to make a furious attack, with much noise and flourish
of banners and trumpets, at one point while he as secretly as possible moves to strike his enemy a fatal blow at another. The
Silver men have uncovered this movement by asking that silver
be restored at least to where the enactment of the Sherman law
found it. Every man who favors repeal strikes viciously at that
proposition. So that the vote on Monday next will divide unerringly the monometallists from the bimetallists on this floor. The
great contention between the two metals commenced in 1873, in
a piece of knavery that required the courage of conviction to
The great force behind the movement still is the Republican
party, vigilant, skillful, and daring, and while Eastern Democrats and a few from mining districts and cities of the South and
West favor it, the great Democratic party does not favor it.
This is simply the home stretch in a great race. It is the last
charge of the twenty years' battle. It is managed with skill.
Napoleon, nor <*Jrant, nor Hood, never dro^e their columns upon
opposing lines with more reckless disregard of human life than
do these gentlemen trample upon the slaughtered prosperity of
this country—not for the purpose of rehabilitating it, but for the
purpose of accomplishing what they started out to do twenty
years ago; and that must be done, no matter who falls, no matter who suffers. The ruined prosperity of this country is regarded as but a trifle in their way. Human sympathy is sneered
at; and the rights and liberties of the people are denominated
by the accomplished, and educated, and highly cultured gentleman from the City of Churches [Mr. HENDRIX, of Brooklyn, N.
Y.] as " rot." Thus culture answers argument.
The gentleman from Massachusetts has another remedy to put
a stop to the demands of you Western gentlemen. Reduce the
representation. That is the way to get at it. Several other gentlemen concurred in this view. They say that l t these Western
people have too much representation anyhow." That is their
doctrine; and directly we shall find every Eastern Democrat
joining in that cry, I presume. The nearest that the gentleman
from Massachusetts could come to the present financial condition was the financial policy of Moses. Moses, as he told us, had

discovered the principle and commanded " Thou shalt not steal."
I wish to say that if such literature had been disseminated in
tract form in the East awhile ago, the West and South would
have been better off. [Laughter.]
The gentleman from Ohio [Mr. HARTER] has been pretty well
discussed. The nearest that he came to the present situation
was "Lycurgus!" [Laughter.] But there is some similarity between Lycurgus and our present situation as represented by
the gentleman from Ohio and his associates. One point is that
Lycurgus is supposed by the best historians to have been a myth.
Plutarch gives us most of the information we have about Lycurgus, and he says he never heard anything or learned anything
about Lycurgus that was not absolutely controverted'. Modern
historians and critics relegate him entirely to the realms of
myth. But there is another real similarity between that country and this, now. Sparta was the ruler of the surrounding
provinces and people. By laws accredited to Lycurgus, the people who dwelt around the cities (New York and Boston and Philadelphia, for instance) had a freehold right; they had something
to say in the making of the laws; but the people who lived beyond
in the provinces (the trans-Allegheny people, the trans-Potomac
people, for instance) were the Helots; they had no rights but to
serve and to bring the rents of their land to the people of Sparta,
amounting to half the products of their lands. No doubt the
Spartan code has charms for the gentlemah and his confreres.
Pursue the present policy; and while the people around the
cities may have some say for awhile; yet let them cross into the
valley where the farms are all mortgaged so that the reduction
of prices to result from the legislation now proposed will pass
them into the hands of the mortgagees at 50 cents on the dollar;
and then the idea of the gentleman from Ohio will be carried out;
and the Mississippi Valley and the South and the Western Slojje
will be inhabited by Helots, bringing half the products of their
lands to Sparta. So that we must come to something nearer
home for elegant diction than the gentleman from the City of
Churches; we must come to something nearer the present time
than the teaching^ of this Moses from Massachusetts and Lycurgus from Ohio. [Laughter.J
This contest is not between the East and the West, as sectional
dividing lines; it is between the creditor and the debtor classes;
it is between that class who by means of vicious legislation
hold mortgages on human effort and the masses of the people
who exert that effort in the production of the wealth of this
country. The gentleman from Massachusetts said he looked
upon the opposition to the demonetization of silver as evidencing
the disposition of the debtor to get out of paying a part of his
debt. Why, sir, the men in the West and South borrowed the
silver and the silver certificate; they are as honest as any man
even from the State of the polished gentleman from Massachusetts. [Laughter.] They are willing to pay dollar for dollar of
their indebtedness. They are willing to pay back the same
dollar with interest and costs.
But when they received silver and when in return for the silver you took the mortgages upon their farms and other property,
they are not willing, and they never will be willing^ to return a
dollar of double value for every dollar that they received; that
is the English plan to absorb profits in America. That they can

not do; and it is not expected. It is expected the property of
those men will go into the hands of the creditor class and the
farmers of the West and the farmers of the South will become
tenants on their own domain. There is the ultimate object of
Mr. BRYAN. May I interrupt the gentleman for a moment?
Mr. STOCKDALE. Certainly.
Mr. BRYAN. Do you not think it rather hard, after loaning us
the money taken from us by a high tariff system, to try to get
back twice as much now?
Mr. STOCKDALE. Yes, I do think it is hard on us; but they
do not seem to think it hard. Why, the very manner of these
gentlemen we see here indicates their opinion that the debtor
class have no right to object to anything that the creditor class
demand. If they do,'these gentlemen seem to regard them as
refractory. [Laughter.] They boastingly refer to the crushing
of the banks of the silver States, because the people talked not
to suit them, and threaten other localities where banks exist.
Was there ever such a despotism?
These manipulators of money have so managed as to reap the
profits of the cotton and sugar and rice crops of the South, and
now they are turning to the fatter lands of the great West, and
you gentlemen of the West dare not be refractory, or you will not
get any money for your business purposes there in future. It
seems, too, from the declarations of the gold men, that with all
our vaunted wealth and independence we are a dependent nation
of borrowers. There is no terror to the East like the fear that we
may offend European money-lenders and they may stop credit.
You tell them that in Boston; in New York, in Philadelphia,
and other places, and you at once drive the people to their knees.
But we are told by these gentlemen that they are " bimetallists."
Well, I did not know that there was such a variety of them.
[Laughter.] They tell us absolutely that they are bimetallists,
and that the way to keep the two on a parity is to demonetize
silver. The way to keep two things on a parity is to kill one
and embalm the body. But the grimest sarcasm I have seen is
made up by the Sherman law and the pending bill for repeal
and the Senate bill.
The act of July 14, 1890—the Sherman law—provides that the
Secretary of the Treasury shall coin 2,000,000 ounces per month
until July 1,1891, "and after that time he shall coin of the silver
bullion purchased under the provisions of this act as may be
necessary to provide for the redemption of the Treasury notes
herein provided for." It also provides that these notes be paid
in coin, leaving it in the discretion of the Secretary as to what
proportions of gold and silver. The language of these provisions
is mandatory, and it was obeyed as to the coinage of two millions
per month up to July 1,1891, but the same language, "shall," in
the other clause was regarded either directory or void on account
of the last clause, which is in these words:
It being the established policy of the United States to maintain the two
metals on a parity with each other upon the present legal ratio or such
other as may be provided by law.

The construction of that clause and the practice of the Treasury Department under it is given in the President's message, as
This law provides that in payment for the 4,500,000 ounces of silver bullion

which the Secretary of the Treasury is commanded to purchase monthly,
there shall he issued Treasury notes redeemable on demand in gold or sliver
coin, at the discretion of the Secretary of the Treasury, and that said notes
may be reissued. It is, however, declared in the act to be " the established
policy of the United States to maintain the two metals on a parity with each
other upon the present legal ratio or such ratio as maybe provided by l i w . "
This declaration so controls the action of the Secretary of the Treasury as
to prevent his exercising the discretion nominally vested in him, if by such
action the parity between gold and silver may be disturbed. Manifestly a
refusal by the Secretary to pay these Treasury notes in gold, If demanded,
would necessarily result in their discredit and depreciation as obligations
payable only in silver, and would destroy the parity between the two metals
by establishing a discrimination in favor of gold.

From this it appears that the declaration in the Sherman law
that gold and silver must be kept at a parity prevented absolutely the use of any silver unless called for, and took away
entirely the discretion of the Secretary conferred by the act and
made the law the same in effect as though it had declared that
no silver be used in the redemption of those notes, whereas the
contrary was declared. That part of the Sherman law is not to
be repealed, but remain in force, and the Senate bill enlarges
the declaration of policy; and when either bill shall become
law the Secretary will be absolutely prohibited from using a
dollar of silver unless it is called for. And yet they tell us
with straight faces that they are bimetallists.
The SPEAKER pro tempore* The time of the gentleman has
Mr. BRYAN. I move that the gentleman have leave to conclude his remarks.
There was no objection.
Mr. STOCKDALE. I will not trespass upon the time of the
House. I did not know that I had occupied so much time. I
was talking of bimetallists. I thank the gentleman from Nebraska and the House for this courtesy.
Mr. PENCE. Will the gentleman permit a suggestion?
Mr. PENCE. Speaking of bimetallists, and what you think of
the anomalous position of some members of this House and those
throughout the country who claim to be bimetallists, might not
this be an interpretation: simply as to the pronunciation of the
word? Some members have got to believe that a man who is in
favor of one metal with Which to buy another, makes him a bimetallism [Laughter.]
Mr. STOCKDALE. Well, it would be as creditable to the good
sense of these gentlemen as their position is when they claim to
be bimetallists and support the pending bill and oppose the coinage of silver. I do not mind a man playing a farce before me,
but I do not like him to show me the greenroom. The idea of
men wishing to demonetize silver, in order that we must be reduced to a gold standard, and saying we are in favor of maintaining both these metals, is showing me a very shabby greenroom.
It was said on the floor the other day by the gentleman from
Kentucky [Mr. MCCREARY] that this was a matter for international agreement. Knowing that the gentleman from Kentucky
had been a member of the Brussels monetary conference, I desired to ascertain the impression he received there, he having
been a bimetallist heretofore, and knowing the gentleman's

ability and fairness. He spoke as follows, in answer to my inquiries:
Mr. STOCKDALE. W i l l the gentleman from Kentucky allow me to ask him
a question?
Mr. MCCREARY of Kentucky. Yes, sir.
Mr. STOUKDALE. W a s the gentleman a member of the International Monetary Conference?
Mr. MCCREARY of Kentucky. Yes, sir; I was one of the commission who
represented the United States at the International Monetary Conference
held in 1892 at Brussels, in Belgium.
Mr, STOCKDALE. Will the gentleman give the House his opinion, before
he sits down, as to when we shall arrive at the free coinage of silver through
an international commission?
Mr. MCCREARY of Kentucky. I will he very glad to attempt to give what
information I have on the subject in answer to the question of m y friend
from Mississippi.
There have been three international monetary conferences held, two of
them by request of the United States, one by the request of the United
States and France. The first one was held in 1878, the second in 1881, and
the last in 1892.
W h e n the first conference assembled, in 1878, there were but twelve nations represented. W h e n the second conference assembled, in 1881, there
were but thirteen nations represented. W h e n the conference was held last
year twenty nations were represented and all the delegates were in their
seats the very day that the conference was called together. W h a t does that
show? It shows the deep interest that ail the nations were taking in monetary questions. It shows that that interest had increased as the years had
advanced. W h e n that conference assembled at Brussels it was welcomed
by the minister of finance of Belgium, Mr. Beernault, who, in his address
inaugurating the conference, declared that " those who will find a remedy
for the difficulties and perils of the actual monetary situation will certainly
merit well of humanity."
And the able and distinguished president of that conference, Mr. Montefiore Levy, in accepting his high office, said, with much force, ''that the
delegates had assembled to find, if it exists, a means of palliating by a more
general use of silver in monetary circulation the serious inconvenience
from which every civilized nation suffers to a more or less degree."
I refer to these statements because when that conference met the minister
of finance of Belgium who greeted us, the president of the conference who
addressed us, and every member who made a statement on that floor, speaking for either of the twenty nations there represented, admitted that there
was a serious monetary condition in Europe.
Mr. STOCKDALE. W i l l the gentleman permit another question for information?
Mr. MCCREARY of Kentucky. Yes, sir.
Mr. STOCKDALE. Is it true that during this increasing interest in this
subject of which the gentleman speaks those nations have been demonetizing silver?
Mr. MCCREARY of Kentucky. I will show the gentleman from Mississippi
[Mr. STOCKDALE] that the demonetization of silver by European nations was
mainly done twenty years ago. They are now beginning to feel the evil
effects of their course, and have therefore willingly attended monetary conferences. England legally adopted the gold standard in 1816. Germany,
taking advantage of the immense sum of gold paid her as the French war
indemnity, started to demonetize silver In 1871, and the law, I believe, was
passed in 1873. The Scandinavian states of Sweden, Denmark, and Norway
changed to the gold standard in 1874, and the countries forming the Latin
Union, consisting of France, Belgium, Italy, Switzerland, and Greece, in 1876
were compelled to suspend the coinage of silver, though silver still circulates
there in large quantities. Holland and Spain took similar action about the
same time, and Austra-Hungary changed from silver to the gold standard
in 1872, and India has lately closed her mints to the free coinage of silver, but
the G overnment still has the right to coin silver. *
England has always like a lion blockaded the way to international bimetallism, but the feeling among her people in favor of international bimetallism
has greatly increased in the last few years, and if England would lead the
way I believe there is no doubt but that the Latin Union countries would
unite with the United States in an international agreement.
I have great admiration for Mr. Gladstone as a statesman, as a scholar,
and as a leader, but he became attached to tbe gold standard more than a
half century ago and he will not modify or change his views now.
The day will come when he will cease to be prime minister of England;
then friends of bimetallism, with such leaders as Balfour, Goschen, Houldsworth, Thompson, Chaplin, Archbishop W a l s h , and many others, will show

to the world that they appreciate the value of international bimetallism, and
a new monetary policy will be inaugurated in England which other countries in Europe will follow, and that is the time, I will say in answer to the
question of my friend from Mississippi [Mr. STOCKDAiiE], when the chance
for free coinage will coj»e through international action.

I interrogated the distinguished gentleman from Kentucky
[Mr. MCCREARY] because he is one of the best informed men in
this country on that subject and believes in that plan to solve this
most vital question, and he certainly gave a comprehensive view
of the situation in few words in his answer; and it shows that
the sentiment of the civil ized nations is for bimetallism; that the
financial condition, in Europe is perilous on account of the demonetization of silver; that European nations have demonetized
silver under the influence of England; that their experience has
taught them it is wrong; that the American Congress is now engaged in a movement to degrade the United States into their
ranks at the behest of English policy—and we shall not be released and allowed to resume American policy until England shall
take the lead. I assent to the declaration of the honorable gentleman from Kentucky that England has always blockaded the
way to bimetallism and that her overshadowing influence in this
country is wonderful and humiliating. That the people of this
country are for bimetallism was proven in the election of 1892,
and it is now conceded that a majority of both Houses are against
it, owing to an overplus of convictions and courage. No one objects to gentlemen having the courage of their convictions; the
complaint is that their convictions were not made known sooner.
Upon the vote on these pending propositions being recorded
on Monday next the gold-standard men of England and America
will have triumphed over a majority of the United States
people, and the doctrine of subserviency to England's policy established. Then it becomes interesting to know about how long
America will have to wait in the anteroom before England will
please to open the door to bimetallism. The gold men assert
tfce truth in the declaration that England is the creditor nation
of the world, and that under her influence eleven European states
have demonetized silver in the last twenty-two years, and that
England closed the mints of India to free coinage within the
present year.
England's hand was laid rudely upon our financial system in
1873. The people were startled and have made many patriotic
efforts since to throw it off, but never quite succeeded. Now her
tightening grasp shows her power and her skill; day by day the
pressure increases, and next Monday the last gasp will be throttled out of the white metal. English investments in this country
are estimated at five to eight billion dollars, mostly in securities;
by the demonetization of silver her claims will be increased in
value at a moderate estimate five hundred millions.
Mr. Speaker, how often it has been rung in our ears in this debate that the wage-worker wants a single gold standard because
he can buy twice as much with the gold dollar—and so can the
millionaire. That is an inadvertent confession that this legislation is to increase the value of the gold dollar for the gold
owners. Wage-workers have no gold, and they will have to give
more labor to get it, and by their system of issuing their own
checks and brass-tag money to employes, "Good for merchandise
at the company's store," will take good care that they do not
get it. But they will clamor for high wage prices and high wages,

but swindle the workingmen out of the high wages' dollars. Most
other nations owe England money. She is intent on controlling
the gold of the world and by that means control the business of
the world, as she already does its commerce.
When, think you, England will hoist the signal that she is
ready to lead the way to bimetallism? I tell you England is not
near through with ner crusade against silver, and with the
United States as a trophy in her triumphal train she will easily
bring the other American countries to her feet. And when
England leads the way to free coinage we may know that she
has possessed herself of the silver and silver mines of the world
at her own figures. If we have the manhood becoming national
representatives of a great nation, let us come out from behind the
transparent ambuscade—the Sherman law—be honest with the
people and ourselves, and go before them in open day, ranged on
opposite sides of the real question: gold and silver money on
one side and single gold monoy on the other. We will underrate the intelligence of the American people if we masquerade.
The honorable and learned gentleman from Kentucky, fresh
from a conference with their leading men, said—
that the demonetization of silver hy European nations was mainly done
twenty years ago. They are now beginning to feel the evil effects of their
course, and are, therefore, willing to attend monetary conferences.

And yet, in the fac3 of twenty years' experience of European
nations that demonetization brings evil, we are about to degrade
America into the same attitude: and, declaring in the same breath
that evil will come to the United States unless we have bimetallism, we, too, must crouch and wait for England to become glutted
with gold. That is Keely cure, sure enough! We are going to
gorge England with gold to give her an appetite for silver!
There are too many actors in this plav to avoid some incongruous phases appearing. It is admitted, and the President's
message so declares, that agriculturists have done their duty and
made abundant crops; that business men have done their duty:
workingmen and industrial enterprises have done their duty;
that no cause exists that commonly produce panics; yet "suddenly financial fear and distrust have sprung up on every side,"
says the message most truthfully. Where is the Pandora box?
The banks and money owners have inadvertently pointed to it by
literature sent to members and put in the press; members of Congress in this debate have done the same. They say it is want
of confidence, and the repeal of the Sherman law, with no substitute, L edemonetization of silver—will restore confidence; but
if any substitute should be adopted confidence will not be re*
stored. Then chines the arrogant declaration, " D o what we
want and money will be let out in plenty, but your refusal will
continue the panic."
Thus we have before our eyes what many of us have predicted
for years—a few men turning the keys and locking out of sight
the money of the country until the people shall succumb to their
will. That great medium of exchange that was intended for a
blessing inestimable is turned into an engine of oppression and
a biting curse. A few men can stop industry, turn hundreds of
thousands out of employment, with wives and children to starve,
spreading havoc among a nation's prosperity that they themselves
may thrive; * They can stand a panic. They have $1,800,000,000
of depositors* money and decline to pay it, but gather up all the

money in the land, so n j borrower c m get it, and then close out
the men to whom they loaned the depositors' money, 'ihat is
worse by far than requiring bricks without straw.
These are the institutions that present themselves as fit subjects for the confidence c-f the people and ask that further power
be given them by allowing them to issue 10 per cent more money,
telling us at the same time there is too much money issued now
and asking Congress to destroy half of it. The Congress will
never do its duty to the people until it wipes out every United
States bank and takes the clutches of the Government off the
States r.nd lets them have their own banks.
But what motive could these intelligent men have ior producing money stringency, is asked? Many a manipulator of locks
and drawers with false keys have escaped by crying 4 'Stop thief!"
and pointing at some insignificant b^ing without friends. That
the panic has become more serious than they expected, I have no
doubt. But the bankers wanted the Sherman l<iw repealed.
First. Because it was enlarging the circulation with full legaltender Treasury notes—just what the people demand and the
banks oppose.
Second. This was the currency of the people—a full legal tender issued directly to the neople from the Government, and
paid no royalty to the banks and did not come through their
hands and pay them interest. They would risk much to have
it put out of the way. That was the first act in the conspiracy.
Then they wanted silver destroyed, because it would be issued
to the people, and whoever had silver bullion could get silver
money and pay nothing to the banks. Hence silver is to be destroyed, and ^s a result 61,600,000 silver dollars will go out of
circulation—$326,000,000 silver certificates will go out of circulation—making bank currency more in demand and necessitating
its increase largely. That is the second act in the conspiracy..
Then $132,000,000 of gold were exported to compel the Government to issue bonds to bring it back—to furnish investments for
English and American capitalists and to increase banking. That
is the third act in the conspiracy. And the coming generation
may have occasion to read with gratitude and pride the history
of an Administration that could neither be driven nor cajoled to
enslave posterity by a perpetual debt to supply criminal profli-.
gates with money. They play for high stakes; it is for the power
to absorb the earnings of all Americans who work with their
hands. That is to be the new slave code without the beneficent
features of the old; and they threaten to keep this distress upon
us until we enact it. The Senate, with more deliberation and
courage, may check this madness. It will not be the first time
th^t body has saved the country from the revolution legislation
of this House.
With factories stopped, mines closed, mills shut down, with sawmills shut down, people begging bread, with bread riots threatened, with business interests of this country paralyzed, the business men of the country having- failed to remedy the evil that
they have got us into, the President and his Cabinet have failed
to remedy it in any degree, and the people demand something.
The President has called Congress together; which he did, and
very properly. He sends his message to us, stating what he believes; but, gentlemen, you are the men to relieve this stringency and this distress and this thrlatened revolution and ter3rs

ror and destruction. Here we are, 354 Representatives of the
greatest people of the world, the assembled wisdom of the United
States in both Houses, here we have been for two weeks and all
we can do and all we can propose is a repeal of the Sherman law.
For God's sake! [Laughter.]
But they say the repeal of the Sherman law will restore confidence. Confidence in whom and by whom? Can we by an act
of Congress restore confidence between the bankers of New York
and the bankers of Philadelphia? They are too smart to have
any confidence in this thing.
A MEMBER. Or in each other. [Laughter.]
Mr. STOCKDALE. Or in each other < They are like a man
down in my country, the sheriff of some county in Mississippi.
He had been a wicked man. There are very iew of that sort
down there. [Laughter.] He was taken suddenly ill, and was
about to die, and sent for a preacher; and my good old friend Mr.
Strickland, a Methodist preacher—who has since gone across the
dark river and rests under the shades of trees on. the other
shore—got out of his bed at midnight and went and labored with
this man, who was greatly distressed about his condition. ^ He
prayed with him, sang to him, and talked to him. He could direct the man's mind nowhere except to bewail and bemoan his
condition. At last the good preacher got worried and tired and
somewhat vexed, and.said he', " M y dear sir, I can not save you.
I can do nothing but direct you the way. You must have confidence in Christ." Said the man, " I do have confidence in Christ
and in God, and all those good people up there, but the trouble
is they have no confidence in me." [Laughter.]
No matter how much we exhort for confidence; no matter how
much confidence bankers may have in depositors and in the people, the depositors have no confidence in them, and Congress
can not legislate it into them until their mOney that is fraudulently locked up shall be paid to them.
I say that the man who receives my money, knowing that that
is the object of my deposit, knowing that I want to put my money
where I can lay my hands on it when I want it, and who then
puts it where fie knows I cannot get it when the trouble comes,
makes a dishonest use of the money. It is a breach of trust and
a crime. Now let the depositors know that, and there is no mistake about the fact, for the report of the Secretary of the Treasury shows it—let the depositors come up and demand their
$1,800,000,000 of money from the banks. These bankers willsay,
" Why, you ought to have confidence in me. You don't know
what you are talking about. The Sherman law has been repealed." [Laughter.]
That this crime was deliberately perpetrated is shown by the
fact that when the panic of 1890 came, and was only averted by
the Secretary of the Treasury, the United States banks owed depositors $1,488,000,000. Instead of preparing themselves to pay
that sum, they deliberately went to work and increased the
amount of deposits to $2,022,000,000 in 1892, an increase of $512,000,000 in two years with a coming panic in their faces.
Well, I can not dwell on that any longer, though it is a fruitful theme. I believe 1 have the right under the rules to enlarge
m y r e m a r k s i n t h e RECORD.

The SPEAKER pro tempore. Yes; that may be done indefinitely.

Mr. STOCKDALE. Well, I will not trespass on the time of
the House more than to say afew words. I do not want any revolution. I am not in that line at all. We had some experience
in that some years ago, and I could give gentlemen valuable advice on that subject. 1 tried that for four years against the
United States Government. [Laughter.] I do not want the
Democratic party disrupted either. We owe too much to it.
We owe to it the existence of our country—when the nameless
reconstruction business was in progress. There is no word in
the English language to describe that period. I have been a
student of the English language for forty years, and I never
saw the phrase that would describe the reconstruction period.
You do not know anything about it. The worst oppression, the
worst villainy, the worst persecution that you ever read of would
bear no comparison to that which our country suffered after the
war. We did not complain of the "war. That was a conflict between men; but it was- after the war that we suffered. And it
was the great Democratic party that drove the miscreants from
our land, and let our women and children have a home and live.
It was the great Democratic party that always championed the
cause of fair play for the agriculturists of the country, and labored to relieve them from the burdens they have borne for a
generation, heaped upon them by a conscienceless crew of taskmasters.
A Government by the people for the people, moderate taxar
tion, currency sufficient to transact the business of the country,
justice to all and special privileges toj none, gold and silver
money, are the time-honored and cherished principles of that
veteran patriotic party that has battled *for the rights of the
people until the honors of nearly a century rest upon it. Exorbitant taxation, a government by the few for the few, contracted currency, demonetization of silver, gold money only,
centralization of power, and force bills are the cherished principles of the Republican party. The battle is on between these
two great divisions of the American people. The one for the
enslavement of the working people; the other for the freedom
and equality of all. The finances of this country, West and
South, is the vital question of the times, far overreaching the
tariff. It is whether the people who produce the wealth shall
control it after it is made, or hand it over to masters who will
allow them a scant living and punish them for disobedience by
stinting them to bread and water?
Notwithstanding this extremestof Republican tenets may triumph with a Democratic majority in both Houses, yet the majority of Democrats are opposed to it and still on the side of the
people, and Democracy will grow in the mighty, growing, unconquerable West, and do valiant battle for the liberties of the people against monopolistic oppression.
It was the great Democratic party that beat back the force
bill, which would have been to us worse than anything that had
happened before. Is it wonderful that the South is solid, or
that we should vote with unanimity with the great party that
saved us?
Mr. PENCE. Will the gentleman permit a question?
Mr. STOCKDALE. Yes, sir.
Mr. PENCE. You say it was the great 'Democratic party that

secured the South its rights by preventing the enactment of the
force bill.
Mr. STOCKDALE. That is what I say.
Mr. PENCE. Is it not a fact that in the Fifty-first Congress,
when the Republican party was in power, with a Republican
President, a Republican House, and a Republican Senate, the
force bill was proposed by the President and was put .through
the House; that the only hop3 of the South to prevent the enactment of that bill into a law was in the Senate, and that there the
hopes and aspirations of the Southern people were answered, and
they were saved and protected, not by the Democratic party, because it was in the minority, but by the votes of Republican Senators from the Western mining States, who were broad enough
and patriotic enough to believe that you and your people were
right and entitled to home rule?
Mr. STOCKDALE. Well, the question is pretty long, and I
have not time to answer it in detail, though I would like to do
so. I will say this, however, that the Democratic party in solid
phalanx opposed the force bill, and that the Republican party
almost in solid phalanx favored it and drove it through this
House with but four Republican votes against it. Not only so,
but that imbecile—I mean innocent—I might as well, perhaps,
let the first adjective stand [laughter], that innocent measure introduced here by the gentleman from Massachusetts [Mr. LODGE]
was very little worse than the present election law, but when
the machine came over from New York and was closeted with
the leading Republicans, the bill that came out from that conference was a diabolism, and Senator TELLER put the mark of
Cain upon its brow when he said it was the most infamous document that ever crossed the threshold of the Senate.
In the Senate no Democrat voted for it, but the Republican
party drove itjihead with all their power, and seven Republican
Senators, I believe, were all that could be found in this great
Union who were willing to step in between one section of this
country and annihilation of its prosperity, and they were elevated to that position because of their broad and liberal views.
They were statesmen, with hearts and souls as well as intellects j
and were willing that the people's money should be coined for
them as well as gold for the few. Therefore I do say that we
owe our existence to the Democratic party.
But I desire to say that, had I the power, I would raise the
grandest and highest monument to those great-hearted men,
that they might see it while they still live, in commemoration
of their "great act, moved as they were by the sense of justice
and patriotism within them, confronting the poisoned shafts of
their party press rather than be party to the destruction of the
prosperity and peace of a portion of their own race and countrymen and fellow citizens.
Now, I say to gentlemen from the East, we will not disrupt
the party, but we will not forsake the interests and the rights
and the prosperity of our own people; we will not do that to follow the East or to follow any living man. [Applause.] Our homes
and our firesides demand our votes and our voices. If you go,
gentlemen, it will not be we, but you that will breik up the party.
Nay, it will not be broken; it is strong enough West and South to
live and flourish. Out of the
votes that nominated Mr.

Cleveland, 450,1 think, were from west of the mountains and
south of the Potomac. One hundred and sixty-seven Democratic
members of this House and 35 Senators are from the same territory. Out of the 277 electoral votes that put Mr. Cleveland in
the Presidential chair, over 200 were from the same territory.
Gentlemen, you can not wag the dog. [Laughter and applause.]
When you sound the long roll and start eastward to demonetize the money of the people and to hand them over to masters,
when you get your columns in motion you will find a few followers
straggling across the Long Bridge, and some few will come from
the West and stand upon the top of the Alleghanies doubting
whether to come down or go back, but when th'ey see what your
contention is and your objects they will say: Ephraim is joined to
idols, lethim alone. [Laughter.] I say that the Democratic party
will live, and will have silver coinage with or without the Eastern Democrats. We will erect a university west of the mountains and teach better ethics than subserviency to English policies. We will arouse the people from the lakes to the Gulf. W e
will wind the bugle blast from the Rocky Mountains to the
Alleghanies, and from the Golden Gate rounding the Sierras to
the Atlantic shores, and with the votes from 47,000,000 people,
nearly all Democrats, we will come across here in 1896 with a
Democratic President, with a Democratic House, and with a
Democratic Senate. [Laughter and applause.] We will bring
them with us, and we will take free coinage of silver home with
us. [Applause.]