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* Tariff Reform" and want of confidence In the Democratic Administration
t^e principal causes of present financial troubles.

H O N .


W .

H U L I C E ,


Friday, August


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

Mr. HULICK said:
Mr. SPEAKER: Until yesterday it was not my intention to engage in the discussion of the issue that is now brought before
this extra session of Congress. Having listened, however, during this debate with intense interest, I had hoped that I could
come to a conclusion that would be satisfactory to my mind when
I should be called upon next Monday to cast my vote. But I
regret to say, Mr. Spsaker and gentlemen of this House, that I
doubt whether the result of the repeal of the purchasing clause
of the so-called Sherman law will be what the people of this
country hope for.
This discussion, so long continued, does credit to this House
and to the gentlemen who have engaged in it. It has proven a
revelation to our paople that will give them new ideas, new
thoughts, new inspirations, and will educate them to better understind the financial system not only of our own country but
that of foreign nations as well.
I c m not, at this stage of the discussion, at this late hour of
the night, and within the limited time allotted me, enter into a
consideration at length of the questions of " facts, figures, ratios,
and rates," and of the principles that should govern in the settlement and solution of thi questions of finanC3 that are
agitating the minds of the Amsrican people, and which are exciting an intense interest throughout the civilized world. Nor
will I give data or quote from tables of finance. They have been
furnished by those more skilled and better versed in finance>


and are published to the country in the reports of the proceeding's of this House.
If, now, at this late hour I were satisfied that, when the vvote
shall bs taken, the result and the effect would be what the President hopes it may be, what the people of this country without
reference to their party affiliations hope it will be; if I could
be satisfied that, when the vote repealing the Sherman law shall
be published to the world, the machinery now idle will be started,
the unnumbered thousands who are now oat of employment will
be given labor; that the banks will open their doors to their depositors and invite them to come and get their money and their
business accommodations: if thereby confidence in the Government will be restored and the terrible forebodings of the unemployed shall be changed to hope, then can we go home and feel
that this extra session of Congress has not been called in vain.
I fear, however, that such will not be the result.
When that law shall be repealed, as I have no doubt it will be,
what then? The President has called this extra session to repeal
that law, but has suggested no substitute, and no other remedy
for the evil times that are upon us; why, we can not tell. It will
be for Congress, in its wisdom, to determine, unaided by any suggestion' of the Chief Executive, to provide a remedy.
The radical difference of opinions and contrariety of sentiment
expressed upon the floor of this House by the party that will
control legislation for the next two years gives little hope for
satisfactory results. And why? Mr. Speaker, I, in common
with very many of my countrymen, do npt believe the Sherman
law is the primary cause of the panic that now prevails so alarmingly in this country. I do not think the President thought so
when he was elected in November last. - He certainly did not
think so when he was inaugurated, else he would have said
something about it in his inaugural address, and would have
called the attention of the country to the threatening cloud of
distress that w is fast settling down upon this country.
During tlie Presidentiii campaign tne people were warned by
the Republicans of the d-rnger of placing in power a party with
the record the Democracy had made r.nd the threatening
pledges in their platform concerning the.repeal of the "robber
tariff/' as they designated it. In the great State of Ohio, protection to American industries was the all-absorbing issue. In
the Sixth district of Ohio the Sherman law was not mentioned
in the press or on the stump during that campaign.
Our people were not disturbed about the money they had in
their pockets, whether it was gold, silver, or greenbacks. The
great question uppermost in their thoughts was how to honestly make money, how to keep that money good, how to keep
it on a parity in its purchasing power, and with which of the
two great political parties, the Republican or Democratic,
should ba intrusted the administration of this great nation: with
which of these two organizations we should intrust the welfare
of the poor and the rights of the rich; with the interest of the
miners of the West and the rights of the manufacturers and
bankers of the East; with the interest of the corn and wheat
growers of the North and those of the cotton-growers of the
South; and above all, with which of these two parties should be
intrusted the pensions of our noble, brave, worthy, and never-tobe-forgotten soldiers, who saved our country from defeat and ruin.

These, and not the Sherman law, were discussed. Nine-tenths
of the psople did not know th ,t such a law w. s on the statute
book and the other tenth who did know had no fears about it.
The Democracy had declared in the Chicago platform, that—
We denounce the Republican protection as a fraud, a robbery of the great
majority of the American people for the beneat of the few. And further*
that the Federal Government had no constitutional power to impose and
collect tariff duties.

Every Democratic newspaper and every Democratic stump
orator emphasized these assertions and made their party followers believe that they were being robbed by a fraudulent and unconstitutional tariff law, that was the " culminating- atrocity of
class legislation." They made their appeals to the poor working people, exciting their prejudices, and promised them ''its
repeal as one of the beneficent results that would follow the action of the people in intrusting power to the Democratic party."
They further declared that—
Since the McKinley tariff went into operation there have been ten reductions of the wages of laboring men to one increase. W e deny that there has
been any increase of prosperity to the country since that tariff went into

And at the very hour when that platform was written the
country was never before in so prosperous a condition, and had
been since the en ictment of the McKinley law and so continued
until the first Tuesday of November, in the year of our Lord
1892, closed with the election of Grover Cleveland as President,
and placing in full power in this Government the Democratic
Then, ^ nd not till then, did confidence give way to distrust.
From that hour came forebodings of dis aster; business men began
to take on a serious look; they started later and walked slower
to their places of business. Thoughtful men everywhere began
to seriously examine the record of the party that was so soon,
ah, Mr. Speaker, too soon, to enter upon the administration of
this Government. They began with Sumter and followed it to
Appomattox. They reviewed it from 1861 to 1892; they sought in
vain among the statutes of our land for any law that party had
ever enacted, or any measure it had ever advocated for the good of
our country. They found nothing but ante-election platforms,
that opposed every measure for putting down the rebellion, or
furnishing money to prosecute the war, and to pay the soldiers
their pensions, and, last of all, when the principles and pledges
upon which that party came into power was considered, distrust
took the place of confidence, and for the first time in thirty years
did the business men of this country realize the perilous situation
in which the business interests of this country were placed.
The shadows of a Democratic Administration were beginning to
fall upon the people, and they became nervous: failures followed
failures; banks were suspended; men who were rich to-day were
paupers to-morrow: distrust en every hand.
Still, there were those who h id faith to believe that all. was not
lost. " The wish was father to the thought." No one seemed
more hopeful than President Harrison, who had given this country one of the very best administrations on record—clean, honest,
free from all scandal, dignified, stitesmanlike, and for which
"future generations will rise up and call him blessed." In his
message to the last Congress, in December, he says;
In submitting my annual message to Congress, I have great satisfaction in

toeing able to say that the general conditions affecting the commercial and
industrial interests of the United States are in the highest degree favorable.
A comparison of the existing conditions with those of the most favored period in the history of the country will, I believe, show that so high a degree
of prosperity and so general a diffusion of the comforts of life were never before enjoyed by our people.







There never has been a time in our history when, work was so abundanj
or when wages were as high, whether measured by the currency in which
they are paid or by their power to supply the necessaries and comforts of
life. • * * And this brief exhibit of the growth and prosperity of the
country will give us a level from which to note the increase or decadence
that new legislative policies may bring to us. There is no reason why the
national influence, power, and prosperity should not observe the same rates
of increase that have characterized the past thirty years. W e carry the
great impulse and increase of these years into the future. There is no reason why in many lines of production we should not surpass all other nations
as we have already done in some. There are no near frontier^ to our possible development. Retrogression would be a crime.

Such was the condition of our country under Republican administration of protection to American labor and encouragement
to Americ m industries. The great force of these utterances consists, not in the fact that they were made by the President of
the United States, but because they were true as Holy Writ.
In his message to Congress on the 8th day of August Mr. Cleveland confirms what ex-President Harrison said. Mr. Speaker, I
will read what he says:
Our unfortuate 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 g owth 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, suddenly financial distrust and fear
hav§ sprung up on every side.

Mr. Speaker, what caused this financial distrust and fear to
" suddenly spring up on every side? " It could not have been
the "robber tariff/' for Mr. Cleveland says there was 4'unusual
invitation to safe investment," and with satisfactory assurance to
business enterprise." The President, however, unwittingly, in
his message, gives the cause:
It may be true—

Says he—

that the embarrassments from which the business of the country is suffering arise as much from evils apprehended as from those actually existing.

I ask gentlemen on the other side of the House, whether there
were not in fact just grounds existing for apprehension and distrust? A party that never before had full power intrusted to
them—that party had asked " a change of Administration and a
change of party, in order that there might be a change of system
and a change of methods."
Mr. Speaker, the change did come, and. Oh, my countrymen,
what a change! From prosperity to adversity, from riches to poverty, from remunerative wages to starving penury, from employment to idleness, from happiness to misery, from enterprise in
business to stagnation in every industry, from the humming
spindle to the silent engine, from investments in saving societies
by the laborer to wrecked bmks and disappointed depositors,
from the cheerful (unbegrudging) allowance of well-earned pensions to a mean, despicable scheme to rob the old soldiers of
their just dues. Ah, yes, a change had come, from a want of
confidence in the Democratic party, "from evils apprehended."

The so-called Sherman law had been in force about two years
and a half' under a Republican Administration and no panic occurred. Evils were not then apprehended. The Republican
party had a proud history, and patriotic leaders in whom the
people had confidence. What brought on the panic was the fear
the people had that the Democratic party would do what they
said they would do if they were placed in power—that they would
repeal the McKinley tariff and inaugurate free*trade.
Mr. Speaker, while I do not believe the Sherman law was the
primary cause of the panic, not withstanding, I will vote for its
repeal, for two reasons: First, because the people have been led
to believe that it is responsible for the business disturbance, and
its repeal will, to some extent, tend to restore confidence; and,
secondly, I am not in favor of the Government being compelled
to purchase 4,500,000 ounces of silver every month at a loss to the
Government of millions of dollars annually.
Now, the people of this country are satisfied with the money
they have. The people of my district and of my State are in
a position to do equal and exact justice to all sections of our
country in the settlement of these troubles that are upon us.
They have no prejudices against, nor special favors for, any industry in any section of the country. They are ready to do exact and equal justice to the miner of the West and to the banker
and manufacturer of the East.
They wmt to see that the farmers of the North shall be protected alike with the cotton-growers of the South. They have
no disposition to do otherwise. My constituency are equally interested in the prosperity of all the varied industries of our
whole country, and favor those laws and policies that will result
in the greatest good to the greatest number; and especially are
they wedded to the principles of protection to American labor,
American skill, American genius, American enterprise, and to
the best interests of the American people.
Mr. Speaker, my constituency are not so much disturbed about
the money they have in their pockets as they are about how they
can honestly by their labor and skill make more.
I hold in my hand a silver dollar that has the United States
stamp upon it. I hold in my hand a paper promise that a dollar
shall be given the holder for it. I also hold in my hand a coin
that I offered to the barber this morning to get shaved, and he
said, " No," shaking his head," I do not want it." And why did
he refuse it? Simply because that coin was used eighteen hundred years ago, and,.while it bears the stamp of the government
that issued it and was the coin of that time, it is worthless today because there is no government behind it to redeem it.
The Roman Empire has long since passed away, and that coin
which has been carried for twenty-five jrears as a pocket piece
is valueless. On the one side it has the impression of the palm
leaf, on the other the burning incense that was intended to carry
the thoughts of the holder to Heaven as an indication that he
would trust in that money and the Government that issued it.
I hold in my hand a silver dollar issued by this Government,
the intrinsic value of which to-day is about 55 cer^ts. But the
Government stamp is upon it, which declares it to be " one dollar. " And then, as if this were not sufficient security to the holder,
the further inscription is added, *£ In God we trust.*' When the
people have money indorsed by the United States Government,

with all its vast resources, developed and undeveloped, " a Nation whose God is the Lord," whose administration is republican,
and Ben Harrison its President, then it is the people have implicit
confidence in its money and finance, and peace, prosperity, and
happiness reign supreme. [Applause.]
No legislation should be had that will demonetize silver; on
the other hand, there should be no special legislation in its behalf at the expense of the Government, or to the detriment of
other industries. The product of the mines, until it is coined
into money, should be regarded in legislation like the product
of every other industry in the land; and because silver is used,
put of which the Government coins money, is no reason why the
silver mine owner, or the workers in them, should have special
legislation in their behalf.
They should be placed on equal footing with the owners and
workers in the lead mines and other similar industries. Nevertheless, such legislation should be favored that will encourage
and foster our silver industry consistent with the general good
of the whole people.
In other words, the value of silver should not be artificially
enhanced by special legislation and the Government compelled
to purchase and store it away in the vaults of the Treasury.
Nor is it to the interest of the country to coin silver bullion
into dollars of less intrinsic value thnn a gold dollar. Bimetallism is what our country needs; my constituents believe in it,
the people of Ohio believe in it; they have become wedded to
both gold and silver. The Republican platform on which Governor McKinley is a candidate for reflection declares for it and
demands that the currency shall consist of gold, silvep, and
paper, all of the same purchasing power on a parity with each
other. The great majority of the business men of this country
believe in this doctrine.
The business interests of this country do not require that the
volume of circulating medium be decreased by having gold drive
silver out of circulation, nor by having silver drive gold out of
circulation, but they do demand both to circulate on an equality
which will give every producer for his products and to every
workman for his labor a full, sound dollar, whether it be gold,
silver, or paper.
Now, Mr. Speaker, it is decreed that silver shall remain as part
of our currency. If you will only insure the people sound, honest currency they will be satisfied.
[Here the hammer fell.]
Mr. MEIKLEJOHN. Mr. Speaker, I ask unanimous consent
that the time of the gentleman from Ohio be extended for five
There was no objection.
Mr. HULiICK. Mr. Speaker, I thank the gentleman and the
House for this courtesy. I will promise not to trespass over the
time suggested by my friend.
Mr. Speaker, what should this Congress now and here do in
the premises?; The answer is plain: repeal the purchasing clause
of the so called Sherman law and put an end to the purchase of
silver bullion at an annual loss of millions to the Government,
a theory that c m not be supported by reason, or defended in
practice.' The law ought to be repealed (in fact it should never
have been enacted) for another reason: the people think it is the

cause of all these hard times, and the imaginary is as oppressive
as the real cause.
As I was passing out of this Capitol building the other day, a
lady nervously asked me u if the Sherman law had been repealed." <( No, not yet,*' I answered. "Well," she said, 141 am
sorry for that. I don't know what in the world we are all going
to do if something ain't done very soon."
r Before I left home an Irishman said, " Well, Jedge, when will
Congress mate?" "On next Monday at 12 o'clock, Pat." "Well,"
said he, " d o you think they will repale the Sherman law?" I
answered I did not know. The Democrats are in control and
no telling what they will do. "And, sure," he continued, " I
have been out of work for two months and do you think they
will repale it by Saturday night so I can go to work on Monday
morning, sure?"
Now, Pat and that nervous little woman are representatives
of tens of thousands of just such as they, and nothing will satisfy
them but the repeal of that t,errible Sherman law. And many
actually believe that Senator J O H N S H E R M A N was instrumental
alone in the passage of that law, and he alone is responsible for
all these troublous times. One year ago that sams Irishman believed he was being oppressed by the " robber tariff." These
are the 1 Apprehended dangers" of which President Cleveland
speaks in his message.
To the extent that these fears will be removed, the repeal of
this law will do good. And this, with the stopping of the purchase of silver bullion, will justify such action on the part of this
These may be and doubtless are to a large degree imaginary
evils, nevertheless they are as if they were reil to the people.
Mr. Speaker, we have all heard of the college students who
played a joke on the professor. One student met him, asked him
how he felt. " O h , " says he, " I never felt better in my life."
The student told him that he looked very pale. Another met
himand said, " Why, professor, what is the matter; you lookpale;
are you sick?" u Well," he said, " I don't feel very well, but I
guess there
nothing serious." Another met him and said,
" Why, professor, what in the world is the matter; you certainly
are sick." " Well," replied the professor, " I am very sick, I
don't think I can live long without I get better. Will you send
for the doctor while I go home and go to bed." The doctor,
who was in the secret, was sent for. With a long face and wise
look he felt of the patient's pulse, looked at his tongue, took the
condition of respiration, sounded his lungs, and tested his heart,
then put hot bricks to his feet, ice bags to his head, mustard
plasters on his chest, and gave him a dose of flour pills, with the
doctor's benediction upon the remedies. Next morning the professor was fully restored to his normal condition. [Laughter.]
If the repeal of the Sherman law will do as much to restore
the people to their normal condition the remedy is worth trying. It is really more of a faith cure than anything else. But,
Mr. Speaker, is the repeal of this law all that is to be done now?
The President has asked only that. But will the party that is
responsible for the legislation in this, body think that nothing
more is demanded? I address myself to the other side of the
House, and say that you can not shift the responsibility.
This side of the Chamber will assist you in all wise measures


looking to the restoration of confidence on the part of the people that in the judgment of the Republican minority will accomplish that end. These are questions that 4 'rise above the
plane of party politics," as the President says in his message.
The Democratic party that elected him will have to heed this
injunction and rise above their politics and their party before
the people will have confidence in what they do.
A gentleman on the other side asks "What would the Republican party do if it were in power?" I answer, Mr. Speaker,
that it would only do as Moses was commanded when he was
leading the children of Israel out of bondage, "Stand still and
see the glory of the Lord." The Republican party, if it were in
power, would have to do nothing. The history and achievements of the Republican party are " known and read of all men,"
Out of rebellion it brought forth peace, out of chaos it established order, from the curse of slavery it converted four million
bondsmen into freemen; out of almost irretrievable bankruptcy
and ruin it established one of the best systems of finance known
to the nations of the world, from a " wild-cat" currency it gave
us the "greenback" currency. Place this party in power in
this Government, and distrust and doubt and fear will give
way to faith and hope and confidence, [applause.] And now,
with only eight months of Democratic rule, the people of this
country are sighingfor the good old Republican times, when
peace and plenty and happiness reigned. "When the righteous
rule the people rejoice; when the wicked reign the people
mourn" is as true now as the day Solomon wrote it.
But, Mr. Speaker, I must not digress; one word and I have
Let Congress provide for the appointment of a monetary commission. Let it be composed of the very best financial talent to
be found in our country, nonpartisan and nonsectional. Let every
commercial, agricultural, mechanical* manufacturing, and mining interestof our whole country be represented by men of broad
minds and liberal views as to the needs of our people, with favors
for none but blessings for all. Let them be authorized to sit during the recess of Congress. Let them take testimony and perfect a financial system that will establish a just and fair ratio between gold and silver, that will meet the demands of commerce
and trade, that will develop our mines, and at the same time inspire the people with confidence. Let this commission report to
to the regular session the results of its deliberations. Congress
can then be enabled to intelligently enact such laws as will give
stability to our currency, encouragement to financial enterprise
and industrial pursuits, and establish a monetary system that
will at once command the confidence of our people and challenge
the admiration of the world. [Applause.]