"Then Mr. Sherman pointed out the important legislation that was so sadly needed, not the least being some provision for the deficit of the government, which, he quoted Secretary Carlisle as saying, would be $50,000,000 this year. 'These things cannot be evaded,' he said, while the Senate lingered on his words. 'We must decide the silver question one way or the other. If you,' he added, looking the Democrats in the fact, 'cannot do it, then retire from the Senate Chamber, and we will fix it on this side, and do the best we can with our silver friends who belong to us, who are blood of our blood, and bone of our bone. But yours is the proper duty, and, therefore, I beg of you, not in reproach or anger, to perform it. You have the supreme honor of being able to settle this question now, and you ought to do it.'
"Mr. Sherman ceased, but the thrall of his words remained long after his venerable form had disappeared. No Democrat answered him. Mr. Voorhees, who had sat within arm's reach of him on the Republican side, crossed the Chamber to his own seat, and sank down as a man laden with deep care."
The debate continued in the Senate until the 30th of October, when the Senate substitute was adopted by the vote of 43 yeas and 32 nays. Of the yeas 22 were Republicans, and of the nays 20 were Democrats; so that the bill in the Senate was supported by a majority of Republicans and opposed by a majority of Democrats. On this important question the President was acting with a majority of Republicans and a minority of Democrats, and it is to his credit that he firmly held his ground in spite of the opposition in his party.
On the 1st of November, when the amended bill came to the House, Mr. Wilson moved to concur in the amendment of the Senate. A casual debate followed, mostly by Bland and Bryan against the bill, and Wilson and Reed for it. The Senate amendment was agreed to and the bill as amended passed by the decisive vote of yeas 194 and nays 94, and was approved by the President on the same day. The law thus enacted is as follows:
"That so much of the act approved July 14, 1890, entitled 'An act directing the purchase of silver bullion and issue of treasury notes thereon, and for other purposes,' as directs the Secretary of the Treasury to purchase from time to time silver bullion to the aggregate amount of 4,500,000 ounces, or so much thereof as may be offered in each month at the market price thereof, not exceeding one dollar for 371.25 grains of pure silver, and to issue in payment for such purchases treasury notes of the United States, be, and the same is hereby, repealed. And it is hereby declared to be the policy of the United States to continue the use of both gold and silver as standard money, and to coin both gold and silver into money of equal intrinsic and exchangeable value, such equality to be secured through international agreement or by such safeguards of legislation as will insure the maintenance of the parity in value of the coins of the two metals, and the equal power of every dollar at all times, in the markets and in the payment of debts. And it is hereby further declared that the efforts of the government should be steadily directed to the establishment of such a safe system of bimetallism as will maintain at all times the equal power of every dollar coined or issued by the United States, in the markets and in the payment of debts."
Thus the vital principles of the act of July 14, 1890, remained in force, and the provisions for the purchase of silver bullion and for the issue of treasury notes were repealed. The maintenance of the gold standard, the parity of all money whether of gold, silver or paper, and the payment of all bonds of the United States in coin, were preserved.
The free coinage of silver is still upheld by a large body of those who are interested in mining it, or who want to pay their debts with a depreciated coin; but the danger of the adoption of this policy is lessening daily. It received a severe blow by the action of the Ohio Democratic convention in 1895 in rejecting it by a vote of more than two to one. The bimetallic system of maintaining all forms of money at par with gold will probably soon be fully established. To complete this system and to extend it to our paper money it would be wise to gradually withdraw treasury notes and silver certificates and replace them with United States notes supported and maintained by large reserves of gold. Thus all kinds of paper money issued by the United States would be of the same form and value. The great mass of standard silver dollars, amounting on August 1, 1895, to $371,542,531, now held in the treasury represented by $320,355,188 of silver certificates in circulation, is the one great disturbing element in our finances. But 51,746,706 standard silver dollars are in circulation, and experience has shown that a greater amount cannot be kept out among the people. The certificates representing the silver dollars are in circulation and a legal tender for customs dues as well as for all debts, public and private. They must be treated as United States notes, and maintained at par with gold coin, or the parity of our coin and currency will be endangered. They now enter into the general aggregate of our legal tender money and are largely used in the payment of customs duties, and when received are paid out for the current expenses of the government. While supported by the aggregate silver dollars in the treasury, and the pledge of the public faith to maintain them at par with gold coin and United States notes, they are a safe and useful currency, but any measure to increase these certificates, based upon the coining of more silver dollars from bullion alleged to be gain or seigniorage, would seriously impair the ability of the government to maintain their parity with gold. The great depreciation of silver bullion has resulted in a vast loss to the government and its disposition is the most serious problem pending in Congress.
During the entire extra session of 1893 the body of the Democratic Senators and Members were placed in an awkward position. They were desirous of aiding the President, but their constituents behind them were generally in favor of the free coinage of silver. In some of the northern states, especially in Ohio, the Democratic party had declared, in its convention, in favor of free coinage, and now their President demanded, in the strongest language, the repeal of the only provision of law for the purchase or coinage of silver. The House promptly responded to the appeal, but the Democratic Senators hesitated and delayed action until after three months of weary debate. Their party had a majority in each House, and should have disposed of the only question submitted by the President in thirty days. Voorhees was the first Democratic Senator to announce his purpose to vote for the repeal, although previously an advocate of free coinage, and he, as chairman of the committee on finance, reported the bill of the committee, while others lingered in doubt. The Republican Senators, except those representing silver states, as a rule, promptly avowed their purpose to vote for repeal, although they had voted for the law.
After the call for the extra session was issued, I had expressed my opinion of silver legislation, but I did not wish to embarrass the President. When interviewed I refused to answer, saying the people had called upon the present administration to handle these questions, and neither I nor anyone should do aught to add embarrassment, when so much already existed. When Congress met, the Republicans remained quiet, and did not seek to embarrass the administration, but it was soon ascertained that a decided majority of them would vote for the repeal of the purchasing clause of the act of 1890, but against any modification of any other provision of that act. The position of the Republican Senators from the states west of the Mississippi River was also known. They would vote against any change of the law, unless they could secure the free coinage of silver. During this period the position of the Democratic Senators was unknown, but it was rapidly developed, with the result already stated.
Congress adjourned on the 3rd of November. The closing days were memorable for their excitement. For fourteen consecutive days the Senate did not adjourn, but from time to time took recesses. On the 31st of October the journal had not been read for fourteen days.