The United States Since the Civil WarLingley, Charles Ramsdell
History
The United States Since the Civil War
Lingley, Charles Ramsdell
United States -- History -- 1865-1921
The situation when Cleveland's second administration began on March 4,
1893, was complex and critical. The annual expenditures had increased
by $119,000,000 between 1880 and 1893, while the revenue had expanded
by only half that amount; the surplus had decreased every year during
Harrison's administration and a deficit had been avoided only by the
cessation of payments on the public debt; the supply of currency in
circulation was being heavily increased by the operation of the Sherman
law; and the gold reserve had been kept at the traditional amount only
through extraordinary efforts on the part of Harrison's Secretary of
the Treasury as the administration came to a close.
Cleveland's attitude toward the Sherman law was well-known. He had long
urged the repeal of the Bland-Allison act; before the election of 1892
he had predicted disaster in case the nation entered upon "the
dangerous and reckless experiment of free, unlimited, and independent
silver coinage"; it was his belief that the distresses under which the
country labored were due principally to the Sherman silver purchase
law. He therefore called a special session of Congress for August 7,
(1893), sent a message giving a succinct account of the operation of
the law and urged its immediate repeal.[5] In the House, repeal was
voted with surprising promptness, although a strong free-silver element
fought vigorously to prevent it. That party lines were broken was
indicated by the fact that two-thirds of the Democrats and four-fifth
of the Republicans voted in accord with the President's request.
In the Senate the silver advocates were stronger. The entire history of
coinage was discussed at length. Members who favored repeal disliked to
overturn the tradition of the Senate which allowed unlimited debate,
and the silver senators therefore filibustered through the summer and
early fall. Senator Jones of Nevada made a single speech that filled a
hundred dreary pages of the _Congressional Record_. Senator Allen of
Nebraska quoted more than thirty authorities, ranging from the Pandects
of Justinian to enlivening doggerel poetry. Feeling ran high. In the
West, Jones, Allen and others were looked upon as heroes; in the East,
as villains. To a satirical onlooker it seemed that the nation had
become insanely obsessed with the question of repeal:
All men of virtue and intelligence know that all the ills of
life--scarcity of money, baldness, the comma bacillus, Home
Rule, ... and the Potato Bug--are due to the Sherman Bill. If it
is repealed, sin and death will vanish from the world, ... the
skies will fall, and we shall all catch larks.
Public-domain text, read in full here on John Shaqi.
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