law enacted by the Fitty-first Congress as the culminating atrocity of class legislation," and "we promise its repeal as one of the beneficent results that will follow the action of the people in intrusting power to the Democratic party." We also demanded a tariff for revenue only. Is there any more reason for separating the repeal of the Sherman law from the enactment of bimetallic legislation than there is for separating the repeal of the McKinley bill from the enactment of a "tariff for revenue only" measure? Having harmonized with Mr. Sherman, shall we proceed to harmonize with Mr. McKinley? There are many Republicans who tell us now that the prospect of tariff reduction has destroyed confidence to a greater extent than the Sherman law has.

In order to avoid another manufacturer's panic will it be necessary to abandon another tenet of the Democratic faith and give up all hope of tariff reduction? Unconditional repeal will make it more difficult to restore free bimetallic coinage. It cannot aid bimetallism without disappointing the dearest hopes of those gentlemen who are most active in its support. If it were not so serious a matter it would be interesting to note the mortification which must come either to the gold supporters or to the silver supporters of unconditional repeal. They are working in perfect harmony to secure exactly opposite results by means of this bill. Who will be deceived? This is only the first step. It will be followed by an effort to secure an issue of bonds to maintain gold payments. Senator Sher man, the new prophet of Democracy, has already stated that bonds must be issued, and we know that last spring the whole pressure of the monied interest was brought to bear to secure an issue of bonds then. Do you say that Congress would not dare to authorize the increase of the public debt in time of peace? What is there that this Congress may not dare to do after it has given its approval to the iniquitous measure now before us?

It has also been suggested that the silver dollars now on hand be limited in their legal-tender qualities. We need not be surprised if this suggestion assumes real form in attempted legislation. It has already been proposed to increase the cir culation of national banks and thus approve of a policy which our party has always denounced. But we need be surprised at nothing now. The party can never undergo a more complete transformation upon any question than it has upon the silver question, if the representatives really reflect the sentiments of those who sent them here. We have been told of the great blessings which are to follow unconditional repeal. Every rise in stocks has been paraded as a forerunner of coming prosperity. I have taken occasion to examine the quotations on one of the staple products of the farm, and in order to secure a basis for calculation, I have taken wheat for December delivery.

I give below the New York quotations on December wheat, taken from the New York Price Current. The quotations

are for the first day of the months of June, July, August, September, October, and October 30, or as near those dates as could be gathered from the Price Current, which is published about twice a week.

June 1, December wheat, 83%.

(Special session called June 30, to meet August 7.)

July 1, December wheat, 81%.

August 1, December wheat, 75.

(Congress convened August 7.)

September 1, December wheat, 74%.

(Senate debate continuing.)

October 1, December wheat, 74%.

(Compromise abandoned and repeal assured about October 23.) October 30, December wheat, 71%.

(Unconditional repeal passed Senate evening of October 30.) October 31, December wheat (post-marked report), 69%.

The following is an extract from the market report touching the general situation in New York and the grain market in Chicago. The report appears in the morning issue of the Washington Post, November 1.

Big Scramble to Sell-The Change of Sentiment Was a Surprise to the Street-London Began the Raid-Those Who Believed the Passage of the Repeal Bill Would Lead to Heavy Buying Orders, and Had Purchased for a Rise, Also Turned Sellers and Sacrificed their Holdings-Rallied a Little as the Market Closed-The Business on 'Change.

New York, October 31.

Yesterday's vote by the Senate repealing the Sherman silver law did not have the effect on the stock market that the bulls expected. In the first place, London cabled orders to sell various stocks, much to the disappointment of local operators, who were confident that the action of the Senate would result in a flood of buying orders. The liquidations for foreign account induced selling by operators who had added to their lines on the belief that the repeal of the silver purchase act would instantaneously bring about a boom.

When it was seen that instead of buying the outside public was disposed to sell the weak-kneed bulls tried to get out.

Chicago, October 31. Wheat was very weak throughout the entire session to-day. The opening was about 1 cent per bushel lower than the closing figures of Saturday, became weak, and after some minor fluctuations prices further declined 1% to 2, then held steady, and the closing was 2% to 2% lower than the last prices of Saturday. There was some surprise at the course of the market, which became consternation, and at one time amounted almost to a panic, when little or no reaction appeared and the price continued to sink. The fact of the matter was that traders were loaded with wheat and were merely waiting for the opportunity to sell. The bulge toward the end of last week gave them this chance and they were quick to take advantage of it. The silver repeal bill having been discounted for several days had little or no effect in the matter of sustaining prices. New York stocks were weak and much lower and this speculative feeling was communicated to wheat. Yorkers who have seen the big bulls for so long were selling to-day, and it was said that there were numerous orders from abroad on that side of the market.

New

Corn was dull, the range being within three-eighths of a cent limit. The tone was steady and at times an undertone of firmness was noticeable, although prices did not show any essential changes. The accumulations of cash corn during the past three days were the cause of a somewhat liberal offering of futures early, but after a time they be came light, and the market dull. The opening was at a decline of 4

to %, but on a good demand an advance of % was made, receding to % later, and closing 1⁄4 to 1⁄2 under the final figures of Saturday.

Oats were featureless, but the feeling was steady. There was very little trading and price changes were within cent limit, the closing being below Saturday.

From the statement given it will appear that wheat has fallen more than 14 cents a bushel since the beginning of the month in which President Cleveland issued his call for the extra session. The wheat crop for 1892 was about 500,000,000 bushels. A fall of 1 cent in price means a loss of $5,000,000 on the crop it those figures can be taken for this year's crop. Calculated upon December wheat the loss since June 1 has been over $70,000,000, or one-sixth of its value at the beginning of the decline. The fall of 2 cents on yesterday alone, after the repeal bill passed the Senate and its immediate passage in the House was assured, amounted to $10,000,000. The fall yesterday in wheat, corn, and oats calculated upon a year's crop amounted to more than $17,000,000. Are these the first fruits of repeal? Wall street was terribly agitated at the prospect of a slight reduction in the gold reserve. Will they take notice of this tremendous reduction in the farmer's reserve? The market report above quoted says:

Yesterday's vote by the Senate repealing the Sherman silver law did not have the effect on the stock market that the bulls expected. In the first place London cabled orders to sell various stocks, much to the disappointment of local operators, who were confident that the action of the Senate would result in a flood of buying orders.

Is it possible that instead of money flowing to us, it is going to flow away in spite of repeal? The argument most persistently made by the advocates of repeal was that money would at once flow to this country from Europe and relieve us of our stringency in the money market. The business centers became impatient because the Senate insisted upon a thorough discussion. Some of the papers even suggested that the Senate ought to be abolished because it stood in the way of the restoration of confidence. Finally the opposition was worn out, the bill was passed, just as the metropolitan press demanded, and behold it is greeted in the market by a general decline. We may now expect to hear that the vague, indefinite, and valueless tail added in the Senate as an amendment has prevented returning confidence, and that it is our highest duty to repeal the caudal appendage of the Wilson bill, just as the repeal of the purchase clause of the Sherman law was demanded. For twenty years we have denounced the demonetization act of 1873, and yet we are now prepared with our eyes open, fully conscious of what we are doing, to per petrate the same crime. We leave silver just where it was left then, except that there was provision then for trade dollars which this bill does not contain. You may assume the responsibility, I shall not.

The line of battle is laid down. The President's letter to Governor Northen expresses his opposition to the free and

unlimited coinage of silver by this country alone. Upon that issue the next Congressional contest will be fought. Are we dependent or independent as a nation? Shall we legislate for ourselves or shall we beg some foreign nation to help us provide for the financial wants of our own people?

We need not fear the result of such a contest. The patriotism of the American people is not yet gone, and we can confidently await their decision.

CHAPTER X.

DEMOCRATIC DIFFERENCES.

The Republican Convention, with its sensational incidents, was followed by a season of extraordinary activity within the lines of the Democratic party. The Prohibition and Populist elements were for the time less objects of consideration among the politicians than was the growing divergence of opinion between the factions of the Democratic party. As Democratic state convention after state convention was held, it became more and more evident that the silverite wing of that party was extending its influence. In the East this influence was not so prominent, but in the West and South it spread with astonishing rapidity. It became evident some time before the convention was to be held in Chicago, July 7, that the silverites-that is those in favor of the free coinage of silver at a ratio of 16 to 1-would have a majority of the convention, and it became later apparent that they might possibly secure the two-thirds, which, according to the time-honored Democratic precedent, were necessary for a nomination. The assembling was dramatic in every feature.

There had lately been erected in Chicago a vast structure known as the Coliseum, intended for the accommodation of such great gatherings as this, and the incoming multitude of delegates and alternates found the most