The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1893-08-05
The Situation.


Congress will assemble in extraordinary
session at noon on Monday next. 1t has
been called to take action, as far as 1t can
be done By legislation, to give relief to the
business and financial interc is OF the
country and restore confidence and pros
perity.
Every Senator and Representative ar
irving in Washington for the past week
who would talk for publication has been
interviewed, and these interviews show
wide divergence of opinion. Almost all
agree that the Sherman act must be re-
pealed, but the advocates of the-retention
of silver as a medium of exchange are not
DISPOSED TO let the Sherman act 20 without
some further legislation providing for the
retention of silver as money and providing
for an increase in the volume Of the cur
rency proportionate to the growth and ne
cessities Of the country. Gold Is now, and
must be. the standard of value, because 1t
is the worlds standard, but there Is not
half enough of gold in the world to form
basis for a sufficient volume of currency
for the demands of trade and COM
merce, and silver must be maintained as
money or the basis of circulation. And
in view of the repeal OF the coinage act IN
1873 and the disposition of capital ever
since to discredit silver, it would be well
for the advocates of bimetallism 10 hold on
to what they have until the policy OF the
monomeiallists is not only outlined but ac-
tualy passed In other words, the repeal
and the new legislation ought 10 be COM
bined in one BILL
The ADVOCATE has never regarded the
Sherman law responsible for all the bust
ness and financial ills that now afflict.
The most of them have been Inscribed to 1t,
and its repeal is necessity as step to-
ward restored confidence.
The present troubles began in 1890, with
the Barring Bros. failure. The unloading
of American securities by foreign holders
and the Withholding of English capital
from American enterprises added further
to business distress, and the exaggeration
of the Distress by stock dealers and bank
ers finally produced the condition that now
confronts us. Added to this has been the
ridiculous allegations of Il large proportion
of the Republican press and cheap politi-
clans that the Democratic party intended
to put the country on Il free silver and Tree
trade basis A certain class, the spall fry,
have been heading reports Of bank failures,
MAnother Bank gone Democratic, for
partisan ends In order to discredit
Democratic Administration, and thus
strengthen the Republican party, the Re-
publican press and politicians have been
doing all they could 70 create distrust.
Every failure of bank, assignment of
business firm or closing of manufactOry
has been hailed with delight. If Repub-
lean success could be attained thereby,
they would be willing to see the country
20 to the verge Of total bankruptcy.
The situation is bad, but not half so
serious as depicted The weak banks and
business houses that have been tottering
for some months, have gone to the bottom,
and the worst is over. The balance of foreign
trade is now in our favor and gold is being
re-shipped to this country. The govern
ment gold reserve has gotten above $780,
100000, the imaginary safety mark, and
matters are beginning to right themselves,
Legislation is not the panacea for bust
ness depression and staguation. 1t can
aid, but as long as stock specuations are
INDUCED in, towns and cities are built on
paper, and gambling in wheat, pork, grain
and other products is carried on, and all
4his is likely to be done for alf time, finan-
.eial and business troubles like the present
may be expected at certain periods We
have had them at periods about twenty
years apart since the early days of the CEN
fury, and they may be expected in the
future.