The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1893-08-09

Placing the RespOnsibiIityw where
At Belongs.

ht Belongs.
In view of the unfair and untrue utterances
Of the Republican press relative to the present
financial disturbance and consequent business
stagnation throughout the country. it becomes
necessary. and is indeed the duty of every paper
protesting the interests and welfare of the nation
to present its readers with a calm. unimpassion-
ed consideration of the situation and its proba-
BILE cause and remedy.
II, as the Republican leaders are claiming,
the reasons lie in the uncertainties of the tariff
future. this influence will be very short lived for
our friends may rest assured that the great
Democratic party will obey the voice of the
people. who demanded an equitable revision OF
the tariff by such an overwhelming majority,
last November. and who elected Democratic
President and Congress to inaugurate this very
reform. Furthermore, if. as these radical pub
ications assert. the net lowering and equaliza-
ton Of custom duties should result in further
commercial or industrial prostration, this last
viii be Of shorter duration than the first, for the
obvious reason that a system founded in natural
reason and justice will speedily recover to the
country all its former thrift, and advance it in
the lines of true and permanent prosperity. The
fundamental laws of trade never change, and
system founded ON an artificial basis will pro-
duce only artificial results. The inevitable COL
lapse comes, sooner or later. Possibly it were
better for the immediate welfare of the young
and well nigh exhausted Republic, at time
when the people had all but lost faith in their
own future, that George Washington should
have instituted monarchy instead of a Gov
eminent by the people; but who now questions
or does not respect the unselish patriotism and
profound wisdom of the venerated man, in es-
tablishing nation whose polty meant freedom
and individual sovereignty for all time to come?
Legislation for temporal purposes is one thing,
and that underlying and following the destiny
of people..a very different thing. The latter
must follow the course Of basic principles, or
result in evil.
The tariff, adjusted on the lines indicated
above, win speedily work out its own and the
salvation Of the country, in spite of the political
pessimists. be they sincere or otherwise. But
we apprehend the real cause of the trouble ex-
lists in the condition of our finances. "The
lack Of confidence, instead of proceeding from
the tariff question, we trace to a very different
source. viz: the Sherman silver purchase act,
albeit the act was the result of Republican leg
islation.
That we are not alone in our opinion, and
that it is not based entirely on partisan consid-
eTations, we present the resolutions recently
adopted by the Chamber of Commerce of the
State of New York an organization older than
the Republic, having been founded in 1868, and
composed of none but representative men Of
lifelong experience and eminent financial abili-
ity. 1T IS ENTIRELY NoN-PARTIsAN IN CHAR
AcTER. and includes in its membership some oi
the most distinguished business men and fnan-
ciers of the country. representing no political
party, but made up Of Democrats and Repub-
licans alike. Its doors are open to men of all
parties. 1t has nothing TO do with the politics
of its members. Read what it has to say on
the subject. and then peruse carefully the sub
joined resolutions and extract. Avery little
analytical reflection will make clear the correct
ness of the position taken.
The Chamber gives its opinion very succinct-
ly. as followsd
It Is evident that q great majority of all the
business men of this country believe that the
silver purchasing clause of the Sherman Act il
the most important cause of the general distrus
which now exists. and this belief will prevent
the restoration of confidence and the return O.
ordinary prosperity until it becomes certain thai
ruch silver purchasing clause will speedily b'
repealed. In the opinion of this Chamber. thu
repeal of the clause will remove the fear which
snow psraly zing all industries. win cause hoard
ed currency to return to the banks. or to seel
investment. and will set the wheels of commerc'
again in motion.
PREAMBLE AND RESOLUTIONS.
L LWRERRAs. This country has often sufferet
greatly By reason of hasty and i'll. advised fnan
cial legislation; and
&WHEREAs, 1t 10 now suffering from the effec
offthe silver purchasing clause of the SHERMAl
Act. which. by creating distrust as to the inter
changeability of our currency based on silve
with our currency based on gold. has cause
widespread alarm. and has almost created
commercial panic; and
WHEREAS. In consequence of this alarm mon
ey is withdrawn from circulation. business
greatly depressed. many mills and manufacture
are closing. or preparing TO close. and thousand
of lahofing men are about to be thrown out q
employment; and
WHEREAS. Business enterprises will not be re
aumed nor labor steadily employed until none
can be obtained by manufacturers and by mer
chants at moderate rates: and
MNHkRRAs, ordinary interest rates cannot b
expected until confidence in the stability of a
the money of the country shall be thorough
re-established. so that the lender may not fea
repayment in dollars less valuable than those
lends;
= Be 1t Resolved. That the repeal Of the silvs
purchasing clause of the SHERMAN Act whicl
month By month. renders increasingly difieul
the maintenance of the parity OF each dolls
with every other dollar, ,s essential to the promI
restoration of national prosperity. This Cham
Der. therefore. urges the speedy and uncond
tional repeal of such silver purchasing clause.
NResolved, That in the judgment of this Cham
Der q representative Commission should be ap
pointed by Congr ess. at the special sion abol
TO convene. which Commission should diligentl
siudy the whole body of coinage and currenc
laws of the United States ard of other cOuntrie
and report at the regular session of Congress.
the end that comprehensive plan for safe an
elastic currency may be carefully matured in th
light of the worlds experience.
SECRETARY HERBERT ON THE SITUATION.
Secretary HERBERT talked briefly at ChicaG
on the one question Of absorbing interest at th
islation it requires. He said: "A lack OF cor
fdence in American securities. both on the pa
Of European and home investors. has caused tt
present financial panic. for which the SHERMA
Act 10 directly responsible. If Congress repea
this law.s hope it will. the worst will be over
It is well to bear in mind the way in which IL
SREkMAN law acts to produce a lack of conf
denee. It provides for the constant issue. at
fixed rate. of legal tender notes for the purcha
of silver. These notes, together with the GU
standing United States notes. constitute the /
gal-tender currency of the country issued by Il
Government. They form. roughly speakin
about one half the currency. the remainder bein
in silvsr certificates and national bank nott
which are not legal-tender. and standard silv
dollars. which are. 1t is perfectly plain that Il
Government cannot 60 on for ever adding to
notes, while not adding to its gold. and be ab
to pay the notes in gold. The knowledge of th
fact has caused the general lack of confdent
which was slow and gradual at first. but becaI
more marked as the notes increased and the go
fell of.
For fourteen years the Government had alWa