The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-01-02
TIE RepubI,csns Responsible

The Republican party is responsible for
the want OF confidence in our ability to
maintain the gold standard which exists
throughout the commercial world. That
party passed the act Of July IA, 1890, known
as the Sherman act, not because it regarded
the measure a wise one, but because 1t
thought it would strengthen It. In its ma
tioual platform Of 1888 it SAID: I'VE, the
Republican party, believe in the use OF gold
and silver as money. and we denounce the
present administration Of the Democratic
party for its hostility TO silver The party
thought that President Cleveland's position
on the silver question was an unpopular
one. and therefore. IL denounced IL. The
effect of the silver plank in its platform
was to encourage the silverites, and the
greatest activity among them at once
became apparent. The republican
leaders did not dare to repudiate their plat
form declaration. Neither did they dare
TO favor the free coinage Of silver. A COM
promise, therefore, was agreed upon, which
was the Sherman law, and which requires
the government TO purchase about the
whole output Of the American silver mines.
The country is beginning TO feel the bad
effects of the law. The bullion value OF
the silver dollar has fallen to Ga cents. and
the ablest finauciers in the Republican
party are beginning to see that it will be
productive of financial disaster IL it is not
repealed. Even Senator Sherman is anx-
ious to have it repealed. He admits now
that bis party made serious mistake when
it passed it.
1t doesn't look, however, as If it were
going to be such an easy matter to repeal
it. In the west and portions of the south
there is q pretty strong sentiment against
repeating it, unless free silver coinage is
substituted for it, and senators and repre-
sentatives from those sections are very
much inclined 20 be guided by that senti-
ment whatever their personal views may be.
49, There is now pending In the Senate bill
to repeal the silver purchasing pct upon GER
tain conditions, but il does not meet with
much favor. The silverites still have a
great deal Of influence in congress, and they
are going to use it to enable them, as they
say TO hold on TO what they have. 1t is
hardly probable therefore that this congress
will do anything to improve the silver sit
uation.
Party politics is responsible. as rule, for
the worst measures which aff1ict the coun-
try. The enormous pension burden was
placed upon the people, not because there
was an overwhelming desire to reward
union veterans, but because congressman
were afraid of losing popularity II they re-
fused to vote for pension bills.
The more gold that is shipped abroad the
weaker becomes the confidence in our ability
to carry our inflated silver currency on gold
basis, and in proportion as confidence weak
ems American securities held abroad will be
returned. Their return is what is taking
gold out of the country.
The republican leaders have reason to be
alarmed, because, il financial disaster
comes it will be the result of the operation
Of the Sherman silver purchasing act.
Financial disaster would, OF course, have a
very depressing effect upon business of all
kinds. The people would hold the Repub-
lican party responsible fer their troubles,
and that party would be even more unpopu.
lar than it was at the recent national cleo
ton.