Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-07-06
FINANCIAL SITUATION.
CONGRESSMAN PENDLETONS VIEWS ON THE
SILVER QUESTION.
Hs COmmsnds the President for His Wise Ac-
ton - The Subject Discussed in All
It's Phases.

trying to secure few days rest at his
home. A REGISTER reporter called up
on him last night, and he consented TO
submit to an interview upon the tnan-
cial situation. He said:
Congress will meet in extra session
August 9TH. l have no doubt that the
first matter to which it will direct its
ttentlon, will be the question of the
repeal OF the Sherman act, especially
that clause which makes it compulsory
upon the government to buy
four million ounces Of silver
every month. have no doubt that the
House of representatives., by a large
majority, will vote for the repeal OF the
Sherman act In the Senate, the tate
of that measure will be more doubtful,
but nevertheless, l think that repeal
will be carried there also.
That measure, to which popular
opinion has given the name OF John
sherman, is probably the most unwise
measure OF financial legislation ever
foisted upon the statute books. 1t has
made d dollar, whose intrinsic value
has been huctuating for some time
mast. between So and 65
cents, pass as the equal
of gold dollar. By that l mean that
this dollar is made throughout our
country, legal tender for dollar. 1t
will buy dollars worth of everything
In this country, and will pay off dol
lars Indebtedness. II it was only OF
the same value in foreign countries
as II is here, we should have no trouble
with IL. This dollar, which has IS to
65 cents worth Of silver bullion in it,
will only circulate in foreign countries
at it's bullion value, and the stamp
placed upon ii by our government is OF
no value there toward making So or 65
cents worth of silver bullion equal to
one dollar.
What has been the effect? 1t would
be OF no disastrous effect whatever If
we had built Chinese wall around the
United States and did not trade with,
deal with, or borrow from, foreign coun-
tries. Many hundreds of millions Of
foreign capital has been invested here
in our Government bonds, State bonds,
municipal and county bonds, railroad
and other securities. Every time a
foreigner loaned or invested he
loaned or invested on basis OF the
dollar that is recognized as the unit OF
value throughout the civilized world,
and he naturally expected when he
called for his money, or was to be paid
the product Of his investment, that be
would receive back the same value in
the way Of principal or interest that be
loaned or invested. He looks over our
financial situation. and finds that under
the continued coinage provided for by
the Sherman bill, that we can, If we
please, pay him at our election,
the Sherman silver dollar, worth to-day
say So cents, instead OF the one hundred
cents in the dollar that he loaned US, or
invested here. What is the consequence?
What is the consequence when depos-
itor OF 81, 900 in bank, hears what he
thinks to be well-grounded rumors as
10 the unsound condition OF the bank ?
He withdraws his deposit with the ra-
pidity Of lightning, if he can.
"What are the European creditors OF
this country doing? They are
initiating the bank deposition
getting rid of our securities as fast as
possible, calling in their loans, and de-
handing their money in every possible
way. What is the result? A steady
drain OF gold from this country to other
nations, until money has become scarce,
the borrower finds q difficulty in obtain
ing loans, and people are unable to Sc
cure the capital necessary to carry on
business, or obtain money necessary to
pay debts. This has produced a feeling
of doubt and anxiety, and has caused
men engaged in all business enterprises
to look to the future with great tribula-
tion and perplexity.
Repeal the Sherman act, and for
eigners whom we have encouraged TO
invest their capital to help develop our
country, will find their