The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-01
THE MONETARF SITUATION.
confidence VIII Come with the Repeal of
the Sherman Law.

'h' NHtIindn Law
The Times has received a copy Of the
Savannah (Ga) Press. which contains a
very interesting interview on the none
tary situation with Mr.. Herman MYERS
| president Of the National Bank Of Sa
Vannah, and brother OF Mr. Fred. 5.
! Myers, OF this city. The following are
his views:
| What effect will the stoppage Of the
/ free coinage OF silver In India have on
, the financial situation in this country?"
was asked Mr.. Herman Myers. president
OF the National Bank Of Savannah this
| morning.
THE prime effect will be, I believe. 70
render more necessary than ever before
the repeal Of the Sherman law" was Mr..
Myers reply.
The stoppage Of free coinage in India
VIII stin further depreciate the value OF
silver continued Mr. Myers. "A large
amount Of the white metal will be
thrown on the market. tending to force
uo"n It's price on the markets OF the /
world The depreciation in the value Of |
lhe bullion stored in the United States |
Government vaults will be great. The |
Government has already sustained a
heaVy loss I'm this way and now II will
De called upon 10 meet with a still fur
ther loss. outside Of this the decrease
III the value OF silver Will still further i'm
PAIR public confidence I'm our present
monetary system. There will be two re-
sHts 70 this-a still more apparent dis
inclination on the part OF gold holders TO
PAR win that metal. and a more urgent
demand on President Cleveland for an
earlier extra session Of Congress in or
DER that immediate legislative relief NAV
be obtained"
GU believe, then. that the extra ses
SION should be earlier than September"
Is. New conditions are arising that
need 10 be met more promptly. When
president Cleveland decided to have the
iAtra session in September he doubtless
'eleNed that there would be no urgent
iecessity OF legislative action before that
lme' and that by then the people vyould
ealize more fully the necessity OF an
'bsolute repeal Of the silver law. II is
'robaole though. that events NAV force I
I'm TO can Congress together earlier
han ANTICIPATED" |
What, then?"
Inc repeal Of the Sherman law will
aspire confidence among those who nou,
ave the gold OF the country locked IN
here is about 5000 5000 OF gold Of
men hardly 500 1000 is in Circulation "
ne balance has been Withdrawn from -
Icuiatlon through the belief that gold
III go TO a premium and profits be de- 81
yea from H. or through the fear that il
passed out or the hands Of the present
"hers they may In the end receive for Is
Ohly SILVER certificates or coin OF dis | Z,
edited value. Holding II. they may de- II
We a considerable profit, letting II pass III
M ~" thelr hands, they may, probably I'll
III. meet with loss"
You believe gold will go TO a pre-
lum?" J.,
Yes. Unless the Sherman law Is re- -,
aied and confidence in the stability and ~
nesty OF The currency is restored. | be-
We mat gold Will be at a premium
lhlh the next three or four months"
II repealed. what them" tb
'ohhdence win be restored und a
6hse Tor the better VIII come "a once,
ce the public is col1ie that the Gov To-
Ment VIII sustain ihs NtlIe % It's >
'""cy me var't doors VIII open I'D
vast accumulate IS u goid VIII 20
INTO general circul t.oh relieving tie WI
'ngency ~ once. C0uilcn, is the -,
inspiring Of finance and trade. Ii is vi
lach OF confidence that is causing so
ch trouble now"
Rave we seen the HARDEST times ,.f;" WI
think that the stua Ion viii improve Gil
FL few weeks. ~spc.aay IL Conrress
ohVened earlier than announced. For
dtely liquidation ,,as been .xtended Is
'~''n H'AiDI DllSt'l IS f-ls'l 1--we
the storm conf ig for IHonths r.. ""'
cement has been tie orcar ~ me ton
Everybody who has been WIS.,. has u,o
p going under close sails. These houses We
weather the storm all right. Ii is The ton
IS VINO have overtraded, who have 50
10 TOO liberal a use ~ their .re.lt. -
being called on now 70 nee: oh.isa.
; are unable 10 ic So hnl are for,eI will
he wall VII
'tre IS no use talk ng, the country S-B
oVertraded" ,)n inI~d NJ Myers Clio
shtss has beef unduy eNplnIei is
: uit on the ease with Nhi,h money 81.
De obtained. Too many railroads
peen built. too many new ertfr- On
: started with small pail UT capita, VIII
considerable boz ova.l money. The moi
OF reckoning has been "a Us fo- some
Tbs past" ton
lat viii be tire rrSii''. - rcd,
lere VIII be sev.f'l results FIR tho ID
ten years credit viii not be so :nl1I- O ID
'lued' There 81 not lie - MANY Ban
prises started . IN 81. ID snl,i,aI mia
id $4,000 10 $50 40 borrowed money par
many people have been squeezed as a
OF enterprises established on this
Inc lesson Avs L-ea +. hard ore. u