New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-31
SILVER NOT ALONE TO BLAME.
REPEAL OF TIE PURCHASING CLAUSE NEEDEp-
DEMOCRATIC INCONPETENCY. HOWEVER,
,cr coNDrC1vr tn CONFIDENCE.

REPEAL OF TIE PURCHASING CLAUSE NEf.php-
DEMOCRATIC IyCoNPETENCY, HOWEVER,
NOT CONDUCIVE TO CONFIDENCE.
Enfalo. July 3o.-William r. Moore Of Memphis
Tenn temporarily sojOurning at Niagara FANS Sehus
,o The Express" letter from John ClaiiIh' Presi
dent OF the H. b. Canin Company, OF Ncw-lo rh ana
his reply thereto The subject deals with the Gov
crnmcnt's financial policy. After making strong
appeal to Mr.. Moore to use his influence with his
senators and Representatives in Congress, personally
or bv letter in favor of the proA& repeal OF the
sherman silver law, Mr.. ClaNn say.t
"New-Yor has passed through tN acute stage OF
the most intense financial strains OF - history and
the consequent depression OF business which IL Is now
experiencing will doubtless spread over The ch'lre
country IL confidence in the future be not speedily
restored Whatever may be the correct statement OF
the relation OF the sivcr purchases o, inc "o''rh
ment to the present trouble. it is evident that The
great majority OF all the business men OF this country
now believe that the silver purchasing clause Of the
sherman act is the most important cause oil the Crisis
through which we are passing and THIS beiei VIII
prevent the restoIaon OF confidence ana the return
of ordinary prosperity until 1t becomes certain 'ha'
such silver purchasing clause VIII speedily pe IT,
pealcd.
aThc repeal of this clause will mean the Immediate
restoration OF confidence mt home and abroad hoadea
currency viii return to banks foreign capn"' WIZ
again seek investment In America. ana the lhduS'i
progress of the country will be resumed
Mr.. Moore. in his reply to Mr.. Clafn, agrees with
him concerning the repeal by Congress OF 'no S''''
purchase clause, and adds. :" Bad as thc WORKINGS VI
this law have been and now are 'here Is ~,
deeper evil and more far reaching cause, In my opioh
for the financial troubles that now beset the country
in everv direction: and that cause IS purely pohuca
and within the power Of the now dominant pohucai
party easily to remove. Accepting us uhaiip'so"
expressed National platform to mean wha' II ph,lnN
SAYS and relying upon the sincerity ana goou i"'n
OF the distinguished and honored statesmen WHO pro
mulgu,cd II. We the plain business pe'pie vi VI.
United states are or should be. bound 10 expect
fran, tbom an honest compliance with their ante
elec,lon pledge Hence. when they pledge themselves
nc fsvorinC State banks or shnplaStcTS as substitutes
for our now wise and sale system OF Nnuoh"i p'"A
notes and wien they In the most uhequ'oc"i Pi"'o
declare TO b. unconstitutional 'fraudnieht anu
rohberv the protective tariff system which has been
IN. chief factor In making for the past quarter OF
a century the most progressive and prosperous NATION
~ tho eortb: when | say. this political party now
having full and unrestricted control of the lawmak-
ing power pledges Itself sOlemny to SUBSTITUTE "a
,oif for revenue only and which In erect must
produce inevitably the result OF either closing our
manufactures or else compelling tie reduction OF
daily wages for our artisans and mechanics TO basis
nm a party with those foreigners with whom we VIII
then b.. put In direct and daily competition-there
shod he no wonder II producers OF manufactures, In
no matter what department calling, should call a
halt until this promised change in our material system
shall have been put III force By our legislators az
Washington.
This In my view, is even stronger reason TOT 'he
present anomalous depression than the silver act
wlirh is now BY so mary thought TO be unwise Now,
II l thought the coming called Congress would
promrt,y repeal the silver act and then, living ny
10 their platform premises promptly also give US free
trade and shinplastcrs and then adjourn. J. for one
would know better how 10 shape the future policy OF
nv firm But when see this great party OF nearly
100 majority In Congress divided apparently irrecon-
cilably among themselves all the leading issues OF
the day am forced to the conclusion that there Is
a long and bitter gght ahead and that twelve
mon,hs' session may b. a. confidently looked Tor oy
The plan people that Nrangling and incomprt"ncy
are Inevitable among the wild cats who now have In
ihdr hands the business Interests OF G5.On,ooO
people ,
solely becau there be influential Leaders
Who can tell at least outline, the political poll
cics by which business men are TO b. guided. y
hand io-mouth' business IS the only safe one for
solvent men 10 pursue as view It, AT least for The
next year and this think is now the reason for ne
broken banks, closed mills and Idle distressed people
I'm all directions