The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1893-07-01
SATURDAY, JULY /, 1893.
Our Financial Ills and the Remedy.

United States aS the only nlle vi Iite Sica'
governments with silver as a measure OF
value. Silver has declined sharply in price
this week, and the intrinsic value of the
silver in one of our dollars is less than fifty
cents Other values have declined also, and
the feeling of confidence that was being
restored has received rude check.
The demand from the North and East
and in all financial centres for the repeal Of
the Sherman silver purchase act, is re-
echoed from the South, where there was
before strong sentiment for free coinage,
and the same demand comes from portions
of the West, where loss of confidence has
made money tight and caused IA number of
failures of banks, firms and individuals.
Some of the ultra free coinage men have
become more vigorous AID outspoken in
their demand for unlimited coinage OF sill
yer, and their attitude has tended to in
tensify the feeling of uncertainty. If a
IedClIOu uuts UOl HCb III Spbh "a ~.
lapse may be expected.
There does not seem to be any real cause
for apprehension, for the government gold
reserve has increased from natural causes
more than six millions of dollars the past
three weeks, and the shipments of grain to
Europe that will soon commence Will in-
crease the gold supply of the country.
But the feeling is one of decentralization,
and if a reaction does not soon take place
disastrous panic will result.
Opinion has settled upon the repeal OF
the Sherman act as the panaeea tor our
financial Ills By this act the government
is required to purchase 100000 ounces
of silver every month, if so much is offered
The law has been in operation nearly three
years, and the government vaults were well
stocked with silver before it was passed
The government has been virtually paying
out gold for silver and the difference be-
tween the cost paid for silver and its pres
ent value is more than $4,000 900, and
this is the amount the people have lost by
the operation of the Sherman act.
This act, be it remembered. was passed
by Congress Republican in both branches
and signed by Republican President.
The Democratic party is not responsible
for it, and all the financial ills resulting are
chargeable to the Harrison Administration
and the Republican party.
For two years the financial distress now
apparent has heen brewing, and last winter
it was clearly foreseen. Mr.. Sherman, the
author of the silver purchase bill, recog-
nized the necessity for its repeal, but de-
clined to move it. He and his party, dis
regarding the material interests of the peo
pie, discarding patriotism, and descending
to low game of politics, deliberately re-
fused to repeal the Sherman act and lett
it purposely to annoy Democratic Ad-
ministratioD.
Some of the Republican leaders, includ-
ing Mr.. Sherman, are calling for the re-
peal of the silver purchase law, and are
endeavoring to throw the responsibility for
the present financial distress and uneer-
tainty upon the Cleveland Administration,
by charging it to the intent of the Demo-
cratic party The party has done nothing.
Not law has been changed, altered, abol-
ished or enacted, and Mr.. Cleveland and
his Cabinet and the Democratic party are
committed to a repeal of the Sherman law.
Further, the President has authoritatively
announced that he will call Congress 10
extra session in September, two months
and half in advance of the regular time
for its sitting, to take action upon finance
and the tariff. II is true he could have done
it before, but it would not have been wise
Had the Sherman act been repealed last
December, confidence would have been re-
stored. and the act of the Indian govern
ment would have had little or no effect on
our monetary system. But if Mr.. Cleye-
land had called an extra session after his
inauguration, the matter OF organization
would have consumed some time and the
Sherman act could not lave been repealed
before the middle Of April or LIST Of May.
The financial concerns that have been
weakening for two or more years had to go
60 the wall, and had the law been repealed
before the weak ones had failed, confidence
would have been further unsettled instead
of being restored The free silver men
would have come forward and ascribed
every failure to the repeal Of the Sherman
act without other provision of increasing
the volume Of the currency, and free
coinage craze would have ensued that might
have resulted in extreme legislation. Mr..
Cleveland has acted wisely.
We do not regard the repeal Of the Sher-
maa act as the full panaeea for our imam
eial ills. Public opinion has generally ac-
cepted it as the sole cause Of our present
condition, and its repeal will greatly aid
in restoring confidence. But another
promise Of the Democratic party must be
fulfilled before full relief can beexpected-
reform Of the tariff and placing it upon
revenue basis solely. Freer trade with
other nations is needed. and the widening
of the markets for our surplus grain, beef
and pork and for our manufactures. The
pension lists must be reformed. and every
undeserying pensioner must be ent OFT
Extravaganza in all branches of the gov
eminent must be stopped as well as
further expenditures for increasing our
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