New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-31
SENATOR SHERMINS SPEECH.

A wear ago the venerable Senator from Ohio
offered bill to repeal the purchasing clauses
of the Silver act which is enormously called
by his name Not a solitary Democratic Sen
atJr then consented t. the measure. This fact
he uses with great force III his speech in favor
of the repeal which Democratic Administra
ton is now besceching its political opponents
to pass as a measure of the most urgent ne
cessty. The same men who could not rise
above party" long enough to favor this bill IA
year ago now think themselves entitled TO
claim the unhesitating assistance Of Rcpub-
licanS who saw the danger clearly when Dem
ocratic leaders were blind. Senator Sherman
has the right To remind the Senate that he
foresaw and strove to avert the peril which men
now realize. As he believed then. so he be-
lieves now. that repeal in time would have
averted much of the loss and risk which have
since befaen the country But be declares
emphaticaly that he does not believe the act
the main cause of trouble. nor does he believe
that its repeal will now give the relief desired.
This is not welcome suggestion. But if
the venerable Senator is righ,, il is much bet
ter that the country should not be deceived
regarding the fectS 10 be anticipated. In
this. as in other respects. his speech on WodncS-
day rose far above the ordinary appeals to
ignorance and prejudice. lie who led in pass
ing the Resumption act whose personal SOP
vice as Secretary of the Treasury made re-
sumption splendid success and who rendered
a service scarcely less memorable for lis value
when he aided in avcrting free coinage and
disaster by the compromise Of $50. has falrlr
earned the confidence of the financial world.
His judgment to the necessity OF the act
in It's time deserves respectful consideration.
for even while urging It's repeal he maintains
that il was a valuable and useful measure
which has saved the country already from
great misfortunes. In his Judgment. the Yeas
1891 and 1892 would have brought the dis
asters which have come in 1898. perhaps all
the greater because they would have come with
no sufficient warning, il the Silver act Of 1890
had not been passed.
These are not unreasonable suggestions
When British losses in Argentine and else
where 50 great thar they wrecked the Earrings
forced extensive liquidation and realizing on
American investments the effect Of a vast
outgo of gold was in measure broken by the
large issues of new Treasury notes which were
accepted in circulation without hesitation as
y
trade against this country resulted from the
proStraion Of British industries and trade. and
the necessity Of realizing on goods at any price
whatever. For more than two years this corn-
try was enabled 10 meet an extraordinary strain
and 10 make such wonderful progress Ill NJ
industries that the records Of October. 1892,
have no parallel in all its previous history.
Senator Sherman has not a little reason for his
belief that this splendid development would not
have been under the circumstances praClc1ble
if the Silver act Of 1890 had not provided
temporary increase Of notes r;Gccmablc in gold,
given distinct pledge of the public faith that
the parity of all currency should be main
tanned. and stopped the coinage Of silver under
the Bland act.
No one expected that the act OF 1890 would
prove o fnaiy. BY friends Is well foes
it was regarded aS temporary measure, which
would serve until the outcome Of the Inter
national Conference could be known and also
the decision of the people in the elections Of
! s92 regarding the monetary and tariff issues.
When the Senator frGm Ohio moved t. repeal
the silver purchasing provisions, he declared
/ that in his judgment, the act had done all the
good it could do and that lis further operation
now believe that the mere expenditure for
silver bullion. or issue Of additional notes. has
caused the greater part Of the trouble this
year. and he serves warning upon the Demo-
Gratis that, if they attempt to change the tariff,
they will plunge the country into deeper dis
trcss than now exists.
The Senator takes for granted the repeal OF
! the purchasing clauses and looks into the
/ future. lie does not venture to guess what
other action on monetary questions the party
| in power may take, and if he or anybody else
could give assurance Oh that point, the bust
ness world would be glad t. have grave un-
/ certainties removed. But Senator Sherman as
sumcs that the party IN power must maintain
the parity of all money iii circulation even if
it becomes necessary 10 sell bonds in order TO
/ get gold fer that purpose. That the merchan
! disc balance may be against the country for
/ the yelr just begun the Senator thinks quite
, possible. In view Of the possibility that goods
mGy be largely imported to meet a change of
duties. il may almost be said that all excess Of
imports is a natural adjunct of the Democratic
policy. when unusual stocks of cotton and
wheat render heaE exports less probable. But
with an adverse merchandise balance and
discouraging uncertainty as to the financial
policy of the party in power. it is at least con-
cciyahe that increase Of the public debt may
be made necessary before long.
senator sherman makes the necessity of A.
resting silver purchases extremely clear. lie
is able to speak with the more authority be-
cause of his participation in framing the ex-
isting law which justiies him IN declaring
that it was only makeshft though yalu-
able one. 1t, most valuable service, however,
the Senator does not seem from the Geographic
reports to have discussed Largely because Of