The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-07-19
SHERMAN LAW MUST GO.
Congressman Cooper Writes n Vigor-
Gus Letter on the Situation.

To the Editor-Sir: My attention has been
called to a communication from this city
to the Indianapolis Journal. which cons
tains this reference to me: ''Since the press
ent stringency in the money market,
which has caused several factories here to
shut down, Coopers constituents have
manifested much uneasiness about the way
he will vote upon this important question.
Today twenty-five leading democrats, some
of them identified with manufacturing in
terests were interviewed, and every one
said he wanted Cooper to vote to repeal
the Sherman silver bill"
The conditions, the interest and anxiety
noted in this paragraph are not local but
general We are indeed passing through
a great crisis in our monetary history. In
view Of this painful and anxious suspense,
it seems proper as a representative of the
people, 1 should make plain, if there be
any doubt where 1 stand, and what course
seems best TO pursue.
The Sherman law passed the house July
II, 1880. 1 voted against its passage. There
has not been a day since it passed that I
was not ready to vote for it's repeal. 1t Is
fallacious in principle and vicious in prac-
tice. Under this law the government is
compelled to buy 100000 ounces Of silver
annually at the market price, and pay for
it in legal tender treasury notes, redeem~
able in gold or silver at the option Of the
holder. The object or the law was 10 pro-
vide a market for the surplus silver by
making the government an enforced pur-
chaser and thus maintain, if possible, the
parity of the metals at the existing ratio.
We see how it has utterly failed Silver is
cheaper than ever and the government viii
lose about Sl1, 1000 on the stock stored in
the treasury vaults. The law was in the
line of paternal legislation which has
cursed the republic and oppressed the peo<
pie every time fl has been attempted.
There is no reason why the government
urged for the purchase of wheat and corn
Not only has this law caused US to lose,
by making an Improbable speculation in
silver, but it has naturally affected our
Capitalits holding investments in this
country, rightly doubling our ability TO
maintain indefinitely gold payment land
fearing that we would come 10 silver
basis took alarm, and not only refused TO
further invest, but actually began TO I'M
load and get away. Thus money is with
drawn from the channels of trade and a
Stringency enSueS, then loss OF confidence,
and finally our money is locked up and
our whole monetary system is IN state
congestion.
/ have conversed with many representa-
tives recently and l think IL is safe 10
saw that the Sherman law will be promptly
repealed. OF course the Mckinley law will
be repealed, and thus two obnoxious and
oppressive laws will be lifted from the
backs of the people, and predict that in
less than twelve months prosperity will be
again restored. Is IL not a little singular
that in view Of the fact that both the
Sherman and Mckinley laws are conceded
republican politicians are chuckling glee-
fully over the misfortune and disaster
which they have wrought? Very respect
fully. GEORGE w. COORER;
Columbus Herald.
Columbus July IL