Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-02
THE STU UATION.
Senator Teller Expresses His Views
Upon the Subject.
THE SHERMAN Law NOT RESPONSIBLE.
No Lack of Confidence in the Ma
tionaI Currency.
PROSPECT OF LEGISLATION.

Senator Teller of Colorado arrived in
town today. Star reporter, who met him
at the Capitol this afternoon, questioned
him concerning the situation. 'I do not
think" he replied, that there IL anything
that Congress can do to relieve the fnan-
cial situation of the country. Certainly the
repeal of the Sherman law will not give re-
Eef The trouble does not arise from any
lack of confidence in our currency. What
the people are doing is boarding money
They are putting 1t away in safe deposits
and stockings and everywhere else where
they can keep it safely. This shows truly
enough that they are not afraid Of the
money. but they are afraid Of investments
II they had any doubt about the stability
and value Of the currency they would seek
investments In land, property of any kind
winch would have a stable value. On the
contrary. they decline all investments and
are saving the money. If these banks that
nave failed throughout the country mad
had silver dollars with which to pay their
depositors they would not have broken.
The depositors would have taken silver or
silver certificates in payment for their
checks without a murmur
From Other Causes.
THE trouble arises from other causes.
and any one who knows anything about
financial or business matters at all cannot
attribute the present situation to the Sher-
man law or to any lack of confidence in
our currency. The fact Is that a scare has
been worked up and the people are fright
ened about business investments without
knowing just why. 1t originated way back
WITH Tith the failure Of the Barring brothers.
Inere was at that time consequent upon
that and other failures a demand for hard
money abroad and. of course England calf
eo on france for many millions Of gold to
meet her obligations and American secur-
ities were sold to raise money, not because
OF any lack of confidence in them. but be-
cause they were readily marketable. and
they needed the money. and these securities
were taken here as they should have been
and mad to be paid for in gold. Then there
was interest to be paid holders of bon,is, in
gold and the balance of trade turned
against US and had to be paid in gold. This
was all natural enough and furnished no
occasion lor any lack of confidence here. or
any panicky feeling. but New York bankers
VINO mad two objects in view the repea |
OF tne sherman law and the issue of bonds
py tne sovernment-took advantage of the
situation to work up a scare all over the
country.
Knew There Was No Danger.
Every well informed banker 1nl large
business man knew that there was no dam
ger TO this country in the expectations of
gold which were caused by the business
situation abroad. They knew perfectly well
1nat TINS gold would come back in time
Ihey We're anxious, however, to secure the
repeal OF the Sherman law, and even still
more desirous to bring about the issue OF
ponds by the government. In furtnerance
OF this general scare and lack If confl-
dence was worked up throughout the coun-
try. This has resulted in a general fear of
all investments ard boarding OF money
not in lack of confidence in the money
itself. No man who knows anything about
the matter and has any regard for his rep
utatlon as a hnancier will attribute the
present situation to any lack Of confidence
IN our currency or the existence of the
Sherman law
Prospect of Legislation.
AS to the prospect of legislation, Senator
Teller said: II do not think that the Sher-
man law can be repealed without a proper
substitute. AT least, 1t will be 4 long time
before such a thing could be accomplished
If that is the relief that is wanted it GER
tainly cannot be had at once. The law can
not be repealed in August or in september
or in October. l am not defender OF that
law and do not think IL a good one. 1t is
not the work of the silver men. 1t is Mr.
Shermans measure. and one he believed in
when he presented it. In my judgment,
however 1t will have to remain on the stat
ute book until some substitute Is put in its
place"