The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-07-07
Against the Repeal Of the
Sherman Law.
UNLESS ASSURED OF THE PASSAGE
0i Other Legislation Favorable to Silver.
AReyieW Of the Finances.



Corsicana Daily Light as follows:
IlrLsRoRo, Tex, July i Dear
Sir: have been interviewed so
often recently on the financial stu
alton by New York and other north.
ern papers had supposed you
would know my views on the subject
inquired about in yours of the 3D..
|. VIVA. is the so.,alled Sherman
act? 1t requires that the secretary
Of the treasury purchase 100000
ounces of silver every month, for
which the secretary is required to
issue treasury coin notes mot silver
certihcates) in payment of the same.
Prior to this act the Bland act was
in force, which required the secre
tary to purchase silver bullion and
to coin not less than - ,OC0, 900 nor
more than 100000 per month.
The Sherman act repealed the Bland
act and provided that the secretary
should continue to coin not less than
100000 of silver dollars per
month until the LIST of July 1891,
after which it was discretionary
with him whether any more silver
was coined or not.
.. Now what will be the effect
of the unconditional repeal of the
Sherman act? 1t will be to stop
the further purchase of silver. To
stop any more coinage of silver and
to stop the issuance of over
$4,000, 900 of treasury coin notes
per month or about $50, 900
per year, and in my opinion to re-
duce the price of cotton to 4 J cents
per pound and wheat to 40 cents
per bushel and all other farm pro.
ducts in the same proportion and in
short bring general ruin and bank
ruptcy on the people of this country.
8. voted against the Sherman
acs because l thought then, and do
now, that the Bland act, which the
Sherman act repealed, was better
for the country; though the Bland
act was not satisfactory, as | was
and am now believer in the free
coinage of silver, under such regu
lations as will preserve parity be-
tween the two metals, according to
the provisions Of the democratic
platform on which Mr.. Cleveland
was nominated and elected last
year.
4 Our foreign commerce amounts
to less than 81 900 900, 900 per an.
nun, whereas our domestic com.
merce is over $l5, o0J 600, 900.
Why should we permit ourselves to
be dictated to by a few importers
and dealers in foreign exchange and
our standard of money regulated by
them, to the great injury OF our
producing classes? will vote for
the repeal of the Sherman act on
condition that we get restoration
of the Bland act, or some better act
which will recognize silver as
money; otherwise l will not. I'm
less the Reed rules are forced on us
in the next congress my opinion is
the oddities will have hard road
to travel before they succeed in the
repeal of the Sherman act, unless
they will compromise on a fair
silver act.
have not time to elaborate M
views in regard to silver and the
character of legislation net ded to
restore confidence in commercial
circles, but will call attention to
fact known to every one. The
democratic party went before the
people last November on the issue
Of "tartf reform" Oar leaders
urged that the silver and all other
questions be relegated until re.
vision of the tariff could be made.
On this issue the party was success
full. No sooner was the oath of
office administered to Mr.. Cleveland
than the great dailies from the
money centers dropped the tar fl
question and raised the cry that
financial ruin would come upon
the country at once unless the
Sherman act was repealed. Instead
Of removing the restrictions la d
by the Mckinley act on our foreign
commerce and opening the markets