The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-06-17

Read With Interest
Hon. John W. Mason, ex.commis-
sIoner Of internal revenue, was in the
city Yesterday attending supreme court,
He was seen by an INTELLtdENcER re-
reporter, and among other things
asked what in his opinion is the cause
Of the present stringenCy in the money
market
THE cause may be explained" said
tho ex.commissioner, Sin my iudg-
ment in one uncertainty There
is an air Of uncertainty fpervading al.
most every kind OF business, Men are
not going to buy beyond immediate
wants, Tor the reason that they can iorN
nothing approximating an accurate
opinion as to the prices OF the future,
The era OF depression began as soon as
II was ascertained that the Democratic
party would have absolute control OF
the executive and legislative branches
Of the government until the election oil
the next Congress. Every one knows
what Democrats have said they would
do II they had the power. They now
have the power, and the country is
waiting with closed pocket books 10 see
whether they intend to do it. Almost
every one is looking for something bad
to happen, and no one wants 1t to hap
pen to him. 1t is assumed by the
country that there will be q revision OF
,hetarid by the present Congress, with
view Of lowering prices, No one
wants to buy or lay in stock with the
prospect OF a declining market facing
him. No prudent business man will
do this. Hence, bcsiness is at stand
still and will notrevive while this un-
certainty prevails.
"But, Mr.. Commissioner, don't you
think that the Sherman silver law has
much to do with the unsettled condi-
ton OF aiIairs2
10 be frank with you, think tho
Sherman silver law ia receiving more
than its share of abuse. This, you
know, was a compromise measure be-
tween the unlimited coinage men and
the anti.silver members OF congress. II
the Sherman law is repealed, what
thon2 The unlimited coinage OF silver,
including foreign bullion, is without
question beset with great dangers. The
domoniti2ation OF silver is believed by
many thoughtful men to be even worse
than unlimited coinage. The Sherman
law compromised these widely differing
policies by directing the secretary Of
the treasury to purchase 100000
ounces Of silver bullion per month at
the market price, not exceeding 81 for
81 25.lOO grains Of pure silver, and to
issue in payment for such purchases
silver bullion treasury notes OF the
United States, redeemable in gold or
silver at the discretion Of the secretary
OF the treasury. 1t is made the duty Of
the secretary of the treasury to coin
after the first day o. July, 1891, enough
Of such bullion notes to provide for the
redemption OF the treasury notes issued
for its payment. The practical effect OF
this law is that tho silver in the form Of
bullion or money remaius in tho vaults
oIthc treasury, but treasury notes based
upon this silver and equal in
amount to its cost, arc issued and put
into circulation. II this law is
repealed and the coinage Of silver is
stopped We shall lose this regular in
crease in the volume OF currency. 1t Is
believed that this loss would seriously
affect the business Of the country. No:
the Sherman silver law will not DO re-
pealed without fight. II done at oil,
some silver coinage act will be substi-
tuted. We need an expansion rather
than contraction OF the currency.
Then, there is a kindly feeling for the
old silver dollar. Gold and silver are
the recognized coins Of the realm. The
love OF tho dollar OF our dads" is not
mere sentiment Silver has been the
popular currency Of the people for CEN
turtles. We peoplein the country don't
handle enough gold TO become attached
ioit 1t may be weakness, but most
Of us have fondness for the old
fashioned silver dollar with the God
less OF Liberty on one side Of IL and the
American eagle on the other. A large
majority OF tho people Of this country
favor the use Of both gold and silver as
money, and they expect Congress to
pass such laws and the executive de.
partment to so administer them as to
maintain the two metals upon parity
WIN each other This the Sherman law
United States"
"Doyou think the assomb bling OF Con-
RreaS IN special session will re.establish
confidence and revive buslness?"
That depends entirely upon what
congress shall do and how promptly it
isdone, II it Is assumed that tho re-
peal OF the Sherman silver bill Is all
lnat Is necessary, then Congress might
w well not assemble. have seon the
statement that Congress would repeal
the Sherman silver law and also tho
Jaw Imposing ton por cent tax on tho
circulation OF state banks, with view
OF reviving tho old state banking sys.
Iem and to substitute state bank cur.
Iuncy Tor silver. This would be most
EleVous mistake, II would DO calam.
IVY Congressman want to restore
vohildence aud insure the return OF
prosperity lot them assure tho country
W once that We arc to have snic and
stable currency and OF sufficient vol.
une Tor the transaction OF all logiu.
mate busi ness and that the revenue
iuT9 now in iorCo protecting American
tinued,'
-.