Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1893-01-20
L IL F. $ + N TIN Ell.
ROCK WILLIE. MD.
Friday Morning.. January 20, 1898
REPEAL TIE SHERMAN ACT.

The chief basis of the Sherman silver law
was the claim that by means thereof the
value of silver could be increased and
brought nearer To that Of gold. There was
no serious pretense that there was any cur.
rency need of the country TO be supplied by
the law which was not already supplied
under existing laws. What has been the
result?
There certainly has been no increase in
the market price Of silver bullion. On the
contrary, 1t has steadily gone down in price
from the day the Sherman law was passed.
1t Is not likely that the passage had any
share in the depreciation, though it would not
be violent or unusual assumption 10 at
tribute the depreciation entirely TO that
cause. 1t would be logical in precisely the
same way that the bulk Of the protection
ist argument is logical We have been told
over and over again that the prosperity of
the past two years was due to the Mckinley
act, though there was no better reason for
saying 80 than the fact that the prosperity
followed the act The fall in silver followed
after the Sherman act, Hence 1t is entirely
in accordance with the protectionist logic
to declare that the act produced the fall
1t is no, necessary, however, to resor; TO
any such logic TO support the repeal OF the
sherman act 1t is sufficient argument for
the repeal that the act has wholly failed TO
answer the purpose for which il was passed.
And if that were not sufficient, there would
be still stronger argument 10 the fact that
the government has already sustained an
enormous loss IN its purchase Of silver, and
must continue to lose as long as it continues
the purchase required by the act. For the
most of the silver ii has bought, the gov
eminent has paid as high as eighty five cents
an ounce, and il is now stated that silver Is
produced by certain mines in Colorado al
an average cost of twenty seven and one
half cents per ounce. Surely the mine own
ers have no right TO ask for further trial Of
the experiment of raising the price by legis
lation, and If they have there is no good
reason for granting the request.
uC COuutif uaS oCch hoOu "iuhNu ''hS
enough in this silver business for the benefit
OF mine owners and spectators. These
have artfuly insisted that they were work
ing in the interest of the farmer and pro
Queer by increasing the currency, rs il the
increase Of currency constantly deprecia
ting in value could possibly beneti, any
boiy with produce To sell They have done
this to diver, the minds Of the farmers from
the inference they would be sure 10 draw il
left to themselves, that the government is
Just az much bound TO buy up the grain and
other products OF the farm for the purpose
of enhancing the price as il is IN buy up the
silver for that purpose.
The repeal OF the Sherman act will not,
in all probability, pcrceptibly appreciate the
market price Of silver, IL Is doubtful il any
thing that can he done by this country alone
will have that effect, and there is no ind
cation NJ an intention on the part of any
other country to aid efficiently in the work
The repeal will have the effect, however, of
strengthening the financial condition Of the
government and of saving il iron further
loss. II will also put an end to the use of
The Treasury Department in the interest Of
one class of producers at the cost oi all
other classes These surely are sufficient
reasons for the repeal