The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-05-03

AiouA tuo hCblOu vi Lu6 Now 10TH DhuhcIs
that the purpose of this pressure on the
national treasury was to force it to issue
bonds. The country at large apparently
understands that fact, ana Tesents the
effort OF Wall-st. to play at battledore ami
shuttle-cock with the national currency.
The patriotism of the country will back
the administration in its determined re-
sistance of these efforts of the money
bags. The scare is ended. so far as it ever
existed. The bluff has been played for
all it is worth and it has failed.
There is lesson to be learned from the
occurrence. 1t is that it is dangerous to
let the financial affairs OF the country get
into condition where the moneyed in
terests can exercise any control over
them. They will not hesitate to use their
power whenever they think they can gain
any advantage by it. The country was
almost put in such a condition. One
year-less than one year-more OF repub-
licsn control would have sufficed to do it.
We have already called attention to the
effect of republican extravaganza and re-
publican tariff legislation in crippling the
national treasury. There was a still more
potent, more vicious and more thoroughly
republican agency. 1t was the Sherman
silver law. From the first THE SENTINEL
has denou need this law as a fraud, a Jug
gle. a partisan monstrosity, an illogical
piece of class legislation, a pretended
compromise in which reason and princi-
pie were absolutely deied. 1t was
claimed TO be an effort to maintain the
intrinsic value of silver, but. as we have
repeatedly demonstrated, its necessary
result would be to depreciate silver. 1t
demonetizes silver. Ii makes it a mere
commodity. 1t adopts the absurd Sub
treasury" scheme of the peoples party,
stores silver bullion il warehouses and
issues paper money on that bullion as Sc
curity. No paper money should ever be
issued on any security but the credit of
the government. No nation can afford
to do pswn-broking business.
THE SENTINEL has insisted from the first
that this law was enacted by DIN SHER-
MAN and his colleagues for the express
purpose of forcing the country into the
abandonment OF silver money. 1t is in
line with their action ever since 1873.
They evidently intended to bring about a
crisis in which silver coinage could be en-
tirely abandoned under the plea OF
necessity. So long as SHERMAN and his
colleagues controlled the government we
steadily opposed any repeal of the
Sherman bill until they were ready to
replace it by a proper measure. 1t was
not safe 10 let them get absolute control
OF the currency legislation. But now the
situation is changed. The agents of Wall
st. have been scourged out OF the temple
The administration has declared its I'M
alterable purpose to maintain the parity
of gold and silver at present coinage ratios
Congress is safely democratic in both
branches. The only danger to equality Of
gold and silver now lies in the manipu.
laiions OF the Wall-st people outside OF
politics.
Under these circumstances it is plain
that the wise thing is to take away from
the moneyed interests the power they
now have to deposit silver bars, draw
coin certificates on them, and draw gold
on these coin certificates. This tremendous
power, ingsniously devised by SHERMAN,
permits them constantly to hamper the
government and interfere with its policy
of maintaining the equality of the two
metals. 1t must be taken from them.
The banker must have no more control
over the currency than the farmer or the
mechanic. The Sherman law must be
repealed, and it must be repealed at the
earliest opportunity. With this relic of
republlcanism disposed OF silver will at
once advance toward its normal price.
and the imaginary difficulties Of the silver
question will vanish. The wisdom, the
patriotism and the ststesm anship of the
democratic party can be trusted to give
the country perfectly sound and stable
currency, in which gold and silver shall
maintain their ancient relations. After
the events of the last two weeks we think
the people are perfectly willing and
ready to trust to the financial wisdom
and ability of the administration. Ger
tainly the democratic party is, and it will
not hesitate to take from the Wall-st
money kings the club with which they
have been threatening the country.
Let the Sherman law be repealed.
More Trouble.