The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-21
THE SHERMIN ACT.
William c. Elsm Discusses the Proposed
Repeal.

| took part in fixing the figures OF the
debt OF Virginia, and in convincing
dissentients that these must be accepted.
However. have long had very positive
| convictions with respect to Federal fin
ance; but before briefly state some OF
these permit me to congratulate all con-
| cerned upon the final settlement OF the
! State debt. in substantial accordance
with the views l had the honor TO aid
| in establishing.
| As 10 the proposed repeal OF the So
| called Sherman Act:
First, The Federal constitution plainly
provides that gold and silver. equally.
| shall be coin. money and legal tender.
and forbids the States 10 make anything
else legal tender. A quarter-century be-
fore the late war Congress limited the
! legal tender capacity of silver coin 20
| sums OF five dollars. The next fragrant
| violation OF constitutional direction and
| intent in this matter was by the act CT
| February 1873, which sought not 10 de-
| mOnetize, but, TO discourage" silver,
partially by forbldding the coinage OF
| the silver dollar, and leaving silver as
Il mere subsidiary coin. This step to-
ward The discourage" OF silver. as soon
as II was generally known, aroused the
PEOPLE 20 demand the free and equal coin
age OF silver; and this led TO the com
promise known as the Sherman Act,
under which governm mt makes its cur
rent purchase OF silver and coins so
many millions Of dollars monthly.
II follows. from what has been said,
that 1 am opposed 10 the unconditional
repeal Of this act. and reverting 10 the
policy OF discourage" Moreover. the
present act has given us greatly needed
Increase of currency, and has otherwise
done much good, without being at all
responsible for the recent foreign de-
mand for gold (unless this demand were
part OF a conspiracy against the acD,
or for the concurrent bank suspensions.
the latter, indeed, affording us very
salutary revelation OF rascality and reck-
lessness. In fact, II the gold demand
was bona flde and not factious, the Sill
YER certificates (as so accommodatingly
redeemed at the Treasury furnished
ready and easy means 10 obtain the
needed gold: the government, meanwhile,
not being al all hurt as II buys its Sill
yer at market rates. As for the dollar
Il is certainly OF full value as a coin'
whatever IL may be worth as mere silver,
and II all our currency is 10 be backed
dollar for dollar by specie, why clamor
against the accumulation in the vaults
ut Washington? Surely the Government
is \ good custodian; and fits vaults ample
gold be the standard Of value or not
there Is not enough OF It 70 form the
basis % the worlds currency. The for
eicn demand has Just Illustrated this
fact by showing how a little balance
I'm trade against this country at once re-
duced our gold reserve below the amount
required TO meet our outstanding and
pavable obligations; and this demand, in
stead Of inducing us 10 adopt the single
gold basis. should warn US enectually
against that basis.
Second. AS the constitution provides and
the people demand, gold and silver.
equally. should be coin. money and legal
tender. and the Government, either d.
rectIy or through free and equal coinage.
should supply enough OF both 10 meet
the demands OF business, etc, as cir
culating medium or as the basis thereof.
Rather than increase the ratio Of silver
10 gold as high as % 10 I. let II remain
AZ 1888 to |. Having reduced silver 70
the lowest possible price, the schemers
will continue TO get control OF II, and us
price will 90 up more rapidly than II mas |
gone down. At all events, the so-called |
Trade-Dollar furnishes an object lesson
on several points I'm this connection; and,
certainly. II the amount OF either metal
is 10 fuctuate according 10 purchasing
nower" or as its value varies under the
transactions OF trade, speculation or
downright conspiracy, We ccn have no
stable money. and we might as well-nay,
better-go back 10 barter, or rely on Boid
and silver bullion as mediums OF eN
change. The great government or great
country should not be the confederate OF
rooney-changers, and, within It's own
bounds. Il should disdaln TO be thrall or
at'spaw OF either Wall Street. or Thread
needle Street. or OF both combined.
Having provided constitutional com
money and legal tender, government IL
self. or through properly secured and
REGULATED hanks State or National. or
both. should furnish a sufficient paper
currency to supply the ordinary demand
OF trade and popular convenience AS the
people prefer paper for common use they
must understand. that, though II De VI
timately redeemable in gold or silver, or
an equivalent. somebody's or something's
credit must be sometimes. inevitably ac-
cepted and confided in temporarily or
we can have no adequate paper currency
at all; but. with this proviso, saie anu
efficient currency can be devised ny hoies'
statesmen and experienced financiers'
But no parer issue should De alo"ed
~ less den oufnation han five dollars
Postal notes and orders now fully meet
every real necessity for small biIls-ohiy
there should be no charge Ior iSSui"s
these notes and orders.
That the Government should paw us
coin and silver obligations In gold eNclu-
sivoiv. IS all well enough, provided It has
plenty OF gold, and can thus pay u OUT
without discrediting its own constitution
al e1ver coin. II is to be feared. how !
ever that neither OF these proyisos Is
observed and that we are bullled and
in this matter-presentlng a
spectacle Of timidity and weakness not at
all edlfying or profitable. Neither the
credit OF government, nor the parity
~ the two coins. is 20 be maintained
nv Bringing 10 turbulence. The war is
over and we need men at Washington OF
pluck and resource enough 20 vindicate {
government against intimidation In It's !
nance, coin and currency.
Contracts in Confederate money were
aquitably scaled down afterwards, al
-hough the depreciation OF the money was :
he fate OF war Mr.. Gladstone. being
asked in the House OF Commons II meas 3
Tres had been taken 10 protect or COM
)ensate those liable 10 lose by the actlon 8
II the East Indian Council I'm regard 10
silver. replied very truly that II was !
not usual 10 take such measures in cases :
II the kind. MOI II II were usual. these
,ordid and wicked schemes 10 enrich the 3
-ew at the cost Of the many would not
% so eagerly pressed nor so readily
adopted. w. {. ELAN.
Ealdham near Trevilan). Va. July II.
1898.