Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-08-27
EIr. sherman Again.

Nh. SHgRMaS has had mora to do
with the finances Of the United States
than any other man. He has for many
years been recognized by the Republi-
can party Of the whole country as the
spokesman Of the party whenever tinan-
cial questions we're to be discussed. lie
had more to do with the measures which
resulted in the resumption Of specie
PAYMENTS than any other one OF tie
leaders Of that party. lie has champ
oned those measures on all occasions.
Wall Street. which is generally a law
unto itself, listens respectfully whenever
he opens his mouth t. enlightcn the
financial world as TO what it ought to do
in an emergency. cage has not with
cred his powers. though he is over
seventy years OF age lie was the lead
ing Republican in the House Of Repre-
sentatives before the war between the
States began. Mr.. SHERMAN is still the
acknowledged leader OF the Republican
party on financial propositions, and,
being SO, whatever he says on such ques-
tons may be accepted IS coming fr ON
the Republican party itself.
Therefore we cannot but think that
the letter of Mr.. SIBERIAN to whic h we
made reference the other day has sig
uifcance above that which would at
tach to a similar outgiving from any
other man. He means what he says
when lie writes down in black and white
that but for one reason which he names
it would not be important to repeal the
clause of the silver bill which
bears his name, He means to say that
the existing panic had no real founda-
ton in the circumstances in which the
country found itself when the panic be-
gan. 1t was in a word the foolish clam
or of the monometallists themselves that
frightened the people and caused them
t. withdraw their money from the
banks
Mr. SHERMAN next proceeds to state
what the country needs in the nature Of
measures OF relief for the present con-
dition OF the nations finances and the
peoples finances. He would have the
SHERMAN bill repealed though its repeal
is not important" except that it would
probably have the effect of quoting the
of the capitalists who fear
that we are drifting towards q single
silver standard OF value. There Is a
growing feeling that oil we need is an
increase OF the currency Of the national
banks" Undoubtedly the fears Of
depositors are a potent cause.-The
efficient cause of the dearth of
currency which now threatens the
country with a financial marasmus
these fears on the part OF the thrifty de-
positors having led them not only to
withdraw their money from the banks
but 10 keep it at home III strong boxes
stockings and elsewhere. MIR. SHEER
MANS remedy is an abundance of nation
al bank notes, that is to say, an abund-
ance Of good currency. He would not
debase the national currency as meas
ure of relief. 1t would afford no
relief. lie would not denOtional-
ize the currency. He says moth
ing as to State banks-prob-
ably because the Constitutions OF
his State and several other States forbid
the establishment of State banks of cir
culation. Whenever Mr.. SHERMAN in
PRODUCES his proposed measure OF relief,
Mr.. HUNToN ought to offer as an amend
ment to it his bill TO secure deposltors.
Finally, Mr. SHERMAN may favor a
compromise measure that will command
the support of Democrats enough to in
sure its passage. We make no guess as
to what such a compromise would be.