The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-07-06
SHOULD BE REPEALED.
Is WHAT SENATOR SHERMAN SAYS OF
THE "sHERMAN ACT"
1t Was a Compromise Measure Passed to
Save the Country From a Free Coin
age Act-silvsr Purchases sus-
peneed for the Present.

CHICAGO, July S.-"There has never
been time since the law of 1890,
known as the Sherman act passed that
l would not have voted for its repeal"
said Senator Sherman today. ut was
a compromise measure passed to save
the country from a free coinage bill
that had been passed by the senate by
an overwhelming majority. Demo.
Gratis helped to pass the Sherman bill,
and they abuse it and blame it for
all the financial woes of the nation. I
have told President Cleveland and Sec
rotary Carlisle that Twill stand with
them for sound, safe, stable currency.
| think the Sherman law will be re-
pealed, but the danger is congress may
60 too far. Should the clause pro-
viding for the purchase of 100000
ounces of silver monthly be
stricken out it would be
well. But if congress should
go on and repeal the clause
providing that the United States shall
maintain parity between gold and
silver coin it would spread distrust.
There is in the treasury 350,000,0 600
coined silver dollars and $145, 900, 600 in
uncoined bullion. The legal tender of
these coins must be preserved and
their parityto gold maintained. 1t is
we'll enough to stop further mintage of
silver, but that in circulation must be
sustained. To stop making silver dol
lars would not impair the usefulness of
those already made so long as the gov
eminent guarantee is back of them.
All great commercial nations have
tried silver and failed at it. The
United states is the last to realize that
silver cannot be made the basis of
standard of the worlds money. If the
coinage of silver dollars were stopped
and this metal relegated to the posi-
tion to subsidiary coinage, as among
the nations of the Latin union, the
world would know that we proposed
go pay our debts in the worlds money,
told, and confidence would be restored.
SILVER PURCHASES SUSPENDED.
Secretary Carlisle decided not to re-
sumo the purchase of silver. and so
notified the principal firms that offer
silver to the treasury on purchasing
days. This action is unusual, but as
the matter of purchasing of silver on
given days is discretionary with the
secretary of the treasury, he is simply
exercising his right. The reason as
signed in the notice sent intending
offerers is the treasury department has
not yet completed it's annual settle,
ments made at each fiscal year at the
United States mint. Whether silver
purchases will be resumed Wednesday
next is left open and will not be de-
termined until Wednesday comes and
circumstances then will decide the
matter The price paid for silver with
June purchases was $0.9220 per ounce.
Since then it has declined to 5000 per
ounce and is quoted today at so. 1873 10
per ounce.
CARLISLE GOES TO CHICAGO.
Secretary and Mrs. Carlisle and son
Logan, will leave tomorrow for Chica
go. The secretary will be absent two
weeks, and during that time Assistant
Secretary Hamlin will act as secre-
tary.
AFTER WORLD S FAIR EXHIBITORS.
Assistant Secretary Hamlin, in view
of repeated violations of law as to
sales of goods on exhibition at the
Worlds Fair without payment of Gus
toms duty, has instruct Collector Clark
to hereafter strictly enforce the law
which provides penalty for its viola
ton of fine of not more than $4,000.
mol more than ten years. In every
case where detection is made of the
sale and delivery of goods accepted as
exhibits, the collector is orderd to take
possession of the entire exhibit to
which the goods belonged and pend
ing disposition of the matter by the
courts he is authorized to continue the
exhibit under special custody of Gus
toms officers at the expense of the ex
hibitors.
TO INSPECT CHICAGO BUILDING.
Secretary Carlisle instructed J, j.
Clark, inspector of public buildings
for the treasury department, to make
a thorough inspection of the public
building at Chicago. The building
has been examined by local building
commissioners and pronounced un.
safe. The Chicago building was de-
signed by Architect Mullet. 1t has
been reported to the treasury depart
ment at various times as having
slightly sunk on one end but has
never been considered unsafe On the
contrary, it is believed to be strong
and substantial. Out of extra precau-
ton it will now be examined by gov
eminent inspectors.