The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1893-07-08
TIE DUrY or c0NGRESs.


! great extent. But there are some
effects in monetary affairs which can be
traced to their antecedent causes ns
well by an ordinary busines, man as
the shrewdeSt banker in the coun-
try.
The c&dso Of tho present unsatisfac-
tory condition of the money market is
attributed by Wall street TO the Sher-
man silver purchasing act and the bank
ers throughout the country are demand
ing its repeal In this they are backed
by the leaders Of both the Democratic
and Republican parties. That it will
be repealed there is little doubt az the
hue and cry has gone throughout the
land aud been taken up by the masses,
that there will be no relief until this is
accomplished.
But will the repeal Of the Sherman
law afford the desired relief? For the
present, yes Tor all time, no. With its
repeal the banks viii begin to let money
out of their vaults and that will relieve
the stringcucy b,,t with n cnrre,cv
necessarily contracted by the resump-
tion OF u gold basis the country will be
more Mt tho,norrv of tLo b,nkors t,o,
it was before. and sbould the bonka
take notion, ut some future time, to
draw in their lines of credit monot,ry
affair, will assnme = moro cr;t;co, osrao.
| than thoy do today
The tact is tba nrosort etr;rr,o,,
has been broucht oLort I,v tbo oot;or
of tbe bapker. tLansalxas and ,hi,
condition can be rs we'll or better forced
by them with eo,d only ne with oo,d and
| silver. When t1cy acting IN concert
DRAW IN tla;r limos Of credit ord boord
tbe monnv in tho;r vanlts bns;,oos
mon nret sri,nr onl troJa storn,,;o,
follow If il sin,nlv n conoertod r,ovo.
ment ON tho mart Of Tho crod;tor cIoos 20
LOCALLY rob tba debtor class ~ 4 will
be round iuynri5ly that tho purcbos;,o
rowor If n dollar bos boan looo,v ia.
creased bv reason of the anforced and
artificial striopancy II i nloin tbo. IL
ono b6rrows q dollar tbat will Inv ono
busbel Of wboet and is sorcad 70 nav
back n dollar tbnt will Inv two bnsbols
he has been robbed somewhere in the
trarsoctiop. and .hourb tbe theft may
he ;n,nercent;lle il is ma leas a bprdon
ON him who NAYS. Or if bo horroys
dollar wLen ,yo,,es orot two dollo,s dov
and pavs back when WAGES are but ono
dollar he will perhaps notice the dis
creponcv more roodilv esneciollr If be
is OBLIGED TO labor for the wherewitb to
nav. No amount of sopbistrv can con-
vince him that he has not ,been forced
to INV back tbe value Of one davis labor
for she value of the one.half days labor
borrowed
While there may be serious doubts
aaout the feasibility of maintaining
double standard of currency, and it may
be as well to repeal the Sherman law at
once. there is something for congress to
do that has not yet been broached, to
prevent periodical seasons of financial
stringency. While banks have the
power to draw in and hoard the cur
rency Of tho country, congress is wholly
poworless to prevent monetary distress.
Under present conditions it would
seem to us that congress should pro
vide
First, II currency, based on the value
of gold dollar, or in gold payable at
a specified value. in such quantities
as will be amply sufficient for the com
mercial needs of the country.
Second, the means of putting such
currency into circulation.
800