Arizona weekly journal-miner., 1893-07-19


 market value, the senate rejected that bill on the ground that it made silver a mere merchantable com modity like wheat, and by a two thirds vote substituted an absolute free coinage bill. This was sent back to the house, and, being disa- greed to there, went into confer ence and the present silver law was adopted as compromise to prevent the final enactment of the senate free coinage bill, which the senate had passed by a two-thirds vote. This brief history, of the Sherman law not only shows the correctness of Senator Sherman's recent state ment that the Sherman law was adopted'to prevent a worse one in the form of free coinage, but also shows that three years ago the Sen ate stood two-thirds in favor of free coinage, as it did in the vote taken last February.
 Thus it will be seen that the Sen ate is the stronghold of the silver men. At every vote that has been had for years on the silver question in that body it has shown great strength there, and always had majority, sometimes a two-thirds majority. And there seems to be little change m the real sentiment of the silver people in that body. 4 few of those who have cooperated with the silver men express the feel ing that the silver law ought to be repealed, but they all couple with that the assertion that something else must be put in it's place which will give silver standing as money. They are unwilling to accept a de monetization of silver. If the silver men were confident that they could get something better, something more nearly free coinage, they, of course, would not object to a repeal of the Sherman law, for 1t was never satisfactory to them. But unless they can get the one before they let go of the other, they are not will ling to let go. So they will fight a single repeal proposition to the bit ter end. One feature which adds interest to the situation, is the fighting qualities which the leaders on the silver side have always shown. They are good fighters. They are not orators as a rule, but they are, many of them, men of more than average ability in congress, and have a pluck and acumen and per sistency which has enabled them to win a good many fights. They are superb tacticians, skilled parlia mentarians, shrewd diplomats, and aggressive fighters. With the rules of the senate providing no means for cutting off debate, and with such men as Morgan. Stewart, Jones. and Teller, capable of making speeches covering days each, there is no telling when they will permit a vote or a proposition for a repeal or on any proposition distasteful to them, or dangerous to their theo- ries. They are backed by a power ful financial influence, the mine owners. and a powerful sentiment among the masses in favor of a con tinuation of silver as a part of our money system, and while it Is proba ble that majority of the senate desires an immediate repeal of the Sherman law. an absolute repeal without some compromise will be difficult.
 Meantime the situation is chang ing. The people are beginning to realize, and the newspapers and financial writers and statesman are beginning to admit that the Sher- man law is not responsible for all. or nearly all the recent financial disturbances. It is now admitted that the argument advanced m this correspondence long ago that the outflow of gold to Europe is largely due to the enormous impor- tations we are making in excess of our exports was correct, and in sub stantiation of this it is observed that with the increased demand abroad for our products the tide of gold has begun to flow back into the country. Gold is now coming in instead of going, out, and the gold balance in the treasury has nearly reached its normal stage of | S100,O00,000 Statesmen, and writers. too, are beginning to admit that the fear of the destruction of our manufacturing interests by adverse | tariff legislation Is having much to do with the distrust of financiers and the unwillingness of capitalists to let their money go out of their hands or into the usual channels Of investment and trade. One of the most prominent Democrats in Wash ington. a high official of the gov ernment under Mir. Cleveland's first term admitted this in a conversa- tion with your correspondent only a few days ago, saying: "It is quite natural that the people who have millions invested in manufactures should be uneasy and alarmed over the prospects that the doors of the country are to be thrown wide open to the manufactures Of the old world and its cheap labor" Had he have added the fact not generally recognized or known, that l the investments in manufactures m 1 this country to-day amount to SIP ] 5O0,OO0,0O0 and that our capitalists who have been investing about two million dcllars a day in manufac- lures and kindred industries for years have stopped that flow of investments because of this fear he would have struck the key note of the present troubles, and show that i; IS the Democratic attacks upon uuf workshops and workingmen at ! British dietatiop that is lke reat cause of most O. oiir present. tIiodb- les
 President Cleveland's health causes no little solici;ude here. He i has been under a terrible strain mentally for whole year, and 1 physically for months. Beginning with the fight for his nomination a year ago, and following on down ] through the election, the formation