Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1893-07-08
SENATOR SHERMAN'S POSI-
TON.

"The Sherman act was a COM
promise measure, and it was
passed to save the country from
a free-coinage bill that had been
passed by the Senate by an over
whelming majority. The demo-
Gratis helped pass the Sherman
bill and now they abuse it and
blame it for all the financial
woes of the nation. If the Sher-
man bill had not been passed a
free-coinage bill would, and the
result would have been infinitely
more damaging to the country.
The present dispute over the sill
yer question is democratic par
ty issue. Mr.. Cleveland, in OPP
posing silver, is fighting three
fourths of his party. Before it
is repealed there are apt to be
some warm expressions of opin-
ion. | would not be surprised if
some of the democratic Congress
men and Senators should con-
sent to the repeal of the Sher-
man act only on conditions
that the administration might
not favor. In the silver States
and in many other States are
Congressman whose constituents
believe in free coinage. What
will the administration do if
free-coinage rider be put on the
repeating act? Down South they
want more money, plenty of it,
and they are not so very particu-
lar as to what kind of money it
is. How will the hard money
democrats like it if the repeating
act be loaded with free State
bank currency amen d m e n t?
These are only conjectures as to
what might happen, but they in
dictate how the democratic party
stands on the monetary question.
The republicans in Congress will
be in the attitude, to certain
extent, of spectulators, but we
will be in favor, with few ex-
ceptions, of good money. |
think the Sherman law will be
repealed, but the danger is that
Congress may go too far. Should
the clause providing for the pur-
chase of $500, 900 ounces of sill
yer monthly be stricken out it
would be well. But if Congress
should go and repeal the clause
providing the United States shall
maintain parity between gold and
silver coins it would cause wide
spread distrust. There is in the
treasury 32O,000,0O0 of coined
silver dollars and AS, 0O0,0 of
in uncoined bullion. The legal
tender of these coins must be
preserved and their parity to
gold maintained. 1t is well
enough to stop the further mint
age of silver, but that in circula-
ton must be maintained. Many
newspapers seem to forget that
for the bullion from which the
current silver dollars were coin
ed the government paid only the
market price in gold at the date
of purchase, so that those silver
dollars coined under the Sher-
man act stand really ON a gold
basis, and the government can
redeem them all in gold now
with a loss of only about $S,000,-
O00."
What, in your opinion, is
the remedy for the present finan-
cial trouble"
"The restoration of confidence
in the commercial world. The
present stringency is caused by
the apprehension of the mercan-
tile and financial world that we
will not meet our obligations
in gold, but will pay in cheap
money. | believe we should
have a sound safe currency ON a
gold basis. No, | don't think
the cessation of silver coinage
will bring more gold into circu-
lation. | do not think gold will
ever again be so much in circu-
lation. 1t will be utilized as the
reserve and basis on which the
circulating medium will rest for
security. | think such a. cur
rency feasible, and | am of the
opinion that it will be brought
about. The action of India with
regard to silver is not conclusive
1t is in the nature of an expert
ment. The law that the rupee
shall be worth 16 pence is in the
nature of fat money Legislation
and has no effect here.