The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-06-23
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Thereare few closer or more Intelligent
Observers Of affairs in Montana than Mar
Gus Dali, who has lately returned from
tho east. tits therefore encouraging to
learn that he found tho business out
look very%much brighter, n restoration
Of confidence in banking circles, "A heavy
business with railroad companies, and
after tho end OF the late scare q gen
eral feeling that the country was soon
to enjoy prosperity in all branches.
Concerning a subject Of vital interest to
Montana at this time, Mr.. DAILY said:
Ut seemed to me whom I first went east
that every man in America, east OF st. Paul,
was bound TO repeal the Sherman law I'M
conditionally and immediately. But / be-
lievs there is already . ch.nge from that
opinion; at least it seemed to be admitted
that if the Sherman act ia to DO repealed.
something entirely satisfactory to silver's
interest must be produced and passed.. Sill
yer isn't going to lie down and DO jumped
on without fighting back, and the eastern
people realizs that fact"
He is quite right. Eastern newspa-
pers that turned the late disturbance
into cause OF rejoicing over the prospec-
tive repeal of the Sherman bill are COM
mencing to hedge, and despite the
opinions Of more than one hundred con-i
gressmen, who say they will vote for tho
repeal, 1T is evident that their fight will
be much more difficult than was anti
cipated. Newspaper ballots on an issue
of this sort are Of little value. Several
months will elapse before an extra ses-
sion is called-if, indeed, it Is called at
all-and during that interval members
Of congress will have ample time to
study the views Of their constituents
and regulate their votes accordingly.
They are always ready to drop into the
wake OF public sentiment, and are not
to be caught by bugbears manufactured
in eastern money centers.
Out Of conditions unforeseen and un-
avoidable the gold people Of the east
have attempted to construct a straw
bogie and call it the silver craze. In
this way they ha W tried to brighten the
people into the repeal Of a law which
was nc more responsible for the fnan-
cial disturbance than the price of wheat
one hundred years ago. If it is the
primary cause Of the outflow Of gold,
why did we not see a similar effect
when it was first passed? If it caused
a weakness of confidence IN financial
circles, why did we not see more signs
OF that weakness in the sections popu-
lated by the people who are called silver
fanatics? Finally, is it possible that
the repeal of the bill will strengthen
the judgment or increase the knowledge
Of the wild spectators who are manly
responsible for all this financial trouble?
The outflow Of gold was first turned
into an attempted argument against
further government purchases of silver.
This, however, was traced to other
causes, including the efforts of Austria
to rehabilitate her currency, great de-
mands from Russia and Germany fol
funds to strengthen their armies and q
feeling Of uneasiness among European
investors generally occasioned by the
Panama scandal, the break in italian
banks and the slow recovery from the
Argentine panic Of a few years ago.
These were natural causes for a demand
for our gold and whom the enemies Of
silver found that the Sherman bill
could not be substituted to frighter
people they changed their tactics.
Foreseeing o coming stringency of the
money market, they planned to squeeze
their western creditors until a pani'
would come of such proportions as tc
sweep away the Sherman law in a tida
wave of public sentiment. 1t looks
now, however, as though the people had
recovered in time to learn that thu
Sherman bill was in no wise more re
sponslble for failures of banks and in
vestment companies than for the out
flow of gold.
The bill did not create the Zimr
Dwiggins system of banking and dl'
not incorporate the wildcat investmen
companies operating in Sioux City. !
did not guarantee collateral to foolisl
investors in the east and it could no
turn the balance OF trade, which ha
been against this country for more tina
two years. These were the actus
causes of that lack of confidence whic.
the gold bugs guarantee will never re
appear if the governments purchases c
silver are stopped.
Present conditions, therefore, warran
Mr.. DAILY in believing that the prospect
for silver in congress will grow brighte
as business continues to increase and a
confidence is restored during the sum
MGR months. 1t is even possible tina
the ease with which the country ha
settled down during the last week wi
cause the president to abandon his in
t~ention of calling congress together. A
this time it is to be said, however, thu
the chances favor the repeal Of tn
Sherman law and while the outlook
more encouraging for silver than 1t VIZ
two weeks ago, it is q season when silvt
men must plan to stand solidly togetht
, against any attempts to remove oil
governments coinage OF the metal.
is a fight first, for a better law than tt
Sherman bill, and secondly, against tt
repeal of that measure-which is ba
enough-without d substitute.