The Forrest City times., 1893-07-28
The Sherman Law.

To the Editor Of the Times.
 1 noticed statement in late number of Memphis paper that our delegation in congress with the possible exception of Terry of Little Rock, are opposed to the repeal of the Sherman law. unless some better law, or fuller recognition of silver is secured.
 They evidently do not share in the craze that the present stringency in the money malk ket. and consequent hard times are the result of that law Be this as 1t may, WE know that the Sherman law was in force during 3l months of the Harri- son administration. and people in this county know that any one who owned improved real estate to which a perfect title attached. could get money on same, without difficulty ap to within 60 days. When To! all at once the cry went up that the government was threatened with ruin because certificates issued in payment of silver bullion were being paid in gold, and that the gold reserve for the redemp- ton of EreenbacIs. was being drawn OH, much to the peril of this nation. Secre- tary Carlisle was interviewed and he stated that the purchase of bullion under the Sherman law was adding to the debt of the country. and how long the thing was going to continue was a question which congress alone could settle. Secre- tary Carlisle did not say that he cOa!d re- deem the bullion certificates with silver; nor did he intimate that the law made 1t his duty to do so; nor did he hint at the fact. that a joint resolution passed by con greSs in 1878 declared that every obligation of the government. not payable in green backs, conld be paid in standard silver dollars without "derogation to the right of the public creditors"
 That resolution was passed in January 1878, and is still the law. and Mir Car lisle, then a member of the house, voted for it. Section of the Sherman law is as follows:
 That upon demand of the holder of any of the treasury notes herein provided for, the secretary of the treasury shall, under such regulations as he may pre- scribe, redeem such notes in gold or si- yer cOin at his discretion. it being the es- tablished policy of the United States to maintain the two metals on parity with each other. upon the present legal ratio. or such ratio as may be provided by law. "
 The foregoing is so much of section as provides for the redemption of the bullion notes or certificates. It will be observed that the secretary may redeem in either gold or silver. at his option. Remember that he is on record as voting for law providing that ali obligations of the gov ernment can be paid ill silver dollars. Why then does he pay only gold, and treat silver es debt?
 strict compliance with Sec. would be to pay out gold and silver, i'll equal quantities. That is the way France nam tains the parity between the two metals but then, France is not under the doml- nation of England and Wall street.
 We are told that the Sherman law IS compromises between the goldbngs anu slverites. Section favorS that view, but how about Sec. 8?
 Section 3. That the secretary of the treasury shall, each month, coin two hil- lion ounces of silver bullion purchased uh. der the provisions of this act, into standard silver dollars, until the first day or July 1891, and after that time he shall com oi the silver bullion purchased under tle provisions of this act as much as may De necessary to provide for the redemption ol the treasury notes herein provided ior' and any gain or seigniorage arising iro'li such coinage shall be accounted for' anu paid into the treasury"
 If the foregoing section does not meal, that the bullion notes shall be redeehiea ln silver. what does it mean, any way How many of your readers have ever healu of this section of the law l am pfetty extensive reader of the daily press. ana l have never seen it, or mention Of It, Ill its columns.
 So far from the Sherman law benig tno cause of the hard times, if it's provisions