The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-06-30
FLOWER ON SILVER.
Confidence and Courage
Needed More Than an
Extra Session.
SHERMAN LAW REPEAL SURE
Duty and Hope Of the Banks
Relaxing Of Money Means
Improved Credit
New York's Democratic Governor
Backs Up the President
With Wise Advice 10
the People.
SHERMAN LAW REPEAL SURE

from Northern New York. He was asked
by representative what he thought of
the financial situation. He replied:-
The suspension Of the free coin
age of silver by India has made the re-
peal of the Sherman law absolutely
certain. no matter whether Congress is
called together now or next December.
Business men may count on that as a
certainty in my Judgment There is NO
occasion for anxiety for an extraordinary
session.
"What Is wanted ust now more than
session of Con Rress is brave action on
the part of the banks They have I,een
prudent anG conservative during the last
three months and brave action
on their part now would do more
government purchase of silver can pos
sibly do between now and next Decen-
ber. The prices of all securities aud
commodities are m uch below gold basis
today, and loans on them ought TO
be perfectly safe. They ought to
have more faith In the United
States Government Every bank in the
country is outstanding its strength in
anticipation OF "Run s." That is natural,
but beyond Ger tain point 1t breeds
trouble for his very excess Of conserva-
tism creates runs on banks. When banks
begin to refuse credit TO their good GUS
toners then failures come. people get
\ R~jr~ r., MT o1,t NJ
the banks, and business aud employment
are paralyzed. When this happens and
the circulation of money is contracted
the issuance of four and half millions
OF currency month by the Government,
is not an evil but an absolute relief.
CONFIDENCE NEEDED.
$50 what is needed just now is con-
fidence and faith. The banks of New
York hold eight or ten millions above the
legal reserve. Let them pour ont every
dollar OF it for the relief of business That
is what restores confidence. That is what
will prevent runs. 1t is b time for
banks to be bold, not tlmid. They nave
the solution OF the problem in their own
hands il they will avail themselves Of
it. No congress can refuse the
imperative demand OF the business
interests of the senlire !country for re-
peal of The Sherman law, ana we may
rest assured that when Congress meets
the law will be repealed. With that
assurance and a liberal policy on the parr
of the banks there is not the slightest
danger OF trou BILE.
NOT MORE THAN WE NEED.
"But what about the fall of silver and
our immense quantity Of silver coin and
bullion on hand ?"
Nonsense. We have not dollar more
than the country will need. The
Government is pledged to maintain
every silver dollar on parity with gold.
Who doubts it? We have had three hum
dred aud forty-six millions Of greenbacks
in circulation for years. What are they
worth intrinsicallyi Not cent. Do peo-
pie reject them as worthless? No, because
the faith of the government is behind
them. So with the silver dollar. Snp-
poae 1t is only worth fifty CENTS and there
are four hundred million OF them in the
the country. are they not at
least worth fifty times as much
as the greenDack? And who
doubts the ability or disposition of the
Government to maintain the parity with
gold dollarsa"
ALL ARE AGREED.
SIT is just as easy to look At this money
question in common sense way as 1t is
through dark glasses Whatever fpfiu-
ence the action of India will have on
bi-metaIism, or whatever views are held
on BIZ metalsm. the Immediate effect
| In this country must be repeal OF the
Sherman law. Upon that point monome-
tallists, be-metallists and the business
| interests seem to agree. But whether
the influence Will be ultimately
to promote or retard be-mentallism,
the business OF the country and the
world will continue to be transacted on a
| gold basis. just as IL has for twenty years
or more. until silver is restored to mn
lequal place with gold. There will be
no change OF revolution in that
respect. While the sus penson Of free
silver coinage in India has made the re-
peal OF the Sherman law absolutely cer-
| tain. it has not on the other hand cur
tailed the volume Of currency ia the
world. for the business OF the world was
already transacted on gold basis.
PANICKY COLORADO
Governor Waite Talks Of suspsnding the
(l0l1a ct1oya of De11fr