The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1893-09-04
NO MORE SILVER Co1NAGE.
The Repeal ofthe Sherman Act will
not Destroy, but will Save Silver on
n Gold Basis.

0Olu BASIS.
The repeal of the Sherman act,
which may be taken az assured, if not
already accomplished, if done without
provision for further silver legisla-
tion, will mean not only the cessation
of silver purchase, but the end of silver
coinage.
1t is probable that provision will be
made for the coinage of the silver bull
lion which has been bought by the
government, under the Sherman law,
and this, with the silver money al
ready coined, will represent the silver
currency Of the United States for the
present-probably until another effort
at international agreement shall have
been made. OF course the United
States can readily use the silver sup
ply now in her possession and with
the stoppage of future coinage even
the gold mono-metallists cannot COM
plain of the s0undness OF this limited
silver circulation.
Touching upon the question of the
demonstration of silver, and the pur-
pose OF the administration with refer
ence to the silver coinage, the follow
ing extract from Representative Will
sons speech will be of interest. He is
the chosen representative of the ad-
ministratiOn and the leader of the
House. In making the closing argu-
ment for the Wilson repeal bill he
said
Gentlemen had said that if we
would stop now the purchase OF silver
under the Sherman act we would de-
monetize silver. The bill proposed
here would not demonctize single
silver dollar today circulating in any
part of the country. The bill had
come cot to destroy, but to save. 1t
had come, not to strike down the
silver, but to place it at once and for
ever, on an impregnable basis with
gold, in the circulation of the coun-
try.
inquired whether the passage of the
bill would necessitate the sale of bonds
in order to secure gold.
Mr.. Wilson replied that question
of that kind must be answered in the
light of experience, not in the light of
In the light of the ex-
perience of France, of the Scandinavia
an nations. Canada, of Holland, and Of
Java, he could merely repeat his re-
mark that the passage of this bill
would at once and forever restore sill
VGe-, TO a parity with gold, and there
would be nc necessity. for the govern
ment to issue bonds for any purpose.
1t carried with it, not only a promise
of maintenance of party between goo g3|fali I
and silver, but it carried u parity.
Mr.. McMillin inquired whether
the gentleman proposed to follow the
bill up with a proposition for free COIN
age.
Mr.. Wilson rejoined thai he was
satisfied that it was the earnest desire
of the Democratic administrator not
only to support the existing silver
of this country, but to in
crease the issue of silver currency to
the utmost extent it was safe to do so,
and keep silver on parity with gold |
" Now for the benefits which will ac-
crue from this bill. The first benefit is
the restoration of confidence among
the people in their own money. Just
as soon as we draw the line, and say
that for the present, at least, we will
no more silver, every dollar
now in existence in this country will
be as good as any other dollar, and
men will not care in what dollar-gold,
silver or paper his debts would be paid. |
There could be no expansion of the
currency that would work 50 quickly
and so satisfactorily as to let luese
from its hiding place the LOO, 900, 900
the quantity of money as its quality
that would restore confidence in the
currency of the country"
For the present, at least, the sill
YER currency is to be limited to the
present supply, if the policy of the ad
is carried out and there
seems to be no reason to believe it will
not. The silver miners will not find
much comfort in this, but if the coun-
try at large experiences the new pros
perity which is promised to follow the
repeal of the Sherman act, we can af-
ford to abandon the silver mines, and
find new employment for the idle
miners.
son with the dance let JOY be un-
C Onfined. Chronicle.