The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1893-06-30
FARMERs DISCUSS FINANCE.
The Deer Creek Farmers Club Urges tn
Repeal of the Sherman Law.

The Deer Creek Farmers Club Urges the
Repeal of the Sherman Law.
The Deer Creek Farmers Club met at Win
stone, near Darlington, the residence of the
President, Mr.. ID. c. Wharton Smith, last Sat-
urday, and had spirited talk on the financial
problem as it affects farmers. The club was
unanimous in opinion that the low price of
wheat is caused by uncertainty in the finan-
cial system of government, which makes
money scarce and creates difficulty in making
exchange with Europe, thereby retarding the
movement of crops to the seaboard.
There were present, besides the President,
MeSsrs. 7. L. SwartZ, Secretary, X. Harris
Archer, John Moores, James w. Hanna, Robt.
John b. Wysong, William B. Hopkins, James
F. Kenly and F; w. Baker, active members,
together with Messrs- y. NJ. Lee, P. Lesley
Hopper, Hugh E. Jones and Or. John Sapping-
tom honorary members and guests.
Before proceeding with the discussion the
club inspected Mr.. Smiths premises. The re-
port thereon was made by committee, con-
sisting of Mcssrs. Kenly, Lee and Hopkins, who
spoke in praise of the beauty of Mr.. Smiths
house comprises an extensive panorama of
Deer Creek Valley, with its well-kept farms.
its neat and substantial houses and general
which Mr. Smith has built his residence was
little more than Il stone pile, covered with
briars. Now it is surrounded by lovely
while fine kitchen garden gives promise of
good living. Mr.. Smiths stables, carriage
house, &C., are models of neatness and con-
Upon reassembling at the house Mr. Smith
remarked that he had been thinking great
deal, lately, of the financial situation of the
country. lamentable want of confidence
has spread over the country from East to
West and immediate relief is urgently needed
to avert great business panic. This want of
confidence does not arise from scarcity of
money, but from want of confidence in our
financial system. Everywhere men al draw
ing their money from the banks and hiding it
away. This condition he attributed in great
part to the operations of the Sherman Silver
law. He read to the club an able article FROM
I BourSe e, Cockran OF New YoeR on the Fnan
ciol Outlook" In this article the writer de-
clares that the Sherman bill requiring the
government to buy u certain amount of silver
every month is Il menace to business, destroy
ing confidence, anu if continued will result in
serious consequences to the country.
Mr.. Smith, in commenting on the article,
said that in spite of the low price of stock in
vestors are unwilling to let their money go
and a great black cloud, portendinR disaster.
with admirable foresight, has portrayed the.
danger and purposes to call Congress together
not later than September. to consider the sub
time and September, and Mr.. Smith thought
the President should convene Congress at
once Then the people would raise their
heads. Even the silver men are beginning to
see, as Mr.. Cochran asserts, that the Shel man
bill is a disastrous measure, even to them, and
are willing to make concessions. Under exist
ing circumstances other countries, England
for instance, are strengthening their own posi-
ton at our expense. Money can be had on
call in London ut the low rate of one per cent.
per annum. Business in our country is para
lyzed Mills are shutting down and men
thrown out of employment. Their wives and
children must have bread and something
should be done Immediately for their relief
The low price of grain, he argued, is due to
financial depression and the inability of ship
pers to borrow money to move wheat to the
seaboard. The farmer wants an honest dollar
with which he can buy a dollars worth in any
city of the world and this he fails to get under
the Sherman law. He would like to hear the
The members, being called upon expressed
their belief that the Sherman law ought to be
John Moores said the scarcity of money af-
fects the price of wheat, corn, potatoes, &c
Wheat will not be shipped abroad at the pres
cents a bushel When wheat brings a good
price shipments are freely made and gold
comes here from foreign countries.
Hugh L. Jones said the sooner the Sherman
law is repealed the better for farmers.
7 X. Harris Archer said he hao been a silver
man, thinking with many Others that free
coinage of silver would make money plenty
and enable everybody to get some of it. The
article of Mr.. Cochran, together with events
now TRANSPORTING, had opened his eyes and he
stood now with the opponents of the Sherman
law.
P. Lesley Hopper said he held radical views
on the currency question. He regarded silver
and gold as commodities, and that in coming
them the government merely certifies to the
value OF the coins. The government has been
lying about silver when it stamps 80 cents
worth of silver, calling it a dollar. A silver
dollar ought to be made equal in value to Il
gold dollar all over the world. He opposed
the abolition of the tax on State bank issues
Our national banking system is the best ever
devised and he would feel loath to advocate
any measure jeopardzing it.
John B. Wysong heartily opposed the policy
of the government boarding up vast quanti-
ties of silver. There is money enough in the
country but people are uneasy and are hoard
ing 1t. The Sherman law ought to be repealed
James +. Kenly considered the Sherman law
repealed as quickly as possible. People who
were in favor Of it are changing their minds
and the time is not far Off when Congress will
be able to repeal it.
The club adopted the following resolution
ResoiUed, That in the opinion of the Deer
the existing depression in the business inter-
ests of our country, and especially the lun-
gushing condition of agriculture is almost en-
tirely due to the present financial system of
our government.
Therefore, this club, without regard to the
political affiliations of individual members,
una nimously approves the recent letter of
and urges upon him to convene Congress at
once and to recommend to that body the i'm
mediate repeal of the Sherman silver law and
the enactment of such wise legislation as
would tend to restore public confidence at
home and abroad in our monetary system,
restoration of prosperity to the entire coun-
try.
The next meeting of the club will be held at
the residence of Mr.. s. A. Williams.