The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1893-07-29
THE SILVER QUESTION.
Views of a Number of Promi-
nent West Virginians.
sHERMANLAw MUST BE REPEALED
That is What Gov. MacGorkle Says
He Thinks the Assembling Of Con-
gress will give Confidence Views of
Ex-Governor Wilson and Others.

obtaining their opinions upon the
silver question and the Sherman bill
Gov. w. A. MeCorkle said: THE
truth is, we know too little about the
silver question. | was talking to
Henry Watterson about year ago
and he made this remark to me.
There are only two men in this
country who know anything about
silver. One of them is Jones of Ne
vada, who has all the silver, and the
other is Dan VOORHEES,. who never
has any. am opposed to acting
upon the suggestions Of two men, one
who has all the silver and the
other who hasn't any. believe that
the trouble is due to two causes;
First, we have oyerdealt or specula
ted and it is now settling day; sec
ond, we have locked up under the
Sherman act vast deal of money,
joined TO the peculiar monetary con
ditions in Europe, has hurt US very
badly. | think that the Sherman act
should be repealed at once, and, fur
thermore, / think that if the national
banks were allowed to issue notes to
the amount of their bonds it would
help us. / don't think there will be
panic, but the calling together of
Congress will help to give confidence.
have given you," added the Gov
ernor, "a very hurried opinion, but
that's how the matter seems to me"
Neil Robinson, republican, presi-
dent of the Commercial Bank, said:
.sThe present unsettled condition OF
business may be attributed to the
agitation in regard to silver, the I'M
certainty as to tariff legislation, and
remotely, to the suggestions which
have been made for the repeal Of the
tax on State bank issues. | would
favor gold as the standard, with sill
yer as legal tender for limited
amount A modification in the ma.
tional banking laws would be help
ful--a low interest bearing bond,
with a circulation equivalent to the
face of the bonds, would induce the
banks throughout the country to in
crease the volume of currency |
think that the system would be bet.
ter than any other system of State
banks.
George 5. Couch, democrat, presi
dent of the Kauawha National Bank,
said: THE present unsettled condi-
tion in our financial world seems to
be mainly due to the Sherman law
Permanent relief, it seems to me, can
not be expected until the law is re
pealed. This cannot be done too
soon. The debtor class is especially
interested in the repeal of this law
for they are now unable to obtain
longer credit and are at the mercy
of their creditors. Free coinage of
silver would be folly inexcusablc. A
single standard. preferably gold, is
necessary to restore confidence. An
issue of 3 per cent. bonds in sufficient
quantity to retire silver would seem
the best way out of the trouble. I'm
til the finances are settled upon a
permanent. honest and sound basis
we may expect alternate periods of
gambling, speculation, depressions,
and panics to say nothing of the
dangers to be apprehended from tink
ering fanatical demagogues."
J. NJ. Rowan, democratic State
treasurer, gave his views as follows:
81 think we may trace the cause of
the present financial depression back
to 1878, when silver was demonetiz
ed. The trouble has been recently |
aggravated by the passage of the
Sherman bill, which should be re-
pealed as to the purchase of silver.
| believe in having silver and gold on
a parity as opposed to a single
standard. A mixed basis is what
want. believe in restricted coin
age of silver, but think that we
should go back to the laws of '73,
which were all sufficient and salts
factory. Iwould rather have an I'M
limited coinage of silver, however,
than the condition we have now. /
think that free silver would decrease
the values of home products, but in
crease the prices in foreign markets.
The calling of Congress was neces-
sary and should have been done
sooner
L. Pritchard, democrat, president
of the Charleston National Bank,
said: 81 think the panic we are now
experiencing is largely artificial and
is not due to the Sherman bill, which,
nevertheless, should be repealed. We
need better currency and ought to
have it, The mere act of calling an
extraordinary session of Congress
has already inspired confidence in
business circles
M. p. Ruffner, democrat, and at
the head of large wholesale gro
Gerry, expressed himself thus: II
am in favor of the immediate repeal
of the Sherman silver bill, and think
the silver dollar should be made as
good as gold dollar. ! think the
repeal of the Sherman bill will re-
store confidence. The free coinage
of silver will bring about initiation of
values and ultimately result in pan
ic throughout the country. believe
III enough silver for business pur-
poses and no more. l think the
present crisis is due to speculation
and the Sherman bill. | believe in |
an extra session of Congress con-
Quoted on business principles and no
buncombe."
r. H. Oney, democrat, cashier of
the Kanawha Valley Bank and man
whose opinions on money questions
are highly respected, said: II think
the stringency in money matters is
caused by distrust and is wholly I'M
warranted by facts Ordinary fail
ures have been magnified by the
press. As to what legislation may
be necessary to furnish relief to the
nation at large / am not prepared to
say, but do not think that the