The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-10-31
didate for Marshal as terrible deg
radiation?
THE REPEAL BILL PASSED.

THE REPEAL BILL PASSED.
The repeal bill passed the Senate on
Monday 1t will meet with no impedi-
ment in the House. The purchasing
clause of the Sherman law is Yearly as
good as repealed, and the way is prac-
tically clear for the presentation Of
some judicious and conservative bill
to regulate the coinage of silver. Only
as much of the Sherman law of 1890
as authorized the purchase of 450O, 900
ounces of silver per month by the gov
eminent is repealed by the voorhees,
bill, and the government is pledged in
the repeating measure to. the policy of
the use of both gold and silver as
money at a parity.
The Sherman law, therefore, is not
entirely repealed. Silver is still legal
tender. 1t is not "demonetized' by the
Voorhees, bill. It occupies the same
position as money as it has held since
the Sherman act was passed. The sill
yer certificates that are in circulation
are still redeemable in coin. The eff
fects of the repeal law will be simply
that the government will cease to buy
silver bullion and store it up in the
treasury vaults.
This may seem a great calamity to
the silver mining districts But let us
watch the silver market before we be-
gin to utter lamentations. See if silver
drops down to any great extent. We
do not think the change will be very
striking. The spectators will, of
course, try to take advantage of the
situation and there will be for a short
time some depreciation But it is not
unlikely that before long it will begin to
appreciate. If holders of bullion do not
rush their metal into the market but
wait for the turn, the situation will
soon improve.
It has been claimed that this pur-
lchase law, which everybody admits is
wrong in principle and has been dis
appointing if not disastrous in prac-
tice, has to a great extent occasioned
the financial disturbances that have
so alarmed the country. 1t is posi-
bic that this being removed, conf
ldence will begin to return more rap
idly and this is the great need of the
times.
If people who have drawn out their
gold from the banks and have shut
lit up in safety vaults and in private
lreceptacles will now place it in the
proper channels of finance and trade,
Iall business will be frightened. Why
they should lock it up because of the
lsilver situation is one of those pecu-
liar panicky actions that are difficult
to understand The alleged cause of
trouble now being stopped, the good
leffects of repeal ought soon to be ap-
parent and a revival of financial pros
Iperity be enjoyed.
1t need not be thought that the
lcause of silver is lost. We consider
that the prospects are brighter now
than they were a few weeks ago for
|sound silver legislation. None of the
compromises proposed were sound in
principle nor consistent in policy with
the doctrines of the silver coinage the
Tory. The coinage of both metals so
that every dollar shall be of equal
and exchangeable value is the doc
ltrine of the Democratic party, and
that must be made practical. We be-
lieve it will be, and it will be found
in the sequel that President Cleveland
while wishing to clear out of the way
the obstruction of the Sherman make
lshift is a bimetallist and holds with his
Iparty on the use of the two metals
as money. and will be ready to APP
lprove measure to establish a sound
financial system that will place sill
yer in it's rightful position.