The Maryville times. (Maryville, Tenn.) 1884-1944, 1893-08-09
SHERMAN LAW NOT THE CAUSE

again.
SHERMAN LAW NOT THE CAUSE.
We are not so shure but what the
Democracy will find after all that
there are worse laws than the Sher-
man silver law and its repeal may get
them into deeper water than if it was
allowed to stand. Careful study Of
that measure fails to show in what
way it could be SO injurious and how
IN any way at all it could be respon-
sible for the present state OF affairs.
We reprint some of the most i'm
portant provisions Of the law and
ask our readers to give them careful
study and attention.
Sec. I. The secretary OF the
treasury is hereby directed to buy
from time to time silver bullion to the
aggregate amount of -four and one
half million ounces monthly at the
market price, not exceeding one dol
lar for 371.25 grains Of pure silver,
and to issue in payment for said pur-
chase treasury notes of the United
States, to be prepared by the secreta-
ry of the treasury.
Sec. 2. That the treasury notes
issued in accordance with the provis-
ions of this act shall be redeemable
on demand in coin, and when SO re-
deemed may be reissued. y Il x
That upon the. demand of any holder
= = 4 the secretasy of the treas
ury shall redeem said notes in gold or
silver at his discretion, it being the
policy of the United States 10 main
tain the parity Of the two metals upon
the present legal ratio, or such ratio
as may be provided by law.
Sec. 5. That the secretary of the
treasury shall each month coin two
million ounces of the silver purchased
under the provisions Of this act into
standard silver dollars, until the first
day Of July, 1891, and after that he
shall coin of the silver purchased un-
der this act as much as may be ne
cessary for the redemption of the
treasury notes herein provided for.
The denouncers of this law have
told us that "the flood of silver GER
tifcates are driving gold out of the
country" Yet we see by the above
that no silver certificates can be is
sued under this act, but payments for
silver bullion are made in United
States Treasury notes and these notes,
it is stated, have swollen the volume
OF currency to about $3.50, 900, 900 in
these years, and these notes have not
been returned to the treasury for re-
demption In gold, as has been stated,
but are held at par with gold by banks
and citizens. Thus you see these
treasury notes are full legal tender.
Mr., Geo. B. Fleece has this to
{say:
Under the beneficial operation Of
the Sherman law in three years, about
SI5o, 600, 900, not in silver certificates,
but in treasury notes, secured by sill
yer deposits of equal gold value, has
been added to the currency, and this
without risk or cost to the govern
ment. Meanwhile the mining States
and Territories have increased in pop
ulation and wealth, new mines dis
covered and opened at great expense,
new railroads constructed and vast
collateral interests and enterprises es-
tablished. Nevertheless the clamor
for the repeal of the Sherman law
goes on. 1t is a curious fact, yet a
significant one, that the opponents of
the Sherman law have never attempt
ed to define its defects as a measure
of finance, or to explain it defnate
terms why or how, in real practice, it
has operated to produce the pending
financial crisis.
Then If this act is not the cause of