The comet. (Johnson City, Tenn.) 1884-1916, 1893-06-15


The EmaueiaI Outlook
During the. last twelve months about
forty.fve million dollars Of new paper
notes have been issued TO pay for sill
YER bought under the Sherman law.
According to the theories Of the sill
yer maniacs there should be so much
more money in circulation, but, as
matter Of fact, the Treasury statement
just issued'shows that the amount in
circulation is twenty-fonr millions less
than year ago.
The compulsory purchase Of silver
was to make money plentiful; but
money is scarcer II was to produce
a low rate OF interest and make things
pleaeant for debtors; but rates are al
most unprecedently high and borrow
ers find itdifiicult to obtain accommo-
dations on any terms. 1t was, to ad-
vance silver to parity with gold on
its old ratio but e. white metal has
fallen to the lowest figures known to
history. 1t was to give the farmer and
planter higher prices for their wheat
and cotton but these products have
touched the lowest prices recorded
since before the war. 1t was to bring
a boom in business; but here is the
country,strangling in the throes Of a
slow panic.
In the light of current events it
would seem impossible that the peo-
pie of the West and South can longer
cling to toe delusion that more IDOL
lars" of any kind necessarily means
easier money and better times. ''Facts
speak louder than words" and surely
the facts that have followed the enact
ment OF the Sherman law speak loud
: er than the words OF misguided and
selfish LEADERS. most OF whom are per
sonally interested ia the silver mining
industry. OF the twenty nationa
banks that have suspended since Jan
| uary ! all but two are in the West anC
South. The two exceptions are thu
bank at Elmira and the Band OF De.
i post, of this city, both small concerns
0 their age regate capital being only hal
y a million dollars. The Bank OF Depos
e it got into trouble through that enter
a prising tizen OF Chicago, Mr.. RIM
e Dwiggine, and was in one sense a Wel
Z tern inst mtion.
OF the eighteen other delinquer
banks no ne was located further mort
than Nashville nor furthes east tina
Indianap Ills. The continued failure
= among the merchants and manufa,
"a turers throughout the Western an
10 Southern sections Of the country te
70 thh same story of stringency and dc
u preston. The whole country OF cour;
VI is sufferinb from the same causes, bt
the people Of the North and East wei
as generally imbued with sounder ide;
~ Of finance, and foreseeipg the troub
=. tried to adjust their affairs to meet j
~ The events that are now occurrir
werespredicted by the Herald last wi
~ ter as inevitable if Congress refused
I'd repeal the Sherman law. II was ce.
~ tale as night must follow dap that Il
x continued compulsory issue OF pap
Sn money to pay for silver must produ,
is' the unfortunate results under whiC
n, the country is Struggling. The stri
OF gency is keenest in those section
is whose people shut their ears to arg
NJ ment, and they are now doubtless co
Is WINGED by the stern logic Of events.
~ 80 It's not contended that our insaI
!, silver policy is the cause of all {
troubles that are being recorded. III
will fail in business even under {
lo' best possible currency 1aws-as the
" suit Of misfortunes, of uowise manas
= ment, OF speculatiod, and, we regret
~ say, too often as the result of FRAUD
" lent conduct. But the continued ISIS
N OF notes in payment for silver und
' -, the Sherman law is the cause Of t
= present universal embarrassment a
" widespf, ad ruin. 1t has directly p
Wv duced The distrust of our curren
'S which lies at the base of the contr
~ ton OF credits and consequent str
gency, for in every dollars worth
business done in this country there
e-0 involved only about foe cents Of &C
= al cash and ninety five cents OF creC
By creating this distruss the Shernl
:, 80 law has prevented Europe from inyt
-. ing in our securities, and has impel
-, foreign creditors to call home tn
NJ funds Hence the steady outflow
gold which has Intensified our Jifiic
ties and drawn down the Treasur