The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-07
WILL CONGRESS GIVE THE COUNTRY
RELIEF?

dollars had not gone 10 the extent {
loading the currency with an amount c
them too great for II TO carry. The Go,
eminent recognized them as full dollar
in all payments 10 II. It's huge incom
enabled II 20 take all that were offere
! 10 II as full dollars. and so long as #
income was sufficiently I'm excess OF Tn
cheap dollars 10 enable 1t to keep up thu
process there was no immediate DANCE
Of financial collapse. II we continued e
coin these overvalued dollars. day o
settlement had, of course TO come. whel
serious times might be looked for bu
that day might have been postponed Ions
/ enough for the public mind 10 becom'
educated to the folly OF the attempt tC
| legislate sixty-fve cents into the value
Of one hundred cents. and there was
hope. therefore, that the pernicious theory
would be abandoned before It had done
the country any serious harm.
But when. the Sherman law OF 1890
provided that the Government should
buy A5OO,0O worth Of silver each month,
issuing the Governments promissory
notes for It, which promissory notes the
holders had the right to demand that the
Government should Immediately redeem
with gold coin, we started the up-and-
down well bucket system. which was
bound TO ladle all the gold out OF the
Treasury for expectation in a short
time. and, II kept up. was bound TO
iadle out any additions we might make
TO the supply by the sale OF bonds or
in any other way. We showed the con-
sequence this law was bound TO produce,
as all wise men should have known be-
forehand, by instancing payments Of
Government duties. In July, 1890 whom
the Sherman act was passed, ninety-fve
per cent. OF the customs duties paid at
New York were paid with gold, this fact
proving incontestably that gold circulated
with perfect freedom, men who had
customs duties to pay even preferring TO
pay them in gold, for some commercial
reason that was not apparent on the
surface. We also showed by periods Of
three months, how those gold payments
had steadily declined. until in April, 1885,
less than three per cent. OF them were
made in gold. We now have the state
ments for the month Of May. and in
that month not a single gold dollar was
paid In for customs duties.
Who is so stupid as not to appreciate
at glance the prime Importance Of these
facts?
When the Sherman act went into force
men preferred to pay customs duties with
gold. II has been in effect a scant three
years, and not a dollar Of gold is paid
in. Another three years Of its operation
will ladle out OF this country every dollar
Of its gold, and will reduce Us to the
financial state Of one Of the bastard
South American Republics, doing bust
ness upon an exclusively silver basis,
with our own standard of value, called a
dollar. reduced to the value Of sixty-fve |
cents, certainly. much more probably. to
the value Of fifty cents.
What are the probabilities that this
abortion Of law win be repealed when
Mr.. Cleveland calls Congress together?
We confess that until recently we Ind
little hope OF its repeal, but the chances
for that most necessary step seem now
TO be improving daily.
The principal strength Of the free
coinage movement has undoubtedly been |
in the South, and in the silver States of |
the Pacific coast. But. whatever may |
have been the case heretofore, It is GER !
tain that the silver States are not now |
unanimous in respect TO the matter Mir |
b. w. Wright, cashier OF the First Ma
ional Bank Of Helena, Montana, recently
said: II am against the Sherman bill. |
America cannot bull silver against the
World" Mr.. Sanford. another Montana
banker, is quoted to the same effect, as
S also the president Of the First National
Bank Of Boise City, Idaho. These gentle
nen claim that they have a large follow
ng that entertains the same views. The
'rother Of Senator Wolcott. of Colorado.
las declared himself for the repeal Of the
sherman law. and Mr.. f. c. Collins. Dem
'cratic candidate for Governor of Mon
ana, has qualified his expression in
avor of free coinage by saying: THE
My feasible plan is an international
greement. The Sherman law ought TO
,e repealed"
Senator Butler Of South Carolina. who
a free silver Senator, made a speech
n South Carolina last week i'm which
e declared that he was willing to repeal
ne Sherman law, If Congress would re-
love the tax of ten per cent. on the is
ues Of State banks. which would ba
citing rid of a curse and securing a
lessing. We happen to know from per-
onal knowledge, also, that some South
IN members of Congress who have been
Streme free silver advocates, have had
heir views seriously modified by the
ritical financial condition that the Sher-
IAN law has brought the country into.
pom the whole, therefore, while we can
OF assert by any poll Of Congress that n
uiiicient change of opinion has taken
lace In the minds Of the members to
ecure the repeal of this most disastrous
iece OF legislation, the indications GER
linly point that way. Let our people
tand together in serene and cheerful
onldence' each one contributing all that
es within his power towards securing
ne desired end, and all will yet be right
ne country is as sound as the everlasting
Ills. The present financial distress is
u artificial, and would end in one mo-
ent, II the Sherman law were rnnonlod