The herald., 1893-06-11
PREPARING FOR ANOTHER GREAT FL
NANCfAL CRIME.

In anticipation OF the expected re-
peal OF the Sherman bill, providing for
the purchase OF four million ounces Of
silver month, we are being treated to
dissertations, wise and otherwise. about
the disastrous effects OF the sherman
measure.
That was a bad law, because II did
not go far enough, and come friends OF
silver believe that ii was not In the
right direction. 1t remains to be seen,
however, whether it will be repealed by
Congress without some guarantee OF
Legislative equivalent. 1t is all very
well to talk about silver men having
been "caved down the bank" but as
yet there is no indication of 1t. On the
contrary, Senator Jones o. Arkansas,
who originally voted for the repeal
of the Sherman bill, says that
he will not vote for it now
unless he is assured that there
will be some compensatory silver legisla-
ton. Congressman will be obliged to
face their constituents, and members
from silyer district will have to look
"a leedle oudt" If they betray the
wishes OF those who made them and
can unmake them.
The real aolution of the export OF gold
lies right in the hands of the Washing
ton authorities. We hear much about
the parity of all moneys, and about the
maintaining of that parity, that circu-
late in the United States. The true
remedy for our present difficulties lie a
declaratory act, recapitulating the cir
cumstances under which our national
debt WAS contracted, and declaring it
payable in lawful money Of the United
States. Then, in all disbursements by
the national treasury, let our financial
officers pay out the kind Of money which
best suits their convenience at the time.
The only money as to which there is
any disability in the United States is
the greenback. In express terms this
money was declared lawful tender for
all debts, public and private, except in
terest on the public debt and customs
dues. No such disability attaches to
any other money current in this coun-
try. Gold and silver, and gold and sill
yer notes, are on par, and should be |
made to remain on par. An iniqui-
toue resolution, passed through con-
gress many years ago through the
agency OF that msrplot. John Sherman,
declared both the principal and interest
of the public debt payable in gold coin.
The passage of that resolution was a
crime. 1t falsified history. ThaGdeus
Stevens, who, az chairman of the house
on ways and means, drew
Lhe bill creating our national indebted
lees, said that he ought to know some
hing about what was intended, and
hat the law contemplated the payment
II the principal of the national debt in
gold, silver, greenbacke aud any other
lawful money of the United States.
That the demonetization OF silver by
he United States in 1873 WAS con-
piracy WAS shown by the instant slump
n the white metal that followed. The
having cut away the props
involved in the support of the law, at
he dictstion of England and Germany,
Town came the silver edifice with craeb,
md down with it came the price of
wheat, and of all the products OF the
Iarm, and wages, and all the fabric OF
the worlds prosperity. The permanent
adoption of the single gold standard
the pauperizing of the whole
world, outside of few capitalists, and
the converting OF four thousand million
silver dollars into a commodity, to be
like everything else, by the
small stock of gold. The proposition is
infamous, aud it will prove intolerable.