The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-26

may Of course II must lao rxpccted that
there will lac sumo trlctton II !. unayoilhb";
IL Is inciient to tho anticipated withdrawal 81
N bubble aid from iiNato enterprises. nhu y
cannot Sc prsyemt,Gd nns WsI hS S n.siion
n last fall. and they voted with their eycs wide
4 open. our course is onward. anu We shall not
second Some portion OF the present panic
II may be traced to n concrrtod effort on tho part
III nj numerous mOnomctallists To produce II, IN
II order TO further discredit silver ns part 81
4 tho standard money u the country WIN
II ire especially in tho silver States little dream
n ing that such failures woud soon, occur At
\ their own doors; They encouraged the hoard;
Il ing OF money they inauguratcd tile policy nI
h refusing loans to the people; wen upon tho
I best OF security: they circulated false petit
n predicted tile dircst disaster. attacked tho
\ credit Of tho Government sought TO exact n
\ premium upon currency. ana atompted n
tsSSrro,2Sehom1t ,hS land. ..",,'',. -,
\ could not stand such an organized and vicious
attack upon 1t. These disturuurs-th these pro
motors q the public rerl- represent largely
| the creditor class. tho men who desire to APP
/ prsciate tho gold dollar IN oruer to subserye
their own selfish interests men who reyel in
hard times. men who drive harsh bargains
with their fellow men in periods OF financial
distress. and men wholly unfamiliar with the
'rqS s%erRan Silver law
has been at least in INIT, and possibly tho
most largely. instrumental in producing the
existing combinations. . e.,
No one now defends it. Few apologize for It.
The political party that enacted it seems now
the most anxious for its repeal; II was VIC.
lation OF every correct principle u monetary
science. 1t was not even an honorable com.
more TEMPORARY oxpediunt. Tho President in
his message. not desiring at TINS limc inr oo,
.ions rSas9ns to G EN- the ishsigtlei o,
It has been asserted that the President him
coinnge. was disposed ut one time TO regard
with inyor or uGquiesce in. tho provisions OF
ment or means i,y which such free coinage
had been defeated. Whether this be so or not.
the inct romans and has not eschned obsorvn-
tion that. while ;hc Democrat" national pat
form denounced the sherman law and DO.
manhed it's repeal denounced 1t. not as the
shiit"-yet Mr. Cleveland neither in has
speech delivered at Madison SInaie Garden.
New York. In answer to III" notification oi his
nomination. nor in his subsequent letter OF ac-
March last. critirisrd the Sherman law. nor
made any a!insi"n 10 it whatever. although ii
was then already threatening the prosperity
q the country with the dans-rous results OF
ono who had given tho subject any careful Mt
tention.
Personal RECORD ON THE Stl YER QUESTION.
My own personal record is of tho slightest
consequence. but the scnato will pardon me
for alluding to the fact that my views OF tho
dangerous character 81 TINT act nrc not new.
so It's anu
months thereafter. on sept. .. lS'W ut Brook
Sn o eees 3o a. tS"4 meens sr G M
Cleveland presided: then al Elmira. on Dec. !;
ls9l and twice soon thereHiter' in Albany
published. 10 arouse tho people to the i'm
portance Of repeal Of that law
time there existed much apathy upon the sub
3ect, other topics seeming to cngross the pub
III and was eoT 1T
quarters that was nd!lersnt to the sacred
NrSv 70 tunr fhn hIafl MI in
them to tho dsnseroys Tossibil!ties q tho
e stac Of % G lit f9T tie i1tK
upon the head when they declared as follows;
the s s s. a
and all our silver output is damned up at home as
SimstaiI e ooinave and as tendins only to produce
change from one Kind OF rnonouietaIsm to another.
The Democracy OF New York wanted that
law repealed because it blocked the way to
free bimetallic coinage. and not because 1t
would aid tho cause of monometnllism. That
fist. do not beiieve in single gold standard
nor a single silver standard. but do believe
ard money OF the, country and in their free
coinage In our mints at u rroner ratio. without
ony nn II ar th hs
repeal Of the sherman law. because it is I'M
democratic; ILLOGICAL danger9ns in its ten,
coinage and disgrace to the silver cause.
OBJECTIONS TO THE SHERMAN LAW.
The true friends Of silver make mistake a
metallic coinage. Instead Of 1t being called a
oliver law, 4 should have been entitled The
age, to Discredit Silver. and to Impoverish the
Treasury Of the United States" That, is pre-
pie repeal thereof is being vigorously resisted
as though such repeal would in somo mys-
terious manner injure the cause Of free coin
The Sherman law is Objectionable because It
directs the purchase OF silver instead OF pro-
means price: price means commodity. and the
treatment Of silver as commodity means its
metal Gold Sa. Tree Coinage and hence It has
no price in tho United States But silver has
price. Silver purchases are simply a Govern
purchases ear, never promote their proposed
object to wit. the .nreseryation OF . parity be;
BY the Government. and should not be.. It has
the right OF FREQ coinage into full To-
'ena'f to "G amy a% %T ff'p Se E"H
Il has free, recoinaGe into the same amount
OF iui legal money again without loss silver
They coin 1t for the, people. Just as gold-coin-
ing nations coin gold. Their silver. If melted.
coinage into the same amount OF full legal
tender money again without loss: 1t Is the
listing of q limited and restricted coinage. that
compels Government purchases OF silve and
ouch purchases absolutely prevent parity
drains tho Treasury of it's gold where silver is
purchased. Free bimetallic coinage is essen
tial to the parity Of tho two metals. and moth
ing else will successfully and satisfactorily
maintain such parity.
Mr. Bland. in 1873. should have insisted
upon his orig nal bill. which was for the free
coinage OF silver. and either won or lost on
that issue But he was persuaded to accept
limited coinage. and there has been difficulty.
diepgrity timidity. and danger ever since.
The Sherman law perIetuhted and exagger-
ated the same error. The sherman Inv should
be repealed. and for the Same reason the
Bland Allison law should not be revived. Free
bimetallic coinage should be- the goal for
which We should now strive.
My own conviction 8 unalterabe that had
the last Congress. or the present Congress. II
convened In extra session on he 9th OF March.
not delayed to repeal tho sherman law. tho
United States would have largely escaped the
panic long to be remem lered rs the monetary
panic OF 1893: and would have precludsd the
closure OF Indian mints to the free coinage OF
silver. which. besides Increasing panic hero.
scattered the seed OF monetary disorder over
thewhole earth, as Germany did twenty years
ago.
DIMETALLIsM THE ONLY PERMANENT REMEDY.
As / have already stated. there is n remedy
for our own immediate domestic difficulty
repeal, pure and simple. unconditional re-
peal. But delay to appreciate the v idor scope
and foreign implications OF our inaction has
now let In hindranco greater than the Sher-