New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-27


~ criticism of the acts OF Others and have been
lifted to the high level of responsibility ana OF per-
Torrance. 1t could not be eAPec'eu 'hat they
would change their nature In t"ihhihg OF an
eye Elections might put them IN po"er' Out only
the lapse OF time can give the proper sense OF
responsibility. The time will come "heh 'he Demo-
cratic members OF Congress, insteau VI uisputing
with each other what the Democratic platform
means. will be disputing with eaei o'her as TO
what the necessities of the country ueinahu' Until
that period OF responsibility SHAH larry rest upon
their shC dlders and also after"aru 'hey can rely
upon the assistance OF the Republican party IN the
minority as they have relied upon them In the
majority IN the direction of sound government OF
responsibility. and of honest administration oil az
fairs.
while we leave the subject OF the tarin to Itself.
there remains for us to consider the proposition
which has been submitted by the freSneht OF the
United States as to the method OF aea'hs win the
financial question The action Oh ''e iresldeht
and the action OF the majority OF the Democratic
party, acting together, has limited our scope OF
action am sorry that we have not been per-
mitted TO exhibit our wisdom in the way OF amend
ments; that we have not been aIIoWcd 10 Jake the
vote OF the House to the various propositions TO
meet this affair which would seem satisfactory To
us. We are confined to those propositions "hlch
the whole Democratic party nave hhaiy ueler-
mined to submit to us.
"While 7 am IN favor Of the repeal OF the pur-
chasing clause of the Sherman act ana nave al
ways been since the failure of that act to realize
the homes OF the men who believed in silver cur
rency. I do not think that the repeal OF that act
will be an immediate cause or the revival OF the
prosperity Of this country am In FAVOR OF us re-
peal however for two reasons First, IL seems TO
me to be deeply settled in the public mind, from
causes which can be easily understood. that the
Of Tho tInrl as.ll
boarding OF currency throughout the country. IL
has been made the foundation of disrust by "A va
riety of causes The President of the United States
deemed 1t to be his duty. and make no question
with regard to IT, In the most pubic manner 10
appeal to the last Congress to repeal the sherman
act announcing in every way in which he was
capabe Of announcing his belief that the con-
tinuance of that act the forcrunner OF disaster
Coming from such source as that 1t Is no won
der that the pcople Of the foreign countries be-
lieved that the danger from the sherman act was
as great as 1t possibly could be. Then III ADDITION
to that the bankers. who desired to call matt III
the condition OF affairs which existed last year
who believed that the time OF settlement mad ar
rived Joined in that objection. The Democratic
papers seeming out the disaster that was upon us
and being DESTROYS of charging it to some other
marty than their own. trained all their guns upon
the Sherman act.
THE sherman act itself had defenders The
silver men, although they were glad to get IT, STOOD
prepared to declare that II was not what they
wanted Those that had yielded To the demand ioi
that act In the earnest hope that what they do
sired might turn ont to be just and right were IN
10 condition to defend it at all. II had not an
swered their hopes. Hence the popular mind Is SO
filled with the idea that the existence or the pur
chasing clause OF the Sherman law Is an element OF
disorder that II remove II we shall DO more
to restore confidence than anything we can DO In
the world
But am in favor Of the repeal OF this act for
another reason | am DESTROYS OF not only weather
ing this storm with as few sails blown into pieces
as possible. but | am also looking for the upward
movement. which IL TO come. and when can
only be postponed by bad management ami hhi
actions. So my two reasons for voting Tor the
repeal are: first that 1t will restore confidence IN
the people and In some measure help us out Of
the first difficulties Of our position. and. second
when the time comes 1t will assist us on the up
ward path to the next period Of prosperity and
progress.
SOME OBJECTIONS ANSWERED.
Now let me answer. 80 far as am able a
few Of the objections which have been urR''
against this repeal First. 1t Is said that II -
renewed characterization Of silver. The American
people do we'll to he angry II silver was dishonesty
demonetlzed II is a false appeal To their sense
Of honesty and fair play which has caused one
Of the most s,upendous fabrcations which has ever
existed in political life.
"I do not believe that the adoption - a gold
standard in any way initiates against the reason
able use OF silver n coinage metal The question
whether there is TO be- a double standard or sin
gle standard Is entirely different from IA" Gue'-
ton of the us. 81 silver "a money. "" have pur-
cha sod and now have in the vaults Of the United
States Treasury Department. thousands Of tons
OF silver yet there has never been moment ~
time since 1872 when the standard has not been
gold; the standard to-day * gold III" repeal
ing of the purchase clause Of the sherman act
therefore could not I'm any way establish a stand
ard We are only refusing to establish a diff
ferent one The continuance OF the purchase I'M
dor the Sherman act would, In the estimation Of
the world be a declaration that we intended 10
90 on with purchases TO such an extent mat
We would find ourselves upon silver basis AFTER
no great lapse Of time. Now whatever this coun-
try NAV desire to do whatever It's intentions are
for the future. thing seems to be clear: II
the people are to go upon silver basis they
want 10 know that they going TO do So and
want to do IL deliberately. II the plain qu"s-
ton we're presented to every American citiZen
whether he desired that this country should be
upon a purely silver basis. with gold banlshed,
the great majority OF answers would be no. Ana
this ground they would take without abating "A
Got their determination to coin ana use h"th met
ais with $GoOcc0.0O Of silver already In circula-
tlon we can hardly be monometallic nation
'"rhe next difficulty which We have to meet * tho
assertion that by the repeal of the sherman act
we Increase the burden Of the debt upon the Dor
rover This would certainly be "A very grave mis-
fortune # II were true. The business of bor-
rowing and the business Of lending are alike honor
able II we were to make law which only re-
lated to n single series Of transactions such az
now exists In the United States. 1t might possibly
be an advantage TO the borrower 10 have the pay
mcnt so adjusted that he would have the ad-
vantage OF the transaction: but when the present
race Of borrowers is dead. when the present
borrowers have paid their money, there will still
be forever n borrowing and lending world. In
order constitute the transaction Of borrowing and
lending, the first thing Is the lender. Untll he IL
willing to lend. the transaction cannot, by any
possibility. take place The first thing to do Is TO
the lender to lend. After that borrowing Is
possible and not until that is it possible There
fore anv law which Is made TO reach the case Of
the lender and the borrower must he made In the
spirit Of fairness and Of justice. and any PROPOSE