New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-07
THE FICTS ABOUT THE TLTER Law.

F.It Il
The Sherman Silver act some Democrats arc
fond # saying, is Il Republican measure which
worked so badly that even those who framed
it desire its repeal This statement of the case
involves untiuth and injustice. The facts
which the official records establish are these
l. The Bland Silver act of 1873 was passed
by Democratic House and by a combination
of the Democrats with a few Republicans in
the Senate 1t worked such mischief that il,
1890 business men of all shades of political
| opinion were anxious TO have silver coinage
stopped.
! .. A bill to that end was passed by the Re-
publican House in 1890, but the Senate sub
sttuted a ee-cOinace bill. every Democratic
| Senator present but three voting for it. \ con-
| ference was then ordered. and it became necps-
saiy, in order to prevent flee coinage and stop
coinage under the Bland act. II flame silver
purchase act which the silver Senators would
net Join the Democrats in opposing. Thus the
melSme was in fact forced upon the country
| by the combination of Democrats with those
| Senators.
3. 1t was not only compromise but by all
parties was Ire ated as a mporaIy measure, to
serve until it could he a>certained by inter
national conference how far other nations
would 90 in efforts for larger Use OF silver.
That conference resulted in proof that other
nations would do nothing. because they be-
lieved the United States would either attempt
free coinage alone. or by continuing silver pur
chases too long would debase their own cur
rency. drive ont of the country their large stock
cf gold, and give to other Powers incalculablc
advantages.
4. The act had worked no harm down to the
time when it became known that Democrats
would control the Government after March 4.
But at once in November last. gold then began
to go out though it had been coming into the
country in October, and the exports in De-
cember and January have been about S2G, 000,-
600. The law remained just what it had been
| in October. Confidence, in the financial future
was changed, not by the law, but by Demo
| cratic victory in November.
). No adverse b1'ance Of trade. no excess Of
| imports over exports Of merchandise caused
| these exports OF gold for in November De
cember aud January merchandise exports great
| ~ exceeded imports. sales Of securities by
| foreign holders withdrawal OF capital loaned
here by foreign owners alone accounts for the
exports Of gold and these exhibit the effects
not of the law a. it remained unaltered, but Of
the political change in the Government
r publ ems believe tire law hes dOEe all the
good it can. 1t has served until the purpose
of foreign powers has been manifested, has
supplied some increase Of circulation for the
vastly increasing business of tho country, and
even t. this hour has caused no premium on
gid, nor rush to get notes redeemed, nor dis
| trust among the people as to the present re-
demption of notes en- demand II coupled with
unaltered cOnfdenc, in the financial control Of
| the Government for the future, this same act
| would have produced different results during
| the last three months. But it is now plain that
foreigners who hold American securities and
| many Americans also do not believe that the
party which is about to take power can be
| relied upon TO use. firmly and resolutely, all
| the resources at the command of the Govern
ment t. maintain the parity of gold and silver
as the act of 1890 provides. Unless enforced
according to the spirit and intent of that pro-
vision the measure must become incidentally
more dangerous.
Net for partisan. but for National and bust
ness reasons, the act should be repealed as soon
rs possible, 80 that the dstrist of the future
may not continue to do harm. Mr.. Cleveland
deserves credit for urging this step, and none
the less because it may save him an ugly quar-
rel with his own patty if the step can be taken
before his Inauguration.