Evening journal., 1893-02-23
NEWSPAPER OPINION.
Repeal the sherman am.

Philadelphia Telegraph.
Colonel Elliot +. Shepard, the editor
Of the New York Mail and Express,
whom, In a notably epigrammatic and
emphatic expletive, his father-in.la law did
not liken In wisdom to Solomon. says -
'The uncertainty in financial circles, so
generally felt, does not arise from any
fear regarding the attitude of President
Harrison OF his administration concern
ing the financial commercial or general
business interest Of this country. No
one mistakes what that attitude has
been and what Il will continue to be.
All the annoying uncertainty of the
situation arises from fear regarding the
incoming Democratic administration.
This Is the time, therefore for Mr..
Cleveland to speak. Let him initiate the
example set again and again by President
Harrison, and take the public into his
confidence" In the language of the late
Mr.. Squeers, this is richness indeed
What Mr.. Harrisons opinion upon the
present financial situation may be, he and
his Secretary of the Treasury may possibly
know; but If they have been expressed
anywhere, upon any occasion, or at any
time, since he gave his official approval
to the Sherman bill providing for the
weekly purchases Of $500, 600 ounces Of
silver bullion, we have not happened to
have seen them During nearly the
entire present session Of Congress the
country has looked TO the President to
indicate to Congress, to the people, what
his views upon the silver question were
It was the universal hope that he would
exercise his constitutional right TO
advise Congress in respect to his opinions
upon this vital question. But not only
has he done nothing 70 inform Congress
or the country that he favored the stop
page Of the silver purchase, but he has
said nothing publicly, In any form, to
even indicate that he does not approve
of these compulsory purchases by the
Treasury. II silence gives consent, then
IL must be believed that Mr. Harrison
approves of the Sherman act as much
now as when he gave IL his official
sanction. The gravity of the present
situation, however. is now such AS to
render 10 most desirable, even at this late
day, for President Harrison to send a
message to Congress recommending the
suspension of the compulsory silver pur.
chases. One thing we firmly believe it
Is that Mr.. Harrison is too much of a
statesman, too honest a patriot, TO have
any sympathy with the efforts of large
number of the Republicans in Congress
to leave the Silver Purchase Act unre
pealed, for the purpose of embarrassing
the administration Of his successor Mr..
Harrison is undoubtedly strong parti
san, but he is as undoubtedly a good
American. As such, he should now do
all he can to aid in the repeal of the
Silver law. The question Of repeal is
not partisan one, except so far as the
basest sort of partisanship has made II
so IN the Senate; IL is purely bus
mess question. The continued excessive
purchases Of silver with gold are destroy
ing confidence in our credit at home and
abroad. The foreign holders Of our Sc
curities are sending them back to us and
getting while they can, gold in return.
They fear that II they continue TO hold
them they will get in exchange for them
a 70-cent silver instead OF 1O0-cent gold
dollar To stop the outflow Of our gold
we must stop the buying and storing OF
silver. II we do not, we shall have q
silver instead Of gold basis. and the in.
evitable result of that will be the depri
cation to the extent Of 30 per cent. of all
manner Of securities not payable, princi.
pal and interest In gold Mr.. Cleveland
has spoken out freely and frankly, and
Mr. Harrison could serve his country, OF
his party, in no better way than to speak
out as freely and frankly. re should
speak to Congress promptly and earn
estly.