The Providence news. (Providence [R.I.]) 1891-1906, 1893-06-29
THE FINANCIAL CLOUDS.
Their SllYery Llnin6s as Viewed
Through Different Eyes
HUE AND CRY FOR EXTRA SESSION
Carlisle Overwhelmed with Demands For
an Early Cosgress Meeting to Grapple
tho sherman Law-It is Not Prob
able One AN Be "a led though.

WASHINGTON, June 29.-Though no Of
fetal announcement has yet been made on
the subject. IL is found to he the almost
universal opinion of members OF congress
now i'm the city-many Of whom have con-
versed with the president-that congress
will be called to meet in extra session on
the first Monday in September, which will
be Sept T.
In view of the probability of the repeal
of the Sherman act at the coming session
of congress, the inquiry is heard on every
side whether the bare act Of repeal would
have the effect of reviving the Bland act.
A number Of congressman on both sides OF
doubts on this point. 1t does not seem as
II 1t were question on which two opinions
could be held The old common law canon,
under which the repeal of repeating law
would restore the law repealed by 1t, does
not apply In instances like this
The Sherman law Is covered by gen
eral act of congress which appears in the
revised statutes as section l2, and which
says, Whenever an act Is repealed which
repealed former act, such former act can
not therefore be revived unless it be ex
pressly so provided" The naked repeal OF
the Sherman law would therefore do moth
ing more than precisely what IL professed
to do-that Is, repeal the Sherman law
The Bland act could not be revived except
by an express provision Of law to that ef
feet.
A Real Problem.
A real problem presents itself, however,
In the question, What can be done with
the amount of silver bullion which the
government has accumulated under the
operation OF the Sherman lawf That law
expressly forbids the coinage OF any OF this
bullion after specified date, except such
amount as may be necessary for the re
demprion OF the treasury notes issued In
payment for the bullion. When the law
conveying this authority had been repealed,
IL is doubtful whether the government
would have right to coin any Of this bull
lion, even IL IL became necessary for the
redemption oSsome of the treasury notes.
In order to get any of 1t into coined
form IL would probably be necessary tc
have some additional legislation. There 10
general feeling here that clause may be
added to the repeating act authorizing OF
directing the coinage of the silver bullion
already in the treasury as q concession to
the silver interests. in case such concession
appears to be expedient as basis for com
promise.
No additional legislation will be needed
rs some persons have supposed, to establish
the status of the treasury notes. Their po
sition Is perfectly defined by the conditions
under which the government has issued
them. They have been issued In exchange
for commodity sold to the government
They have been made redeemable under
certain specific conditions, and they wers
given full legal tender quality. On the
faith OF such understanding innocent par
ties have taken them. They could not bs
robbed of any part Of their recognized char
acter without special legislation to that ef
feet The repeal of the law which author
lied their issue would not affect them after
they had once passed out of the treasury
and into the hands Of the people.
A Cabinet Omcer's Views.
Secretary Carlisle's mail this morning
was loaded down with letters from bank
ers, commercial men and others calling on
the president to convene congress at once
in extra session to consider financial legis
lation. The pressure Is great, but there Ia
semiofiicial authority for the statement
that congress will not be convened before
September.
cabinet officer, speaking of the finanr
cial situation, said this morning that the
country had been brought to its present
financial condition by the very men who
were now clamoring for an extra session OF
congress. They had reached the end oi
their rope and could no longer profit and
thrive by speculation and wanted the gov
ernment to come to their relief that they
might again enter upon an era of specula
tion. There was no doubt in his mind. he
said, that the repeal of the Sherman Law
would bring about much needed relief
whether temporary or permanent time
alone could demonstrate.
Still there was no necessity even now
that congress would repeal the Sherman
law. The house was more favorable to It's
repeal than the senate. lie intimated that
If the president were convinced that con
gress would Immediately repeal the Sher
man law that body might be convened In
extra session before September, but, he
concluded, the "leaven is working"
According to treasury advices, silver con
tinued to decline, the price in London to
day being "a pence per ounce. or 30. 739 IL
our money. This makes the silver dollar
worth today as bullion 81 cents.