The times. [volume] (Richmond, Va.) 1890-1903, 1893-02-04
DEMOCRATS AND THE SHERMAN

BILL.
Report has II that Mr. Cleveland has
sigrihed his intention OF calling an extra
session of the Flfty-third Congress, to
consider the currency situation in case
the Sherman bill. compelling the Govern
ment to purchase 100000 ounces Of sill
yer monthly, is not repealed by the pres
ent Congress. II anything will justify such
an action this troublesome problem GER
tainly will. 1t is hard to understand why
the Democrats in the present House will
not repeal IL. so as to relieve the incom-
ing administration Of that annoyance, es-
pecially as Mr.. Sherman himself has given
assurance that the Republicans Of the
Senate would concur with them in such
action. There Is every reason why the
Democrats should take this action. for a
little common sense reflection must show
them that the Sherman bill is threatening
irretrievable disaster to the country. Day
by day the sixty-five cent dollars are
more and more clogging up the Treas
ury. and day by day the Secretary OF the
Treasury Is signing notes based upon the
silver purchased under the Sherman bill,
which notes are redeemable In gold. 1t is
apparent, then, that should the holders Of
these notes demand gold for them. and
hoard the gold-to say nothing OF The
drain of gold upon the country. which the
wisest financiers attribute to return Of
our securities from abroad-the Treasury
would soon be exhausted Of the more pre-
cious metal, leaving nothing in 1t but sill
yer for general circulation. Should this
ever happen gold would at once jump to
a premium and permanently disappear.
and the country would be left with con-
tracted currency Of deprecated money.
The disasters which would follow such a
condition of affairs would be appalling.
| for prices of everything but labor would
| Immediately advance. and there would be
less money in the country to buy with.
1t is evident to the simplest intellect that
| our people under this condition would be
worse off than ever before.
Arguments such as these have fire.
| quently been presented to our silver
statesmen in Congress without effect. The
people have considered them. however.
| and in November last elected by
overwhelming majority a President who
| had openly declared his views against this
| deprecated silver money, and on a plat
| form which denounced in most emphatic
| terms the Sherman bill. That platform
| declared: 1--WE denounce the Republican
| legislation known as the Sherman act of
| 1880. as a cowardly makeshift, fraught
| with possibilities of dangers in the future
| which should make all Of its supporters,
| as we'll as its author, anxious for its
| early repeal"
This is the language Of the National
Democratic platform, upon which all
loyal Democrats in the country must
stand. 1t is the accepted doctrine Of the
| Democratic party, and n ust bind all who
claim to be members of that party. The
question then arises. VIII the Democrats
in the present Congress deliberately place
themselves out of the pale of the party.
and, by non-action, virtually give their
adhesion to law which the party, in
genral convention assembled. have de-
nounced in such decided terms as "a
| cowardly makeshift"?
| 1t is hoped that the Democratic men,
bers Of the present Congress will con-
slider this question from a party stand
point. and no longer hesitate as to what
Is their plain duty. So far the people
have shown themselves wiser than their
public servants, for the people. in over
whelmingly eecting Cleveland on the
Chicago platform. showed that they were
alive to the danger of driving gold out
| OF circulation by cheap silver dollars.
II the representatives Of the people in
Congress. therefore. do not heed the pop
ular will in this respect they will, as sure
as fate. eventually come to grief through
| their characterization.