New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1893-11-15
REPEAL, AND THE TARIFF.
Repeal Good, As Far as it Gees, But Some
thing More would have been
~. Desirable.
What Next? - A Good Law Now to be
Attacked,

The unconditional repeal of the pur-
chasing clause of the 'Sherman Act''
has at last been passed by Congress. It
has become law by the signature of
the President. This result has long been
anticipated. In my Judgment, repeal,
while desirable, will, at so late a day,
have little effect upon the crippled indus
tries of the country.
1t will, no doubt, have beneficial re-
suit in restoring confidence among the
people, as to the currency of the United
States. 1t sets at rest, for the present at
least, the question as to placing this ma
tion upon a silver basis. Gold is TODAY
the standard of value in the United
States. 1t is evident that the people of
this nation will do business on the gold
basis for several years to come. Repeal
would seem to determine that there will
be no free coinage of silver in the United
States for many years.
During the last days of the discussion
in the Senate, several Democrats sought
to throw the entire responsibility of re-
peal upon Senator Sherman. No doubt
that Senator did have great weight in
shaping the law and securing it's passage.
The measure, however, as it passed, is
simply in accordance with the recon-
mcndation of President Cleveland in his
message, and is by no means all that Mr..
Sherman desired. Soon after the message
was sent to Congress, the readers of The
Weekly Tribune will remember, l point
ed out the fact that MIR. Cleveland had
simply recommended the naked repeal of
the law, without mapping out any other
legislation to aid the people after the
clause should he repealed.
The bill just passed is also silent in that
regard. True, it contains clause that
gold and silver shall be maintained at a
parity OF value, SO far as the coinage of
this nation is concerned. 1t, however,
contains no provision to assist the Secre.
tary of the Treasury in maintaining that
parity, except that it stops the present
purchase of silver, and, therefore, puts
an end to the large issue of Treasury
notes each month for the purchase of
silver wich are to be redeemed in GOLD.
Senator Sherman pointed out the DIFF.
hculty and suggested remedy. The
gold reserve has already been reduced
several millions of dollars. The present
authority Of the Secretary of the Treas
ury to sell bonds, if needed, to maintain
the large amount of circulating meiium
now in the United States upon par with
gold is questionable. Had the bill been
such measure as Senator Sherman pro-
posed, it would no doubt have contained
clause giving the Secretary of the Trca-
sury authority to sell United States
bonds bearing 2 per cent interest, to the
amount of $2OO,OOO,OOO, if need be.Such
a provision would no doubt have been
wise one. Iknow there is great pre-
judice in the minds of many people
against increasing the bonded debt of the
United States 1t must not be forgotten
however, that in the last twenty years
the public debt has been decreased sew
eral hundred millions of dollars more
than is required by the "Sinking Fund
Act" 1t would be far better for the
country at large that our bonded debt
should be somewhat increased, rather
than that anything should occur which
would disturb the parity of value be-
tween the gold and silver coins now in
use among the people.
The repeal will instantly stop an in
crease in tn, amount Of circulating me-
dunn at the rate of about $5O,OOO,OOO a
year. The purchase of 100000 ounces
of silver each month was followed by an
issue of nearly $4,OOO,OOO each month
of Treasury notes. That much was con
stantly being added to the circulating
medium of the United States. Such ad-
dltion of currency is now at an end.
There is no provision in the Repeal bill
for any kind of money to take its place.
It is useless to talk Of coming the large
amount of silver which is now in the
vaults Of the Treasury to make up for
this lack Of increase in circulation. There
are millions of standard silver dollars in
the Treasury now which it has been found
impossible te. keep in circulation among
the people.
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