Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-07-04
He FAv0RS A REPEAL
Sherman Viii Vote to Rescind
His Silver Bill.
DEMOCRATS NAY GO TOO FAR
In Advocating Free State Rank HID
er.. ar Fwe silver siAy He
Pushed to an k.xirrme.

CaIcAso. July 3-.1here never has
been q .ime since the law og 1890 known
as the sherman act was passed that !
would not have voted for its repeal
said Senator John Sherman al the Lex
ington hotel today. The Sherman act
was compromises measure. and II Was
passed to save the country from a free
coinage bill that had been passed b. the
senate by an overwhelming majority.
The democrats helped pass the Sherman
ball and now they abuse IL and blame ii
for all the financial woes of the nation.
That is sort of hypocrisy In political
patty with which do not sympathize.
if the sherman bill had not been passed
a free coinage bill would. aud the result
would have been infinitely more damag
ing 10 the country
win you outline what you think
should be done in the present crisis!"
Let Cleveland Go Ahead
No. will not Iprefer 10 have Presi-
dent Cleveland and his advisers unem-
barrassed by my advice. | have told
Mr.. Cleveland and Mr.. Carlisle that
VIII stand with them for sound. safe.
stable currency. and that will do. But
the present dispute over the silver ques-
ton is democrat party issue. Mr..
I Cleveland ia opposing silver is fighting
three-fourths Of hss party. In 1890 the
democrat party was hell-bent for free
silver. South. west and everywhere
they were silver men. Free silver was
avoided only by the Sherman bill. which
they row abuse. Down in their hearts
they were free coinage men. and many
of them are So yet. In want 10 see how
the democrats will settle the matter be
tween themselves before say anything.
| don't want 10 put any stones In the
way Of the Cleveland administration.
which has hard enough road 10 travel
is il H. OF course have my own ideas
about what should be- done. and wheh
the matter comes up in congress | will
have my say. Until then prefer to re
main silent"
Will Probably BE Repeated.
viii the Sherman bill be re-
pealed."
Probably. but before il is repealed
there are apt To be some warm exprcs-
sions of opinion. ! would not be sur
prised IL some OF the democratic con-
grcssmen and senators should say things
that might be displeaslng To- Mr.. Cieve-
land, aud might consent 10 the repeal of
the Sherman act only on conditions that
the administration might not favor.
make no predictions as 10 what con
gress may do. When congress NETS and
gets Ia work Ne can better judge of its
probable action. But there are Gle
ments that will seek 10 force their views
and policy on congress. In the silver
states and many other states are congress
men whose constituents believe IN free
coinage. What will the administration
do IL a free coinage rider bc put on the
repeating act. Down south they want
more money, plenty OF II. and they are
not so very particular as 10 what kind
Of money 10 ls Lots Of those fellows
will he in favor Of starting up the old
printing presses that used Ia turn out
bank nofes by the million before the
war. Hos will the hard money demo
Gratis like il IL the repeating act be
loaded With free state bank currency
amendment? These are only conjec-
lures as 90 what might happen but they
Indicate how the democratic party
stands on the monetary question. The
republicans in congress will be In the at
titude TO a certain extent Ol spectators.
hut we will be in favor with few ex-
ceptions OF good money.
Congress May Go Too Far.
Il think the sherman law will be re
pcalei. but the danger is that congress
may go too far Should the clause pro
viding for the purchase Of 100000
ounces ~ silver monthly be stricken out
il would be well. But IL congress should
60 on and repeal the clause providing
the United States shall maintain parity
between gold and silver coin. it would
cause widespread distrust There is in
the treasury :E,0.OO0.OOO IL coined silver
dollars and lf5.0cc.0p0 10 uncoined bul
lion The legal tender OF these coins
must be preserved and their parity TO
gold maintained. 1t is well enough To
stop the tWther mintagc Of silver.
hat that ID circulation must be sus-
tanned. Foreign silver coins are not
worth as much in proportion
a. their nominal or face value as are our
silver dollars. bat their ratio ~ l5is to
gold il krpt mp because the governments
agree that they shall be received az cur
rency az such a proportional value. To
stop making silver dollars would not i'm
pair the usefulness ~ those already
made 80 long as the government guar
anty y back ~ them. Many newspapers
seem 10 forget that for the bullion from
which the current silver dollars were
coined the government paid only tho
marSst price in god az the date ~ puT-
c.aae. 80 that those silver dollars colned
under TIE Sherman act stand really on
4 enl1 basis and The government can
redeem them AL IN gold now with a lcss
~ only about eight miilioas"
i,cmetiy For the Trouble.
What. IN your opinion. IL the remedy
for the present financial troubles'
The restoration ~ confidence in the
commercial worid. The present strin-
gancy - caused by the apprehension n
the mercantile and financial wotld that
se will not meet cur ohiizafious in go.J.
bat viii Pay IA : cheap saoney. | be.
liere we should have 4 sou13. safe cur
reucy ca a guld hszis. NJ. | 10 not
think the CESSATION of silver coinage uiil
bring gold more into circulation. It vili
- uuiixei A. a reserve aud basis on
which the circulating medium wiii rest
for security think such curre1cy
feasible. and ] am u The opinion that Il
wiii l~ brought about The action
q india elfh regard 60 SILVER =
rot conclusive. II > - the nature q
an experiment. Tie lav that fhe SILVER
rnp~e shall he worth lf rencn = IN the
n8fare of sat moray legislation aHi hss
81 sfect hpfa Neither 10 | think ;he
t'.z es4seff acted . Al Great fsrifAin
- ,-fae the 4Fnifrf Stata< e. assss