The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-07-25
THE FACTS or THE CASE.

asks "How is it the Sherman law
has created tne disturbance with
which ii is cfedlted?"
To this the Constitution replies:
Gas our correspondent has the
gilt Of tuor among many other
accomplishments, we take 1t for
granted that he understands the sit
uAtion pretty se.i. Al any late
there is no such information float
ing as that which he asks for, and
no such inf rmation has ever been
printed. The Constitution has no
defense to make Of the Sherman
law, and it is ia fav r of its repeal
on the lines laid do IN in the dem
ocratic platform; nevel.A-less 1t is
fact that while Wall street and its
organs and the speculative and syn
dictate bankers have raised q tire.
mendous uproar ab,ut the act Of
1890, not a emilia OF evidence has
ever been brought forward by any
body to snow that the act Is respon-
sible for the violent contraction In
values and credits that has taken
place in this country since the lst
of last April
"Every person with a grain of
common sense know that measure
author zing the issue of $50, 100000
If treasury notes year is not re-
Sponsible for the gold exports,
which, begun by Wall street, soon
swept Wall street off its feet.
When Wall street began to play for
a forced bond issue, it did not realize
the trade conditions which the coun-
try would be compelled 10 face
The bankers put an end TO their lit
tie scheme, but another element
came IN to supplement 1.-THE ire
falling off in our exports
of cotton AID b-oAd stuifs and tle
heavy lncr' a"e IA oar Volume of
imports Fer the eleven months
ending May 81. tnis country export
ed less bread 3luifs by nearly SJ0O,
0O0, 900 than for the corresponding
period of 1891 90. For the twelve
months ended June 80, 1893, we
$4,000, 700 less cotton
than for the previous twelve months.
just when thus condition was
making itself felt most seriously, it
that England wanted gold
to help hsr IN Australian troubles,
wanting g)li to sastaln her
currency change, Rls-ia wanted
gold for sund y purposes, and
France wanted gold on general
principles. Thus, with au excess
Of imports and an unusual slump
in exports, the United States were
compelled to settle their balances in
gold, and the Sherman law had no
more to do with it than the
Canadian banking law. 1t was and /
is Just as easy to get hold of a4y
form of currency az it is to pro-
duce the silver notes of 1890.
They are no cheaper than any other
trf asury note and no more con.
venient for the purpose of draining
gold out of the treasury. Importers
who wanted notes with which 10
get gold to pay their foreign
balances certainly never troubled
TO hunt around for the |
notes of 1890. The banks may
have preferred to pay them out to |
their customers, and this is the
only possiole explanation of the
faet-li II is q tact--that the notes
of 1890 were used to get gold out
of the treasury.
owe take it for granted, there
fore, that our subscriber, hose let.
Ter suggested these remarks, under
stands these plain facts just as wei.
IS we do, and that he is merely
p0king fun at US because we are
willing to see the Sherman law re.
pealed. Although we are convinc.
ed that the demand for the uncondi-
-lonal repeal of the Sherman law 8
, nployed as stalking horse by the
gold trust, we think that is repeal
and the substi ution of the fina lcial
legislation pledged by the demo
ratic platform will strip the qpes
ion of a good deal of confusion,
md restore conf lence to the coun.
""