The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-21
rrrp THE SHERMAN LAW. WHAT

! AFTER THE SHERMAN LAW. WHAT
The Philadelphia Times. In It's issue OF
Monday contains very interesting as
crss,on as 20 what should be done to
eivo the country the amount OF currency
oooa.s after the Sherman law has been
renealed. II believes that the coming
Congress will certainly repeal that law
hu, that II will not do so without re-
ouiring some substantial substitute there
for which viii produce equal or greater
elasticity in our currency, and ASKS
"How Is that want or supposed and ac-
oepted want, TO he supplied|' 1t well
GAYS that the free coinage Of silver will
aggravate the situation; that the Gov
eminent cannot issue Treasury notes
and the national banks could not supply
the Increase demanded.
What, then, is 10 be done? Neither
Democrats nor Republicans viii consent
TO a repeal Of the obnoxious law without
something to take its place. The Demo-
Gratis will insist on this as means OF
supplving the currency. which would be
cut of by an unconditional repeal OF
the law. while the Republicans VIII De
opposed 70 all financial legislation what
ever. az n means OF embarrassing the
Democrats. with them partisanry is
everything. and the country nothing anu
they would be willing to see the country
suffering from their over-reckless and
mischieyous laws. n thereby they could
also see the Democratic party put TO
confusion.
The Times, further discussing what
this substitute for the Sherman law VIII
be. remarks that the national banking
system is not in popular favor. due
chiefly TO the fact that the banks have
seriously contracted the currency. When
first established, and with six per cent
gold bonds as a basis Of their circulation
and with gold al a heavy premium those
banks prospered, and made large profits;
but as soon as specie payments were re-
sumed by a restoration Of the Govern
ments credit and only three per cent.
bonds could be had as a basis Of their
circulation, they steadily retired their
circulation, ana so the currency was
contracted.
From all this. our Philadelphia con-
temporary reasons that "the issue Of
State bank notes is likely to come, be-
cause there seems to be no other pract-
cable method of establishing the de-
manded elasticity Of our currency. There
is little doubt also. that even the Re
publican supreme court would declare
the tax on State notes unconstitutional.
II was one OF the boldest Of the many
bold war measures, and never would have
been dreamed Of or submitted TO, ex-
cept under the stress Of imperious neces-
sty; and there is now a strong current
in favor Of returning 10 the landmarks
of the Constitution. 1t would give some
localities an Indifferent currency for
brief season; but it would be so profit
less in competition with good currency
and legal tender money, that it would
speedily correct itself, and never could
gain general circulation"
result Any State can throw such whole
some restrictions around the currency
Of its banks as to make it acceptable
everywhere.
We here reproduce the sentiments Of
the Philadelphia Times. because the .ac-
knowledged ability of that paper makes
its views worth considering, and be-
cause the ideas 1t expresses are in ac-
cord with the position this paper has
frequently taken. The sum and substance
Of the whole matter is that, in all like
lihood. the Sherman law will be repealed,
and the ten per cent. tax on the issue
Of State banks will be removed so that
we can have private banks Of issue to
supply the elasticity Of currency which
is so much demanded. This will proba-
bly, be the outcome of the financial leeis-
lation of the Fifty-third Congress at its
extra session soon TO be called.