The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-04
SHERMAN FAVORS REPEAL.
Tbp Senator Will Vote to Anlul His
Own Bill.


sd to Save the Country From Free
coinage-Congress Must not Repeal
the Clause Providing for the Main
+snance of Parity Between Gold and
Silver Coins.
Chicago. July 3.-"There never has
boar q time since the law of 1890, known
&C tbe sherman act was passed, that I
would not have voted for its repeal, " said
Senator John Sherman at the Lexington
hotel to-day The Sherman act was a
compromise measure and it was passed to
cave the country from a free
copage bill that had been passed by the
Senate by an overwhelming majority The
democrats helped pass the Sherman bill,
and now they abuse it and blame it for all
tbe financial woes of the nation. If the
Sherman bill had not been passed, free
coinaee bill would, and the result would
have been infinitely more damaging to the
country"
will you outline what you think
should be done in the present crisis?'
"No will not. prefer to have Pres
ijent Cleveland and his advisors unem-
bsuassed by my advice. / have told
President Cleveland and Secretary Car
Isle that will stand by them for a sound,
safe, stable currency, and that l will do.
But the present dispute over the silver
question is a Democratic party issue.
President Cleveland, in opposing silver,
is fighting three-fourths of his party.
AHARD FIGHT AHEAD.
"Wiu the Sherman bill be repealed"
"PrObably; but before it is repealed,
there are apt to be some warm express
sions of opinion. / would not be surprised
il fsome of the democratic congressman
and senator's should consent to repeal of
the Sherman act only on conditions that
the administration might not favor In
the siver states, and in many other states,
are congressman whose constituents be-
lieve in free coinage
What will the administration do if a
free coinage rider be put on the repeal
ing actl'
Down south they want more money,
plenty of it, and are not so very particular,
as 10 what kind of money it is. How
will the hard money democrats like it if
the repeating act be loaded with a free
state bank currencyO amendments?
These are only conjectures as to what
might happen, but they indicate how
the Democratic party stands
On the monetary question.
The republicans in congress will be in
the attitude in a certain extent of specta-
tors but we will be in fayor-with few
exceptions-of good money, l think the
Sherman law will be repealed, but the
danger dang, is that congress may 60 too far.
Should the clause providing Tor the pur-
chase Of 4,5OO,0 900 ounces of silver month
4 ly be stricken out it would be well. but if
congress should go on and repeal the
4 clause providing that the United
n States shall maintain PARITY between
goLd and silver coins it would cause wide
spread distrust
q THE SILVER IN THE TREASURY.
There is in the treasury 350, 900, 600 of
coined silver dollars, and S145, 600, 900 is un-
coined bullion. The legal tender of these
COINS must be preserved and their parity
& 70 gold maintained. 1t is well enough to
s0p further mintage of silver, but
1at IN circulation must be maintained.
Mah{ newspapers seem to forget that
loE the bullion from which current silver
uoilars were coined the government paid
Uly The market price in gold at the date
Upurcnase. So that these silver dollars
yOled under the Sherman act, stand real
"a Fon gold basis, and the government
"SS o. only about SS000,0 900.
What. in your opinion, is the remedy
Nr The financial troubleP'
Inc restoration of confidence in the
numerical world. The present strin-
gaey Is caused by the apprehension of
me mercantile and financial world that
hn.i h%u"li not meet our obligations in gold
m Ua' VIII pay in cheap money l believe
"eSlOud have a sound, safe currency on
e tFsoIu F oasis. No, don't think a cessa-
d ma. T3n OF silver coinage viii bring gold
mO'el INTO circulatian. 1t will be utilized
~bi reserve , and basis on
%r Sryu the circulating medium will rest
~ ~, Se'uItN | think such currency
%a2l9le g53 and am of the opinion that it
,5;. MAX De brought about. The action of
Tja TIti.G III regard to silver is not conclusive,
# 9,- o II ~ lhe nature of an experiment. The
New New yHat the rupee shall be worth 16
81 eoiy. Is IN the nature of fiat money
's@la'Ion ana has no effect here"
SILVER A FAILURE.
,.,-s Neither do I think the India council
Tnito5 To 10 ald Great Britain to force the
rqgt U states on gold basis. All the
W ,v numerical nations have tried sill
is f,l ana JAILED at it. The United States
canro, ct ldat OF them to realize that silver
tba tb,Ds ,y,.j 95 made the basis and standard of
Yer goTIla IITla money If the coinage of sill
rogotaajf ponafS were stopped and the metal
sbji5tI. to a position of sub
Of coinage as in other nations
Womb 5"e I. Latin union, the world
dcb,s dbo Know that we proposed to pay our
conf5ai cf1 ln the worlds money-gold-an
rortog r,lognee would be restored. The ex-
a5ogt a5y+''qn Il. OF gold to Europe is brought
sg9in.. siIv oy the balance of trade being
soro5 o,,9O us and when confidence is re-
acts afs', cI,, sold will come back. If congress
far IN ,a0nnassg5fiVatively WIS q and does not 90 too
o4s 4e radical legislation all will be well.
N Ii,{yo TO the future currency-well,
viii '''"h the national bank law
debt sr @jpSe when our national
are NO oIau EI. have been paid off. and there
"a basil Zone oonus to be used as security as the
glqss ~, W oank notes, / do not attempt to
follow 'ne Il Gelalls of the system that will
allowed ~ out think no money should be
back az III this country which has not
United Yl et IT, the full guarantee of the
nOtes f., 2Oa!es government. Treasury
meet t5o 5o oe I issued in such manper as to
# toane,,.Cl needs Of the people. would seem