Huntsville gazette., 1894-08-18
THE SHERMAN LAW.
What Eject Clevelsnd's Veto Has HAd
Upon the Country.


What Eject CleveIsnd's Veto Has FAD
Upon the Country.
On March 30, 1894, President Ceve-
land returned this bill to tho house of
representatives, with his reason Tor veto
ing it. In his message, he says:
1.-THE financial disturbance which swept cvsr
the country during the pest year was snpdrds-
teled in its severity and disastrous colse-
Quences. There seemed to be almost an entire
displacement OF faith In our financial ability
and loss of confidence in oar fiscal policy
Among those who attempted to assign causes
for our distress 1t was very generally conceded
that the operation Of q provision of ldW then
In force which required the government TO pur-
chase monthly large amount OF situer bullion
and issue It's notes In payment therefor, pGs
either eEtireiy or to a large srtent, responsible
for onr condition This leo to the repeal, on
the frst day OF November, 1893, Of this statuto-
ry provision"
There is no doubt of the severity
Of the financial disturbance. We are
all well posted on this topic, most of
us by bitter experience. Was it caused
by the Sherman law? Let us see.
This dad" law was repealed last No
vember. Has there been any improve
ment up to the present date? Is it
not true that the situation has grown
more and more acute all through the
winter, and that it continues unabated
up to date? We have stepped out from
under the "baleful influence" of the
Sherman law, but we are still in tho
shadow of the impending Wilson bill.
There is no hope for many Industries;
others will only exist because of a
democra tic pull to cause notifications
in the senate. There can be 20 inn
provement except in the increase of
financial funerals. But he says:
'Our recovery has, nevertheless steadily pro-
gressed, and though less than five months have
elapsed since the rspeal of the mischievouS
silver purchase requirement, wholesale i'm
provement Is Enthusiastically apparent Conf
dence In our absolute solvency Is to such an
extent reinstated and faith in our disposition
to adhere TO sound financial methods is SO far
restored as to produce the most encouraging
results both at home and abroad. The wheels
of domestic industry have been slowly set in
motion and the tide Of foreign investment has
again started in our direction"
1t must be close observer who has
seen any Improvement, whether whole
sale or retail. Some houses and indus
tries have not gone to the wall in this
later period, but it was because they
had azready got there. They could not
fail or close up twice. Once was quite
sufficient.
He says the wheels of domestic" In
dustry have been slowly set in motion.
So slowly indeed, that movement is
not visible to the naked eye-to an eye
unaided by the faith of Grover Gle re-
land. Foreign investors have, indeed,
purchased, but only of the new issue
Of bonds We are fools enough to is
sue them and they will buy, even ii
they do not do it directly.
He says: "Our recovery being so well
under way, nothing should be done to
check our convalescence." These
words are cheering and indeed consol-
atory to the corpses. They seem to re
hule them for dying, even after all
the breath has been kicked out Of
them. They are informed that they
should have died frcln the Sherman
bill; and that, having once expired
from that canse, they should have
promptly come to life last Nove-n-
ber on its repeal and now he in a
state of exuberant health.
What President Cleveland needs Is a
commission to advise expiring indus
tries as to the particular disease of
which they should die, and positively
prohibit, even if necessary by vetoes,
any such from dying except from off,
cial and approved causes.