Griggs courier., 1894-08-24
THE SHERMAN Law.

WAas E6sce ClsvslAAd's vste Has Had
Upoa the Country.
On March 30, 1924, President Cleve-
land returned this bill to the house of
representatives, with his reason for Veto
ing it. In his message, he says:
"The financial disturbance which swept over
tno country during the past year was WSpdrdl-
Isssd in its severity and disastrous conse-
quences. There seemed to be almost an entire
displacement OF faith in our financial ability
ana loss Of confidence in our fiscal policy.
Among those who attempted to assign causes
Tor cur distress 1t was very generally conceded
that the operation Of provision Of l0sc then
IN force which required the government to pvr-
ehdss monthly large amount Of silrer bullion
ana issue Its notes In payment therefor, r0s
ether eafirely, or to large srtenf, responsible
for our condition. This led to tho repeal. ON
the first day Of November. lSo3. Of this statute.
~ provision"
There is no doubt of the severity
OF the financial disturbance. We are
all we'll posted ON this topic, most of
us by bitter experience. Was it caused
by the Sherman law? Let us see.
This bad" law was repealed last No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 the
shadow of the impending Wilson bill.
There is no hope for many industries;
others will only exist because of q
democratic pull to cause notifications
in the senate. There can be no inn
provement except in the increase of
financial funerals. But he says:
"Our recovery has, nerertheless. steadily pro-
gressed. and though less than five months have
elapsed since the repeal Of the mischievous
silver purchase requirement. o wholesale i'm
provement Is Enthusiastically apparent. Conh-
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 IS to produce the most encouraging
results both ut 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 a 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 already 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 Cleve-
land. Foreign investors have, indeed,
purchased, but only of the new issue
o. bonds. We are fools enough to is
sue them and they will buy, even if
they do not do it directly.
He says: 'Our recovery being SO we'll
under way. nothing should be done to
check our couvalescence." These
words are cheering and indeed consol-
atory to the corpses. They seem to re-
buke them for dying, even after all
the breath has been kicked out of
them. They are informed that they
should have died from the Sherman
bill; and that, having once expired
from that cause. they should have
promptly come to life last Novem-
Der on its repeal and now be in q
state of exuberant health.
What President Cleveland needs is
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.