The People's friend., 1894-08-10
THE SHERMAN LAW.
What Effect Clevelands Veto Has Had
Upon the Country


Upon the Country
On March 80, 1894, President Cleve-
land returned this bill to the house of
representatives, with his reason for veto
ing it. Ia his message, he saws:
The financial disturbance which swent over
the country during the past year was 44aDnr1E-
te!ed In It's severity and disastrous conse-
quenceS. There seemed to be almost an en+iro
displacement Of faith Ii our financial ahilitv
and loss OF confidence in our fiscal nolicv
Among those who attempted to ASSIGN causes
for our distress 1t was very generally conceded
that the operation Of provision OF lar then
In force which required the government TO mr.
chase monthly large amount of siluer bullion
ana issue lts notes In payment therefor, acqs
eitheT entirety, or 10 q ldrge ertenk reSponsihIa
for our condition. This led to the reneal IN
the first day OF November, 1893, of this stat1to-
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This bad law was repealed last Nc
vember. Has there been anv improve
ment up to the present dateo Is it
not true that the situation has grown
more and more acute all through the
winter, and that it continues unabated
up 70 date? We have stepped out from
under the "balcful 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 a
democratic pull to cause notifications
IN the senate. There can be no i'm
provement except in the increase Of
financial funerals. But he saws:
"Our recovery has, nevertheless, steadily pro-
gresSed, and though less than five months have
elapsed since the repeal Of the mischievous
silver purchase requirement, a wholesale i'm
provement is Enthusiastically apparent Conf
dence in our absolute sOlvency Is to such an
extent reinStated and faith il our disposition
70 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 aTcddy 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 a 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
Of 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 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-
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; anl that, having once expired
from that cause, they should have
praInIat 81 1sl4a4ase- 44se--t to life Hast Novem-
Der on its repeal and now be in
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
49, n