The Evening dispatch. [volume] (Provo, City, Utah) 1891-1895, 1894-01-15
PROVO CITY. JAN. 10, 1884
REPEAL OF THE SHERMAN ACT.

AS democrats, we of the west must
at last confess, or at least admit, that
the repeal of the Sherman purchasing
act has not been a success, either as
general measure of relief or as an act
to revive trade, make money easier or
to start up business generally. The
immediate effect in the east after
brief show of affected activity, business
has settled down into steady promise
less drag, more nearly resembling stag
nation than anything which has as yet
oyertaken that heretofore prosperous
section of the republic. 1t is true they
have plenty of money in New York at
perfectly fair rates. but the trouble is
they haven't the business, either in
volume or margins, to warrant any sane
man in borrowing it in either great or
small sums. The bankers resort to
their usual places of business but it is
not for the purpose of making loans,
shaving paper or anything like that,
but to count the idle cash in their
vaults, The trans Alleghaney states
have no particular need of money save
only when their interest bills become
due. To meet these they pile on an
other mortgage, get the money, pay the
interest and hopelessly start into an
other year of doubt. They require no
money for speculative enterprises of
laaSSsnt Investment Those enter
as dead as are the heroes of
Thermopyl@. The trans-Mlssissippi,
younger, more vigorous, poorer
states have the bread-and meat
problem located nearer their
dOOrsills and are compelled to do
something, no matter if there is
not a cent of profit in a whole weeks
work. The necessity is upon US to keep
the money passing from hand to hand
no matter if one only keeps even, or
that he loses little with each weari-
some and proftless exchange.
We deceive ourselves no longer.
The repeal was worse than mere use
less bit OF retrogressive legislation.
There was no confidence restored. The
gold has been going out to Europe in
steady, unrelieved and unrestricted
stream. Gold does not return to buy
our securities or our products; but
never an European banker holding our
bonds, but sends them promptly at ma
turity for redemption in gold. just as
he did before the repeat was consum-
mated. Then as measure of relief or
TO restore confidence the repeal was
dead failure. 1t has benefited none,
while it has injured the silver produc-
ing west inconcieveably.
1t is true that it never was any thing
but the poorest sort of makeshift; yet |
the purchasing of $4,5OO,OOO ounces of
silver per month did keep the price of
silver up to eigthy-two cents or there
abouts, and in this way and at this
price the silver miners, business men
and farmers had something to go upon.
some chance to live, and some SEM
blsnce Of hope in The future. The only
thing we have to place to the credit of
repeal is that dispair for silver has
quickened the business of gold mining.
But how much better would it be if to
our gold revival now we could add sill
yer at even eighty-two cents per ounce.
Unless free coinage is restored
soon, with the broad revival
that act would superinduce, our in
dustries will still fall off, shrink in
as well as in mass until times
become unbearably dull and then will
come the revolution which will work
ont of the years of chaos, the only other
relief possible-forcible restoration of
silver to its old time proper functions
of money. Repeal has done nothing.
Restoration will accomplish every J
thing.