The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-27
TEMPERATURES.
JUST LIKE SHERMAN AGAIN.

We had occasion to remark a short
time ago that the action Of John Sher-
man in publicly eating his own words
and indorsing the Cuban policy of this
administrator as soon as he accepted
the position of secretary of state, and
then repudiating his own interview a
few days later, fitted to a nicely with
his past political career. We have an
other illustration of it in the recent
publication OF a letter in which he an
nounces his agreement with one Joseph
F. Larkin, whoever he may be, as to
the proper financial policy for this gov
eminent. This Larkin had written to
Mr.. Sherman to suggest that national
banks be authorized to issue notes
upon deposits of silver bullion to the
extent Of 80 per cent Of its gold value.
and that such notes, freed from all
taxation, should constitute the bulk Of
the nations money. This was, Of
course, coupled with a protest against
the redemption or retirement of the
greenbacks. Such is the plan to which
Mr.. Sherman appended his approval
and which we are, perhaps, justified in
thinking that he will not repudiate
before the end Of the week, because it
IS so exactly in line with his
past performances.
The scheme differs from the act which
bears Mr.. Sherman's name only
in that it is the national banks,
instead Of the federal treasury.
which are to purchase silver
bullion and issue warehouse certif-
Gates against it. The thing which he
would have the national banks do is
identically the thing which the federal
treasury was ordered to do by the act
of 1890, and which, unquestionabIy. led
up to and precipftated the tremendous
panic of 1898, from whose effects we
have not yet recovered. We say
1dendcally' because the trifling diff
ference between having banks issue
notes to 80 per cent Of the gold value
OF the bullion and having the govern
ment issue them to 100 per cent of the
same is not worth noting It is mora
than balanced by the fact that. while
the government was only to purchase
100000 ounces Of silver per month,
the banks are not limited to any
amount by the suggestion made.
In view Of our experience with the
Sherman act, it does not seem neces-
sary to discuss this modest proposal
at length. That experience would. Of
course, be repeated on a larger scale.
and with even more disastrous conse-
Quences. The production Of silver
would be stimulated, and it's price
would fall just as it fell from the fall
of 1890 until the repeal Of the act. In
1898. But, whereas, there was some he
lief that the government would be able
to make good the difference between
notes issued against an ounce Of silver
bullion when 1t cost dollar. and the
same notes when the security for. their
redemption had fallen to less than 60
cents, there would be no such conf
dence at all with reference to national
bank issues found in similar plight.
No one could have any hesitation in
declaring that Independent free COIN
age at the ratio of 16 to 1, as proposed
by the Popultsts and Bryanites. would
be Infinitely preferable to this indirecr
movement toward more dangerous
goal
Mr.. Sherman announced. in 1890.
tna1 ne consented to the so-caIled
compromise" contained in the Sher-
man act In order to shunt the free sill
yer movement That pretense is in
sincere, unless he believed that Presi-
dent Harrison told falsehood when
he said that he would veto a free coin
age bill. In 1893, however, Mr.. Sherman
offered this excuse, and was among
the most ardent advocates Of the re-
peal Of his scheme, as fraught with
ruin to all the financial and business
interests Of this country. In 1897. If
we are to credit his signature, he
once more champions the same princi
pie presented in even less tolerable
shape. What he will do or say next
week there is no telling. But once
more, all this miserable, shutting.
stultifying, self-contradictory per-
Torrance and struggling for a tenn
porary political effect at any sacri