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Show KEPEAL OF THE SHERMAN ACT. As democrats, we of tbe west must at last confess or at least admit, that the repeal of the Sherman purchasing act has not been a success, either as a 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 a briel 6how of affected activity, business baa settled down into a steady promise-lesa promise-lesa drag, more nearly resembling etag-Eation etag-Eation than anything which has as yet overtaken that heretofore prosperous section of the republic. It 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 inargins.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, Hhaving paper or anything like that, but to count the idle cash in their vaults. The tranB-Alleghaney states have no particular need of money save 3 only when their interest billa become due. To meet these thev pile on another an-other mortgage, set the money, pay the interest and hopelessly start into another an-other year of doubt. They require no iwm, , im iilinillilirnonev for speculative enterprises of """"ijlt i"itsrQ'!2t,-JThoae enter- i. -r as dead as are the heroes of sm- " Thermopylae. The trans-Mississippi, younger, more vigorous, poorer states have the bread-and-ineat problem located nearer their doorsills and are compelled to do something, no matter if there ia not a cent of profit in a whole week's work. The necessity is upon us to keep the money passing from hand to hand no matter II one only keeps even, or that he loses a little with each weari-Bome weari-Bome and profitless exchange. "We decieve ourselyes no longer. The repeal wae worse than a mere useless use-less bit of retrogressive legislation. There was no confidence restored. The gold has been going out .to Europe in a steady, unrelieved and unrestricted stream. Gold does not return to buy our securities or our products; but never an European banker holdine our bonds, but sends them promptly at maturity ma-turity for redemption in gold, juet as he did before the repeal was consummated. consum-mated. Then as a measure of relief or to restore confidence the repeal was a dead failure. It has benefited none. while it has injured the silver producing produc-ing weet inconcieveably. It is true that it never was anything but the poorest sort of a makeshift; yet the purchasing of $1,500,000 ounces cf silver per mpnth did keep the price of eilyer up to eigthy-two cents or thereabouts, there-abouts, and in this way and at this price the silver miners, businees men and farmers had something to go upon, Borne chance to live, and some semblance sem-blance of hope in ihe future. The only thing we have to place to the credit of repeal is that diepair for silver has quickened the business of gold mining. But how much better Mould it be if to our gold revival now we could add silver sil-ver at even eighty-two cents per ounce. Unless free coinage i3 restored soon, with the broad revival that act would superinduce, our industries in-dustries will still fall off, shrink in margins, as well as in mass until times become unbearably dull and then will come the revolution which will work oat of the years of chao?, the only other relief possible forcible restoration of silver to its old time proper functions of money. Repeal has done nothing. Restoration will accomplish everything. |