Mr. Cleveland has gained the day, and the Sherman Act
has been repealed. The Silver men of the Democrat side saw they would be ruled out of the party if they resisted the President any longer, and on October 30th the vote was taken, Repeal being carried by a majority of eleven. As the Senate had added a clause hoping for bimetallism, " if practicable," the Bill had to go back to the House of Representatives ; but after some opposition from Mr. Bland, who represents the "moderate" Silver men, the Bill was carried there also by a majority of one hundred, the new clause being rightly re- garded as mere words. The Bill was then carried to the Pre- sident, who, on November 1st, read it aloud, and affixed his signature. The most desperate effort ever made to secure an artificial price for silver has, therefore, finally failed. It is believed that business will now revive in the States, and there- fore everywhere ; but the sanguine may find themselves de- ceived. The position of silver is one element in the prevailing depression ; but there are others not yet detected, one probably being the great disappointment of small capitalists at the declining rates of profit. A great company may work hard and ran risks for 5 per cent.—and indeed at present prices bank shareholders do it—but no individual will. He is happier with 4 per cent. and liberty.
Previous page
