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EDITORIAL ARTICLE IN THE Evening Post OF APRIL 17th, 1894.
It was most unfortunate that so many people here at the North believed that the victory of sound currency was completely won when the Sherman law was repealed. The truth was that it left untouched in a large part of the country the great delusions out of which the Sherman law sprang and which it was intended to satisfy. Its repeal was simply a surrender to stern necessity. There was no money in the Treasury to continue the purchases for which it provided. Foremost among these delusions was the belief that the Government can raise or lower the standard of value; that it is its duty to supply money to the people, and that the bankers and others who refuse to lend it without security are selfish and designing persons, who ought to be taxed into good behavior.
The first duty of intelligent men, when the struggle of last fall was over, was, it seems to us, to engage heart and soul in the great work of public instruction as to the nature and functions of money, and to abstain rigidly, for a while at least, from any words or acts which would be likely to aggravate the prevailing popular errors on this subject—errors more threatening probably to the immediate economical future of the country than any with which we have ever had to contend since the foundation of the government. The appearance of the currency in the political arena was the greatest misfortune which has befallen the nation except the civil Wals.