lack of confidence are especially dangerous. It may possibly be taken as indicating—quite erroneously to be sure, but none the less alarmingly—that the last prop of sound finance was giving way.
Every month of continued silver purchasing will bring
us nearer to the premium on gold and a financial crisis.
It is doubtful whether the selling of bonds will prove a
sure preventive. At any rate it will be a costly method
of staving off the worst. It is certainly not a cure.
There will be no certainty and confidence until the silver
purchase law is actually repealed, and every day of
ininactivity involves a loss to the country.
From the point of view of party policy, your failure to call an extra session immediately will be virtually an admission that the Republicans were right in dallying with the matter, that there was really no urgency and that the best of the Democrats are no more determined and energetic than the Republicans were. I apprehend it would not be wise to permit the opposition to say this with reason.
I am told there would be a good prospect of the repeal of the Sherman law if Congress were called together at once. In any event, your influence with Congress would undoubtedly be stronger now than it will be four or five months hence. The doubtful, the wavering, would now be apt to turn to you. Four or five months hence the class of the disappointed will be numerous and you will have new opposing elements to deal with. I think, therefore, your chances would be at least no worse, and probably far better in an extra session called immediately, than in a session later on.
But however that may be, if you call Congress together now, everybody will have to acknowledge that you have done all you could. You will have discharged your duty by giving Congress a chance to do its duty. But if no
