The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1876-04-14
SILVER CURRENCY.
sherman Of Ohio Makes u SDeech nm
me Issue Of silver Coin. and on the
Relative Value of silver nnU S.s,lsr

Especial Washington Correspondence of IN.
New York Herald
WASHINGTON, April 10. ls7G.
In the Senate to-day Mr.. Sherman. nj
Ohio, called up the House bill to provide
Tor the deficiency In the Printing and En-
CRAVING bureau OF the treasury DEPART
ment, and for the issue OF silver coin nj
the United States in place of fractional
currency.
The committee on finance having re-
ported amendments in regard to the coin.
age of Il silver dollar, authorizing it, cy.
change tor United States notes, etc. NH
lishcd on Thursday last, Mr.. Sherman
said he had hoped this bill would mass
the Senate without much discussion. The
80 section of the bill presented thu cues.
ton OF single or double standard, n dues.
ton which had caused more books and
phampiilets than any other question in
political science. lie then referred TO
English, French and German writers on
thc subject, and, resuming his argument,
saiu, thc price OF transporting 100000
in silver was no more than for transnort-
ing 100000 in gold, as the cost was based
on the value. and not on the weight
England alone had adopted gold onlv5sa
standard. lie desired to call the atten.
ton of the Senate to the laws of the
nlted States as well rs the laws Of
England, France and other countries on
the subject lie first read from the act
OF congress, 1902, and figured il es.
taDlished propOrtionate value between
SILVER ana gold. and resulted in DRIVING
gold ont OF the country. The act of lS3f
when made an ounce of gold worth six
teen ounces ofsilver, drove silver ont of
the country, and gold came back. Mr..
sherman quoted at length from Seyd,s
"Financil Word" and from the renort of
X. NJ l.. Hunter. OF Virginia, made 10 the
Senate in 1892, when he was chairman of
the Committee on Finance, The net of
1871 having driven silver out of the conn.
try, in 1853 there was no small chance
and it was when congress undertook to
correct This evil that the rcnort of Mr.
Hunter was made. Between IS53 and
1861 there was about SIS, 900 600 i'm silver
coin III The country. but the silver dollar
was stu undervalucd and never entered
into circulation. The effect of the law
OF 1898 was practically to demonetizc the
silver dollar. by the act of February II
,o.s, congress undertook to revise the |
Jaws III regard to coin, the weight there
ol' exc. me Old silver dollar was drop-
pea OUT III the revision, because il was
not III use. IL had been coined for twenty
Years but the most striking change
MADE by the act OF 1873 was the introdlic- |
ION OF Il new dollar, called
- THE TRADE DOLLAR.
ihe government by coming these trade |
iollars had introduced into the commerce. |
u the world a new money which was |
argeiy absorbed In Japan and China.
ne trade dollar was worth less than
'old, and yet 1t was legal tender. Nv the
'ct OF 1873 any holder of silver bullion
ould nave 1t converted into trade dollars.
nei the law stepped in and made them
egal tenders To the cytcnt
!, go. congress must either
a and away rom the trade dollar its legal
chocr r'.ht or take away from the hold.