The weekly Oskaloosa herald. [volume] (Oskaloosa, Iowa) 1855-1885, 1876-09-14
THE osKALoosA HERALD.
LEIGHTON & NEEDHAM, Editors.
THURSDAY, SEPTEMBER IA, 1876
SENATOR sHERMAN'S VIEWS.

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Senator Sherman, in recent speech to
his constituents, comes to the defense of
the American silver dollar. He explains
that his concurrence in non-action at the
late session was, that Congress could act
more intelligently next winter. He init
mates that a majority in Congress favor
the re-coinage of the silver dollar. He
takes no stock in the gold theory; he
claims that the silver dollar was legal
tender, and that the debtor had the right
to pay his debts in silver, if he thought
proper. His remarks are full of interest
just at this time. Here is what he said
on this subject
l do not now, fellow-citizens, enter
fully upon the great question of the res
toration of the old silver dollar as the
money of account for it has not yet as
sumed party aspect. | have given the
subject the most careful consideration and
was the first to propose the re-coining of
the old silver dollar. That it will and
ought to aid US greatly in the problem of
specie-resumption, have no doubt. But
there are connected with the issue of this
dollar details about which there is and
will be wide diversity of opiniOn-how
rapidly it can be coined; how far it shall
be legal-tender; the purpose to which it
shall be applied, whether to the redemp-
ton of the greenbacks or the increase Of
our currency; the effect to demonetize
gold and its true relation to gold. Al
these are questions wise man will con-
slider fairly before deciding.
| was a member of the Conference
Committee of the two Houses on the
Silver bill ! am not at liberty to state
what occurred except as is shown by the
action of the two Houses. Both Houses
We're in favor of issuing the old dollar
the dollar in legal existence since 1892,
containing 4l2 $40 grains, and only de-
monetized in 1873, when it was worth
per cent more than the gold dollar. 1t
was then, and for twenty years had been,
only issued for export, and was not in
circulation. Still, it was legal standard
of value, as well as gold, always had been
and it was the right of any debtor to pay
in silver dollars as we'll as gold dollars 1t
was his legal option. The relative value
of the two metals had often varied before
and still the right remained to the debtor
to pay in either dollar, and therefore, in
the cheaper dollar. The mere disuse of
the coinage of the silver dollar could not,
and ought not to effect pre-existing con-
tracts. And now, when all our domestic
contracts have been based upon depreci-
ated paper money, made legal-tender for
all debts, public and private, except Gus
toms and duties and interest of the public
debt, it would seem not on,y legal, but
right, in the broadcast sense Of the term,
thatwe should avail ourselves of the rapid
and formidable fall of the silver bullion
to recon the old silver coins, including
the old silver dollar, the oldest Of our
coins, and with them pay our deprecated
notes, and thus restore the old coin stan
dard. | believe decided majority of
both Houses were in favor of this policy,
but its execution is a work of time.
There is limit to our ability to coin silver
pieces, and minis cannot be improvised in
a year We therefore provided for all
the silver coin that by possibility can be
coined at the minis of the United States,
driven to their utmost capacity, until July,
1878. So far we agreed. And we could
have agreed upon re-coining the old silver
dollar; but whether it ought to be re
ceived for custom duties, now payable in
gold, or be paid out for interest on the
public debt, we could not agree. We con
Guided, therefore, that as it could not be
coined for more than year, to organize
IA commission, composed of members of
both Houses and Of experts III coinage
and exchange, with view to collect and
report the fullest information possible
Thus the question of the old silver dollar
is postponed until next winter, when it
may be decided with all the lights that
discussion may throw upon it. | know
it can be and ought TO be made an instru-
ment of resumption as well as vast
relief to all our industrial classes These
questions will be decided by the Republi,
can party as all the great questions of the
past sixteen years have been decided, ana
so as to advance the general interests of
the people. The Democratic party, as
usual, will denounce what we do, then
hesitate, then acquiesce, then approve, and
then embrace.