The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1877-06-20
Secretary Sherman on Silver.

The Secretary of the Treasury makes the fol-
lowing statement.
"The silver question gives me no uneasiness.
There are two extremes of opinion upon it
equally threatening, and as usual, each sup
ported by honest conviction and plausible rea-
soning. Like most disputes. these opinions
are now localized-one in the East, and one in
the West. When two black clouds, angry and
threatening approach each other, we see the
lightning and hear the thunder, but soon a
herce storm. a refreshing rain or gentle show
er is followed by the sunshine. This dispute
about silver will be followed by refreshing
supply OF silver coin. 1t will absorb a portion
or the paper money, and will supplement and
make easier resumption in both gold and silver
coin. Kept equal with each other. One extreme
opinion would allow aDy holder of silver bull
lion or an old silver plate or teapot to carry
it to the mint and have it coined into silver
dollars and force everybody to take them In
payment Of ali debts, public or private. Such a
measure, if adopted now, when the market
value OF silver IS 10 per cent. below gold, at the
legal ratio of 16 to l, would at once depreciate
the purchasing power of a dollar per cent.
below green backs, and ten per cent. below
gold. 1t would utterly destroy our public
credit. stop our funding operations by which
we are now reducing the burden of our public
debt 80 per cent, drive out from The country
all gold no longer necessary for any purpose
and leave US with what our silver friends so
much denounce, a siHgle standard OF silver
bullion. The results of this doctrine will be
so apparent that the good sense of our people
In all sections WILL in due time, reject 1t.
The other extreme opinion would entirely de-
monetize silver, which is absolutely essential
for the daily wants.of life; which is the coin
more universally used by mankind than any
other; which is handled by millions, while gold
is handled by thousands, and in which the
rich and poor are alike interested. The free
nf hot al 81,
other, and both of equal current value. The
genuine bimetallc standard of value is
assumed by the gold monometallist to be i'm
possible in the face of the fact that gold can
not be divided so as to meet one of the hun
dred daily wants of life. Now both these ex-
treme opinions are just as certain to be aban-
doned after full discussion as time passes. 1t
Is an old dispute that has periodically risen for
more than 1000 years, and has always been
adjusted by tie government issuing both
metals as coin, and maintaining their equal
value at fixed rate by limiting the amount it
issues. The metal more valuable in the
market than its legal ratio can be issued with
out limit; the metal less valuable in the
market than its legal ratio must be limited in
its issue, leaving the absolute need of it to fix
the amount In our country, where we are
struggling to make our paper money equal to
coin, we are happily in condition to do this
easily and with profit to the government. The
way is to issue silver coin whenever demanded,
the old silver dollar as well as the smaller
coins in exchange for paper money, either for
fractional currency or United States notes, and
retire them. The silver coins already have
superseded the body of the fractional currency,
and they are legal tender to the. same extent
as fractional currency. Let the government
buy the silver bullion at what it is worth, and
coin silver dollars and issue them freely to
everybody who will surrender paper dollar
This is fair and voluntary exchange that robs
nobody. The silver dollar ought to be re-
celved by the government and made
legal tender. precisely as the dollar
100000 of silver dollars will supercede 50,
OO0,0CO of paper dollars. Some say more, some
say less; but let that be determined by the
popular demand. This process, every step of
it, will bring 10th paper and silver nearer and
nearer to the standpoint of gold, and with the
measures now authorized by law will soon
bring all our money to the same value. We
will then have paper money supported by the
public credit, with gold and silver coin in
abundance, SO that every man who has either
his labor or his productions to sell can have
either kind of money, and all of the same
value. If he wants current money in consider
able sums, he will take paper for convenience
OF carriage. If he wants silver for daily sup
plies or change he will take silver. If he wants
to buy in foreign markets he will take gold or
exchange. Practically silver and paper will be
the current money, and gold the ultimate STAN
dard.
No doubt 1T would be better if the relation of
gold and silver could, by international agree
ment be established, but this is not now prac-
ticable, and though the United States is a
great country, it is not great enough to control
the world. We may use silver alone, as China
does. and plenty of countries are ready to take
all the gold we have; but when we come to buy
or sell in the markets of the world, as we are
now doing and hope to do more largely, we
will have to buy and sell at the gold standard.
We cannot afford to do this and compete with
them, nor can we afford to deny ourselves the
great convenience of an ample silver currency
kept equal to gold by confining its issue by the
government to the actual demand for it. We
are now SO near uniform standard of all kinds
of our money that have too much confidence
in the shrewdness of our people to believe they
will take step backward"