The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-09-03
SECRETARY SHERMAN
AT TOLEDO.
An ExHAUsTIvE DISGUs-
SION OF THE FINAN-
CIAI. QUESTION.
THE PROMISES az THE Gov
ERNuENT ~ RELATION
10 GREENBACKs.
How "a sound, safe and sufficient
Currency Can Be Maintained.

How n sound, safe and sufficient
Currency Can Be Maintained.
The Hon. John Sherman, Secretary
II the Treasury, delivered an address
It Toledo. Monday evening, August 26
The Secretary opened with reference
to his connection with financial legisla-
ton when a member of the Senate, and
his duty in his present position to car
~ into effect the laws of Congress. He
continued as follows:
QUESTIONS MOST DISCUSSED.
Now the questions most discussed |
are the silver question aud the resump-
| ton question. These are only |
branches Of the currency question. but /
they present the main difficulties in |
the administration Of the Treasury De-
Dartment, and will be mainly the sub.
| iect Of my remarks. The election this
fall for members of the House Of Rep
rentatives will practically settle them
There ought to he no partisan or per
sonal feeling about them, for we are all
interested alike in promoting the COM
mon good, and in settling upon a
sound basis the currency of the coun-
| try.
In undertaking TO address you will
| frankly and freely express nv own
| opinion. but will. while remain in an
executive Office. cheerfully aud freely
| obey and execute the judgment of my
fellow-ciiizens expressed by Congress
| or give way TO some one who will do
| so
HE WANTS THE LARGEST AMOUNT or CUR
RESCY.
What want is the largest amount OF
currency that can he maintained at par
with the established coin of the conn
| try. From the diversity Of our wants
we must have many different kinds of
money, TO measure great wants and
| little wants. We must have coin mon
ev and paper money, and plenty Of
] both. What / contend for is that.
though our money be of many kinds.
Il must all have the same purchasing
power. The essential qualities Of all
good money are stability, eqrality. and
ronvertibility. The dollar OF one kind
,hould buy as much as the dollar of
my other kind. Deprecated money
cheats the ignorant and the unwary.
and enriches the money changer The
poo- man whose dependence is upon
his daily labor is the victim Of the de-
preciated money, for he must take what
IS offered, and is always paid in the
poorest money No distinction shonld
be made between coin money and pa
per money, or between the noteholder
aud the bondholder. The money pro-
vided. by the Government should pay
al debts and he used for all debts.
Subject 10 these conditions am for
the largest amount Of each kind OF
money demanded for the wants Of bus.
mess. and if you will agree with me in
these general propositions there will be
no quarrel between us
USEFUL AGENTS OF EXCHANGE.
Gold, silver and copper, as we'll as
the modern contrivance Of paper money
are all useful agents of exchanges, and
OuSlIt ~ IL ftoOiy usvu alu always
maintained at par with each other.
Minor coins Of baser metals are indis-
pensable for the innumerable small
wants of life. To measure these wants
silver coins would have TO be too small
in size, and, therefore, copper and
nickel are used; but these metals are
80 cheap that IL coined at their intrin.
sic value the coins would be too large
for convenience; so, by common con-
sent, the old copper cents are abandon
ed, and token coins Of copper and
nickel are issued at several times their
intrinsic value, but are maintained al
par by the necessity of their use, and
by being redeemed in money OF full
value when presented in considerable
sums.
SILVER MONEY IS THE BEST
and most convenient for the market
aud shopping transactions OF life. Sill
yer coins are, by odds, more numerous
than coins OF gold, even in countries
where gold alone is the standard OF
value. The shillings and half crowns
II Great Britain outnumber the sover.
eigns many times, aud in the United
States the silver coins issued from Feb
ruary |, 1875, to August l, 1873, num-
Der DOG, 500, $40, while the whole mum
Der Of gold pieces issued during that
time IN the United States is 7,7l0,0i0.
No form Of paper money can profitably
take the place OF silver. Our old frac-
| tional currency was the best substitute
ever devised, hut this annually I per
| cent To maintain II in decent condition
or nearly the interest on the money,
while the amount lost. wasted aud de
stroyed was a heavy tax upon the peo-
pie who used IT, IL lasted on an aver
age only IL months, while coin lasts 30 4
years. The largest possible use of silver /
1 aud its freest circulation are indispen- /
| sable 10 any system of money, IL must I
be maintained in some way at or near /
| the intrinsic value Of other money.
HOW SILVER NAY DIsPLACE GOLD.
II silver is coined at less than its I
narket value and issued without limit I
It will as surely displace gold as water |
will displace air. Therefore, fractional !
| silver is limited 10 $50. 900, 900, and is
only issued when required in exchange
! for United States notes. III il becomes
too abundant it comes into the Treas
ury for taxes and is paid out only when
demanded or willingly received. so
the coming Of the new silver dollar,
though a legal tender for all purposes.
is limited by law TO from 81, 900, 900 10
a. 900, 900 a month Tie silver in this
dollar is worth less in the market than
the gold or even the paper dollar, and,
II issued without limit, the silver dollar
|
dollar and will become the single stan
dard Of value. This is as certain as
the march OF time.
GOLD ISDIPESsABLE.
But gold also is an indispensable
standard Of value. IL measures all the
larger transactians Of business life. IL
is used as such by most Christian and
, civilized nations OF the world, and its
demonstration would be as great an
injury as the decentralization Of silver
Now, fellow-citizens. | am in favor
Of 80 adjusting this matter that both
metals will circulate at par with each
other; that you will have gold eagles
aud silver dollars, and dollar Of either
will purchase precisely the same com
modities.
now BOTH METALS WILL CIRCULATE AT
PAR
This can be done, while the market
value Of silver is lower than its legal
ratio with gold, either.
First-By limiting the amount OF
silver 10 be issued, or
Secondly readjusting the relative
weight of the two coins, either by in.
creasiDg the weight Of the silver coin.