St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-16

worth only between IS and $50
Silver had gone down steadily since the pas
sage of the act referred TO, notwithsta 0 ding
the hope and belief of those who said If We
give the occupation to our silver mines we
would restore the relation between silver and
gold. In 1878 one ounce Of fine silver was
worth $1.1s, in 1884 1t was worth only 81. IL.
As powerful as was the government Of the
United States, it was not powerful enough 10
prevent the inevitable depreciation of silver
compared with gold that had been going on
from the time Of the discovery of America.
The only question Of practical politics was
whether we ought not ourselves TO respect
what we cannot overcome, whether We
should not change our ratio Of
value between two metals as other
ample OF King Canute and wait until the tide
should overwhelm us. The silver dollar
would not be boarded in the stockings of the
people. Every attempt 10 force its circula-
ton had proved Intellectual. Every secretary
of the treasury had tried 1t.
Senator Morgan inquired whether Sherman,
when secretary, bad not succeeded in buying
$50 100000 Of gold coin with silver certif-
Gates.
Senator Sherman replied in the affirmative,
but said it was because silver, like paper,
had been maintained at par with gold by
being received at par by the United States.
Senator Morgan said they were redeemable
in silver.
Senator Sherman said yes, by law, and on
their face and in fact, and by law they were
receivable in gold. The silver we have
coined, and of which we have such an euor-
nous stock, could not be exported to any
country in the world. Why! Because our
coined silver is not worth its intrinsic value
in gold. Our silver bullion went abroad be-
cause it went at its market value, and not at
any nominal value that We might put on il.
If any adverse change occurred in our bal
ance in trade, this silver piled up
in our treasury would be worth
merely its bullion value. The government
of the United States bought silver bullion
from the senator from Colorado (HilD at its
market value. 1t was treated as merchant
able commodity, but the people had the right
10 take it from the government, or not, as
they pleased. and they pleased not TO take it,
because it was not worth $50 grains, and
was worth only 412. Suppose such an alarm
were sounded as should lead TO the export OF
our gold and disarrange all our standards of
value, what would happen? Did not the
senators know it would create the most fear
full contraction ever witnessed in this coun-
try. The laboring men, when supposing
themselves TO be earning a dollar would be
earning only eighty-ive cents. And wages
would not be advanced to make up the de-
iciency.
Senator Sherman said he hoped to God
such a contingency wauld not arise, and he
believed it would not if congress acted
wisely.
Senator Williams inquired how Sherman
accounted for the fact that there was more
gold in our country to-day than when the
silver bill passed.
Senator Sherman replied it was because
until the last three years we had had the
largest balance of trade In our favor that
ever had been known. When the balance
of trade was in our favor il did not make so
much difference what we had for money.
When the balance was against US gold would
go. Nothing but gold could pay for an adj
verse balance of trade.
Senator Williams inquired whether it would
not be well to wait until the balance was
turning against us.
Senator Sherman replied it would then be
too late. AS to the remedy, his idea was to
stop the coinage Of the silver dollar and wait
for new ratio of value to be established by
the nations of the world between gold aud
silver. If he had the power he would pro-
claim in law five lines long that every dol
lar hereafter issued should contain 40 or
4S0 grains of silver. Then our silver dollar,
agreeing with the market value of silver,
would become the dollar Of mankind.
Senator Williams suggested moneyed men
could contrive to depreciate and discredit
silver.
Senator Sherman said they could not do it.
Nv rod ~
over this question. Market values were
mysterious things. Made up of combina-
tons men could not analyze. The best way
to fix the value of the standard dollar would
be to commit the work to a committee OF
experts.
Senator Allison said that If a strenuous
and sincere effort should be made TO secure
an international declaration of the ratio of
value between gold and silver, the effect
would be to bring the coinage values of those
metals TO a par within a reasonable time.
What we wanted was dollar Of $50 grains
instead of 41215. Abiding to Senator Sher-
mans reference to the market value, Senator
Allison maintained that the market value Of
silver was established by its use. Let the
minis of France, Germany, Italy and other
countries be opened TO the free coinage of
silver and if we had a common standard of
value between silver and gold, it would be
again restored. 1t had existed from 1898 10
1871 on the continent of Europe. The ques-
ton, therefore, was an international one.
Senator Allison entirely differed with Senator
Sherman as TO the wisdom of the coinage of
silver dollars of 40 TO $50 grains. Just when
we ought to cease coming silver Senator
Allison would not say, but we
ought first to make an honest
and persistent effort to see whether
we could not come into relation with other
governments on this great question. He did
not believe that effort had yet been made.
OF course no single nation could continue
alone to coin silver. 1t must be an interna-
tional agreement.
Senator Beck said the silver coinage ques-
ton had never been treated by any admins
tration or any officer of it, and the reason for
the great depression of silver was the hostility
of our government No man had evinced
more of that hostility than the senator from
Ohio (Snerman) as secretary of the treasury.
Senator Sherman remarked he had never
said q word against silver certificates, nor
against silver dollars, except that they should
be made good.
Senator Beck replied he would tomorrow
read some extracts whibh would refresh SEN
ator Sherman's recollection.
The matter was then dropped.
The chair appointed as committee on the
part of the senate to attend at the executive
mansion tomorrow to take part in the cere-
mony of the opening of the New Orleans ex-
position:
Messrs. Logan, Dolph, Cameron, of Penn
sylvania; Cameron, of Wisconsin; Harri-
son, Miller, of California; Riddleberger,
Pendleton, Butler, Vest, Jones, of Florida;
Slater and Walker.
The Oregon Central land forfeiture bill
was made the special order for next Thurs