The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-12-16

worth Sill, and, powerful as was the govern
| ment of the United States, it was not powerful
enough to prevent the inevitable depreciation of
! silver, compared with gold, that has been going
on from the time of the discovery of America
The only question in practical politics was
whether we ought not ourselves to respect what
| we cannot overcome; whether we should not
! change our ratio Of value between the two met
ais. as other nations, or whether should fol-
low the example of King Canute and wait until
! the tide arrives which will overwhelm us. The
| silver dollar would not be boarded in the stock
ings of the people, even the most ignorant peo-
| pie. Every attempt to force its circulation had
| proved inelfectual every Secretary Of the Treas
| ury had tried it
MIR. Morgan inquired whether Mr.. Sherman,
when Secretary, had not succeeded in buying
So GOO 600 of gold coin with silver cestitcates
Mr.. Sherman replied afirmatively, but SAID 1t
was because silver, like paper, had been main
tanned at par with gold by being received at par
by the United States
Mr.. Morgan said they were redeemable in sill
YER
Mr. Sherman said: ayes, by law and on their
face, but in factand by law they were receivable
in gold. The silver we have coined, and of which
we have such an enormous stock, could not be
exported to any country in the world NhyE
Because our coined silver is not worth its in
trinsic value in gold. Our silver bullion went
abroad because it went at its market value, and
not at any nominal value that we might put on
| it If an adverse change occurred in our bal
would be worth merely its bullion value. The
government of the United States bought bullion
from tho senator from Colorado (Mr. Hill at its
market value 1t was treated as a merchandise
commodity but the people had right to 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 only worth Az,
Suppose such an alarm were sounded as
should lead to the export of our
gold, and disarrange all our standards
Of value, what would happenl Did not sem
ators know it would create the mostfearful con-
traction ever witnessed in this countryl Labor
ing men, when supposing themselves TO be earn
! ing dollar, would be earning only eighty-ive
cents and wages would not advance to make up
the deficiency. Mr.. Sherman hoped to God
such contingency would not arise and he be
leved it would not if Congress acted wisely.
Mr.. Williams inquired how Mr.. Sherman
counted for the fact that there was more gold
in the country to-day than when the silver bill
passed.
Mr.. Sherman replied that it was because that,
until three years ago, we had had the largest
balance of trade in our favor that had ever been
known. When the balance was in our favor it
did not make so much difference what we had
for money; when it against us, gold would
go. Nothing but gold could pay for the adverse
balance of trade
Mr.. Williams inquired whether it would not
be well to wait till the balance was turning
against us.
Mr.. Sherman replied that it would then be too
late. AS remedy, his idea was to first stop the
coinage of the silver dollar and wait for a new
ratio of value to be established by the nations of
the world between gold and silver. If he had
the power he would proclaim in a law five lines
long, that every dollar hereafter issued from our
treasury should contain 40 or 480 grains of
silver then our silver dollar, agreeing with the
market value of silver, would become the dollar
of mankind.
Mr.. Williams suggested that moneyed men
could continue to depreeiate and discredit silver.
Mr.. Sherman said they could not do it. Mon
eyed men and bankers had no powers over these
questions Market values were mysterious
things, made up of combinations which men
could not analyze. The best way to fix the
value of the standard dollar would be to commit
the work to committee of experts.
Mr.. 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 coin
age value of those metals to par within reason
able time What we wanted was dollar of 400
grains instead of 4l24. Abiding to Mr..
Sherman's reference to market values, Mr.
Allison maintained that the market value of
silver was established by its use. Let the mnts
of France, Germany, and other countries
be opened to free coinage of silver, and if we
had a common standard the parity of value be-
tween silver and gold would he again restored.
1t had existed from 1898 to 1871 on the continent
of Europe. The question, therefore, was an in
ternational one. Mr.. Allison entirely differed
with Mr.. Sherman as to the wisdom of coming
ought to cease coming silver Mr. Allison would
not say; but we ought, first to make an honest
and persistent effort to see whether we could not
come into harmonious relations with other gov
ernments upon this great question. He did not
believe that effort had yet been made. OF
course no single nation could continue alone TO
coin silver; it must be an international agree
ment.
Mr.. Beck said the silver-coinape question had
never been fairly treated by any administration
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 Mr.. Sher-
man) as Secretary of the Treasury
Mr.. Sherman remarked that he had never said
word against silver certificates nor against sill
yer dollars, except that they should be made
good
Mr. Beck replied he would, tomorrow, read
some extracts which would refresh Mr. Sher-
mans recollection.
The matter then dropped.
The chair appointed as the committee on the
part Of the Senate to attend at the executive
mansion. to morrow, to take part in the cere
mony of opening the New Orleans exposition,
Messrs. Logan, Dolph, Cameron of Pennsvlvan-
ia, Cameron of Wisconsin, Harrison, Miller of
California, Riddleberger, Pendleton, Butler,
Vest Jones of Florida, Slater and Walker.
The Oregon Central iand-forfeiture bill was
made special order for next Thursday.
The Senate passed bill introduced last SEES
sion to authorize the erection of public build
ing at Akron, o. The bill appropriates 800, 900
to cover the expense of site and building
Mr. Miller, Of New York reported favorably,
from the committee on foreign affairs, the bill
to authorize the President to accept Invitations
from foreign governments to international ex-
positions, and to appoint commissioners thereto,
and appropratng $25 600 to be at the disposition
of the President to cover necessary disburse-
ments in such cases. Placed on the calendar.
Adjourned.