Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1884-12-16

treasury had tried II.
Senator Morgan inquired whether
Senator Sherman, when secretary, had
not succeeded In buying S9000,000 OF
gold coin with silver certificates
Mr.. Sherman replied afiirmatively,
said II was because silver, like paper,
had been maintained at R par with
gold by being received at par by the
United States
Mr.. Morgan said that they were re-
deemable Ia silver.
Mr. Sherman said; Yes, by law,
aud on their face, but In fact and by
law they are receivable in gold
The silver we have coined, and of
which we have such an enormous
stock, could not be exported to any
country Of the world. Whj7 BecaCse
our coined silver IL not worth iJs in-
trinslc value In gold. Our silver bull
lion went abroad because IL
went at lis market value
and not at any value
we might put on it. II any adverse
change occurred in our balance in
trade, this silver piled up In our treas
ury would be worth morally its bull
| Hon value. The government OF the
| United States bought silver bullion
| from the senator from Colorado (Hill)
at its .market value It was
| treated rs merchantable
commodity, but the people had the
right to take IL from the government
or not, az they pleased. They pleased
not 70 take it, because IL WAS not worth
4s0 grains and was not worth
il2 grains. Suppose such an
alarm were sounded as should
lead TO the expectation of
our gold and disRrrange all our
standard values, what would happen ?
Did not the senators know that IL
would create the most fearful contrac.
ton ever witnessed in this country?
The labOrlng men, when supposing
themselves TO be earning dollar,
would be earning only eighty five cent?
and their wages would not be advanced
to make no the deficiency. Sherman
hoped to God that such contingency
would not arise and he believed that
It would not II the congress would act
timely.
Williams OF Kentucky inquired how
Senator Sherman accounted for the
fact that there was more gold In the
ooun ry to-day than when the silver
bill was passed.
Mr.. Shermansreplied that 10 was be-
cause until Within the last three years
we had the largest trade In our favor
that ever had zen known When the
balance oftrade was in our favor. IL did
not make 30 much difference what we
had for money. WHEN IL was against
us gold would go. Nothing bur gold
could pay for an adverse balance of
trade.
Williams then inquired whether it
would not be well to wait until the
balance was turned against us.
Sherman replied tn Il it would then
he too late As to the remedy, his
idea was frat tn stop the coinage of
silver dollars and 10 whit for new
ratio OF value TO he established by
the nations Of the world
between gold and silver. II he had the
power he would proclaim in a law five
lines long that every dollar hereafter
issued from our treasury should con-
tain 470 or $50 grains OF silver Then
our silver dollars, agreeing with the
market value of silver, would become
the dollar of mankind.
Mr.. Willi9ms suggested that the
mOneyed men could continue TO depre-
ciale and discredit silver.
Mr. Sherman said that they could
not do II The moneyed men and bank
eTs had no power over this question
Market values were mysterious things
made up OF combinations men could
not aualyZe. The best way TO fix the
values OF the standard dollar would be
to commit the work TOT committee of
experts
Mr. Allison of Iowa said that II n
strenuous and sincere effort should be
made to secure an international de.
claratlnn of "A ratio value between gold
and silver, the effect would he 10 bring
! tue coinage value Of those metals To-
| par within a reasonable time What
We wanted was a dollar OF 400 grains
Instead OF 4l2l Alluding to Senator
Sherman's reference 10 the market
value, Mr.. Allison maintained that
the market value of silver was estsb-
ltshed by It's use. Let the mints
OF France, Germany, Italy and
other countries be opened 10
the free coinage of silver and IL we had
a common standard of purity the value
between silver and gold would he
again restored IL had existed from
1908 TO 1871 on the continent OF Europe
The question therefore was an interna-
tional one. Senator Allison entirely
differed with Mr. Sherman as b the
wi'don OF coming silver dollars of
| lIum afO 10 3ou grains,
Mr. Beck OF Kentucky said that the
silver coinage question had never been
fairly considered by auy administra.
ton or any officer ~ it. aud the reason
for the great depression in silver was
the hostility Of our governments No
man had evinoed more NJ that quality
than the nator ron. Ohio (Shermanl
aa secretary OF the treasury
Mr.. sherman remnrkpd that he had
never said word against silver certlfi.
Gates, notes,or against silver dollars ex.
eept that they should be made good,
Mr. Beck replied that he would to-
morrow read sumo extracts which
would refresh Mr.. Sherman's recollec.
ton Tue matter was then dropped
The chair appointed as COMMITTEES
on the part Of the senate to attend at
the executive mansion 10 morrow to
take part IN tho ceremony OF opening
the New Orleans exn 81 ion:
Logan OF Illinois. d lDh Of OREGON
Cameron OF PENNSYLVANIA, Cameron OF
Wisconsin, Harrison II ind ana. NIL