The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-02-27
SURPLUS SILVER DOLLARS,
Senator Sherman Forcibly Presents the
Dangers of Continued Coinage.
The House Declines to Suspend tho Rules
and Debate the Silver Clause In tho
Sundry Civil Appropriation Bill.
TIE SENATE.
Speech of Senator Sherman in Opposition Il
Continued Coinage of Silver.

| Speech of Senator Sherman in Opposition to
Continued Coinage of Silver.
WASHINGTON, Feb. 26.-'The Chair laid before
the Senate the credentials of reelection of Sem
ator Jones, of Nevada.
| Mr.. Hale, from the committee on appropra
tons, reported, with amendments the regular
annual naval appropriation BILL which was
| placed on the calendar and ordered printed.
The Dill was accompanied by report, which
was also ordered printed Mr.. Hale said he
| would endeavor to call up the bill to morrow
| Mr. Sewell, from the committee on railroads.
reported favorably the bill already passed by the
House, extending the provisions of the Pacific
railroad construction act to such roads as may
be constructed through the Niobrara valley.
Placed on the calendar.
Mr. Hoar introduced Pacific railroad funding
bill, containing, he said, the provisions of the,
bill already reported from the judciarS com
mittee, but with some amendments suggested
by experienced senators while that bill had
been on the calendar At Mr. Hoar's suggestion
the bill was ordered printed, and to lie on the
table
Mr.. ingalls, said very short executive ses2
sion was desirable, and moved that the Senate
proceed to consideration of executive business.
The Democrats opposed the motion and called
the yeas and nays. The call resulted--yeas, 81
nays, 3d. and the Senate went into executive
session When the doors were opened the Sem
ate passed the House bill to provide fre-proof
building to contain the records Of the medical
museum of the army.
Consideration of the legislative bill was then
resumed.
dyoar Ne I~,a
tors to increase the number of annual clerks to
Senate committees were voted down.
BY a vote of 80 yeas to Is nays, the Senate
agreed to the committees amendment to strike
out the House section providing for new APP
portionment and election in tho Territory of
Wyoming. The bill was then read third time
and passed, substantially as reported from the
Senate committee ar
The silver bill was then taken up. Mr.. Sher-
man said he was willing to vote for the bill as it
came from the Senate committee Two ques-
tions were involved in it, FIRST should the trade
dollar he redeemed at the par of gold2 and, sec
ond whether coinage of the silver dollar should
be discontinued in August, 1856. He said there
was no obligation either, of honor, law or public
policy. to give the trade dollar any preference
over the silver bullion purchased in open mar
ket Those dollars. like silver bars had been
used for bullion purposes and for trade only RS
for circulation. After reciting the HIS nod
the trade dollar, Mr. Sherman shogdaiity 40"
bill taking away its legal terssiing ralsena.
been passed without objecefI1,N the governiitg
Mr. Mcpherson asked Why altenaer Se i,a ~
should have taken away ING - lol -
Of the trade dollar wIeleeaI -. .sic..l
tirement
Mr.. Sherman said that to have talked Of pro.
viding for retirement of the trade, dollar when
the law was passed taking away its legaltender
quality, would have been folly, because that dol
lar was at that time worth thirteen cents on the
dollar more than United States money. Per
hap5 it would have been better if an arrange
ment had at that time been made permitting
holders of the dollars to convert them into
greenbacks but it would have been considered
simply ludcrous and ridiculous.
~ Mr.. Mcpherson thought the fact that United
States paper money was worth less than gold at
that time was no reason why the trade dollar
should have been robbed of its value as a crcu-
| latng medium. What notice had Congress
given holders of that coin that its legaltender
quality was to be taken awayq
Mr.. Sherman said the law was notice to every
BODY. Owing to the appreciation Of paper
money III 1877, the trade dollar became of less
value than paper. and while Mr.. Sherman sympa-
thiZed with those who may hold trade dollars, still
he could not see that they had any right to cali
on the government to repair their losses any
more than if they had invested in wheat or corn.
Although there was no obligation on the part of
the government yet If Congress chose to pay
So. 000,O 600 to redeem these coins, Mr.. Sherman
would not object. It would make good soma,
bad bargains of the bullion dealers Ii the bill
stood as the House had passed it, Mr.. Sherman
would have opposed it; butas amended by the
Senate committee he would vote for it. ALI
commercial transactions in the United States.
Mr.. Sherman continued, were based. and had
since 1887 been based on the gold dollar
$50 Ito grains of solid gold. The market value
of silver bullion had been steadily declining
since the passage of the act authorizing coinage
of standard silver dollars. If this should lead to
large expectation and boarding of gold, the solo
standard of value would in time be based
on the market value Of the standard silver dol
lar, and the effect would be contraction of the
currency so sharp as to send shock to every
village in the country. The volume of paper
money being insufficient for the demands bust
ness, silver would be used in payment for labor,
but its purchasing power would gradually decline
until it reached the level of its market value,
measured by gold. This deprecated currency
would then take the place OF boarded gold and
the laborer would receive his pay in deprecated
money, while capitalists would stipulate for gold.
| Then we should hear cry for redemption OF
standard dollars in gold, and rightly hear it, boz
cause we had provided that it was to be received
| and paid in oil respects like gold COIN 1t was
to tho true interests of all classes to maintain a
circulation of both metals, but this must be done
on basis according. as nearly as possible,
with their relative market values; that alone
constituted bimeta.ism. Any demonetizing Of
either metal would be q wide reaching calamity.
Mr.. Sherman's idea OF remedy for the threat
ened evil would be either, first by International
agreement to maintain free coinage Of silver and
ok its ratio; or second, by suspendng coinage of
silver until i was demanded by tho wants of
business or. third by the adoption of an Ameri-
can bi-metallic policy of free coinage of silver
and go!d according TO their market value The
Senate committee on finance did not seem TO be
prepared, Mr.. Sherman said, to adopt so broad
an economic policy, and so he would support the
pending DILL, but his own idea
was boldly to proclaim tho purpose
of the United States TO maintain
by netalism, even ii we stood alone among the
nations of tho earth. We were better able to
sustain such a fiscal policy than any other ma
tion but tho policy indicated was, perhaps, in ad-
vance of the sentiment of the country, aud Mr..
Sherman would not press it. but would he con-
tent to deal with a proposition that gave us a
safeguard against what no regarded as a great
threatened eyif-the decentralization and boarding
of gold. Mr.. Sherman approved the idea OF
endeavoring to secure an international agree-
ment as to the ratio OF value between silver and