Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1885-09-23
SHERMAN'S OPINION
OF THE WARNER .sILVER CoMPRo.
MISE BILL.
He Says the Scheme is Absolutely I'M
practicable-Th Thinks There Is No Dan
ger In Issuing Silver Dollars II
Their Weight Is Increased.

CLEVELAND, Ohio, Sept 2l.-Senator
John Sherman, who is stopping at the Ken
nard house, was called upon by q reporter
Saturday morning and asked to give his
opinion of the Warner silver compromise
bill, as reported in these dispatches
"What is your opinion Of the compromise
silver schemea" was asked
ut is absolutely impracticable. The dis
patches represent Warner as claiming to be
able by his plan to prevent the bulling OF
the silver market by producers
and spectators. 1t is no more possible
to prevent this in 1.-THE case oi
silver than it is in the case of grain or cot,
ton." as itpracticable to give certificates
for silver bullion circulating power whom
these certificates are issued for silver at the
market price on the day Of issue and re.
deemable at the market prics of silver on
some other dayP
ut Is not practicable, it is simply prepos'
ferrous, so much 50, in fact, that l car
hardly believe that Warner or any other
intelligent man would advocate it, although
it is so represented in public prints. Such
certificates could never become part ot
the currency. Their value would fuctuate
from day to day with the price OF
silver. They could not constitutionally
be made legal tender, therefore banks
would not receive them. The government
would bs the only party that would receive
them, and the government would have to
take them for dues as fast as they wers is
sue1 or redeem them in lawful money, not
bullion-following the provisions of War
ner's plan. The government would in
that way become the depository of all the
4 certificates as we'll as all the silver and the
whole thing would be farce SO far as it as.
suned to provide currency for the people.
Certificates Of the kind Warner proposed
would be as unstable in value as the red
dog money of anet- Bellum days. They
would not be money in any true sense OF
the term"
When asked if congress had power to
make such certificates receivable for public
and private dues. the senator replied that ii
had not. "Ths present gold and silver GER
tifcates," he continued, (which are not, as
many suppose, legal tenders, but being re-
ceivable for public dues at a fixed value,
have great credibility and circulating power,
and are, in my Judgment, as near as the
governments can get what the people want
in this regard, excepting always that the
silver dollars at the base of the silver certifi
Gates should contain silver enough to mako
them intrinsically equal to gold"
He says the government will have to as
sumo the risk in the variation Of the value
in coin. He also thinks there is no danger
of Issuing too many silver dollars providing
the dollar was strengthened by increased
weight, as he advocates. There would be
100, 900 QUO such dollars hoarled instead of
gold as is now the case. He thinks
the policy of suspending payment on the
public debt since Secretary Folger's death
q mistaken one. The requirements of
the sinking fund should have at least heen
kept up. He infers that there is $50, co.,.
600 now in the treasury that
should go toward reducing the pub
lie debt. "The alleged sale Of frac.
tional silver in New York for gold was a
silly piece Of business. There is no trouble
in getting plenty of gold for silver certif
Gates if desired or necessary" He con-
tinued that while secretary, he gave large
amounts Of silver certificates to foreigners,
who came here to buy our products. Mill
ions of gold came into the treasury in this
way. Manning he says is opposed to the
silver issues AMI so ran short of gold for a
time