The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1886-02-10
SENATOR SHERMAN'S BILL.
His Proposed Compromise on the
Silver Question.
The Government to Issue Certificates
for Silver Bullion.

Senator John Sherman made something OF
8 sensation by introducing in the United
States Senate on the 2Sth new financial prop
osition. 1t is apparently intended as conf
promise. Judging by the comments passed
upon it, says a Washington dispatch to the
New York World. it could command q ma,
jority vote in the House and possibly in the
Senate. 1t is hardly probable, says the dis
patch. that the President would approve OF
any such measure. The bill as introduced by
Mr. Sherman isas follows:
Be it enacted, etc, That the coinage of the
silver dollar provided for by the first section
of the act to which this is an amendment be
discontinued from and after the passage OF
this act.
SEcTloN2 That the secretary of the treas
ury is authorized and directed to purchase
from time to time silver bullion in bars, not
less than nine -tenths fine at the market price
thereof, not less than 2,00O, 600 ounces, Troy,
Der month, nor more than 4,O000OO
ounces troy Fer month and shall issue
in payment therefore coin certlflcates
of the United States in denominations
of not less than $40 each, corresponding with
the denominations of the United States
notes. and the bullion so purchased shall be
)
payment of the same, and the amount OF such
Certificates at any time outstanding shall
not exceed the cost Of the bullion pur-
chased by such certificates, and the certlfl-
Gates thus issued shall be receivable for Gus
toms, taxes, and all public dues, and when so
received may be relssued: and the secretary
of the treasury shall redeem in coin the said
certificates on their presentation for redemp..
tion at the Office of the assistant treasurer OF
the United States in the city of New York in
sums not less than $50.
SEC. 3. That any holder of standard silver
dollars or gold coin of the United States or
gold bullion, at its mint value, may deposit
the same with the treasurer or any assistant
treasurer of the United States in sums not
less than $40 and receive coin certificates
therefor similar in denomination and legal
effect to the certificates provided for IN the
preceding question. The coin deposited for
or representing the certificates shall be re-
tanned in the treasury for the payment of the
same ON demand.
Toa World representative Senator Sher-
man said: "The provisions of the bill are
plain and speak for themselves. believe it is
q good measure or I would not vote for it.
It is not perhaps exactly what might
have wished. but I believe it is the best for
the country"
"Have you any idea how the bill will be re-
law"
'sNot the least in the world. have dis
cussed it with great many people, but l do
not question whether bill will pass or not.
If the measure is good one introduce it"
"WaS an exactly similar measure ever pro-
posed in Congress-"
81 cannot say. The question has been dis
cussed in hundred different ways l believe
the World has opposed continuance of sill
yer coinage and believe it favors paper
circulation based on gold and silver. Well,
these are exactly the propositions contained
in the bill"
ssWhat allowance is made in your bill for
fluctuations in the value Of silver?
"The government takes the chances. Is
issues certificates in payment for the bullion.
If silver increases in value the government
gains accordingly. If it declines, the govern
ment loses"
''What will, in your opinion, be the effect
of this measure if adopted?'
II think it will maintain silver on g par
with gold.n
Mr.. Sherman said further that he was not
an enemy of silver or of gold. We could not
have too much of them He did not know
how the bill would be received by the business
men of New York. He had not as yet pre-
pared a speech on the silver question and would
not say whether he intended to or
not. He did not know that the bill wouldat-
tract enough attention. In answer to ques-
ton as to whether he had been correctly
quoted of late as saying to friend that hs
would not speak on the silver question be-
cause the people of Ohio were in favor of sill
yer coinage, he said: II do not know all l may
have said on the subject at various times, but
certainly never said that. That Is not my
way Of doing business"