The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1886-01-06
Mcpherson on siver-Other Theories.

Speeisl TO the Sentinel.
WASHINGTON, Jan. 3.-SenatOr Mcpherson
has 6ecn interviewed on the silver question
and in regard to mis- rumOred reply To Sena-
tor Beck. Mr.. Mcpherson says:
''There is no way now of putting the an
swer to Mr.. Beck's argument The resolution
introduced by him, and upon which he made
his speech, has been referred to the Finance
Committee, and unless the Senate should ask
TO have the resolution returned there will be
no opportunity of replying to Mr.. Beck. 1t
was only because the speech was made at the
particular time it was that it has attracted
so much attention. 1t is practically the
same speech that Mr.. Beck has. been making
for years. When the Senate Finance Com
mittee decides 10 report his resolution on my
bill suspending coinage, then there will be
an opportunity for the discussion ef this
question. / may then take occasion to point
out some of the errors of Mr.. Beck'S speech
"It is certain that Congress must dc some
thing this winter with the silver question.
Everything now tends to force this county
into the position of having a single standard,
and that of silver only. If TIE coinage. goes
on mach longer gold will be driven out and
there will follow a consequent contraction
of the currency, caused by .Ae enforced re
tirement of the gold certificates. This Will
bring about the very distress which Mr.. Beck
is predicting in the event of the stOppage or
coinage. The logical sequence of the pres
ent silver policy will be the payment OF the
bonds in silver and the establishment of a
silver mOnametalic standard IN this country.
We VIII then become the dumping ground
of the silver OF all the civilized countries
and VII be Telegated TO the position of In
dia. which on account OF her silver stand
dard has constantly TO pay tribute To Eng
land
The Senator is not very hopeful about sus-
pending the silver coinage absolutely bat
he believes, as many do, that some sort Of
compromise measure can be passed through
Congress. There is talk Of a compromise IN
every objection. The Speaker favors COM
promise. His friends cay he has talked this
matter over with the President, and that the
Treasury Department and Congress may be
able to get together on this question some
time this winter. Treasurer Jordan has 2
plan which he viii probably submit to the
financial committees Of Congress later iR
the winter. lie believes that If the sub
sidiary coin has the standard of its value
raised to the ratio OF 4NO grains to the dollar
IL would be skipped to Cuba and the West
Indies in large quantities, and that a large
amount OF silver might be put out in this
way. He thinks he can raise the present
output OF silver from Si0O00,O0 10 SN0,000-
600
Mr. JOrdan's plan involves recOinage OF a
part of the present silver reserve. Ii the
estimates regarding both plans are correct,
such legislation would empty the Treasury
vaults of the silver which has been hOarded
for so long time. There is now in a neigh
bOrhOod of $lWO00,O0 on hand
Ii is understood that Mr.. Bland viii be the
Chairman of the Coinage Committee in the
House, and that his Committee will be made
up in the interest OF some compromise plan.
1t Is certain that no proposition TO absolute
ly suspend coinage can be carried through.