The Argus. (Rock Island, Ill.) 1885-1886, 1886-01-30
COMMENTS ON SHeRMAN'S BILL.

What the Author Has to Say-Hoiman's
Remarks-Its Provisions.
WASHINGTON City, Jan. 3H-Senator
Sherman declined to give any explanation
of tho monetary bill he introduced Thurs
day He said his bill was short and simple
and anybody could understand what its
terms were. AS to its effects, that was a
matter of opinion. on which gentlemen would
differ, and it might take him two or three
hours to explain what he thought its effects
would be. He believed it would operate to
keep the gold and silver dollars on level in
value 1t was in that belief that he offered
the bill He anticipated that it would occ;I
sion IL prolonged debate.
Mr. Holman, ofs Indiana, says Senator
Sherman's silver bill is an attempt at a
compromise between two extreems of opinion
He thinks it may be approved by the mine
owners, who look upon silver simply as a
commodity for which they are anxious to
secure market, but in his opinion their
wishes are entitled to but little considera.
ton. He does not like the idea of storing
up of bullion, and prefers the coinage of sill
yer dollars SO that the coin can at once be
produced on demand in exchange for
the certificates He says the west
and south are opposed to any meas.
ure looking TO the establishment of
the single gold standard because statistics
show that the production of gold is con
stantly decreasing, while its use i'll the arts
is increasing, and there is not gold enough
in the country to serve as basis of all the
currency. He believes that in twenty years
and possibly sooner, the circulation of the
national banks will be greatly contracted,
and the circulation of the future will be
paper money based upon coin deposits. Mr..
Holman says he does not believe any change
in the financial system of the country Will
be made by this congress, and he is positive
that no bill to suspend the coinage of silver
can pass the house.
Following is a synopsis of the provisions
of Shermans measure. That coinage of sill
yer dollars as provided by the first section
of the coinage act of Feb. y, 1873,
be discontinued; that the secretary
of the treasury lie authorized t.
purchase silver bullion in bar.
not less than Iline-tenths fine, not less thar
100000 ounces troy per month nor more
than 100000, payment to be made
in coin certificates, and the bullion
80 purchased shall be retained j.
tie treasury for the security ard
for the payment of the same, and the
am unit OF such certificates at any time out
standing shall not exceed the amount OF
la lion purchased by such certificates, and
the certificates thus issuei shall /.
receivable for customs, taxes, and
all public dues, and When so received NAV
H.,
| treasury shall redeem in coin the
same certificates on their presentation
for redemption at the Office Of
he assistant treasurer of the Unite
States in the city of New York
in sums not less than SEQ that any holder Of
| standard silver dollars, gold coin or goio
bullion may deposit the same with the treas
Gr-r in SUNS of not less than so and re
ceive Coin-certiicates therefor
The New York Tribune, commenting on
the bill, says. The vital feature of Mr.
Shermans bill, evidently, is the provision
that "the amount Of such certificates at any
time outstanding shall not exceed the cost
Of the bullion purchased by such certifi
| Gates" In other words, the certificates that
shall be given only for the value of the sill
yer bullion in gold on the day of purchase
If it were possible next to get rid Of the
standard dollars and of the silver coin
certificates at present outstanding the situt
| tiJn would have this immense advantage
that there wouii be no possibility o.
drifting away from the gold basis or driving
gold out of the country by the substitution
of a cheaper medium. 1t is to be presumed
| that the senator hopes this advantage will
to attained. The second section provide.
that standard silver dollars may be de
posted and bullion certificates issued in
| their stead The bill does not make it quit.
| clear for what amount the certificates shall
| De issued, but presumably for the nomina
value of dollars as coins, which would be in
effect redeeming them at par in gold. Ths
question would still remain: what ths
government is going to do with the
accumulate of coins in the treasury
and whether it can prevent their being
forced into use hereafter 1t is indeed DOS
| sible that the issue of the new certificate.
| would so far discredit the silver-coin certifi
Gates and the standard silver dollars as to
cause them to be speedily returned to tn.
treasury through the customs houses Tha,
| would involve heavy burden and somt
| risk for a time, but the end might be tn,
| complete retirement of the S0-cent dollar
| and certificates and the substitution of Ger
| tificates representing only the gold value o
the silver bullion held by the treasury.
| Proceedings In Congress.
WASHINGTON CRY. Jan. 30-In the sen