The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-01-30
SHERMAN'S SILVER BILL.
WHAT LEADING NEW YORK
PAPERS THINK OF 1T.
| Very Curious Continuance, an
Explanation OF Which viii BE
Awaited with Interest.

NEW YoRK, January 29.-The Tr1b
imet this morning, in commenting upon
he bill introduced in the Senate yes
erday by Mr.. John Sherman, says
The vital feature Of Mr.. SheIman'f
ill, evidently, is the provision tba: the
mount OF such certificates at any time
outstanding shall not exceed the cost
" the bullion purchased by such GER
sihcates. In othsr words, the GER
.ifcaies ehall be given only for the
;;alue OF the silver bullion in gold on
he day Of purchase. II it were posi-
le next 10 re. rid Of the standard dol
srs and OF the silver coin certificates
Z present outstanding, the situation
gould have this immense advantage,
hat there would be no possibility Of
.riiting away from the geld basis or
irving gold out Of the country by the
INSTITUTION OF q cheaper medium. 1t
! to be presumed that the Senator
opes this Advantage will be attained.
'hesecond section providest that stand.
I'd silver dollars may be deposited
nd the bullion certificates issued In
heir stead. The bill does not makeit
ute clear for what amount the GER
fcates shall be issued, but presuma'
ly for the nominal value OF the dol
lrs as coins which would be in effect
sdeeming them at par in gold. The
uestion would still remain wha. the
overnment lie going to do with the
formulation OF coins In the Treas.
~, end whether 1t can prevent their
cling forced into use hereafter. 1t
J, indeed, possible that the issue OF
be new certificates would so far dis
redit the silver coin certificates and
ne standard silver dollars as to cause
hem 10 be speedily returned 10 the
treasury through the custom-houses.
hat would involve a heavy burden
ad some risk for a time, but the end
sight be the complete retirement OF
ne S0-cent dollars and certificates and
le substitution OF certificates repre-
sLtiDg only the gold value OF the sill
Pr bullion held by the Treasury.
he Senator's explanation OF this bill
in be awaited with great interest, es-
eSially as 10 the provisions CT the
,cond section already mentioned"
The Tmts says: Senator Sherman
as introduced a silver bill which is q
Try curious continuance. We shall
Eaft with much interest Mr.. Sher.
ans explanation CT tho results he
kpects 10 attain from this arrange
emit. He has bad q great deal OF ex-
srience in the Trensury Department
Id in financial legislation. He ought
have some clea, idea Of the praoti-
II working OF measure deliberately
roposed. Doubtless he has an idea
how he thinks II will work. For u
Tn part, We can Q no noteworthy
lvRntage u be Obtained from IL. As
impaired with, the standard dollars
'quired to be coined under the pres
1t law, the coin certificates proposed
ave the merit that they are not q le-
n tender for privats debit, nor are
icy made explicitly by the bill a le-
n tender for dues by the government.
Q compared with the silver ceitif.
ties now out t,nding or authorized
the present law to be issued on the
sposit Of standard dollars, they have
Q merit Of representing ouly the mar
ltvalue Of the silveIhulllou purchased
It'll them. This Ia q less dishonest
ansaction, and one less Immediately
ingerous. But ultimately, II con.
nued, II must result in the substitu-
on In the government revenues OF
trti6cates for gold, and practically in
10 payment Of customs and othar
xes NJ 10 the amount OF the govern
emit purchRses in silver bullion at
10 curreht market price. We fail TO
o In this operation any proper gain
r the government. But We shall
We a candid consideration to any OK.
anation Mr.. Sherman may have to
lbmit."
The Herald Is not at all pleased with
10 bill. Its opinion, as briefly stated
its editorial on the subject, Is rs fol-
Wa: "The bill altogether, like most
bic ideas, is Objectionable and cor.
mptible."
The Sun and World do not refer to
70 bin editorislly.