Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1888-03-23

Mr.. Sherman. II the Senator will ALLOW
me, he will see that the preceding section
provides for coin which is exactly IN
Interchangeable with tho English shilling
aud the hve-franc piece Of rance that Is
a five-franc piece Of France VIII Dos th
exact equivalent of % dollar OF tho tnite'
States in our silver coinage; and 900 orie
to show this wherever our silver coin shal
hoat-and We are providing that il saal
hOat all over the wurld-we propose u
stamp upon 1t INSTEAD of our eagle, which
foreigners may not understand, and whltl
they may not distinguish from bnzlar'
or some other bird, the intrinsic iiuenes
and weight of the coin. In this practical
utilitaran age the officers OF the Min
seemed 10 think il would be better to d'
that than 10 put the eagle on our silvc
coins. must confess do not think il Il
very important; bnt think the Senate
ought 10 be willing 10 defer in these mat
ters 10 the practical knowledge of IN,
officers who have charge OF this branch o
the Government seryiee. | will say tina
! Mr. Linderman. whom the Senator mus
know, has suggested this as being a con
venient mode Of promoting iuternationa
coinage.
Mr.. Casserly. We cannot have an inter
national coinage on the basis of our silver
coin unless our silver comes mp TO tn,
standard Of all the nations with which ",
expect TO have relations. Now, ask tn,
Senator whether tins bill proposes a silver
coinage of that charactcri
There had been previous discussion.
with regard TO adopting the suggestion tC
conform our silver coinage 10 the coin
age Of Europe. France and the asso-
ciated nations agreed upon ljI 10 ].
which had been the ratio Of lcgal-tendeI
money there for nearly a century. and
there was general consent to the stand
ard OF lj3 10 /. That had been explained.
Mr.. Sherman replied to this question:,
"Now, | ask the Senator whether thi.
bill proposes a silver coinage Of that
character:' Is follows:
Mr.. Sherman. This bill proposes a silver
coinage exactly the same a. the French
and what are called the associated nations
Of Europe, who have adopted the nterna-
tlonal standard Of silver coinage.
The international standard Of silver
coinage authorized the unlimited Use OF
silver money at the ratio Of ~ to l.
II the Senator understood the purport OF
that language, it was a declaration that
there was in that bill provision for the
unlimited use OF silver dollars OF the eX-
act ratio OF lj1 to /. In other words, the
dollar was equivalent to the fivc-franc
piece and an unlimited legal-tendcr.
Mr.. Sherman. The Senator will allow
me to ask him question. The coinage
OF the United States is precisely the
| French coinage i'm ratio. The coinage
OF either the United States or France is
on the ratio OF l55 TO /. The token
money is or 8 per cent. below that
That discussion referred to the fraction
al coinage, the fifty, twenty-five, and ten
cent pieces. The Senator gives a differ
ent construction to those words.
Mr.. Stewart. give the word, as they
were uttered. They are plain and need
no construction. | will rcrcad what
have already read and continue ON with
the quotation
Nr. Sherman. This bill propose. q sill
yer coinage exactly the same rs the French
and what are called the associated nations
Of Europe, who have adopted the iuterna-
tiOnal standard of silver coiuagN that ~,
the dollar provided for by this bill is the
precise equivalent of the iivc-irauc pieces.
II contains the Same number Qi gram, of
silver, and we have adopted the mterna-
tional gram instead of the grain for the
standard OfOur silver coinage. The trade
dollar has been adopted mainly for the
benefit of the people of California and
others engaged in trade with China. That
is the only coin measured 10y the grain in
stead of by the. gram. The intrinsic val
ne ofcach is To be stamped upon the COIL.
No words can express more clearly
the fact that silver dollar. equivalent
to the iivc-franc piece. Wa, in the bill
then pending in the Senate
Mr.. Sherman. The half-dOilar was
provided for by the bill. \ silver dollar
would have contained more than two
half-dollars.
Mr.. Stewart. 10 not desire TO east
any reflection upon the Senator. ! sim
ply want to show under what circum-
stances | acted. and the remainder Of
rs. with what information We acted, and
how il was understood in the Senate,
and how the Senate had right to under
stand il. The question j. not what cX-
plantations the Senator can make. was
acting under the statement OF the chair
man OF the Committee on Finance. II
was the dollar, not the haf-dollar, which
was the equivalent Of the liyc-iranc piece.
deal with the language that wa, used.
which guided me in giving my vote. and
undoubtedly governed the action Of the
Senate in the passage OF the bill. II he
had told the Senate that the bin contain
ed proposition to dcmonetizc silver and
adopt the gold standard. there would not
have been single vote IN it, favor and
the prosperity of the country would not
have been destroyed by contraction.
The dialogue proceeded:
Mr. Casserly. DO understand the Sen
ator to say that the intrinsic value Of the
dollar, half-dollar, and quarier-dollar is
raised by this bill
Mr.. Sherman. There is difference Of
about one-half Of per cent.
Dir. Casserly. /
Mr.. Sherman. The difference between
the gram in the half-dollar as provided
in that bill was onc-half per cent. The
coin to the French standard.
Mr.. Stewart. am speaking about the
dollar which was then the subject Of dis
cussion. The question is what you did
say, not what You now think you meant
to say.
| suppose it must he raised to the basis
Of international exchange.
OF course it was not raised. 1t was
lowered, because our standard was high
or than the French. That was mistake,
showing that there was no accurate in
formation on the subject. which the fol-
lowing answer by Mr.. Sherman to Cas-
serly's question abundantly shows:
Mr Sherman. I think it is slightly
raised, so a to conform with foreign coins
The Chamber of Commerce Of New York
first recommended this change, aud it has
tesn adopted, believe, by all the learned
societies who have given attention to coin
age, and has been recommended ~ us, !
believe, a. the general desire. That Is
embodied in these three or four sections
of amendment, TO make our silver coinage
correspond in exact form and dimensions
and SHAPE and stamp with the coinage of
the associated nations If Europe, who
have adopted an international silver coin
age. do not like myself to break in
upon this plan or to change it in the
slightest degree, but prefer 10 leave it to
the proper officers of the mint. Indeed, |
would be perfectly willing to leave the
whole thing to the officers OF tho mint
rather than TO fix it by law, That was
not deemed convenient and therefore We
had to drop the American eagle from these
minor silver coins. Congressional Globc,
l-72-73, part |, page GU.
II there was any doubt that the silver
dollar was then in the bill, or that the
chairman OF the Finance Committee 50
declared, the following amendment,
which is printed in the Congressional
Globe in the column preceding the dla-
logue above quoted, settles the contro-
yersy and corroborates all hayc said:
"SEc. [l9l Il. That upon the coins Of
the United States there shall be the fol-
lowing devices and legends Upon one