The Portland daily press., 1890-06-06
SILvERY ELoQUENCE IN CONGRESS.
Both Houses Tackllng the Problem of
the Monetary Standard.
An Exhaustive Speech or the Subject
by Senator Sherman.
The Caucus Bill as Presented In the
Lower Branch.

WASHINGTON, June 5.-In the Senate to-
day the silver bill was taken up. Mr.. His
cock addressed the Senate in opposition to
the free coinage Of silver
Mr.. Sherman proceeded to read a written
speech on the subject. He admitted that
the people of the United States needed
larger circulating medium than an equal
number of people in the older countries
might need. Nowhere else were substitutes
for paper money better understood or more
in use than in the United States of America.
The receipts of the national banks in single
day were $295000OOO The proportion of
gold coin in that business was less than II
per cent; silver less than of 1 per cent;
paper money less than per cent, and checks
and drafts about 95 per cent Actual circu-
lation played avery insignificant part in the
business of the country.
Mr.. Sherman attributed the depression in
agricultural products to the opening up of
new fields in the West, the reduced cost of
trans sportati0n, the doubling of railroad mile
age, the quadrupling of the capacity of rail-
roads and steamboats, for transportation, and
newfangled forms OF trusts and combinations
often increased them to the consumers. In
sufficiency of currency had nothing to do
with it.. The currency was larger now, In
proportion to the population, than ever be-
lore. II the present circulation was esti-
mated at 81, ,400, 100000 and the annual in
crease of population at 8 per cent, then the
annual increase should be $40, 100000. The
currency would keep up the ratio, but, as the
national bank note circulation was being
withdrawn on payment of United States
hnndc hQ baA fod IN {ba ;,a .
the circulation proposed in the bill, So, ,O00,-
600 year. He believed that treasury nstes.
based on silver bullion. would be as safe
substitute for paper money as could be con-
ceived. He did not fear to give these treas
United States could confer. He
ma made 'A' legal tender 'n0it for 0eiaR ali
debts, public and. private. That was far
preferable to the free coinage of silver, be-
cause with all the efforts made to get silver
dollars into circulation not one of them was
in circulation for every inhabitant
Mr.. Sherman declared that in 1873, silver
dollar was the image of the past lost to sight
tions except as convenience for the expor-
Senator from Navada Mr. Stewart did not
know that the silver dollar was demonetized
when he voted for the bill. The only wonder
lar at that time was worth $1.O3. as com
pared with gold. The bill had been publicly
discussed two or three years; its objects
were well known and no bill had ever been
Yst MSfs BIS enS de Mor anS bmt than who that
ed against it because it discontinued charges
for coinage, were constantly denounced as
conspirators, while the Senators from the
Pacific coast who voted for it, posed as
victims. He had thought it necessary. he
not only for himself but all Others
engaged in that legislation. He stated that
It was the opinion of many wise men that if
the United States had only coined as much
silver as could be circulated at home, leaving
the surplus to find its natural market, the
price Of silver would not have sunk as it had
done. Its continued coinage was a useless
expense and tended to lower the price of sill
yer bullion.
coinage Of silver would. be e, advance the
price at once to parity with gold. He |
denied 1t. Its result would be to demoralize |
gold, and cause gold to be boarded, or ex-
ported. The free coinage of silver would be |
the reversal of the established policy of the |
from the beginning. 1t would |
limit coinage 70 a single metal, and that, sil-
YER. The United States would, if it entered
great civilized and Christian nations of the
world and take its place with China, Japan,
India and South America. A pound sterling
would be worth Sc instead of $4.S2. The
Au6IlCdu UUlldL WUulu U6, DIS Ill COLONIAL
times, worth three English shillings or four
francs
In conclusion, Mr.. Sherman said he would
vote for any measure that would, in his
Judgment, secure and maintain bi-metallic
standard-one that would establish both
gold and silver as a common standard, at a
fixed ratio, not only in the United States but
all nations of the world. he would receive,
under the principles of the act of 1853, into
the. treasury OF the United States all the gold
and silver produced in the United States at
their market value in the markets of the
world, and, for the convenience of the peo-
pie he would represent this gold and silver
by treasury notes to the amount of not ex-
ceeding their cost, and would confer upon
these notes all the use, qualities. and attri-
red upon them. He would support and
maintain them as money by coming silver
and gold, as needed. upon the present legal
ratios and, by the pledge of all the revenues
of the government, and all the wealth ana
credit of the United States. would proclaim
to all the readiness of the United States by
International negotiations or treaties, to
bring about agreement among the nations
for common unites of value and weights and
measures for all productions of the world.
1t was no time for a radical change of public
policy,which seemed to have no motive except
to reduce the iburden of obligations freely
taken. change likely to impair public cred
it and produce disorder and confusion in all
Mr.. Teller congratulated himself and the
country that the mask was off the face of the
so-called siver party which had paraded be-
fore the Senate the finance committees bill
The distinguished Senator from Ohio was
for high standard and that standard was
gold. He was for the abandonment of silver
as money metal, leaving it to be used only
as subsidiary coin. The people of the Unit
ed States would be glad to know the So
called silver party men who, heretofore had
been av0wed g0ldites, had resumed their
natural and normal position and place.
Mr.. Stewart gave, from his point of view,
a resume of the legislative proceedings which
resulted in the demonetiZation of the silver
dollar in 1873. He declared that the amend
ment that demonetized silver was never read
in either house, but simply referred to in
the conference report as amendment number
6.
Mr.. Sherman produced the original bill of
1873 from the files of the Senate, to show
that not only was the amendment read and
voted on In the Senate, but was amended on
his Mr.. Sherman's 81 motion.
Mr.. Stewart persisted in the assertion
that the amendment had not
been read, and argued that at all events the
people ought to have new trial. for mis-
take, ii not for cause. They now asked for
the restoration of silver.
The silver bill went over without action.
The Senate bills granting pensions of $50 a
month to the widow of Rear Admiral Ed
ward Donaldson, and the widow of Comman-
der Winslow of the Kearsarge were passed.