Morning journal and courier., 1890-06-06
THE FlPTY-HaRsr CONGRESS.

An A0Qf0SH 0Y Mr. H1DcocA IN VPPoe
sitien TO Free Coinage of Silver-Sen-
ator sherman Characterised She Bill
Reported From the Finance Com.
mittee AZ an tsUneasy Ghost. Wan
dering Without Father, Without
Compass, without Guide"
WASHINGTON, D. G., June 5.-The silver
bill was taken up to-day and Mr.. Hiscock
addressed the senate in opposition to the free
coinage of silver. He believed that MAJ
jority OF the people were opposed to opening
the mints Of the United States to the free
coinage of the worlds silver. In his judg-
ment the national conventions Of both poll
tioal parties would by decisive majority
repudiate such proposition. The last DEM
ocratic national convention had ignored the
question altogether, and the republican
national convention Gf the proposition had
been submitted to ~ would have re-
jsctsd 1t by an overwhelming MAORI
ty. The people were opposed to it.
The possessors of large portion of the
national wealth and who were investors in
bank stock, railroad stock and bonds and
largely proprietors of mineral deposits were
opposed to 1t. In the portion of the country
with which he was conversant nine.tenths of
the agricultural population and of the intel
ligent mechanics and wage earners were OPP
posed to the free coinage of the worlds sill
yer by the United States. He believed that
every man who had accumulated property
or who expected to do SO by honest efforts
was opposed to it. He favored the bill re-
ported from the finance committee by the
senator from Nevada (Mr. Jones) and he
could not but feel that that senator had
made great mistake in disowning its pater-
nifty.
Mr.. Sherman said that he had not intended
to address the senate until there was prac-
teal measure before it, because the bill re-
ported from the finance committee was only
an uneasy ghost, wandering without father,
without compass, without guide. with no
one to call for vote upon it and no one to
demand a solution of the difficult question.
But as he was compelled to be absent from
the senate chamber on other important bust
ness he availed himself of the present op-
portunity of saying what he had to say now
rather than at some future time. He then
proceeded to read written speech on the
subject. he admitted that the people
of the United States needed larger cir
culating medium than an equal number
of people in an older country might
need, but nowhere else were substitutes for
paper money better understood or more in
use than in the United States. The receipts
Of the national banks in single day were
2s9, 600, 900, more than half that sum being
received by the banks of New York and Chi
cago. The proportion Of gold coin in that
bushes was less than 1 4 per cent; of silver
less than II of per cent; of paper money
less than 4 per cent, and of checks and
drafts about 95 per cent. So that actual cir
culation played o very insignificant part in
the business of the country. Coming to the
decreased prices for agricultural prod
ucts, Mr.. Sherman attributed that
- oE
new fields in the west, to the re-
duced cost of transportation, to the
doubling of railroad mileage, and the quad
rupling Of the capacity of railroads and
steamboats, for transportation and to new
tangled forms of trusts and combinations,
| increased them to consumers. An INSULT
| cheney of currency had nothing to do with 1t,
| for the currency was larger now In proper
ten to population than ever before. If the
present circulation were estimated at 81 ,400,-
O00, 900 and the annual increase of popula-
ton at 3 per cent, then an aWual Increase
| of $42. OOO, 600 of currency would keep up
| the ratio, but as the national bank note Cir
| culation was being Withdrawn on the pay
ment of United States bonds he had consent
ed to the increase of circulation proposed
| in the bill $54,000,000 year.
He saw no objection to that, although he
thought it little larger than was necessary.
He believed that treasury notes based on sill
YER bullion would be AS safe substitute for
paper money as could be conceived. He did
not fear to give to those treasury notes every
sanction and value that the United States
could confer. He did not object to their
being made legal tender for all debts, public
and private. That was far preferable to the
| free coinage of silver, because with all the
efforts made to get the silver dollars into
circulation there was not one of them in
| circulation for every inhabitant. Passing to
| the question of the demonstration of silver
in 1873, Mr.. Sherman gave history OF
| that transaction. 80 as to set at rest forever
| all the charges of bad faith and conspiracy
| in connection with it. He declared that at
| that time the silver dollar was an image OF
the past-lost to sight and memory and ig.
norgsd for two generations, except as con-
venience for the expectation of silver bull.
lion. It was no wonder that the senator
from Nevada (Mr. Stewart) did not know
that the silver dollar was demonetizsd when
he voted for the bill. The only wonder was
that he knew of Its existence. The silver
dollar at that time was worth $1.03
"a compared with gold. The bill had
been publicly discussed for two o.
three years, and its objects are wei
known. He had before him voluminou'
tary of the treasury, containing full state
ment as to the objects of the bill and its ne
cessity with reports from scientific experts
and the principal officers of the mints ani
assay Offices, each of them discussing the OBJ
jeots of the bill. No bill, he said, had eve
been more fully discussed than that, and ye
his friend, Mr.. Morrill,, and himself (wht
had voted against it because it discontinued
the charges for coinage) were constantly de
nounced as conspiratore, while the senator
from the Pacific coast (all of whom voted TO
iD posed as victims. he had thought i
necessary, he said, to trace down the lie no
only for himself, but for all 9th
era engaged in that legislation
Coming back to the question of the bill b
stated that 1t was the opinion OF many wis
men that II the United States had only coin
cd as much silver as could be circulated a
home Qsaving the surplus to find Its naturs
, market) the price of silver would not hav
sunk as 1t had done. Its continued eoinag
was useless expense and tended to lowe
the price of silver bullion. 1t was claime
, that the effect of the free coinage of silye
would be to advance the price at once to
parity with gold. He denied II. Its result
.. would be to demonetizs gold and to caus
gold to be boarded or exported. The fire.
coinage of silver would be reversal of tn
established policy of the government fror
the beginning. It would limit the coinage t
single metal, and that silver. AS sure a
fate silver would with free coinage of silvel
| De the only etauOhfu money III Ino Onlt6
States. The United States would Qf
, entered ON that experiment. detach itse
= from the great civilized and Christian n,
lions of the world and take its place wit
l China, Japan. India and South Americl
= The pound sterling would be worth So i,
: stead of $4.82, and the American dolli
! | would be, as In colonial times, worth thrt
+ English shillings or four francs.
;, In conclusion Mr.. Sherman said that
;. | would vote for any measure that would
j. his Judgment secure and maintain bimeta
!. lie etandard-one that would no. demoneti;
j gold nor cause 1t to be boarded or exporte
Q but that would establish both gold and silv
d as common standard at fixed ratio, n
It only in the United States but in all the n
\ tons of the world. He would receive, und
70 the principles of the act of 1868, into Il
10 treasury Of the United States all the gold OF
If silver produced in the United States at the
l. market value in the markets of the worl
IS And for convenience of the people he won
IT represent this gold and silver by treasu
notes to an amount not exceeding their COZ
he would confer upon these notes
the use, qualities and attributes that could
constitutionslly conferred upon them q
would support and maintain them as mon
u by cofninO the silver and cold as need