The McCook tribune. (McCook, Neb.) 1886-1936, 1890-06-13
An Attack on Free Coinage.

WASHINGTON, June EN- the senate
Chicago, Kansas & Nebraska railway
company power TO sell and convey TO
Onother railway company It's right of
way and franchises in Oklahoma terri
tory was reported and placed on the
calendar.
The silver bill was then taken up and
Mr.. Hiscock addressed the senate in OPP
position to the free coinage of silver.
He believed the majority of the people
were opposed to opening the minis of
the United States TO the free coinage of
the worlds silver. In his judgment the
national conventions of both political
parties would, by decisive majOritieS, re-
pudiate such a proposition.
At the conclusion OF Mr.. HiScock'S adj
dress Mr.. Sherman took the floor and
attacked free coinage. He had, he said,
consented 10 the increase of the c%ircula-
ton proposed i'll the bill-S54. 900, 900 IL
year. He believed that treasury notes
based OF silver bullion would be us safe
a substitute for paper money as could be
conceived. He did nOJ fear 10 give TO
those treasury notes every sanction and
value that the United States could con-
fer. 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 silver
dollars into circulation there was not one
of them in circulation for every inhabi-
tant.
Passing to the question of the de-
mOneJiZaUion of silver in 1873 Mr.. Sher-
man declared that at that time the sill
yer dollar was an image OF the past lost
to sight and memory and ignored by
two generations, except as Il convent
ence for the expectation of silver bull
lion. 1t was no wonder that the Snna-
tor from Nevada (~StewarJ) did not know
that silver was demOnetiZed when he
voted for the bill. The only wonder
was that he knew of its existence. The
bill was discussed two or three years
ago and its objects were we'll known: no
bill was ever more fully discussed than
that, n yet his friend Mr.. Morrill, and
himself, In had voted against il be-
cause IL discontinued charges for coin
age. were denounced as cOnSDiratOrS.
while the senators from the Pacific
coast, all OF whom voted for it. posed as
victims. He had thought il necessary,
he said, in closing the subject TO trace
down the lie, not only for himself, but
for all others engaged in that legisla-
tion.
Coming back to the question of the
bill, he said the result cf free coinage
would be TO ~demonetize gold and 10
cause it to be boarded or exported. The
free coinage of silver would be the re-
verSal OF the established policy of the
government from the beginning. 1t
would limit coinage 10 a single metal
and that would be silver. As sure as
fate silver would. with free coinage. be
the only standard of money in the
United States. Our pound sterling
would then be worth ST instead Of 81. 50.
and the American dollar would be, as
in colonial times, worth three English
shillings or four francs.
In conclusion Mr.. Sherman said that
he would vote for any measure that
would in his Judgment secure and main
tain a bimetallic Standard-one that
would not dcmonetiZe gold or cause il
TO be boarded or exported, but that
would establish both gold and silver as
q common standard at q fixed ratio, not
only in the United States, but in all the
nations of the world.
Mr.. Teller congratulated himself and
the country that the mask was off the
faces Of the SO-called silver party which
had paraded- before the senate finance
committees bill. If their was any cues
ton as TO the attitude OF the distin-
guiShed senator from Ohio before ne
got up. no one one who listened 10 him
could doubt it now. He (Sherman) was
for q high standard. and that standard
was for gold. He was for the abandon
ment of silver as a money metal, leav-
ing to be used only as q subsidiary coin.
He (Teller) welcomed the issue.
Mr.. Stewart gave from his point Of
view resume of legislative proceeding
which resulted in d demonetization of
the silver dollar in 1873. He declared
that the amendment that demonetizeG
silver was never read in either house.
Mr.. Sherman produced the original
bill OF 1873 from the files of the senate
TO show that not only was. the amend
ment read and voted on in the senate.
but it was amended on his (Sherman'S)
motion, and when the conference com
considered the disputed section
it was again amended in conference.
Mr.. Stewart persisted in his assertion
that the amendment had not been read
and argued.
Mr.. Aldrich said that not only had
Mr.. Stewart voted on the amendment.
but that he had actually spoken on two
sections of the bill, one OF which pro-
any silver coinage OF half dollars.
and dimes.