New-York tribune., 1890-06-06

United States could confer lie did not object 70 thei
| being made legal tender for all dcbts' puOHo du ~
| private That was far preferable 70 me Tree 'o'o
J of silver because with all the efforts made 10 ect
| the silver dollars into circulation there was "o' w
of them in circulation for every inhaDi'an''
! THE DEMoNE1IzATIoS OF SILVER IN 1870
Passing 10 the ouestien Of the decentralization OF
silver in 1873, Mr.. sherman gave history VI ''a'
transaction. to set at rest forever al ,'e .
Of bad faith and conspiracy ir relation 10 H. He
declared that al that time the silver dollar vas
an image of the past lost to sight ana memory ana
ignored by two generations, except "a con'ehlc"'o
for the expectation Of silver Duihoh' II was nv
wonder that the Senator from Nevdda tSlr e'e"HrV
did not know that the silver dollar was dcmone'Ned
when he voted for the bill; the only wondcr was
that he knew Of its existence Inc silver ooHaf Az
that time WE worth 81 03. as compared Win eOIL
The bill had been publicly discussed for two or three
wears ard its objects were well known Inc speaker
had before him yolunnouS report from Nr' Bout
we'll then secretary Of the treasury, containing a
full statement as to the objects of the bill and its
necessy-with reports fIOm soentihc experts ana the
principal officers of the mnts ard assay ofhccs each
| of them discussing the objects OF the bill.
No BILL Mr. sherman continued, had ever been more
fully discussed than that yet his friend. Mr.. Morrill,,
and himself (who had voted against II, because 1t
discontinued the charges for conage) constantly
/
Pacific Coast (an of whom voted for III posed as
victims lie lad thought it necessary, he said. in
closing the subject to trace down the lie not only
for himself but for all others engaged i'll that legis
lation.
Coming back to the question Of the bill, Mr.. Sher-
man said it the opinion of many wise men that
if the United states had only coined much silver
as could be circulated at home Qcaving the surplus
to find its natural markell the price OF silver wona
not have sunk as had done. It's continued coinage
was useless expense and tended to lower the price
of silver bullion. IL asserted that the erect oi
! the free coinage OF silver would be TO advance the
! price at once to parity with gold He denied IL.
Its result would be dcmonetize gold. and 70 cause
cold 10 be boarded or exported. The free coinage OF
silver would he reversal OF the established policy OF
the Government from the beginning. II would limit
the coinage TO a single metal-silvcr. The tnited
states would If it entered on that experiment. dc
tach itself from the great civilized and Christian ma
tions of the world and tahe its place with China,
Japan. India and south America. The pound ster-
ling would be worth sc instead of So go; and the
American dollar would be- As IN colonial times worth
three English shillings or four francs.
| ADHERING TO THE DIMETALLIC STANDARD.
In conclusion Mr.. sherman said that he would vote
for any measure that would. In his judgment. secure
| and maintain a bmetallic standard-onc that would
not demonctze gold nor cause it to be boarded or
/ exported but that would establish both gold and
| silver as a common standard, at fixed ratio, not
only in the United States but in all the nations "i
the world lie would receive, under thc principles
Of the act Of 1853 into the Treasury Of the tnt"i
states all the gold and silver produced in the Tinted
States at their market value in the markets Of tho
world And for convenience Of the people, he would
represent this gold and silver by Treasury notes TO
an amount not exceeding their cost. lie wonli
confer upon these all the qualities and a.
tributes tina. could be conSttuuonaly conferred upon
them and would support and maintain them as money
by coming the silver and gold, as needed upon Ua'
present legal ratios and by pledge Of all the rev
CnucS Of the Government and OF all the "cA'h a"'
credit Of the United states
And he would proclaim TO all the readiness oi nc
United States by international negotiations or treaties
to bring about agreement nations for common
units value. and Of weights and measures foF al A'
! productions of the world. This no Tim" for a
radical change of public policy which seemed /" nave
M motive eyccut 70 reduce th burden Of obligation,
freely tahcn-a change that was likely - impair mo
publo credit and to produce disorder and confusion
| in all monetary transactions Others might reason
for the change bu, he preferred 10 stand by the
standards Of value that had the approval and sanction
Of every party which had administered the Government
/ Cince the beginning.
Mr. Teller congratulated himself and the country
tha, the mask was oil the Of the socallcd silver
party which had raaded before the senate the Finance
Committees bill. Nh sherman was for high standard
and that standard gold. liz for the abandonment
of silver as money metal leaving it 10 be used onl}
| as subsidiary coin. lie (Mr. Teller welcomed the
| issue.
TILT WITH MR. STEWART
! Nj stewart gave from his point Of viow sum
mary Of the legislative proceedings which had resulted
in tho tcmonotzaon Of the silver dollar in 1913. lie
declared that the amendment that dcnonctlzcd silver
was never read in either House. II was simply 20
ferrcd TO in The conference report a. Xxx, =
i was voting fpI
Mr. sherman produced the orisina bill Of s73 IRON
the flies Of tic >elate hOw that not only Wa inc
! amendment read and voted on IN ne 2enat'' b,, bu,,
that it amended on Mt Sheiinah m3,.o,i ai a. a.,
that when the Conference Committee cohslde.ed ,t'
disputed section it again amended IN conference
.r,Nc,ce, M tad not been read. and argued TIA at
all events the people ought 10 have . new Ula LOT Il
Mr sherman expressed his regret that United
states senator, when he was convinced ana 6aq ,h
thst he withdrew every charge oil inpropIety
Mr. stewart ,aid he had been charged with bcins
9cht ~ cxocrans himself by giving the printed
record 70 be denied HIM ne nAI ho' s9n.n' ~
reflect on the member from Ohio bn' to defehd MS
o"i Mr Aldrch said that not only had Mr. 'tc'gaIt
o N05r1 tWo Tn serons Of the b one Gl which proh>oc
any silver coinage except haf doliai, qIar,cS m M d
poeit should be received for silver coinage, How
cond the senator say after that iha he did not khoF
that silver was to be dcmonetized
! The bill went over without action
SILVER DEBATE IL THE HOUSE.
| Tn the House Mr. Mckinley. from the Commute
! on Rules reported resolution providing mat 'he
House should proceed Immediately 10 the consideration
Of House bill No. 1881 Ghc silver BILL. aud that Ia
consideration should continue until saturday Al
| 2 D. H. when the previous question should lie con
| siderod az ordercd The previous question havln;
been ordered the resolution forty minutes GeJate
| allowed ,,... -. .,.o .io,,
| limited for debate. But he informed that IN
chairman Of the Committee on coinage VERNE al.'
| which were admissible under the rule oi thc lIohse
! When these we're offered there would be Ielt no pP
| pofunity 10 the minority 10 offer any anerdmHht
There would b" given no opportunity on inc par ="
| the minority 20 the House ~ vote on the ife W
! night there had been much discussion; ana II wa
necessary to whip in the friends OF free silver by mean
Of this resolution. IT wicked shameful outiat'