The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-06-06
THE FIFTY-FlRST CONGRESS.
norm HOUSES DISCUSSING THE SILVER
QUESTION.

Senator sherman Reads n Written Speech
Against FREQ Coinage-Tbe Republican
Caucus Mil Introduced In the House ~
substitnte for tho Pending Hill. and n
Rule Adopted Limiting Discussion and
the Introduction OF Amendments.
WASHINGTON. June 5.-The Silver bill was
taken up to-day, and MIR. Illscock rep. N. Y.
addressed the Senate In opposition to tho free
coinage OF silver. He believed that major.
fly OF the people were opposed to opening
the mints OF the United States to tho free
coinage Of the world silver. In his judgmen,
the National Conventions of both political par
ties would, by decisive majorities repudiate
such n proposition. Tho last Democratic
National Convention had ignored the question
altogether, and the Republican National Con
Vention, II the proposition had been sub
mittod to It, would have rejected 1t by an over
wholminR majority.
In the portion OF tho country with which he
was convorsant nine tenths OF tho agricultural
population and OF the intelligent mechanics
and wage earners were opposed to the free
coinage OF the worlds silver by the United
States He believed that every man who had
accumulated property, or who expected to do
90 By honest Efforts. was opposed TO 1t.
Mr.. Sherman (Rep., Ohioj road a written
speech on the bject. He admitted that tho
people OF the United States needed q larger
circulating medium than an equal number OF
people In an older country might need but no.
where else were substitutes for paper money
better understood or moro in use than in tho
United States. The receipts Of the national
banks IN single day were 1926. 900. 00O-more
than half OF that sum being received by the
banks OF New York and Chicago. The proper
4 Ia.
IL Ter cent: Of silver less than OF per
cont: Of paper money less than per cent.
and Of checks and drafts about % per cent
significant part In the bushes OF the country.
As to the decreased prices for agricultural prod
Ing up OF new fields in tho West. to the reduced
cost OF transportation, to the doubling OF rail-
road mileage and tho ,quadrupling Of the ca
trusts and com binations, which reduced prices
TO producers and often increased them to CON-
nothing to do With i; for the currency was
estimated at 400 millions. and the annual
p IF - Millions oF o fen
would keep up the, ratio; but as the national
bank note cir,uati2nF vas being withdrawn on
s sSG Ddsase the the nil Sf
70 n' that. 'aH,ifoueh he he" thoSght f0'f t
little larger than was necessary. He be-
lievod that Treasury notes based on silver bull
lion would DO as safe su destitute for paper
money as could be conceived He did not fear
to giyo 70 those Treasury notes every sanction
tender for ali debts. public ami private: That
Because With ali the eorS wad to get sti The
silver dollars into circulation. there was not
one OF them IN CIRCULATION for every inhabitapt.
would vote for any measure that would. In his |
Judgment, secure and maintain bimetallic |
nor cause 1t to be boarded or exported. but |
that would establish both gold and silver as a
S1sd sd;as 81 1 a at 9t only lin In
world. He would recciv We, under the principles
of the act of 1853, into the Treasury OF the Unit
the United States. at their market value in tho
markets OF the world, and for the convenience
BS nS 10 @ s EG not
ceeding their cot He would confer upon
hese notes all the use. qualities; and a,tri;
llpon them. and would support and ma ntain
hem as money ny coming the silver and gold.
) pledge Of. ali tho revenues OF the tiovernment
and OF all the wealth and credit OF the United
eadness OF h eY n Un states BY att
negotiations or treaties to bring about an
agreement among nations for common units OF
productions Of the world. This was no time
or radical change Of public. policy. which
u0meu 10 nave no nlOllVe except 10 loIuc6 Tie
burden OF obligations freely tnken-a change
hat was likely to impai + the public credit and
% produce disorder and confusion IN all none
he change. but he preferred 10 stand by the
tRndards OF value that had the approval md
cnction Of every party which had admins
cred the Government since its beginning.
Mr.. Teller hep, Col congratulated himself
md the country that tho mask WAS OF the
aces Of tho sD-caed silver party which had
,arHded before tile Senate the Finance Com
nittee's bill. II there had heen any question
Is to the attitude 81 the distinguished Senator
rom Ohio before he had got UP. no one who had
istened to him could doubt it row. lie Mr..
herman was for high standard, and that
tandard god. Ho was for the abandonment
sod only rs a subsidiary coin. He, Mr.. Tel
arl welcomed tho ISSUE The people of tho
,nlted States would DO glad 10 know that the
o.called silver party. tho mon who had here
ofore heen Hvowed Gpldites, had resumed
heir natural AMI normal r sition and place.
The silver bill went oyor without action.
Senator Evarts. from tho Library Commit tee
eported the Senate bill Hppropria,ing 100000
" ,monumen; in Washington city " Capt.
ohm Ericsson. inventor Of the Monitor. Placed
n the calendar.
The senaIe bills granting pensions OF $50 a
Month TO The widow OF Iiear Admiral Edward
'onaldson, and to the widow of Commander
Ninslow OF the kear'arge were passed.
Mr. Blair introduced Il bill to prob hit the en-
ortation of alcoholic LIQUORS 10 America and
Glands Of the Pacific Ocean. Retcrred.
The Senate adjourned until Tomorrow.
House OF Representatives.