Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-06
SHERMAN ON SILVER.
He RADICALLY OPPOSES THE FREE
COINAGE IDEA.

Some Assertions Concerning the Demoneti.
zntion Act Declared TO be False-sena.
tor Teller Expresses His Mind Freely to
the Buckeye Finnncier.
WASHINGTON, June 5.-This was an
ant:-silver day in the Senate. Hiscock first
expressed his views in that direction and
then Sherman took the floor. He had, he
said, consented to the increase of circulation
proposed in the bill-S54, 900, 900 year,
although he thought it larger than was
necessary. He believed that Treasury notes
based on silver bullion would be as safe
substitute for paper money as could be con-
ceived. 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 public and private debt.
That was far preferable to the free coin
age OF silver, because, with all the efforts
made to get the silver dollars into circula-
ton, there was not one of them in circula-
tion for every inhabitant Passing to the
question of the demonetization of silver in
1873, Mr.. Sherman gave a history of that
transaction, so as to set at rest forever all
the charges of bad faith and conspiracy in
cOnnecLlOn Win IL.
AN IMAGE OF THE PAST.
He declared that at that time, the silver
dollar was an image of the past, lost to sight
and memory, and ignored by two genera
tions, except as a convenience for the
expectation of silver bullion. 1t was no
wonder that the Senator from Nevada Mr..
StewarO did not know that the silver dollar
was demonetized when he voted tor the bill;
tie only wonder was that she knew of its
existence, and yet his friend. Mr.. Morrill,,
and himself who had voted against 1t
because it discontinued the charges Tor coin
age, were constantly denounced as conspir-
ators, while the Senators from the Pacific
coast Gall OF whom voted for it) posed as
victims. He had thought it necessary, he
said, to trace down the lie not only for him.
self, but for all others engaged in that legis-
lation.
Coming back to the equestion of the bill he
said that the result of Tree coinage would be
to demonetize gold and to cause gold to be
silver would be reversal of the established
policy of the Government from the begin
ning-it would limit the coinage to a single
metal, and that silver. As sure as fate. sill
yer would (with tree coinage of silver) be
the only standard of money in the United
States. The pound sterling would be worth
Sc instead of S4 80; and the American dol
lar would be. as in colonial times, worth 8
shillings or francs.
THE MASK THROWN DOWN.
Mr.. Teller congratulated himself and the
country that the mask was off the faces of
the so-called silver party, which had pa
raded before the Senate the Finance Com
mittee's bill. II there had been any question
as to the attitude of the distinguished Sena-
tor from Ohio, before he got up, no one who
had listened to him could doubt it now. He
(Mr. Sherman) was for high standard
and that standard gold. He was for the
abandonment of silver as a money metal,
leaving it to be used only as a subsidiary
coin. He Mr.. Teller) welcomed the issue.
The people of the United States would be |
glad to know that the so-called silver party |
the men who had heretofore been avowed |
goldites-had resumed their natural and |
normal position and place.
GMr. Stewart gave from his point of view |
resume of the legislative proceedings which
had resulted in the generalization of the |
silver dollar in 1873. He declared that the
that demonetiZed silver was
never read in either House. It was simply |
referred to in the conference report as
amendment No. 6, so that no Senator or
member knew what he was voting for.
PRODUCED THE DOCUMENTS.
Mr.. Sherman produced the original bill of
1873 from the files of the Senate, kept by
Mr.. Mcdonald, the Chief Clerk of the SEN
ate, to show that not only was the amend
ment read and voted on in the Senate, but
hat it was amended on his Mr.. Sherman's)
notion; and that, when the conference COM
nittee considered the disputed section, it
was again amended in conference.
Mr.. Stewart persisted in lis assertion that
The amendment had not been read and
lrgued, and that at all events the people
ought to have new trial for mistake, if
not for cause. They now asked for restor-
ltion of silver, and they were told that it
would disturb the settled financial policy of
he world. A settled policy, established as
hat was, ought to be disturbed. 1t ought
lot to be sustained.
Mr.. Sherman expressed his regret that
United States Senator, when he was thus
convinced and had the testimony before
lin. did not say, frankly and fairly, that
,e Withdrew every charge of i'm mpropriety.