New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-06
DENOUNCED BY SHERMAN.
THE FINANCIAL BILL DECLARED TO BE A
DESTRUCTIVE MEASURE
ITS EFFECTS, HE SAYS, WOULD BE MOST DlSAS
TRoUS AND FAR.REACHING-SPECU

ITS EFFECTS, HE SAYS, WOULD BE MOST DlSAS-
TRoUs AND FARREACnING-sPECU
AND THE LAST SILVER ACT.
Washington Jan. 5.-As soon the Election bill was
displaced in the Senate to-day the Financial bin was
taken up, and Mr.. Stewart moved 10 amend 1t by add
ing the following:
That any Of silver bullion not too base for the
operations mint may deposit the in amounts
OF tho value Of less than 800 al any mint OF the
United States to be formed into standard collars
or bars FOR his benefit and without charge
and that. the said owners option he
may therefor equivalent Of such standard dol
lars in Treasury Of the form and description
and having the legal qualities the notes provided
for by the act approved July IL, $780, entitled An act
directing the purchase OF silver bullion and the issue OF
Treasury notes thereon. and for other purposes and all
such Treasury notes issued under the provisions OF this
act shall be legal tender for their nominal amount in
payment o.! all debts public and private, and shall be
receivable for customs taxes and all public dues and
when received be ressued in the same manner and
TO the same extent other Treasury notes
Mr.. Stewart spoke in favor Of the amendment, which.
he said, would rmonetze silver and place II back
where it had been before II excluded from the
mills Of the United States and Europe.
Mr.. Sherman said that the sudden and unexpected
change Of scene and the introduction Of new topic
Of debate should not allow the revolutionary measure
now proposed (Mr. Stewards amendment to pass
without the serious and sober attention Of every
Senator. The fact that there had been
unexpected detection in the Republican party
would not relieve the minority Of this body
from its responsibility If 1t supported that
measure. He appealed TO the sober Of
responsibility on the Democratic side Of the Chamber
against which he regarded as revolutionary
and dangerous and the effect Of which. If ii should
become law, would be destructive than that Of
any measure that had been proposed FOR yetrs. Tho
amendment offered by the Senator from Nevada wOnld
change entirely the whole basis Of valuation OF all the
property OF the United States. 1t would demonetigo
one half OF the Of The country gold and would
degrade the other half silver to low level that
It's effect would be TO diminish the volume of cirua
ton. That would be its immediate effect. but what its
wide-reaching influence existing contracts would be
God only knew. The moment such a measure became
law the unit OF value would be 81 grains of silver
bullion. II the friends OF silver had only patience
and would wait until the element OF time acted on the
silver law Of last session. the policy Of the United
States Government and Of the French Government to
gether with the Of silver in the South American
States would lift up silver again to the gold standard
and that would give them gold value for their silver
But if they rejected the gold standard and set mp
the silver standard alone. the result would be that the
market value OF silver would 60 lover and lower
Mr.. Sherman went on 10 say that the silver act
OF last session, suSpendng the coinage Of silver dollars
tended constantly TO advance the price of silver
bullion. and he had doubt that if spectators had
not entered into the and II the ordinary course
Of business had been allowed 10 deal with the mass OF
silver and to have 100000 ounces OF sllNet pt-
chased monthly. the price would have been slowly
enhanced UNTIL in few years it might have reached
gold. But speculation had entered into it and an
undue advance in the price Of silver had been
forced by combination until II had gone up
to 100; and then, more aud more silver
came upon the market suddenly the price had fallen
to 100 showing that the rise and fall had not taken
place in the natural OF business. but as the
effect Of a struggle between the bulls and bears. lie
sympathzed with the views of the President, Of the
Secretary of the Treasury and with the general feel
ing of Republican Senators that the best measure Of
relief would be the purchase of the 100000 ounces
of silver on the market and the first section OF the
bill had made provision for that That would nave
got il OF the He did not have any sympathy
with the men who kept that silver 10 eontrOi tno
market In the hope that il would advance up 10 lAe
to take of that load from the silver market and put
up it, market price. and then TO let the law OI Nt
session take its course. But the amendment offered
by the senator from Nevada threat against the
business of the people of the United states. 1t was
threat which, IN his judgment would produce the most
profound hnancia difficulty that the country had known
IN the present day and generation II was measure
which In his Judgment would put the country back 10
Of specie payment. He trusted that senators would
give the subject that serious attention Whlch IL dc
manded and would not allow local Interests 10 commit
the Government 10 a change in the c0untrys standard
Of and to space OF the nltcd states from among
the financial nations Of the world.
Mr.. stewart replied TO Mr.. SherInanS argument anu
insisted that il was the silver but the gold
ring" that had tempered with the standard In De
monetiZing silver
Mir Reagan also replied to Mr.. sherman and adyO-
Gated the adoption OF Mr. Stewards amendment. He
trusted that the senate would provide for the free
and unlimited coinage Of silver.