San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1891-07-14
SHERMAN ON SILVER,
The Ohio Senator Punctures Free
Coinage FallaCies.


Coinage Fallacies.
Senator John Sherman, of Ohio, In
letter to a Globe-Democrat CORES
pondent, says the following on the
free coinage Of silver:
~ can appreciate the earnest de
mand of the producers OF silver bul.
ion that the United States should
pay 81 20 an ounce for silver bullion
which in the markets of the world
has been for a series OF years worth
only about 81 per OuDce-sometimes
little more sometimes little less
but l can not appreciate why any
farmer or other producer should
desire that the Government should
pay for any article more than its
market value. It would be much
better that the government should
pay 81 a bushel for wheat VIII en- it is
worth less, out no sensible farmer
would desire the government to EN-
bark in such an enterprise. The gov
eminent should purchase the articles
it needs, like all other purchasers, at
the market price. The distinction
sought to he made in favor of silver
iswithout foundation. The govern
ment now buys in the open market
more than the entire domestic
production of silver bullion, because
it needs it for coinage and as
the basis of treasury notes. gladly
contributed my full share to this
measure, and would do anything in
my power tn advance the market
value of silvo TO its leagal ratio to
gold, but thercau only De done in
concert Wits oGhsr comm ar cial ma.
tiOns. The tempt to do it by
tn United S tates alone would
only demonstrate our weakness. To
the extent that the enormous demand
made by the existing law advances
the price of silver the producer re-
ceives The benefit, and today the pro
ductionl of silver is probably the most
prOtita bee in the United States. To
ask NOR seems unreasonable, II yield
ed 10 will bring all our money TO the
single silver standard alone, demone
tie gold and detach the United States
from the standards of the great com
mercial nations of the world. The
unreasonable demand for the free
coinage of silver has nothing to do
with the reasonable demand for the
increase of the volume of money re
quired by the increase of business
and population OF the United States.
We have provided by existing law
for the increase ofmOney to an amount
greater than the increase of business
and population, but even il more
money is required, there are
many ways of providing it without
i'm he n of
our money or making q wide differ
ence between the Kinds OF money in
circulation, based on silver and gold.
More than 92 per cent of all payments
are now made in checks, draft and
other commercial devices. All kinds
of circulating notes are now equal To
each other, and are kept at the gold
standard of redemption and exchange.
Our money and our credit are now
equal to or better than those of the
most civilized nations OF the world.
Our productions of every kind are in
creasing, ana 1t seems to me almost
wild iuuacy for US to disturb this
happy condition by changing the
standard of all contracts-inducing
special contracts payable in gold and
again paying gold to the capitalists,
and silver 81 an exaggerated price to
the farmer, laborer and pensioner.
81 would not be true to my convlc-
tions of what is best for the good of
my constituents if did not frankly
and firmly stand by my opinions,
whatever may be the effect upon m+
personally. My greatest obligation 8
nave been to the farmers OF Ohio, anu
I would be unworthy of their trust
and confidence if L did not beseech
them to stand by the financial policy
which will secure them the best re-
suits for their labor and productions,
and the comfort and prosperity of ali
classes alike. Very truly yours,