The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1891-07-25

An Open Letter to Senator John
Sherman.

CNuoI4O pCu VI Oc4ldtOE Ot0Wdft, is
a pretty thorough puncturing of the
pompous financial pretensions of
the Ohio charlatan, and shows how
little real knowledge is needed to
constitute man a fnancier who is
in harmony with the monopolistic
element of the country. We quote
from the San Francisco Chronicle !:
Senator William NJ. Stewart of
Nevada has written an open letter
to Senator John Sherman in oppo-
sition to the position taken by the
Ohio Senator in letter which was
published last Thursday. Senator
Stewart opens his letter with ref
erence to Senator Sherman's allie
gatiens that the producers of silver
demand that the Government shall
pay 81 % an ounce for silver bull
ion worth only 81 an ounce in the
market.
He says: eff you had not been
too much occupied with other mat
ters, in stating that the producers
of silver bullion demand that. the
United States shall buy silver at
81 % per ounce, when the market
price is only about 81, are you ig-
norant of the fact that no such de-
mand was ever made, but, on the
contrary, that silver miners protest
against the purchase of silver as a
commodity at any price? If you
are will inform you that the de-
mand is that silver shall be coined
at the United States mints upon
the same terms and conditions
which apply to the coinage Of gold.
"The Government does not buy
gold. 1t coins it for the owner of
bullion TO furnish money for the
people. The demand is that the
coinage of silver shall be resumed,
and that silver shall no longer be
treated as a commodity or pur-
chased by the Government.
SHOULD the miners be represented
as the favored class, l am informed
by the Director of the Mint that
while the Bland act was in force,
under which 100000 worth of
silver per month was purchased at
the market price and converted into
money at coin value, the United
States made about $40, 100000 profit
in the difference between such mark
ct price and such coinage value.
The act of 1890, superseding the
Bland act, and providing for the
issuance of Treasury notes at the
market value for 100000 ounces
of silver bullion per month, does
not provide for the purchase of sill
yer with money raised by taxation.
On the contrary, it provides for the
issuance Of paper money on the
receipt of silver bullion at the
market price, dollar for dollar.
"You say that it seems almost a
wild lunacy for US to disturb this
happy condition by changing the
standard of ali contracts, including
special contracts payable in gold.
It is unfortunate, my dear Senator,
that you did not entertain similar
views to these when you had charge
of the bill which demonetized sill
yer and converted every contract
which was payable in either gold,
silver or paper into contract pay
able in gold.
"You expressed a willingness to
increase the supply of money when
ever it is necessary. What is your
plan for increasing it? Are you
still in favor of issuing 2 per cent
bonds to enable the national banks
to increase their circulating medi-
ums? After your attack upon the
miners you would be surprised il
they should suggest that national
banks had been the recipients o1
special favors from the Govern.
ment.
"How many millions has it cost
the taxpayers of the United States
to maintain the national banks? II
the increase in the national bank
circulation is your method of fur.
nishing more money you may as
we'll abandon the idea. The people
will not submit to it. Your letter
is we'll calculated to give aid and
comfort to the rich whose wealth
has been enormously augmented by
the enhanced value of money.
"Your influence in shaping the
legislation of Congress on the
money question surpasses that Of
all others. If you should say the
word the bonds of financial con
4-ao4;on would be broken. the peO