The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-08-28
SHERMAN ON silver.
Great Campaign Speech by the
Senator From Ohio.
WHAT FREE COINAGE MEANS.
To Drive Out Gold Would Bring About
National Financial Ruin.
President Harrison spends Another Busy
Day in vermont-The Maryland Re-
publicans Oppose Free silver and
Applaud achievements OF Blaine.

PAULDINe, o., Aug. Ex-senator sher-
man made his opening speech of the
campaign today to 5000 people. The
speech, which was lengthy one, was de-
voted entirely to the lyer question. He
supported the present coinage act, and
said if congress had provided that all the
silver brought to the mint should be
coined into dollars no gold would be
coined, for an ounce of gold is worth more
than sixteen ounces of silver. Gold would
cease to be money. and would be boarded
or exported No man would be fool
enough to deposit an ounce of gold for
coinage into SIC, when with it he could
buy enough silver bullion and have it
coined without cost into twenty dollars.
Free coinage is all nonsense. Under the
new coinage act the United States is pur-
chasing monthly more than the entire
product of silver bullion in the United
States, and all this bullion is
represented in our currency by
either silver coin or legal tender treasury
notes. We expended under this act in the
purchase of silver bullion prior to August
- N''AS yNoA Trct Aolsc-ls atu iSSuNo thab
amount of treasury notes, which are now
in circulation. We thus provided an in
crease of the currency equal to or greater
than the increase of business and popula-
ton of the United States. One distinctively
striking feature of this law is that the
United States will not pay for silver bullion
more than its market value. Why should
we? Nearly all the silver produced in the
United States is by rich corporations in
few new states, and its reduction at the
market price is far more profitable than
any crop of the farmer, and yet it is the
demand of the producer of silver bullion
that the United States should pay him %
per cent. more than its market value.
That lies at the foundation of the differ
ence between the Republican and Dem
ocratic parties
The tendency of the policy of the pres
ent act will be to gradually advance the
value of silver bullion to its legal ratio
with gold, and when this is reached both
metals will be coined on equal terms and
conditions. | believe this measure will
work out most beneficial results. 1t has
already advanced the value of our vast
store of silver in the treasury. 1t has
given great activity to the production of
silver. 1t has furnished increased circula-
tion. 1t has maintained the gold standard
while utilizing silver to the utmost extent
short of demonetizing gext 1t is the key
of our exalted, almost pre-eminent stand
ing in commercial credit and national
honor among the nations of the earth. 1t
treats with silver and gold like all other
commodities or productions, as subject to
the universal rule of being worth what
they bring in the markets of the world.
This is the Republican doctrine, now pro-
claimed in our Ohio platform.
The Democratic policy of free coinage,
the senator said, means that we shall pur-
chase all the silver, offered, come from
where it may, and give the holder either
coin or treasury notes at the rate of 81
for every 81 grains, worth in the
market now II cents. Senator Sherman
spoke of the vast accumulated boards of
silver in other countries, estimated at
So, $50, ,571 .346, and said:
The Democrats are in favor of allowing any
amount of this to be flooded in upon us at the
above terms. Who can estimate the volume of
silver that would come into the treasury if this
policy were adopted? 1t is public
bid of % cents an ounce more
is declining in value, aud when many of the
commercial nations are seeking to convert their
silver into gold. They would gladly see us take
this load on our shoulders. They will gladly
give us their silver at the rate of sixteen TO one
and take our gold This is the doctrine which il is
expected the conservative Democrats of Ohio
will adopt in order to gain the support and alli-
ance of the silver miners of the West and self
seekers who hope TO gain advantage over their
by ohna panipp the 5ard d<fx
aud the wild enthusiasts, who believe in an un-
limited supp ly of irredeemable paper.
To assume that the United States could main
tain silver at the old ratio of l6 to l is wilder
delusion than ever filled the brain of the be-
lever in fiat money. Fear that we would at
tempt it carried s77,0O0,000 of gold from the
United States within four months.
Itis said that if we adopt the silver standard
we will get more money for our labor and pro-
duetions This does not follow. but even if it
be true the purchasing power of the money
will be diminished. A silver dollar worth n
cents in gold will buy no more food and cloth
ing than ~ cents oil our money now The
capitalist and speculstor can protect himself
from loss by stipulating for gold payments
The whole burden of this policy falls upon those
who depend upon their daily bread aud is for
those who hope, by cheap living, to pay their
debts with money less valuable than that they
agreed to pay.
Examining the position taken in this
canvass by the Democratic party, Senator
Sherman referred TO ex-President Cleve-
lands utterances on the silver question
and said:
While Cleveland was president no free coin
age measure was proposed President Harrison
is known to entertain the same opinions. Yet
now under stranger leadership, this scheme
to change the standard of value is pressed into
our state canvass believe it is the result of a
bargain between what is called the natural ex.
ecutive silver committee. composed of
represe natives of the great silver mining cor.
porations of the United states, with some of the
leaders OF the Democratic party, by which por-
tion of the profits of these corporations is to be
invested in this Ohio canvass to defeat the Re-
publican party. and especially 10 down John
Sherman on the issue of free coinage As for
myself il is a matter OF little importance, but
what / do care is tha, the state of Ohio shall
not in any way be responsible for the policy
proposed by this combination or for the evils
that may follow from It.
They invoke in its support the new party call
ing itself the Peoples" party, which is repre-
sented mainly by disciples OF the old greenback
fiat money craze, some of whom do their plant
ing in law Offices and whose crops, If they have
any, are thistles and rag weeds As 10 their re-
Gently constructed Springfield platform, what is
il? some of their creed is q repetition of mere
dogmas 10 which all parties agree. Some
of il appears to me an approach to
lunacy. l do not attribute to our
Democratic friends any sympathy with these
wild notions, but they are committed by their
platform TO the fountain-head OF all these va
garies-the free coinage of s,ver.
on this question appeal 10 the wage workers,
farmers and business men of Ohio. Iappeal to
the conservative men of Ohio. OF both parties, to
repeat the service they rendered in ISIS, by the
election of Governor Hayes, in checking the