The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-07-10
SHERMAN ON SILVER.
Why Should Uncle Sam Pay More
Than the Metal Is Worth?

WASHINGTON COURT HOUSE, o., J1ly o.
Senator John Sherman in a letter dated
Mansfield of the 7th instant. received here
last night, says regarding the free coinage
of silver:
Il can appreciate the earnest demand of
the producers of silver bullion that the
United States should pay S1.29 an ounce for
silver bullion, which in the markets of the
world has been for series of years worth
only about 81 an ounce, sometimes a little
more, sometimes little less. But cannot
appreciate why any farmer or other pro-
ducer should desire that the government
should pay for any article more than its
market value. 1t would be much better that
the government should pay dollar bushel
for wheat when it Is worth less, but no
sensible farmer would desire the govern
ment to embark in the purchase of articles
It needs, save like all other purchasers, at
the market price.
The. distinction sought to be made in
davor OIL silver Is without just foundation.
Inc government now buys in the open
market more that the entire domestic pro-
ductlon OF silver bullion, because 1t needs it
10r coinage and as the basis of treasury
notes. gladly contributed my full share to
THIS measure. and would do anything in my
power to advance the market value of silver
to its legal ratio to gold, but this can only be
done in concert with other commercial
nations. The attempt to do 1t by the United
States 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 receives the
benefit, and today the production of silver
Is probably the most profitable industry in
the United States. To ask more seems to
me unreasonable, and IL yielded to will
bring all our money to the single silver
standard alone, demOnetiZe gold and de-
tach the United States from the standard of
'he RRreat commercial nations of the world.
h Ia
coinage OF silver has nothing to do with the
reasonable demand for the Increase of the
Eolume OF money required by the increase Of
business ana population Of the United
States. We have provided by existing law
for the increase of money to an amount
greater than the increase of business and
population, but even if more money Is re-
CURED there are many ways of providing it
without cheapening the purchasing power
OF our money or making a wide difference
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, drafts and other
commercial devices. Ali kinds of circulat
ing notes are now equal to each other, and
are kept at the gold standard by redemption
and exchange. Our money and our
credit are now equal to, or better than
tnose OF the most civilized nations Of
the world. Our productions of every kind
are Increasing, and 1t seems to me almost a
Wild lunacy for us to disturb this happy con-
dition by changing the standard of ali CON
tracts, inducing special contracts payable in
g9ld. and again paying gold to capitalists,
and silver at an exaggerated price, to the
farmer, laborer and pensioner, and would
not be true to my conviction of what Is best
for the good of my constituents If did not
frankly and firmly stand by my opinions,
ally.
MY greatest obligations have been to the
farmers Of Ohio, and | would be unworthy
OF their trust and confidence IL did not be-
seech them to stand by the financial policy
which will secure them the best results for
their labor and productions, and the com
fort and prosperity of all classes alike