New-York tribune., 1891-08-28
SENATOR SHERN4N,S SPEECH.

No one will be surprised that the granu
financial leader who gave the country specie
resumption the Ohio statesman who has wen
earned as Finance Minister and as Senator, the
confidence of all parties opposes the crazy
demand of Ohio Democrats for unlimited COIN
age Of silver. But his speech on the suD]ect'
in opening the Ohio campaign, will be TO many
a surprise, because of its remarkable cIearness
and unfatering courage Senator Sherman has
known what it was to be derided and denounced
and marked for sacrifice. The repudiators and
the fat-money men of Ohio hated him fifteen
years ago, and have not learned even yet' dS
men of all other political parties have, that
statesman so fair-minded and so reSolute' 80
brave in defence Of the right and so capable IN
getting the right thing done, cannot be spared
from the councils of the Nation. Again and
again Mr.. Sherman has defeated those who
sought through his retirement debasement OF
the National currency. He does not believe
and the public will not readily believe, that
Ohio is ready to take financial dishonor.
Mr.. Shernan's argument, printed this morn
ing. is all the stronger because it is most simple
He states that two great issues are involved IN
the Ohio contest of which he discusses at this
simple that every man can understand it, Mr..
Sherman shows that free coinage of gold and
silver would mean that no gold would be coined,
because no one having gold worth in open mar
let S23 in legal-tender silver dollars would
offer it for coinage at SIG or less. He quotes
with peculiar force the admission OF Senator
Stewart that those are dishonest who want free
coinage of silver, because the Republican law
now in operation gives them all they have any
right to ask. 1t takes for monetary use more
than all the silver produced by mines of the
United States and Mr.. Sherman asks why Gov
ernment should pay 90 cents on the dollar more
than the market price for this one product, when
it does not so favor the producers of wheat or
of cotton?
The Senator has done a good work in
showing that the demonetization of silver in
1878 was voted by every representative OF sill
yer States, on motion of the members from
California, and was but the recognition of the
act passed in 1853 by a Democratic Congress.
The act now in force he accepted with some
reluctance, but he now believes that it will
secure the best results, and his Judgment on
this matter after the act has been in force 50
long, will have weight with practical business
men. Although, as he shows silver has been
brought from all parts of the world by the Gov
ernment purchases of 4,5OO,00 ounces per
month, the peril involved by unlimited coinage
is avoided, because no great quantities come
from abroad, and the Government is able to
meet any demand for redemption in gold of any
part of its outstanding currency. As long as it
can thus insure the equality of every part of the
currency with gold there is no serious danger.
But Mr.. Sherman shows also that free coin
age would drive gold out of use, violently con-
tract the circulation, and inflict upon farmers
and wage-earners injuries which cannot be
measured The demand of the Democratic plat
form for unlimited coinage of silver Is confronted
with Mr. Cleyelands strong letter, and every
conservative Democrat is admonished that he
cannot afford to stand with the reckless and
desperate politicians of his party on this issue
Mr.. Sherman treats with no great respect the
peculiar notions of the so-called Peoples party
which he describes as approaching lunacy. But
he appeals with elOquence and power to the
practical men of Ohio to aid the Republican
party once more in preventing debasement
of the currency, and the consequent prostration
of business and industry. 1t would be strange
indeed, if the words of the veteran statesman
were not needed by the State which has trusted
him so long and so wisely.