The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-01-14
SENATOR SHERMAA'S ATTACK.
He Again Assaults the Free Si.-
yer Coinage Amendments.
lie Claims 1t is Seriously Defective In It's
Details nnd Not CapnbIe of Amend
ment-The Mint to be Required by
to Pay the Cost of Refining and Alloy
Ing the BulIion-Senator Teller and
Others Reply.

to-day against tho free silver amend
ment. His speech attracted great at
tention, for it was q strong attack on
the weak points OF the proposition. 1t
would be preceived, said he, that The
amendment was q proposition that the
United States should paw St.29 for
every ounce Of silver bullion that nigh,
be of red from any part OF the world.
The United States was not at liberty to
pay for bullion in silver coin or silver
dollars, OF which 1t had $500, OOU, 600 in
the treasury; but the option was entn o y
with the holder OF bullion to demand
coin, or bass, or treasury notes.
There was no option left to the
treasurer. Price was fixed and holder
of bullion would take most valuable
mode Of payment which probably was
treasury notes. These notes were pro-
misses to pay money and were legal
tender for all debts, public and private;
they were made the highest standard of
value. In some respects they were
better than the United States notes and
better than silver certificates, so that
not only was the United States bound
to purchase all bullion offered Mt Sl.og
per ounce, but it had no option as to the
mode OF payment. Tho option was In
the hands OF the owner. Mr.. Stewart
inquired whether the same law did not
apply in regard to gold. Mr.. Sherman
replied that it did not. This proposed
measure was much broader, rs he would
presently show. This gave the prefer
cnce to silver over gold.
Not only this, but this amendment
was offered in such way that il was not
open to further amendment. The price
was fixed ut $l.29. To-day the value of
silver in tho market of tho world was
something. about Lea an ounce, Here
was an offer to pay ~ cents an ounce
more than the market price.
There was another feature OF tlks
proposition which'was that silver was to
be formed into coin or bars at option of
owner, without charge. There could
be 20 deduction made in the mint for
the expense of fitting silver for coinage.
1t was true that under the law gold was
coined without charge. But there was
charge for parting and preparing and
stilfening the metal.
lie had said the other day that this
proposition would tend to change the
standard of value of all property in the
United States, and that in time it would
demonetize gold. Thereupon tho Sena-
tor from Missouri (Mr. Vest) had made
the remark that if the free coinage of
silver would put gold at premium.
would separate tho two metals and
would change the nature of contracts,
he would refuse to go further in that
direction.
He (Sherman) said now, in all sim
cerity thatif he believed that the free
coinage of silver would enable us to
maintain the value of silver bullion up
to that of gold, he would vote Tor free
coinage to-day. But if it were admitted
that silver could not reach gold except
by the Government paying bounty to
producers OF domestic silver he did not
think there was any danger of this
measure passing. II it were admitted
that the parity between gold and silver
could not stand by the United States
standing as the only purchaser in the
world, he did not think that this was
the thing that ought to be aimed at
Mr.. Teller briefly replied to some of
Mr.. Sherman's argument. disputing the
correctness of his statistical references
in regard to the production OF gold and
silver and asserting that his use OF
statistics of the amount of silver in ex-
istence: the amount of annual produc-
ton and cost per ounce was not TO the
point. The Senator ought to know that
the interest of the whole human race
was conferred on this question. 1t did
not matter if it cost but one cent to pro-
duce an ounce OF silver. The question
hat hn
money.
Mr.. Allison said that were it not for
the fact that he was Il member of tho
committee on finance. he would take no
part in the debate. The bill had been
reported to the Senate on the 23d of
December. during his absence. The bill
had been considered in committee, and
the fourth ST ction had been stricken out
and another substituted, when he was
not present. Therefore he was not com
mitted To the subs titutc, and would vUto
against IL c amendment. lie desired 10
make this statement in order that it
could not be said that change had
been made by his vote. His argument
como c.cd with that of Sherman, and
was dire ctcd largely against the free
coinage amendment, the effect of which,
he argued, would be an influx OF silver
from all parts of the world and tho
boarding and eve7 tual outflow of gold.
He believed that if the United States
adopted the principle of free coinage of
liver, European countries would simply
retain their silver until they needed
more mone,", and then they would send
their silver to the United States and
convert it into gold money. He re-
garded the proposition for free coinage
as premature. He did not believe that
the United States could maintain 1t