Evening journal., 1891-01-14
FREE COINAGE ASSAILED.
Senator Sherman Shows Its AL
legged Bad Features.
UNCLE SAM CAN'T MAKE 1T GO.


Large Grover Cleveland aud the ouea-
tion Of Free Coinage.
WASHINGTON, Jan. 1.-THE senate passed
some public building bills and then pro
ceeded with the consideration OF the finan-
cial bill Mr.. Sherman spoke in opposi.
tion TO the free coinage amendment. lie
occupied four hours in the delivery OF his
argument, and az its conclusion was
loudly applauded. Messrs. Allison and
Evarts followed in speeches also against
the free coinage amendment, and Mr.. Nc.
Connell in its support The senate at 9
p. IN. adjourned, with the understanding
that general debate on the financial bill
shall close this evening, after several sen.
ators who desire to speak have been heard.
In the course Of his speech Mr.. Sherman
said that il he believed the free coinage OF
silver would enable US 20 maintain the
value Of silver bullion up to that Of gold
he would vote for free coinage today; but
II it were admitted that silver could not
reach gold except by the government or
dering bounty to the domestic producer
of silver, he did not think there was any
danger Of the measure becoming law.
All the Law Could Do.
All that the law did was to fix the ratio
between gold and silver for coinage at six
teen to one. That was all that the law
could do. The government was not strong
enough to fix the value of bushel OF wheat,
and it could not fix the value of an ounce
of silver bullion II silver reached par.
ity with gold it would remain there only SO
long as the government paid the price; the
wants Of the people and not the law Of man
regulated markets Mr.. Sherman declared
that wherever there was free coinage of
silver gold was demonetized, or quoted at
premium. There was no country in
Europe where there was free coinage Of
silver. What sane man would pay any
debt in gold when he could take to the
mint silver bullion, costing less in the mar.
kets of the world, and receive for II treasury
notes which were legal tender for all debts
If the mints were thrown open to the re.
ception and coinage Of silver bullion would
be brought here from abroad.
Mr. Sherman fortified his argument by
citing the fact that when silver, under the
ratio Of 1884 was at premium here, it was
demonetized and remained so for years,
and in order TO get the benefit OF the use
OF silver we had to reduce the ratio in
order to prevent it expectation. When the
ratio OF 1894 was adopted all the silver
coined here fled from the country, because
ii was valued more highly in other coun-
tries.
Not Opposed to the Bland-AIlison Act.
Mr.. Sherman. referring to the silver
legislation of 1873, said he opposed the
original Bland free coinage bill, fearing
IL would make a revolution In the none
tary affairs OF the country, but had not op-
posed the Bland-Allison act as it was
passed, with its limitations to coinage.
President Hayes fearing that the act with
its limitations might lead to serious none
tary troubles had vetoed It, but he had not
advised such a veto. Speaking of the
nd-Allison act, Mr. Sherman said $50,
OOO. 900 of silver dollars had been coined
and maintained at par with gold-not be-
cause Of the intrinsic value Of the silver
dollars, but because OF the credit of the
government; the great mass OF bullion be-
hind silver certificates and the provision
that they should be treated as money in
their broadest sense.
The Present Law Praised.
He did not think the United States, un.
aided by the cooperation Of foreign powers,
could bring this vast commodity up to
S1.29 and keep II there, and the logical re-
suit OF the legislation proposed would be
to establish new ratio OF value by which
$l.29 Of silver bullion could be converted
into money under all circumstances, even
in the midst of panic. The arbitrary price
proposed to be paid for silver had not been
reached for fifteen years. His silver friends
ought TO be satisfied with the present law.
Why, he asked, should the bullion owners
OF Nevada and Colorado be paid more than
the market price for their silverf Why
should not the farmer say when his wheat
went down to less than n living price,
"Give me what ought to have, the aver
age price per year" The present law was
a good one, ald it contained a declaration
which he thought was a point OF honor,
that 1t would be the established policy Of
the United States 20 maintain the parity
OF the two metals, and now within a year
a measure was proposed which would de
stroy that parity. Among the evil effects
sure to follow free coinage OF silver was
increased expectation OF gold. While the
currency would be expanded by the issue
OF treasury notes it would be contracted
by the expectation Of gold
Was II wlssG
Mr.. Allison, in opposing the free coinage
provision Of the bill, said he believed that
silver had an of the qualities that gold
had, and whatever be could do to promote
that end he would do here always, but was
it wise to the pensioner, to the laborer TO
the tiller of the soil, 20 the mechanic, TO
any man who earned his money by the
sweat OF his face, to change in a moment
the relations Of money to property and to
values to the extent Of "a per cent?
The Demooracy's Leadership.
Mr.. Aldrich next spoke. He declared
himself surprised at the attitude OF Demo
cratic senators on the subject, and read to
them a portion Of Mr. Cleveland's silver
letter to A. J. Warner and others before
his Inauguration in relation to the silver
question. Common rumor had it that the
senator from Nevada (Mr. Stewart) would
have the support Of the solid Democratic
vote, and therefore he wished to call their
attention to the change which such vote
would show to have taken place in the
policy Of their party. Mr.. Cleveland had
made a speech in Philadelphia last week
in which he undertook to delineate the
principles of true Democracy. There was
not one word in il in favor Of the free coin
age of silver. He had not expected that
the senator from Nevada was to be depend
ed upon to furnish tl.a principles of true
Democracy rather than that Grover Cleve-
land should. He did not know that Mr..
Cleveland had been displaced in his lead
ership by that r-(laughter)-and he
would watch with much interest to see
whether the ghost dance which had been
going on on the Democratic side of the
chamber would materialize into actual
leadership of the party for all time TO
come. Naughter.)
naat1, Of cart 1rto,.,.