Morning journal and courier., 1891-01-14
THRFIrrY.FIRsr CoNeREss.

Bill Characterized as q Radica
 PropOsltion-Revie of the BlanS
 Bills. . --....
 WASHINGTON, D. O., Jan. 13.-Hr. Mo,
 gan lon behalf of MT. ColquitD gave nc
 tice to an amendment to the financial bil abolishing the tax on state banks. The senate then resumed the considera
 tion of the financial bill and was addressed by MT. Sherman.
 The amendment, he said, was a radica
 proposition which changed the who'll
 character of the bill and excited his feel
 ings somewhat. He thought that unde,
 the circumstances he was justified in al
 he said the other day, and what he said
 then he repeaten now. But now he wished to discuss the measure as business
 question, which affected the rights and property of every citizen of the United States.
 It would be perceived that the amend ment was proposition that the United States should pay 1.29 of every ounce of silver bullion that might be offered from any part of the world. The United States was not at liberty to pay for that bullion in silver coin, or silver dollars of which it had 5000, ,000 in the treasury but the option was entirely with the holder of bullion to demand coin or bars or treasury notes. There was no option left to the treasurer. The price was fixed and the holder of the bullion would take the most valuable mode of payment which probably promises 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 United States notes and better than silver certificates. So that not only was the United States bound to purchase all the bullion offered at $1.29 per ounce but it had no option as to the mode of pay ment. The option was in the hands of the owner.
 MT. Sherman then passed to a review of the legislation of 1878 in connection with the Bland bills, and said that he had been charged with opposing the Bland bill. He had done so. He had before him the re- port of an interview-which he had had as secretary of the secretary with a commit tee of the house in regard to it. in which he had said that if the Bland bill was passed it would make an entire revolution in the money affairs of the country. He had said that the free coinage of silver meant the single standard of silver; and all that he then said he now agreed to. But he had not opposed the Bland-Allison act. On the contrary when he had been called before committee of the senate on that subject he had stated his belief that the Bland-Allison act (not the Bland bill, but the act as it passed) would be in aid of 
 MT. Sherman went on to speak of the workings of the Bland Allison act and said that since its passage 3S0, 1000, 900 of silver dollars had been coined and maintained at par with gold, not because of the intrinsic value of the silver dollars, but because of the credit of the government of the mass of bullion silver behind the coins and the provision that they should be treated in the broadest sense There had been enough to maintain that great mass of sil- yer coin which to standard of gold, al though the metal out of which it was made had been going down day by day in all the markets of the world. There was now in the treasury $320, ,000, ,000 of the coin. In spite of all the efforts made by every per son charged with that duty not more than from 50, 900, 900 to 1000, 900 of silver dol lars could ever be got into circulation.
 The people of the United States were too much accustomed to the use of paper money to give it up, and so the silver dol lars had to be kept in the treasury and to be represented by certificates. To that he had no objection. And then, last session, it was proposed to that same policy by a bill to increase the purchase of silver bullion, he has cheerfully supported it. The principle, he said, was there, namely: The maintenance of the parity of the two metals by the governments power, what ever the market value. If the Bland bill had passed the country would be to-day, MT. Sherman asserted, on a silver stan dard. But the Allison bill had passed ,and the country was on what he thought the gold standard. And yet the United States used silver to a greater extent than any country, except France alone.
 MT. Sherman then referred to the Latin which it had been formed, namely: To protect gold circulation and silver circu- lation alike. The treaty of union had ex- pired on the first of January, 1991-a fort night ago. It was simply kept in exist. ence now by the will of the parties to it. The Latin nations did not differ in their financial policy from the United States, except in one material respect. They did not coin silver, and the United States did. The United States was much more liberal to silver than was even France, and yet the senate had been told of the great pros perity of France, and that wonderful pros perity had been attributed to it's treatment of silver. He had before him the law of the country as to coinage and the treaties which regulated that law, and he declared that in France they were not half as lib eral about silver as they had been for years in the United States under the Allison act. Silver was not legal tender in France for higher amount than 50 francs. And yet the senate had been told that France was silver nation. France was not in any sense silver country.
 MT. Sherman, continuing, said that whatever might be said about the present law he believed it to be a good one. It contained declaration that it would be the established policy of the United States to maintain the parity of the metals. Now within year measure was proposed, immediate effect of free coinage would be to increase the exportation of gold. That was necessary and natural result. While the currency would be expanded by the issue of treasury notes it would be con tracted by the exportation of gold. An other effect would be to increase the i'm portation of silver When the market for silver was in the most disturbed state pos sible, when the United States alone was pulling against the world, when the Lat in nations were seeking more stable standard, it was proposed that the United States should step in and buy silver at a price far above it's market value. Was il not serious thing to make this offer ir view of the great store of silver in the world?
 Mir. Sherman said he was ashamed that great nation like ours should be content to lower it's standard to join China, Japan and the South American states and leave the great company of commercial nations which now hopefully stood by the bes
 standard of value. It would be measured
 by the tone. Gold alone was the standard
 of value. While silver standard migh
 not bring ruin upon the country still il
 would be lowering of our flag which h.
 trusted the United States would never
 agree to- Mir Sherman then went on tt argue Certifying his argument witl statistics) that the cost of producing al
 ounce of silver in this country was abou
 fifty cents.
 After speaking for about four hours MT
 Sherman resumed his seat, amid considera
 ble applause.
 SURVIVORS OF A sHIPWRECK. Loss of an American Vessel or Grey town-Escape of the Officers an' Crew With the Captains Wife an' Child.
 NETWORK, Jan. 13.vThe British steam shin Hondo arrived here to-day from Grey