The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-01-14
Made in the Senate OF the United
States by Sherman, Of
Ohio.
The Sole Question Is, Does the
World Want Silver as
Money?
AllisOn Announces Change NJ Front on
the First section--Other Speeches
to Follow.

WARRINGTON Jan. BIN the senate
Morgan. on behalf Of .Colquitt, gave notice
of an amendment to the financial bill, abol-
ishing the tax on state banks. The senate
then resumed consideration Of the financial
bill aNid was addressed by Sherman. The
Stewart amendment. he said, was radical
proposition which changed the whole char
acter of the bill. II WAS proposition that
the United States should pay $1.23for every
ounce Of silver bullion that might be offered
from any part of the world. Not only this,
but it had no option as to the mode of pay
ment. The option was in the hands of the
owner. This proposed measure gave prefer
ence to silver over gold. Not only this, but
it was not open to further amendment. To-
day the value of the silver in the market of
the world WAS something about $1.05 an
ounce. Here was an offer to pay "a cents
an ounce more than the market price.
Sherman also criticised the proposition that
silver was to be formed into soin or bars at
the option Of the owner, 'without charge"
He said, in all sincerity, that if he believed
the free coinage of silver would enable the
United States to maintain the value of
silver bullion up to that Of gold, he would
vote for free coinage to-day. But if it
were admitted that silver could not reach
gold except by the government paying
bounty to the producers Of domestic silver,
he did not think there was any danger of
the measure passing.
Sherman spoke Of the Latin union, and
said the United States WAS much more lib
eral to silver than was even France; and
yet the senate had been told of the great
prosperity of France, and that wonderful
prosperity had been attributed to it's treat
ment of silver. Hs said it was ridiculous
to represent France as silver country.
Silver was not legal tender for a higher
amount than fifty francs. He did not see
why his silver friends, or the people, ought
not to be satisfied with the present
law. u WAS ompromise PROPOSE
tons made after grave reflection.
Why should the bullion owners of Nevada
and Colorado be paid more than the mar
ket price for their silver? The present law
worked we'll. Last session it was agreed to
by the silver men as all they wanted. II
contained declaration (which he thought
was point of honor that it would be the
established policy of the United States to
maintain the parity of the two metals.
Now. within year. measure was pro-
posed which would destroy that parity.
The immediate effect of free coinage
would be to increase the expectation of
gold. While the currency would be
expanded by the issue of treas
ury notes. it would be con
other effect would be to increase the i'm
portation of silver. When the market for
silver was in the lrost disturbed state pos.
sible, when the United States alone was
bulling silver against the world, when the
Latin nations were seeking more stable
standard, it was proposed that the United
at price far above the market
value. Was 1t not serious thing to make
this offer, in view of the great store of sill
YER in the world.
Continuing, Sherman said he was
ashamed that a great nation like ours
should be content to lower its standard of
value to join China, Japan. and the South
American states. and to leave the great
company of commercial nations, which
now hoT efully stood by gold standard of
value. For, whatever might be said of sill
yer, no one would question that in the
great business transactions of life silver
would not answer the purpose; it would be
measured by the ton; gold alone was the
standard of value.
He could see nothing in the future of this
measure except distrust, fear and change of
yalues. 1t would injure all those who de-
pend on their labor and upon the produc-
ton of the farm and of the workshop.
There was no difficulty. Sherman asserted,
in keeping gold and silver at a parity with
each other. When they separated in mar
ket value and when 1t was clearly per
ceived that either metal was going down i'll
value, then the ratio should he changed.
He believed the best money ever devised
by man was the treasury notes of the
United States issued under the law of the
last session-gold certificates and silver
certificates. The common people believed
in hard money. They were wiling to have
paper money. but they wanted it main
tanned mt par. He cautioned the democrat
ic senators from the east and the senators
from tho southern states that If they COM
mitted themselves to the policy of the free
coinage OF silver, they would have tho
burden of that commitment next year,
when the responsibility of legislation
would be upon them, and he
reminded them that during four years of
democratic administration they had not
dared to propose snch n measure. but kept
as quiet as possible. and no alliance would
IL
coinage. For one he would stand by the
legal standard of value on which public and
private contracts had been based. After
speaking four hours Sherman resumed his
seat amid applause.
teller said the senator's argument had
been an appeal against the miners of the
country. The question was not one of
compensation to miners, but whether the
world wanted silver As money. Allison said
il was true the people of the United States
did not favor the use Of metallic money III
ordinary transactions, whether of silver or
gold. They preferred paper substitutes for
coin. whether the coin be OF silver or gold.
lie alluded to the recent monetary stringency
and said that in obedience to what he be-
lieved to be the wishes of those VINO desired
to increase the currency, and of thoss who
wished to give steadiness to silver bullion,
| he had voted III favor of the first section of
the bill, in favor of making an additional
purchase of l2,0100OO ounces of silver.
But, after having listened To the speeches
of the senators from Colorado and Nevada,
he would, when the opportunity offered.
move to strike from the bill ,ts first section.
The last section of the bill he regarded as II
vital one II authorized the president.
when sufficient number of commercial
nations had agreed upon common ratio,
to make proclamation to that effect and
. to open our mints To free coinage. That
| was statement to the nations Of the world