Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-01-13
Senator Sherman Speaks Against the
Stewart Amendment.
PAST LEGISLATION REVIEWED.
The Army Appropriation Bill Dis
cussed in the House.
INSTRUCTING THE MILITIA.
THE SENATE.

House bill authorizing the removal Of the
charge OF desertion against Dudley johnson.
late ordnance sergeant Z. s. A., was passed.
with an amendment providing that johnson
shall not be entitled to any pay by reason Of
this action.
bill was passed authorizing The construction
Of bridge across the Red River Of the North
at Drayton, n. ID.
MR. SHERMAN on FINANCE.
The Senate then resumed consideration of
the financial bill, Mr.. Sherman taking the fioor
to speak.
The amendment he said. was a radical propo-
| sition which changed the whole character of
| the bill and excited his feelings somewhat. He
| thought that under the circumstances he WAS
justified in all he said the other day, and what
he said then he repeated now. But now he
| wished to discuss the measure a business
| question which affected the rights and prop
| erty of every citizen of the United States.
1t would be perceived that the amendment
| was proposition that the United States should
pay 81 20 for 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 silver dollars, of
| which it had $500. 900. 600 in the treasury, but
| the option was entirely with the holder of the
bullion to demand coin or bars or treasury
notec. There was no option left 10 the
| treasurer. Tho price was fixed and the holder
| of the bullion would take the most valuable
mode of payment.which probably was treasury
| notes. These notes were 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 Sl.29 per
| ounce. but it had no option as to the mode of
payment. The option was in the hands of the
| owner.
Mr.. Stewart inquired whether the same law
| did not apply in regard TO gold.
PREFERENCE TO SILVER OVER GOLD.
Mr.. sherman replied that it did not This
proposed measure was much broader. as he
would presently show. This gave preference
to silver over gold. Not only this. but whether
intended or not) this amendment was offered
amendment. The price was fixed at Sl.29.
Today the value OF silver in the
markets of the world was something
about S1.05 an ounce. Here an offer to
pay "a cents an ounce more than the market
price. There was another feature of this prop
Osition, which was that the silver was to be
formed into coin or bars, at the option of the
owner, without charge" There could be no
deduction made in the mint for the expense of
fitting the silver for coinage. 1t was true that
under the law gold was coined without charge.
Du. there was charge for part
ing and preparing and stiffening the
motal-adding the proper alloy. The de-
positor of gold bullion was liable to a deduc-
tion for these charges. But under this meas
ure the owner of silver bullion was subject to
no charge whatever. The bullion was deposited
and coined or made into bars without charge
| no matter in what FORM The silver was pre-
sented; it had to be worked over. Pure silver
deposited was sometimes more dificult than
that containing alloy. because the alloy must be
added to it. At the minimum (according to
the director of the mint the cost of refining
and coming silver was cents an ounce. These
cents were paid by the United States to put
for which it paid sl.2s an ounce.
He said the other day that this
proportion would tend to change the standard
of value of all property in the United States
and that in time it would demonetize gold.
Thereupon the Senator from Missouri (Mr.
| Vest) had made the remark that if the free
coinage of silver would put gold at premium
would separate the two metals and would
change the nature Of contracts he would refuse
| to 60 further In that direction. He
(Mr. Sherman) said now, in all sin
cerity, that if he believed that the
free coinage of silver wonld enable us to main
tain the value of silver bullion up to that of
gold, he would vote for free coinage today
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 this
measure passing. If it were admitted that a
except by the United States standing as a pur-
chaser in the world. he did not think that this
was thing that ought to be aimed at
ONLY ONE WAY TO MAKE THE METALS EQUAL
Mr.. Teller said that the advocates of free
coinage all over the world had asserted as a
fundamental principle that there was only one
way to put silver and gold on an equality, and
that was by law which would put the two metals
| on some ratio to be fixed.
Ia Al. I'LL n. \
the ratio for coinage at l6 to L. That was all
the law could do. The law could not fix the
price and value Of silver bullion. Congress was
potent in many things. The government was
strong, but not strong enough to fix the value
of bushel of wheat. 1t could not fix the value
of an ounce of silver bullion.
When it proposed to pay S129 an ounce for
silver worth Sl.05 it would undoubtedly adj
vance the value of silver. Silver might reach
parity with gold. How long would it remain
there? Only SO long as the government paid
that price. Market value was the judgment of
the world, not of any nation II was the
want Of the people that regulated
market not the laws Of man. The problem to
be solved was: How could two articles of un-
| equal value be maintained at equality with
each other? How could silver and gold, which
varied in the markets Of the world, be main
tained at ratio proposed by law2
| THE TWO THEORIES.
There were two theories on the subject both
OF them entertained honestly DIV intelligent
men. One of them was, first, limit TO the
coinage of the cheaper metal and its mainten-
ance by redemption at par with the dearer
| metal That was bi-metalism, as he understood
it. The other theory was the free coinage of
| the cheaper metal without limitation. That
meant meno-metalism- Nothing else could
name it.
II one metal was allowed TO be coined which
was cheaper than the other metal the cheaper
metal would take the whole volume Of circula-
| ton, and the dearer metal would either be
boarded or exported TO other countries where
| il was in demand Was there (Mr. Sherman
asked) any doubt about iH Both these
theories had been tried in the United sAtes
and other countries In this connection
| he gave . historical review Of the question and
said that in every country In the world, vher-
ever there was free coinage Of silver, gold was
demonetized or quoted st . premium. There
was no country in Europe There there was
now free coinage Of silver; neither IN
France nor In any Of the Latin ma
tons, which had often been quoted q
having . silver standard. Indeed, they had
entered into stipulations with each other that
| the only coin which had ever been legal ten
der for al purposes in France should
not be Issued BY any Of them except with the
consent Of all Under thesA circumstances he
asked, what ane man, what intelligent man.
would pay any debt or oblisation In gold when
[0bsti.ssd o. ma Rs0Al