Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-07-09
SILVER COINAGE.
John Sherman Writes Letter
on the Subject.
HE rs DEAD AGAINST FREE SILVER

More Reason for the Government to Buy
the Farmers Grain at Above the Mar
ket Price Than the Product of the Sill
yer 1Iines-A Difference Between Free
Coinage and Increased Circulating Me-
dium-That Mcclure on Lincoln-Hamlin
Controversy Again.
WASHINGTON COURT HOUSE, O., July S
Senator John Sherman, Ohio's senior
senator, in a letter dated Mansfield, o.
July z, says regarding the free coinage Of
silver: Il can appreciate the earnest de
mand Of the producers.of silver bullion
that the United States should pay S1.20 an
ounce for silver bullion, which in the mar.
kets of the world has been for a series OF
years worth only about 81 an ounce, some.
times little more, sometimes little less.
But I cannot appreciate why any farmer
or other producer should desire that the
government should pay for any article
more than its market value.
Better Buy the Farmers Wheat.
1T would be much better that the gov
ernmen5 should pay 81 bushel for wheat
when il is worth less but no sensible
fa.Iner would desire the government to
GIL bark in such an enterprise. The gov
ernment should purchase the articles it
needs, Ike all other purchasers, at the
market price. The distinction sought to
beg made in favor of silver is without
foundation. The governmentnow buys
in the open market more than the entire
domestic production of silver bullion be-
cause it needs it for coinage, and rs the
basis of treasury notes ] gladly contrib
uted my full share to this measure and
would do anything in my power to ad-
vance the market value to its legal ratio
to gold.
silver Production Profitable.
But his can only be done in concert
with other commercial nations The at
tempt to DO il by the United States alone
would only demonstrate our weakness
To the extent that the enormous demand
made by the existing law advances the
price Of silver, the producers derive the
benefit, and today the production of silver
Is probably the most profitable in the
the United States. To ask more seems to
me unreasonable, and il yielded to will
bring ali of our money TO the single silver
standard alone, demoralizing gold and
detach the United States from the stand
ing of the great commercial nations of the
world
Free Coinage and More Money.
The unreasonable demand for the free
coinage OF silver has nothing to do with
the reasonable demand for the increase of
the volume of money required by the in
crease of business and population of the
United States. We have provided by ex-
istinS law for the increase of money to an
amount greater than the increase of bust
ness and population, but even if more
money is required, there are many ways
OF providing it without cheapcning the
purchasing power of our money or max
ing wide difference between the kinds of
money in circulation based on silver and
gold
Pretty Well Fixed at Present
More than 81 per cent. of all payments
are now made in checks, drafts, and other
commercial devices All kinds of circu-
lating notes are now equal TO each other,
and are kept at the gold standard by re
demption and exchange. Our money and
our credit are now equal to or better than
those of the most civilized nations of the
world. Our productions of every kind are
increasing, and il seems TO me almost a.
wild lunacy for us to disturb this happy
cOndltlOn py changing the standard OF all
contracts, including special contracts pay
able in gold and again paying gold to the
capitalists, and silver, at an exaggerated
price, to the farmer, laborer, and pen
sioner.
Com pliments to the Changers.
Il would not be true to my convictions
of what is best for the good of my con-
stituents il l did not frankly and firmly
stand by my convictions, whatever may be
the effect upon me personally. My great
est obligations have been to the farmers of
Ohio, and [ would be unworthy of their
trust and confidence if l did not baseech
them to stand by the financial policy
which will secure them the best results
for their labor and productions and the
comfort and prosperity of all classes
alike"
Mn 4 IrIHOI Al nDDOcc L,MI thto