New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-10
SpN1TnR SHERMANS LETTER.


Senator Sherman has rendered most valu-
able service to the country in his letter on tne
free coinage of silver. 1t was most brave
and manly thing for him to do at this tme' WIN
his own election as Senator depending upon d
choice of Legislature in Ohio. lie well knew
that considerable body OF voters, more OF
less closely associated with the so-called REQ
ple's party organized at the recent Cinclnnan
Convention, had declared in an emphatic way
for unlimited coinage of silver. lie was well
aware, also that the craze for silver coinage
had swept through the State OF Ohio at one
time with as much force as it had shown IN
almost any other State. Mr.. sherman was not
ignorant that his strong argument against MS
pet deluson WIS likely 10 cost him the support
of considerable number of voters. NeVerthe-
less. he remembered that he serves his party
best who selves his country best" and recog-
nized the need of meeting this deluson with
earnest and uncompromising argument.
The opponents of Mr. Sherman will not dis
pute that his argument on this subject is Pc
ouliarly forcible. lie avows an earnest desire
to see the price of silver bullion advanced aS
far as that is possible without injury to the
public welfare, and says with truth that he
"gladly contributed his full share to this meas
re,n-the Silver Act passed by the last CON
cress. He adds: Il would gladly do anything
in nv power to advance the market value OF
silver to its legal ratio to gold, but this can
only he done in concert with other commercial
nationso II is strange that few comprehend
this fact, even among business men whose
everyday occupations give them unusual means
Of knowledge. Mr. Sherman goes further, and
affirms that I" the attempt to do it by the Unted
States alone would only demonstrate our weak
ness. to the extent that the enormous demand
made bv the existing law advanced the price
of silver. The producer receives the benefit
and TODAY the production of silver is probably
the most profitable industry in the United
States.u Mr.. Sherman further argues that
there is no propriety whatever IN demanding
more, on behalf of the silver-produclng induS-
try, than is asked on behalf of any other branch
of production in this country.
The United States Government has in TACT
done more for this one industry than for any
other. In no other case has it established ~
artificial market for the product. the Govern
ment itself being by law required TO buy any
norton Whatever Of the annual yield. Dut III
the case of silver, not only has this exceptional
course been chosen, but the United States Gov
eminent is by law required to purchase sub
stantially the entire annual product OF the
mines in this country. Mr. Sherman places this
fact before the public in a strong light and
proceeds to urge with great truth that these
purchases have in fact nothing to do with the
increased issues Of currency which the stare
of business is supposed to require. The new
notes issued during the last six months are
nominaIy based upon silver bullion. But it
has been made known by the Secretary OF the
Treasury that these notes are in fact redeemed
as they are in law expressly made redcemable'
in gold coin as well as in silver coin. Further
the express provision of law requires the Score
tarv of the Treasury to maintain the parity OF
GOLD and silver in circulation, and this means IN
practical effect, the redemption in gold coin OF
any portion of the notes for which holders may
demand gold. It is therefore plain that these
issues Of notes are in no way really limited by
the purchases of silver bullion, and might as
we'll have been issued Iedeemabe in gold alone
without any silver bullion behind them.
In making this sharp distinction between the
coinage Of silver and purchases of silver bullion
on one hand, and the additional issues OF cur
rency on the Other Senator Sherman has done
much to clear the minds of the people, it may
be boped. of a confusion Of thought which has
undoubtedly misled many.