Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-28
SHERMAN ON FINANCE
The Money Question Forcibly Pre-
sented to a Large Audience.
POSITIONS OF THE TWO PARTIES.
A Strong Appeal to Ohio Voters to Stand by
Honest Money.
SCHEMES OF SILVER BARcNS EXPOSED

Ohio Republican campaign here To-Day In Q
masterfuI speech on the money question.
There was very large audience present to
hear him In his speech he said:
am much gratified that 1 am called upon
to open my part in the political canvass in
Ohio in the county of Paulding. But, fellow
citizens, do not come here to talk about
your iocal affairs or oven about Ohio, but of
questions that affect every citizen of the
United States of America. 1t has been said
by many persons of both political parties
that this is to be O campaign of education.
belisv. it ought to be so, fov the leading
ous1aious involved are purely business ques-
tiors Gi1ecting material interests common
alike to men of ali parties.
Upon two great measures of public policy
the Republican and Democratic parties have
made q formal and distinct issue, and these
are to be submitted to the people of Ohio in
November, and your decision will have a
marked effect upon public opinion through
out the Uuited States. One is whether the
holder OF silver bullion may deposit il in the
Treasury of the United States and de-
Inand and reos've for it 81 OF coined
money for every 81 grains OF fine silver de
posted. Tho marked value Of so much sill
yer bullion Is now about "a cents, varying,
however, from day to day like other COM
modities sometimes more and sometimes
less.
The other question is whether the policy
OF taxing imported goods by the Govern
existing tariff law known as the Mckinley
tariff is a wise pubsic policy or whether it
should be superseded by what is called q
tariff for regenue only AS embodied IN what
is known as the Mills pill which passed the
House Of Representatives in 1855 and was re-
jccted by the Senate.
DIVIDED QUESTION.
Now, propose on this occasion to conf1ne
myself mainly 10 frank and homely discus
sion Of the money question as the most press
ing, not that the tariff question is not equally
important but for the reason that can only
do one thing ut a time, and the money ques-
ticn Is newer one is now before us, upon
which Republicans and Democrats alike are
somewhat divided.
Under the present law the United States is
now purchasing monthly more than the en-
tire product of silver bullion in the United
States, and ell this bullion is represented in
our currency by either silver coin or legal
tender treasury notes of the United States
We expended under this act in the purchase
Of silver bullion prior to August l of this
year S2l, and issued that amount of
Treasury notes, which are now in circulation.
We thus provided an increase of currency
equal to or greater than the increase of busi-
ness and population of the United States.
Under 1t we purchase silver bullion at its
market price and hold it in the Treasury as
security for and redemption of the Treasury
notes on demand, and thus maintain these
notes at the parity Of greenbacks and gold.
This is now the declared policy of the United
states. lnOec II we VIII nave a constantly
increasing volume of currency absolutely
safe, and any profit derived from the pur~
chase of silver bullion and coming it will
inure to the benefit of the people of the
United states. The tendency of this policy,
it is admitted, has been and will be to gradu-
ally advance the value of silver bullion to
its legal ratio with gold, and when this is
reached both gold and silver would be
coined at the mint on equal terms and con-
ditions.
SILVER MEMS DEMANDS
Nearly all the silver produced in the
United States is by rich corporations in a
few new states and its productiorfat market
price is far more profitable than any crop of
the farmer, and yet it is the demand of the
producer of silver bullion that the United
States should pay him % per cent more than
its market value that lies at the foundation
OF the difference between the Republican
and Democratic parties.
BY the act of 1890 Congress suspended the
coinage Of silver dollars unless needed for |
circulation. To provide a market for our |
silver and for an increase of currency it |
directed the purchase OF $50, 100000 ounces of |
nne silver each month. making $4,000, 600 coo |
ounces year, at its market value and upon |
the security of this to issue legal tender |
TREASURY notes for the full amount of the /
cost of the silver, thus giving staple mar |
ket for all and more than the silver pro- |
duced IN the United states, and, at the same |
time, furnishing TO the people an increase |
of circulating money greater than the in |
crease of our population.
This increased purchase Of silver was felt |
by conservative men to have gone to the eX- |
treme extent in favor OF the producers of |
silver. l yielded with reluctance to the |
amount provided for, but it seemed to be the |
most eXpedient measure 10 stop coinage |
already in excess Of popular demand and to |
furnish good paper currency more favored |
by the people.
A BENEFICIAL MEASURE
now believe the measure will work out |
the most beneficial results. 1t will tend to |
advance silver to its old parity with gold. 1t |
has already advanced the value of our vast |
store of silver in the Treasury. 1t has given |
great activity to the production of silver. 1t |
has furnished an increase of circulation. 1t |
has maintained the gold standard while |
utilizing and benefiting silver to the utmost |
extent short of demonetizing gold. 1t is the
kew TO our exalted, almost pre-eminent, |
standing in commercial credit and national |
homer among the nations of the world. 1t |
treats both silver and gold, like all other
commodities or productions. as subject to
the universal rule of being worth what they
will bring in the markets of the world. This |
s the Republican doctrine now proclaimed |
in our Ohio platform.
Our Democratic friends differ from us in |
this particular. They are in favor of allow
Ing any holder of silver bullion, foreign or
domestic, any old silyerware or melted tea
pot, any part of the vast accumulated hoard I
1f silver in India, China, So t.a America and
other countries Of the world. estimated by
to be s3,s 0,57' ,346 to present it
to the treasury OF the Unitei States and de-
nand 81 OF cur mOneJ, or our promises to |
nay money, for S7l grains of silver. or any
multiple of that sum, UhciSgh this amount of
-ilvSr is now worth only II cents and has |
or 8 period OF years been as low as II
cents.
If with free silver we receive only the |
quantity of silver we are required to pur-
5huse by existing law, the United States
a rsaar /
{ purchased at the market value, and this
7ast sum would be paid annually as bounty
70 the producers of silver bullion.
THE WORST EVIL.
But this is not the worst of It, Free coin
Ige means that we shall purchase, not mere
Y four and half million ounces a month,
lut all the silver that is offered come fran
there it may, if presented in quantities of
90 ounces at time. We are to give to the
,oIder either coin or Treasury notes, at his
option at the rate OF 81 for every 81 grains, !
low worth in the market az cents
VINO can estimate the untold boards of sill |
yer that will come into the Treasury if this |
policy is adopted. Ali of this will be repre-
ented Ey our Treasury notes-an incree se |
'entS an ounce more than the market Drice |
or all the silver afloat and all that can be |
lcreafter produced, made at q time when |
liver is declining in value, ,and when MANY |
II the commercial nations are seeking to |
onvert their silver into gold The Latin |
laUions, including France, have been irving |
o maintain the value of silver, but the Latin |
Jnion is now dissolved, and each OF these
ations are now seeking for gold to replace
heir silver.
But it is said if we adopt the silver stand
I'd we will get more money for our labor
nd productions. This does hot follow but |
ven ii it be true the purchasing power Of
ar money viii DE diminished. All expeJ-i-
nee proves that labor and the productions ;
IA las.