New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-14

In which that gentleman Is quoted as eulogizing the
sherman Compromise bill, and saying "Frco coinage
Is impractlcabe. 1t is all and the men are
dishonest who want it, 0.aughterl.
Mr. Stewart said that the report was elaborate
attempt to msrepresent what he did say. lie did say
that the purchase of 100000 was better for
the miners than the purchase Of 100000. lie further
said that simple free coinage without bullion clause
would not answer the purpose because the capacity
Of the minis would not permit of the coming OF moro
than 100000 ounces Of silver. with the necessary
gold. 1t would therefore be In the power OF the gold
men to limit the amount Of silver that should DO
absorbed. He said that free coinage without such
provision would be dclnson. lie never said that
he did not want free coinage
sr Sherman continuing said that whatever might
be said about the present law he believed 1t 20 be
good law. 1t contained declaration (which he thought
point Of honor that 1t be the established
policy Of the United States to maintain the parity Of
the two metals Now, within o year. a measure
proposed which would destroy that parity. The Inn
mediate effect Of free coinage would be to increase the
expectation of gold That necessary and natural
result. While the currency would be expanded by the
Issue OF Treasury notes. 1t would be contracted by the
expectation Of gold. Another effect would be TO In.
crease the importation OF silver. When the market
for silver in the most disturbed state possible,
when the United states alone bug silver against
the world when the Latin nations seeking
stable standard 1t PROPOSED that the United States
should step In and buy silver price far above its
market value. Was 1t not a serious thing to make
this offer. in view Of the great store of silver In the
world
Mr.. Gray inquired whether, II the United States
were on silver basis there would be any temptation
to the holders Of foreign silver million to bring 1t to
| American hints.
Mr.. Sherman replied that II the Senator looked COM
placenty upon single silver standard he had nothing
4 to say. What he was trying to show was that the
logical and necessary effect of reecoinagc to bring
the country to silver standard. lie did not mean to
say that the people of the United States would DO
ruined by Ihat standard.
Mr. Gray-The United States having come to a silver
standard. will there be a. temptation to the foreign
holders OF silver to exchange silver bullion for 412 IL
grains silver dollars.
| Mr. shcrman-I think there would because think
we would stu be paying more for silver than anybody
else
Continuing, Mr.. Sherman said he was ashamed that
great nation like this should be content TO lower It's
standard OF value to join China Japan and the South
American States, and to leave the great company OF
commercial nations, which now hopefully stood by the
best standard Of value. For whatever might be said
OF silver no one would question that In the great bust
ness transactions Of life silver would not answer the
purpose. 1t would be measured by the ton. Gold
alone was the standard Of value. While
silver standard might not bring ruin upon the
country, still it wouia be lowering OF
the nag, which he trusted the United States would
hONSi "sicO WHICH an INFERIOR standard OF
was substituted for an SUPERIOR. il drove out the
| superior There could be only one standard of money
or OF measure. or OF weight If goods were measured
by shorter yard. the price would conform to that
yard. Tho country was in prosperous condition It's
growing prosperity would be arrested by change in the
standard OF value He could nothing In the future
of this measure except dstrst. fear and change of
values. 1t would injure all those who depend upon
their hbor and upon the production Of the farm and
Of tho workshop.
i Mr.. Sherman then went to argue certifying his
argument with statistics that the cost of producing
an ounce OF silver in this country was about so
cents. There were other causes no said. that would
add to the production Of silver and reduce its prices
One was the new silver mines that being con-
stany opened From the Yukon River in Alaska to the
Straghts Of Magellan there not probably an interval
of fifty miles in the vast chain Of mountains where
silver could not be found
| Mr.. Stewart attempted to ask question. but Mr.
Sherman declined to listen to it. Not only he con-
tinued were new mines being opened but silver was
universal. and was to be found in almost every
country In the world. Then, besides there were new
processes being constantly adopted for the smelling
and refining Of silver, and those processes were
greatly lessening the cost Of production. For 400
years the value Of silver had been relatively declining
At the time Of the discovery Of America eight ounces
of silver worth OF gold and since then
the disparity had grown greater and greater until
at one tIioe 1t took twenty two Of silver to one
Of gold. The loss Of value during that 400 years
had been more than twOfold compared with gold.
1t was the same with otller metas-iron lead nickel
and tin. This was a mining age. There no
difficulty. Mr.. Sherman asserted. in keeping gold and
silver Al parity with each other When they separated
from each other in market value. and when II was
clearly perceived that either metal going in
value. then the ratio should be changed. There
nothing sacred about ratio 1t was now 10 TO 1
in the United States. 10 IL TO / in France. and
IS to in some other countries. while the market
t..A
simple. plain remedy "a change Of ratio after CON
ferrlng with the nations Of the world about 1t. the
extreme remedy was being pressed Of basng all the
wealth Of the country standard of silver which
was going down in value relatively to gold.
and had been going down for 400 years.
He believed that the best money ever
devised by the Treasury notes of the United
states, issued under the law Of last sessongoh cert
fcates and silver certificates. That was the kind Of
money which would always circulate. Neither gold
nor silver could circulate among the American people.
He had tried when Secretary of the Treasury, TO
get silver subsidiary coin into larger circulation by
sending II to varous pOstOces Of the country but IL
had all been returned at much expense to the Gov
eminent. And there 100000 900 of subsidiary
silver lying Idle in the Treasury this bill proposing
TO issue silver certificates upon it, and there wa also
lying In the Treasury mass Of 320,0OOOOO Of silver
dollars. That was the highest evidence that the
people OF the country did not want either silver coin
or gold coin. They wanted paper money, based
silver and gold, based solid values and supported
by the credit OF the Government But still the
standard of money would have to be retained, because
paper money not money in the true sense Of the
word. 1t mere representative Of money, and
there had to be q standard Of value behind 1t. The
standard now gold but 1t was proposed by the
pending amendment TO make silver the standard, TO
dspace the gold standard and to place all the money
of the country the basis Of silver which, in all the
countries OF Europe commodity of variable value
and was sold by the ton.
Mr.. Pugh asked Mr.. Sherman to state his opinion
TO the quantity of money needed by the people Of the
| United States for their business.
pMr. Sherman declined to go into that question. IL
| was an entirely different topic He was now dealing