The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-01-14
SHERMAN ON SILVER.
The Ohio Senator is Opposed to
Free Coinage.
HE SAID HE WAS ASHAMED
That Great Nation Like Ours Should bs
Content to Lower Its Standard of
Value to Join China.

~ VI OO4qule, gave nOIlce Oh an amend
ment to the financial bill, abolishing the
tax on state banks. The Senate then re-
sumed consideration of the financial bill
and was addressed by Sherman. The
stewart amendment, he said, was a radical
proposition which changed the whole char
acter of the bill. 1t was proposition than
the United States should pay s125 for
every ounce of silver bullion that might be
offered from any part of the world. Not
only this, but 1t had no option as to the
mode OF payment. The option was in the
hands of the owner. This proposed meas
ure gave a preference to silver over gold:,
not only this, but it was not open to furtheri
amendment. To-day the value of silver IN
the market of the world was something
about Sl.05 an ounce. Here was an offer to
pay "A cents an ounce more than the mar
ket price.
Sherman also criticised the proposition
that silver was to be formed into coin orr
bars at the option of the owner, without
charge" He now said in all sincerity, that
IL ne oeheVed the free coinage of silver
would enable the United States to main
tain the value of silver bullion up to that
OF gold, he would vote for free coinage to-
day. But II it were admitted that silver
could not reach gold except by the govern
ment paying bounty to the producers OF
domestic silver, he did not think there was
any danger of the measure passing.
Sherman spoke of the Latin union and
said the United States was much more lib
eral than even France, and yet the Senate
mad been told of the great prosperity Of
France, and that wonderful prosperity had
| been attributed to it's treatment of silver.
He said it was ridiculous to represent
France as silver country Silver was not
a legal tender there for higher amount
than 80 francs. He did not see why his
silver friends and the people ought not to
be satisfied with the present law. 1t was
compromise proposition made after grave
reflection. Why should the bullion owners
| OF Nevada and Colorado be paid more than
the market price for their silverl The
| present law worked well. Last season it
was agreed to by the silver men as all they
wanted. 1t contained the declaration
| (Which he thought was point of honor),
| that 1t would be the established policy OF
| the United States 20 maintain the parity of
two metals. Now, within a year, a meas
ure was proposed that would destroy that
parity. The immediate effort of free coin
age would be to increase the export of gold.
| While the currency would be expanded by
the issue of treasury notes, it would be con-
| tracted by the expectation Of gold An
| other effect would be to increase the i'm
portation of silver when the market price
Tor silver was in the most disturbed state
possible; when the United States alone
was bulllng silver against the world
| When the Latin nations were seeking a
more stable standard it was proposed that
| the United States should step in and buy
silver at price far above the market
value. Was it not q serious thing TO make
| this offer, in view of the great store of
silver IN the world! Continuing, Sherman
said he was ashamed that d great nation
like ours should be content to lower its
| 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 gold as the
standard of value, for, whatever might be
said OF silver, no one would question that
In the great business transactions Of life
silver would not answer the purpose. 1t
would be measured by toe ton; gold alone
was the standard of value
He could see nothing in the future OF
this measure, except distruSt, fear and
change of values. IL would injure all those
who depend upon their labor and upon the
productions of me farm and of the work
shop. There was no difficulty. Sherman
asserted, in keeping gold and silver at q
parity with each other When they separ-
ated in the market value and when it was
clearly seen that either metal was going
down in value then the ratio should be
changed. He believed the best money ever
devised by man was the treasury notes of
the United States Issuing under the law
of last session as gold certificates and sill
yer certificates. The common people be-
lieved in hard money. They were willing
10 have paper money, but they wanted il
maintained at par.
He cautioned the Democratic Senators
from the east and the Senators from the
southern states that if they committed
themselves to the free coinage of silver,
they would have the burden of chat COM
mittment next year when the RESPONSE
bility of legislation would be upon them,
and reminded them that during four years
OF Democratic administration they had not
dared propose such measure, but kept as
, quiet as possible, and no alliance would
drive them 10 the principle of free coinage.
For one. he would stand by the legal stand
ard of value on which public and private
contracts had been based.
After speaking four hours Sherman re-
i sumed his seat amid applause.
Teller said the Senator's argument had
been appealing against the mines Of the
: country. The question was not one of
: compensation to the miners, but whether
the world wanted silver as money.
Allison said it was true the people of the
United States did not favor the use of
metallic money in ordinary transac-
tions whether of silver or Of gold
They preferred paper substitutes fer
coin, whether that coin be of silver or gold
He alluded to the monetary stringency and
w
, the wishes of those who desired to increase
the currency and of those who wished to
. give steadiness to silver bullion, he had
voted in favor of the first section of the
bill in favor of making an additional pur-
chase of 1900 600 ounces of silver, but.
after having listened to the speeches of the
Senators from Colorado and Nevada, he
5 would, when the opportunity offered, move
to strike from the bill its first section. The
I last section of the bill he regarded as q
vital one. 1t authorized the President.
when sufficient number of commercial
, nations had agreed upon a common ratio.
: to make a proclamation to that effect
and to open our minis TO free
, coinage. That was q statement to the
! nations of the world that the United States
: was ready when they were to use silver as
! money. He argued from historical parallels
: that under the free silver coinage provision
gold would 90 practically out OF the country,
, or would be held at its value abroad COM
pared with the value of silver bullion. He
regarded the proposition of free coinage as
premature He did not believe the United
States could maintain it alone, and that was
his argument He would, therefore vote
u against the amendment. Aldrich and Evarts
d also spoke against the amendment.
It Mcconnell argued in favor of free COIN
e age.
The hour then being late, it was decided
) that Jones, of Nevada; Ingalls,, Gibson and
d Hiscock be allowed to address the Senate
e in crtenso tomorrow, after which a ten
minutes debate will be entered upon. Adj