Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1891-07-16
SHERMAN ON SILVER.

Senator John Sherman, in a recent
letter regarding the free coinage of sill
yer says:
can appreciate the earnest demand
of the producers of silver bullion that
the United States should pay $l,29 an
ounce for silver bullion which in the
markets of the world has been for a Sc
ries of years worth only about S1.00 an
ounce, sometimes little more, some
times little less; but l cannot appreci-
ate why any farmer or any other pro-
ducer should desire that the government
should pay for any article more than its
market value. 1t would be much bet
ter that the government should pay
dollar bushel for wheat when it is
worth less, but nc sensible farmer would
desire the government should purchase
the articles it needs like all other pur-
chasers, at the market price. The dis
tinctions sought to be made in favor of
silver is without just foundation. The
government now buys in the open mar
ket more than the entire domestic pro-
duction of silver bullion, because it
needs it for coinage, as the basis of
treasury notes. gladly contributed my
full share to this measure. and would do
anything in my power to advance the
market value of silver to its legal ratio
to gold, but this can only be done in
concert with other commercial nations
The attempt to do it by the United States
alone would only demonstrate our weak
ness. To the extent that the enormous
demand made by the existing law ad-
vances the price of silver the producer re-
ceiyes the benefit, and to-day the produc
tion of silver is probaly the most profit
able industry in the United States.-l
To ask more seems to me unreasonable, |
and if yielded would bring all our mon
ey to the single silver standard alone, |
demOnetiZe gold, and detach the United |
States from the standards of the great |
commercial nations of the world. The |
unreasonable demand for the free coin
age of silver has nothing to do with the
reasonable demand for the increase of |
the volume of money required by the
increase of population of the United
States. We have provided by existing
law for the increase of money to an
amount greater than the increase of bu-
siness and population, but even if more
money is required there are many ways
of providing it without cheapening the
purchasing power of our money and
making wide difference between the
kinds of money in circulation based on
silver and gold. More than 80 per cent.
of all payments is now made IN checks,
drafts, and other commercial devices.
All kinds of circulating notes are now
equal to each other, and are kept at the
gold standard by redemption and ex-
change. Our money and our credit are
now equal or better than those of the
most civilized nations of the world Our
productions of every kind are increas-
ing, and it seems to be almost wild lu-
macy for us to disturb the happy condi-
ion by changing the standard of all
contracts, inducing special contracts
payable in gold, and again paying gold
% the capitalist and silver (at an exag-
yerated price, to the farmer, laborer,
md pensiOner. | would not be true to ]
ny convictions of what is best for the 1
rood of my constituents if | did not '
rankly and firmly stand by MY opinions, i
may be the effect upon me a
'ersOnally. My greatest obligations t
ave been to the farmers of Ohio and | L
would be unworthy of their trust and C
onlidence if | did not beseech them to d
tand by the financial policy which will a
ecure them the best results of their G
abor and productions, and the comfort 6
nd prosperity of all classes alike.
Very truly yours,
JOHN SHERMAN II