Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1891-07-22
sherman on Silver,

Senator John Sherman, in a letter
dated Mansfield, Ohio, July Z, says
regarding the free coinage of silver:
lean appreciate the earnest demand
of the producers ofsilver bullion that
the United States should pay 81 20
an ounce for silver bullion, which in
the markets OF the world has been
Tor a series of years worth only
about one dollaran ounce, sometimes
a little more, sometimes q little less.
But [ cannot appreciate why any
farmer or other producer should de-
seire that the government should pay
for any article more than it's market
value. 1t would bemuch better that
the government should pay 81 a bu-
.Slael for wheat when it is worth less,
but no sensible farmer would desire
the government to embark in such
an enterprise: The government should
purchase the al ticles it needs like all
other purchasers, at the market price
The distinction sous hit to be made in
favor OF silver is without foundation.
The government now buys in the
open market more than the entire
domestic production of silver bullion
because it needs it for coinage and 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 o
gold. But this can only be done in
concert with other commercial ma
Tions. The attempt to do it by the
United States alone would only de-
monstrate our weakness. To theex-
tent that the enormous demand made
by the existing law advances the
price of silver, the producers derive
the benefit, and to-day the produc-
ton of silver is probably the most
profitable in the United States. To
ask more seems to me unreasonable
and if yielded to will bring all of our
money to the single silver standard
alone, demonetize gold, and detach
the United States from the standing
of the great commercial nations of
the world.
The unreasonable demand for the
free coinage of silver has nothing to
do with the reasonable demand for
the increase of the volume of money
required by the increase of business
and population of the United States.
We have provided by existing law for
the increase of money to an amount
greater than the increase of business
and population, but even if more
money is required, there are many
ways of providingit without cheaper
ing the purchasing power of our mo-
ney or making wide difference be-
tween the kinds of money in circula-
ton based on silver and gold More
than 90 per cent. of all payments are
now made in checks, drafts, and other
commercial devices. All kinds of cir
.culating notes are equal to each other
and are kept at the gold standard by
redemption and exchange. Our mo-
:ney and our credit are now equal to
or better than those of the most civil
lied nations of the world Our pro-
auctions Of every kind areincreasing,
and it seems to me almost a wild
unacy for US to disturb this happy
condition by changing the standard
of all contracts. inducing special con-
tracts payable IN gold and again pay
ing gold to the capitalists, and silver,
dU an exaggerated price, 10 the 1arm-
ser, laborer, and pensioner. [ would
not be true to my constituents if l
did not frankly and firmly stand by
my convictions, whatever may be the
effect upon me personally. Mygreat-
est obligations have been to thefarm-
ers of Ohio, and | would beunworthy
of their trust and confidence if I did
not beseech them to stand by the
financial policy which will secure them
the best results for their labor and
productions and the comfort and
prosperity of all classes alike.
JOHN SHERMAN.